George Patrick Clancy Jr - Jul 3, 2023 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role: Director
Signature: /s/ Carlos L. Heard, by Power of Attorney
Stock symbol: BFS
Transactions as of: Jul 3, 2023
Transactions value $: $11,050
Form type: 4
Date filed: 7/5/2023, 01:58 PM
Previous filing: May 16, 2023
Next filing: Aug 10, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BFS	Common Stock						7.75K	Jul 3, 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BFS	Phantom Stock	Award	$11K	+298	+4.65%	$37.14	6.7K	Jul 3, 2023	Common Stock	298		Direct	F1, F2
holding	BFS	Director Stock Option						2.5K	Jul 3, 2023	Common Stock	2.5K	$47.03	Direct
holding	BFS	Director Stock Option						2.5K	Jul 3, 2023	Common Stock	2.5K	$51.07	Direct
holding	BFS	Director Stock Option						2.5K	Jul 3, 2023	Common Stock	2.5K	$57.74	Direct
holding	BFS	Director Stock Option						2.5K	Jul 3, 2023	Common Stock	2.5K	$59.41	Direct
holding	BFS	Director Stock Option						2.5K	Jul 3, 2023	Common Stock	2.5K	$49.46	Direct
holding	BFS	Director Stock Option						2.5K	Jul 3, 2023	Common Stock	2.5K	$55.71	Direct
holding	BFS	Director Stock Option						2.5K	Jul 3, 2023	Common Stock	2.5K	$50.00	Direct
holding	BFS	Director Stock Option						2.5K	Jul 3, 2023	Common Stock	2.5K	$43.89	Direct
holding	BFS	Director Stock Option						2.5K	Jul 3, 2023	Common Stock	2.5K	$47.90	Direct
holding	BFS	Director Stock Option						2.5K	Jul 3, 2023	Common Stock	2.5K	$33.79	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Phantom shares are issuable pursuant to the Issuer's Deferred Compensation Plan for Directors under its 2004 Stock Plan, as amended (the "Deferred Compensation Plan"). Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable, in cash or common stock, at the election of the reporting person, upon the reporting person's termination of service.
F2	The conversion of the phantom stock into shares of the Issuer's common stock is governed by the Deferred Compensation Plan and the reporting person's Deferred Fee Election Agreement.

Content

Phantom shares are issuable pursuant to the Issuer's Deferred Compensation Plan for Directors under its 2004 Stock Plan, as amended (the "Deferred Compensation Plan"). Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable, in cash or common stock, at the election of the reporting person, upon the reporting person's termination of service.

The conversion of the phantom stock into shares of the Issuer's common stock is governed by the Deferred Compensation Plan and the reporting person's Deferred Fee Election Agreement.