Willoughby B. Laycock - 02 Jan 2024 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role: SVP-Res. Design/Mrkt Research, Director
Signature: /s/ Carlos L. Heard, by Power of Attorney
Issuer symbol: BFS
Transactions as of: 02 Jan 2024
Net transactions value: +$1,200
Form type: 4
Filing time: 04 Jan 2024, 13:37:03 UTC
Previous filing: 04 Oct 2023
Next filing: 21 May 2024
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BFS	Common Stock						2,045	02 Jan 2024	Direct
holding	BFS	Common Stock						309	02 Jan 2024	Spouse	F1, F2
holding	BFS	Common Stock						313	02 Jan 2024	Spouse-401K	F3, F4

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	$1,200	+31	+0.86%	$39.34	3,569	02 Jan 2024	Common Stock	31		Direct	F5, F6, F7
holding	BFS	Employee Stock Option						5,000	02 Jan 2024	Common Stock	5,000	$55.71	Direct	F8
holding	BFS	Director Stock Option						2,500	02 Jan 2024	Common Stock	2,500	$55.71	Direct
holding	BFS	Employee Stock Option						10,000	02 Jan 2024	Common Stock	10,000	$50.00	Direct	F8
holding	BFS	Director Stock Option						2,500	02 Jan 2024	Common Stock	2,500	$50.00	Direct
holding	BFS	Employee Stock Option						10,000	02 Jan 2024	Common Stock	10,000	$43.89	Direct	F8
holding	BFS	Director Stock Option						2,500	02 Jan 2024	Common Stock	2,500	$43.89	Direct
holding	BFS	Employee Stock Option						10,000	02 Jan 2024	Common Stock	10,000	$47.90	Direct	F8
holding	BFS	Director Stock Option						2,500	02 Jan 2024	Common Shares	2,500	$47.90	Direct
holding	BFS	Employee Stock Option						10,000	02 Jan 2024	Common Stock	10,000	$33.79	Direct	F8
holding	BFS	Director Stock Option						2,500	02 Jan 2024	Common Stock	2,500	$33.79	Direct

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

Explanation of Responses:

Id	Content
F1	Balance increased by October 31, 2023 Dividend Reinvestment Plan award of 5.370 shares.
F2	Shares owned directly by the reporting person's spouse. The reporting person disclaims beneficial ownership of these shares.
F3	Balance increased by October 31, 2023 Dividend Reinvestment Plan award of 5.437 shares.
F4	Shares owned in the reporting person's spouse's 401K account. The reporting person disclaims beneficial ownership of these shares.
F5	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.
F6	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.
F7	Includes 61.501 shares awarded October 31, 2023 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred Compensation Plan
F8	The options vest 25% per year over four years from the date of grant.