George Patrick Clancy Jr - Jan 9, 2024 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: Jan 9, 2024
Transactions value $: $0
Form type: 4
Date filed: 1/10/2024, 03:22 PM
Previous filing: Jan 4, 2024
Next filing: Apr 3, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFS	Common Shares	Options Exercise	$58.8K	+1.48K	+16.23%	$39.77	10.6K	Jan 9, 2024	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	Options Exercise	-$58.8K	-1.48K	-24.99%	$39.77	4.44K	Jan 9, 2024	Common Stock	1.48K		Direct	F1, F2
holding	BFS	Director Stock Option						2.5K	Jan 9, 2024	Common Stock	2.5K	$47.03	Direct
holding	BFS	Director Stock Option						2.5K	Jan 9, 2024	Common Stock	2.5K	$51.07	Direct
holding	BFS	Director Stock Option						2.5K	Jan 9, 2024	Common Stock	2.5K	$57.74	Direct
holding	BFS	Director Stock Option						2.5K	Jan 9, 2024	Common Stock	2.5K	$59.41	Direct
holding	BFS	Director Stock Option						2.5K	Jan 9, 2024	Common Stock	2.5K	$49.46	Direct
holding	BFS	Director Stock Option						2.5K	Jan 9, 2024	Common Stock	2.5K	$55.71	Direct
holding	BFS	Director Stock Option						2.5K	Jan 9, 2024	Common Stock	2.5K	$50.00	Direct
holding	BFS	Director Stock Option						2.5K	Jan 9, 2024	Common Stock	2.5K	$43.89	Direct
holding	BFS	Director Stock Option						2.5K	Jan 9, 2024	Common Stock	2.5K	$47.90	Direct
holding	BFS	Director Stock Option						2.5K	Jan 9, 2024	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.