George Patrick Clancy Jr - Jul 1, 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: Jul 1, 2024
Transactions value $: $20,000
Form type: 4
Date filed: 7/2/2024, 10:50 AM
Previous filing: May 21, 2024
Next filing: Oct 2, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BFS	Common Stock						12.6K	Jul 1, 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	Award	$20K	+544	+10.63%	$36.77	5.66K	Jul 1, 2024	Common Stock	544		Direct	F1, F2
holding	BFS	Director Stock Option						2.5K	Jul 1, 2024	Common Stock	2.5K	$51.07	Direct
holding	BFS	Director Stock Option						2.5K	Jul 1, 2024	Common Stock	2.5K	$57.74	Direct
holding	BFS	Director Stock Option						2.5K	Jul 1, 2024	Common Stock	2.5K	$59.41	Direct
holding	BFS	Director Stock Option						2.5K	Jul 1, 2024	Common Stock	2.5K	$49.46	Direct
holding	BFS	Director Stock Option						2.5K	Jul 1, 2024	Common Stock	2.5K	$55.71	Direct
holding	BFS	Director Stock Option						2.5K	Jul 1, 2024	Common Stock	2.5K	$50.00	Direct
holding	BFS	Director Stock Option						2.5K	Jul 1, 2024	Common Stock	2.5K	$43.89	Direct
holding	BFS	Director Stock Option						2.5K	Jul 1, 2024	Common Stock	2.5K	$47.90	Direct
holding	BFS	Director Stock Option						2.5K	Jul 1, 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	New phantom shares are issuable pursuant to the Issuers Deferred Compensation Plan for Directors, as amended and restated effective May 17, 2024 (the Deferred Compensation Plan), under its 2024 Stock Incentive Plan. Phantom shares issued prior to May 17, 2024, continue to be subject to the terms of the Issuers deferred compensation plan for directors in effect prior to the amendment and restatement of the Deferred Compensation Plan.
F2	The conversion of phantom shares issued on or after May 17, 2024, into shares of the Issuers common stock is governed pursuant to terms of the Issuers Deferred Compensation Plan under its 2024 Stock Plan and the reporting persons Deferred Fee Agreement. The conversion of phantom shares issued prior to May 17, 2024, into shares of the Issuers common stock is governed pursuant to the terms of the Issuers deferred compensation plan for directors in effect prior to the amendment and restatement of the Deferred Compensation Plan and the reporting persons Deferred Fee Agreement.

Content

New phantom shares are issuable pursuant to the Issuers Deferred Compensation Plan for Directors, as amended and restated effective May 17, 2024 (the Deferred Compensation Plan), under its 2024 Stock Incentive Plan. Phantom shares issued prior to May 17, 2024, continue to be subject to the terms of the Issuers deferred compensation plan for directors in effect prior to the amendment and restatement of the Deferred Compensation Plan.

The conversion of phantom shares issued on or after May 17, 2024, into shares of the Issuers common stock is governed pursuant to terms of the Issuers Deferred Compensation Plan under its 2024 Stock Plan and the reporting persons Deferred Fee Agreement. The conversion of phantom shares issued prior to May 17, 2024, into shares of the Issuers common stock is governed pursuant to the terms of the Issuers deferred compensation plan for directors in effect prior to the amendment and restatement of the Deferred Compensation Plan and the reporting persons Deferred Fee Agreement.