GEORGE PATRICK CLANCY JR - 08 Jan 2025 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role: Director
Signature: /s/ Carlos L. Heard, by Power of Attorney
Issuer symbol: BFS
Transactions as of: 08 Jan 2025
Net transactions value: $0
Form type: 4
Filing time: 10 Jan 2025, 11:34:38 UTC
Previous filing: 02 Jan 2025
Next filing: 02 Apr 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFS	Common Stock	Options Exercise	$86,268	+2,278	+18%	$37.87	14,869	08 Jan 2025	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	$86,268	-2,278	-33%	$37.87	4,558	08 Jan 2025	Common Stock	2,278		Direct	F1, F2
holding	BFS	Director Stock Option						2,500	08 Jan 2025	Common Stock	2,500	$51.07	Direct
holding	BFS	Director Stock Option						2,500	08 Jan 2025	Common Stock	2,500	$57.74	Direct
holding	BFS	Director Stock Option						2,500	08 Jan 2025	Common Stock	2,500	$59.41	Direct
holding	BFS	Director Stock Option						2,500	08 Jan 2025	Common Stock	2,500	$49.46	Direct
holding	BFS	Director Stock Option						2,500	08 Jan 2025	Common Stock	2,500	$55.71	Direct
holding	BFS	Director Stock Option						2,500	08 Jan 2025	Common Stock	2,500	$50.00	Direct
holding	BFS	Director Stock Option						2,500	08 Jan 2025	Common Stock	2,500	$43.89	Direct
holding	BFS	Director Stock Option						2,500	08 Jan 2025	Common Stock	2,500	$47.90	Direct
holding	BFS	Director Stock Option						2,500	08 Jan 2025	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	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.
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

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.

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.