Willoughby B. Laycock - 06 Mar 2025 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: 06 Mar 2025
Net transactions value: $0
Form type: 4
Filing time: 10 Mar 2025, 17:48:38 UTC
Previous filing: 07 Feb 2025
Next filing: 13 May 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	$0	+100	+2.9%	$0.000000	3,551	06 Mar 2025	Direct	F1
transaction	BFS	Common Stock	Award	$0	+50	+1.4%	$0.000000	3,601	06 Mar 2025	Direct	F2
holding	BFS	Common Stock						250	06 Mar 2025	Spouse-401K

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	Performance Shares	Options Exercise	$0	-100	-20%	$0.000000	400	06 Mar 2025	Common Stock	100	$0.000000	Direct
holding	BFS	Employee Stock Option						5,000	06 Mar 2025	Common Stock	5,000	$55.71	Direct	F3
holding	BFS	Director Stock Option						2,500	06 Mar 2025	Common Stock	2,500	$55.71	Direct
holding	BFS	Employee Stock Option						10,000	06 Mar 2025	Common Stock	10,000	$50.00	Direct	F3
holding	BFS	Director Stock Option						2,500	06 Mar 2025	Common Stock	2,500	$50.00	Direct
holding	BFS	Employee Stock Option						10,000	06 Mar 2025	Common Stock	10,000	$43.89	Direct	F3
holding	BFS	Director Stock Option						2,500	06 Mar 2025	Common Stock	2,500	$43.89	Direct
holding	BFS	Employee Stock Option						10,000	06 Mar 2025	Common Stock	10,000	$47.90	Direct	F3
holding	BFS	Director Stock Option						2,500	06 Mar 2025	Common Shares	2,500	$47.90	Direct
holding	BFS	Employee Stock Option						10,000	06 Mar 2025	Common Stock	10,000	$33.79	Direct	F3
holding	BFS	Director Stock Option						2,500	06 Mar 2025	Common Stock	2,500	$33.79	Direct
holding	BFS	Phantom Stock						3,862	06 Mar 2025	Common Stock	3,862		Direct	F4, F5, F6

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

Explanation of Responses:

Id	Content
F1	Represents restricted shares of Common Stock. Such shares vest, assuming continued employment, on May 17, 2029.
F2	Represents additional restricted shares of Common Stock earned based on the achievement of performance criteria with respect to a performance period commencing on January 1, 2024 and ending on December 31, 2024. Such shares vest, assuming continued employment, on May 17, 2029.
F3	The options vest 25% per year over four years from the date of grant.
F4	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.
F5	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.
F6	Includes 63.183 shares awarded January 31, 2025 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred Compensation Plan.