JOHN E. CHAPOTON - 03 Jul 2023 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: 03 Jul 2023
Net transactions value: +$7,400
Form type: 4
Filing time: 05 Jul 2023, 13:58:36 UTC
Previous filing: 16 May 2023
Next filing: 04 Oct 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BFS	Common Stock						7,666	03 Jul 2023	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	$7,400	+199	+0.92%	$37.14	21,914	03 Jul 2023	Common Stock	199		Direct	F1, F2
holding	BFS	Director Stock Option						2,500	03 Jul 2023	Common Stock	2,500	$47.03	Direct
holding	BFS	Director Stock Option						2,500	03 Jul 2023	Common Stock	2,500	$51.07	Direct
holding	BFS	Director Stock Option						2,500	03 Jul 2023	Common Stock	2,500	$57.74	Direct
holding	BFS	Director Stock Option						2,500	03 Jul 2023	Common Stock	2,500	$59.41	Direct
holding	BFS	Director Stock Option						2,500	03 Jul 2023	Common Stock	2,500	$49.46	Direct
holding	BFS	Director Stock Option						2,500	03 Jul 2023	Common Stock	2,500	$55.71	Direct
holding	BFS	Director Stock Option						2,500	03 Jul 2023	Common Stock	2,500	$50.00	Direct
holding	BFS	Director Stock Option						2,500	03 Jul 2023	Common Stock	2,500	$43.89	Direct
holding	BFS	Director Stock Option						2,500	03 Jul 2023	Common Stock	2,500	$47.90	Direct
holding	BFS	Director Stock Option						2,500	03 Jul 2023	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	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.