Form 4 SAUL CENTERS, INC. For: May 13 Filed by: NETTER CHRISTOPHER

May 17, 2022 9:56 PM EDT

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FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person *
NETTER CHRISTOPHER

(Last) (First) (Middle)
7501 WISCONSIN AVENUE
15TH FLOOR

(Street)
BETHESDA MD 20814

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SAUL CENTERS, INC. [ BFS ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Exec. Vice Pres-Retail Leasing
3. Date of Earliest Transaction (Month/Day/Year)
05/13/2022
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Series E Preferred Stock               650 D  
Common Shares               695.863 (1) I Wife-IRA
Common Shares               325.063 (2) D  
Common Shares               1,652.3 (3) I (4) 401K
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option $ 47.03             05/09/2014 (5) 05/09/2024 Common Stock 15,000.00   15,000 D  
Employee Stock Option $ 51.07             05/08/2015 (5) 05/08/2025 Common Stock 20,000.00   20,000 D  
Employee Stock Option $ 57.74             05/06/2016 (5) 05/06/2026 Common Stock 20,000.00   20,000 D  
Employee Stock Option $ 59.41             05/05/2017 (5) 05/05/2027 Common Stock 20,000.00   20,000 D  
Employee Stock Option $ 49.46             05/11/2018 (5) 05/11/2028 Common Stock 20,000.00   20,000 D  
Employee Stock Option $ 55.71             05/03/2019 (5) 05/03/2029 Common Stock 20,000.00   20,000 D  
Employee Stock Option $ 50.00             04/24/2020 (5) 04/24/2030 Common Stock 20,000.00   20,000 D  
Employee Stock Option $ 43.89             05/07/2021 (5) 05/07/2031 Common Stock 25,000.00   25,000 D  
Employee Stock Option $ 47.90 05/13/2022   A   25,000   05/13/2022 (5) 05/13/2032 Common Stock 25,000.00 $ 0 25,000 D  
Explanation of Responses:
1. Balance increased by July 31, 2021 Dividend Reinvestment Plan award, October 31, 2021, January 31, 2022 award and April 29, 2022 award of 8.211 shares, 8.126 shares, 8.130 shares and 7.924 shares, respectively.
2. Balance increased by July 31, 2021 Dividend Reinvestment Plan award, October 31, 2021, January 31, 2022 award and April 29, 2022 award of 3.836 shares, 3.796 shares, 3.798 shares and 3.702 shares, respectively.
3. Balance increased by July 31, 2021 Dividend Reinvestment Plan award, October 31, 2021, January 31, 2022 award and April 29, 2022 award of 14.686 shares, 14.686 shares, 14.686 shares and 14.686 shares, respectively.
4. Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.
5. The options vest 25% per year over four years from the date of grant.
Carlos L. Heard, by Power of Attorney 05/17/2022
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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POWER OF ATTORNEY


KNOW ALL BY THESE PRESENTS, that the undersigned hereby constitutes and appoints 
Carlos L. Heard, the undersigned's true and lawful attorney-in-fact to:

    (1)    execute for and on behalf of the undersigned, in the undersigned's capacity as an 
officer of Saul Centers, Inc. (the "Company"), Forms 3, 4 and 5 in accordance with Section 16(a) 
of the Securities and Exchange Act of 1934 and the rules thereunder;

    (2)     do and perform any and all acts for and on behalf of the undersigned which may 
be necessary or desirable to complete and execute any such Form 3, 4, or 5, complete and 
execute any amendment or amendments thereto, and timely file such form with the United States 
Securities and Exchange Commission and any stock exchange or similarly authority; and

    (3)     take any other action of any type whatsoever in connection with the foregoing 
which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or 
legally required by, the undersigned, it being understood that the documents executed by such 
attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such 
form and shall contain such terms and conditions as such attorney-in-fact may approve in such 
attorney-in-fact's discretion.

    The undersigned hereby grants to such attorney-in-fact full power and authority to do and 
perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the 
exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the 
undersigned might or could do if personally present, with full power of substitution or 
revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-
fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of 
attorney and the rights and powers herein granted.  The undersigned acknowledges that the 
foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not 
assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply 
with Section 16 of the Securities Exchange Act of 1934.

    This Power of Attorney shall remain in full force and effect until the undersigned is no 
longer required to file Forms 3, 4, and 5 with respect to the undersigned's holdings of and 
transactions in securities issued by the Company, unless earlier revoked by the undersigned in a 
signed writing delivered to the foregoing attorneys-in-fact.

    IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be 
executed as of this 22nd  day of March, 2021.




                        Signature:    /s/ Christopher H. Netter
                        Name:        Christopher H. Netter




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