Exhibit 10.(k)

 

SAUL CENTERS, INC. 2004 STOCK PLAN

STOCK OPTION AGREEMENT

 

1. Under the terms and conditions of the 2004 Stock Plan (the “Plan”) of Saul
Centers, Inc. (the “Company”), which is incorporated herein by reference, the
Compensation Committee of the Company hereby grants, effective as of [insert
date] (the “Date of Grant”), to [insert name of officer] (the “Participant”),
[insert number] options (the “Options”) to purchase [insert number] shares of
the Company’s Common Stock, $0.01 par value (the “Shares”), at a price of
$[insert price] per Share. Of these Options, [insert number] shall be Incentive
Stock Options (“ISOs”) and [insert number] shall be Nonqualified Stock Options
(“NQSOs”), as defined in the Plan.

 

2. Subject to early termination in accordance with the terms of the Plan, the
right to exercise the Options shall vest at the rate of 25% per year commencing
on the first anniversary of the Date of Grant, provided that the Participant has
not terminated Continuous Service (as defined in the Plan) prior to such vesting
date. Accordingly, the Options shall vest as follows:

 

On or after this date

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Actual number of Options vested

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April 26, 2005    insert number (NQSOs) insert number (NQSOs) April 26, 2006   
insert number (NQSOs) insert number (NQSOs) April 26, 2007    insert number
(NQSOs) insert number (NQSOs) April 26, 2008    insert number (NQSOs) insert
number (NQSOs)

 

No Options may be exercised until vested. No Option shall be exercisable after
the expiration of ten years from the Date of Grant, or such shorter period as
provided in the Plan.

 

3. The Options shall be exercisable in the manner specified in the Plan. The
Participant hereby agrees to be bound by all of the terms and conditions set
forth in the Plan as if it had been set forth verbatim in this Agreement.

 

4. This agreement shall be construed in accordance with and governed by the laws
of the State of Maryland.

 

Saul Centers, Inc. By:  

 

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Date:  

 

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Participant:  

 

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Date:  

 

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