EX-4.4



 Exhibit 4.4 

Incorporated Under the Laws of the State of Maryland 
  

					
	 6.125% SERIES D CUMULATIVE

REDEEMABLE PREFERRED STOCK
	 		  	 6.125% SERIES D CUMULATIVE

REDEEMABLE PREFERRED STOCK

			
		 		  	 CUSIP 804395 887

SUBJECT TO TRANSFER RESTRICTIONS

- SEE LEGEND ON REVERSE -
  

SEE REVERSE FOR CERTAIN DEFINITIONS


 Saul Centers, Inc. 

This Certifies that 
 SPECIMEN 

is the owner of 
 FULLY PAID AND NON-ASSESSABLE SHARES OF 
 6.125% SERIES D CUMULATIVE REDEEMABLE PREFERRED STOCK, PAR VALUE $0.01, OF 

Saul Centers, Inc., transferable on the books of the Corporation by the holder hereof in person, or by duly authorized attorney upon surrender of the
Certificate properly endorsed. 
 This Certificate is not valid unless countersigned and registered by the Transfer Agent and
Registrar. Witness the seal of the Corporation and the signatures of the duly authorized officers. 
 Dated: January 23, 2018 

 

					
	  
 PRESIDENT
	  		  	 COUNTERSIGNED AND REGISTERED:

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

(JERSEY CITY, NJ)
 TRANSFER AGENT
AND REGISTRAR

			
	  
 SECRETARY
	  		  	  
 AUTHORIZED
SIGNATURE









 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as
though they were written out in full according to applicable laws or regulations. 
  

									
	 TEN COM
	  	—  	  	as tenants in common	  	 UNIF GIFT MIN ACT -
	  	
          Custodian      
    

		  		  		  		  	 (Cust)            
(Minor)

	 TEN ENT
	  	—  	  	as tenants by the entireties	  		  	 under Uniform Gifts to Minors

		  		  		  		  	Act
                                         
 
	 JT TEN
	  	—  	  	as joint tenants with right of survivorship and not as tenants in common	  		  	              (State)
		  		  		  		  	

 Additional abbreviations may also be used though not in the above list 

For value received
                                 hereby sell, assign and transfer unto (PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:
                                         
                   ) 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS INCLUDING POSTAL CODE OF ASSIGNEE 
  
  

 
  
  

 
 Shares represented by the within Certificate,
and do hereby irrevocably constitute and appoint 
  
  

Attorney to transfer the said Shares on the books of the within named Corporation with full power of substitution in the premises. 

 

					
	Dated:
                                        
	  		  	  

			
	In presence of	  		  	
			
	  
	  		  	

 SAUL CENTERS, INC. 

The securities represented by this certificate are subject to restrictions on transfer for the purpose of maintenance of the
Corporation’s status as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Except as otherwise provided pursuant to the Charter of the Corporation, no Person may
(i) Beneficially or Constructively Own shares of Equity Stock in excess of 2.5 percent (or such greater percentage as may be determined by the Board of Directors of the Corporation) of the Value of the outstanding shares of Equity Stock of
the Corporation (except in such circumstances as the Existing Holder Limit shall apply) or (ii) Beneficially Own Equity Stock which would result in the Corporation being “closely held” under Section 856(h) of the Code or
otherwise would cause the Corporation to fail to qualify as a REIT. Any Person who attempts or proposes to Beneficially or Constructively Own shares of Equity Stock in excess of the above limitations must notify the Corporation in writing at least
fifteen (15) days prior to the proposed or attempted transfer. If the transfer restrictions referred to herein are violated, the shares of Equity Stock represented hereby automatically will be held in trust by the Corporation, all as provided
in the Charter of the Corporation. All capitalized terms in this legend have the meanings identified in the Corporation’s Charter, as the same may be amended or restated from time to time, a copy of which, including the restrictions on
transfer, will be sent without charge to each stockholder who so requests. 
 The Corporation will furnish to any stockholder, upon request
and without charge, a full statement of the information required by Section 2-211(b) of the Maryland General Corporation Law with respect to the designations and any preferences, conversion and other
rights, voting powers, restrictions, limitations as to distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any
preferred or special class in series or classes, (i) the difference in the relative rights and preferences between the shares of each series and class to the extent set, and (ii) the authority of the Board of Directors to set such rights
and preferences of subsequent series and classes. The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by reference to the Charter of the Corporation, a copy of which will be sent without charge to
each stockholder who so requests. Such request must be made to the Secretary of the Corporation at its principal office.