# EDGAR Filing Document

**Accession Number:** 0001027551
**File Stem:** 0000907254-23-000016
**Filing Date:** 2023-3
**Character Count:** 13693
**Document Hash:** 9c2410935313934b261e48030968e8c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000907254-23-000016.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0000907254-23-000016

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230323

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** SAUL B FRANCIS II
- **CENTRAL INDEX KEY:** 0001027551
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0820

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12254
- **FILM NUMBER:** 23765373

**MAIL ADDRESS:**
- **STREET 1:** 8401 CONNECTICUT AVE
- **CITY:** CHEVY CHASE
- **STATE:** MD
- **ZIP:** 20815
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SAUL CENTERS, INC.
- **CENTRAL INDEX KEY:** 0000907254
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 521833074
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 7501 WISCONSIN AVENUE
- **STREET 2:** SUITE 1500
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 301-986-7737

**MAIL ADDRESS:**
- **STREET 1:** 7501 WISCONSIN AVENUE
- **STREET 2:** SUITE 1500
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SAUL CENTERS INC
- **DATE OF NAME CHANGE:** 19930617

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>SAUL B FRANCIS II<br><sub>(Last) (First) (Middle)</sub><br>7501 WISCONSIN AVENUE<br>15TH FLOOR<br><sub>(Street)</sub><br>BETHESDA, MD 20814<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-23 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chairman & CEO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>SAUL CENTERS, INC. [ BFS ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock |  |  |  |  |  |  |  | 4072.379 | I | See footnote<sup>(1)</sup> |
| Common Stock |  |  |  |  |  |  |  | 3000 | I | See footnote<sup>(2)</sup> |
| Common Stock |  |  |  |  |  |  |  | 35062.399 | I | See footnote<sup>(3)</sup> |
| Common Stock |  |  |  |  |  |  |  | 403725.625 | I | See footnote<sup>(4)</sup> |
| Common Stock |  |  |  |  |  |  |  | 533756.255 | I | See footnote<sup>(5)</sup> |
| Common Stock |  |  |  |  |  |  |  | 2773.782 | I | See footnote<sup>(6)</sup> |
| Common Stock |  |  |  |  |  |  |  | 146218.251 | I | See footnote<sup>(7)</sup> |
| Common Stock |  |  |  |  |  |  |  | 8320.625 | I | See footnote<sup>(8)</sup> |
| Common Stock |  |  |  |  |  |  |  | 399896.143 | I | See footnote<sup>(9)</sup> |
| Common Stock |  |  |  |  |  |  |  | 357901.258 | I | See footnote<sup>(10)</sup> |
| Common Stock |  |  |  |  |  |  |  | 8440475.064 | I | See footnote<sup>(11)</sup> |
| Common Stock |  |  |  |  |  |  |  | 5706 | I | 401K<sup>(12)</sup> |
| Common Stock |  |  |  |  |  |  |  | 125721 | I | 401K<sup>(13)</sup> |
| Common Stock |  |  |  |  |  |  |  | 146204.279 | I | See footnote<sup>(14)</sup> |
| Common Stock | 2023-03-23 |  | P |  | 10000 | A | $36.35 | 101500.741 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Phantom Stock | <sup>(15)</sup> |  |  |  |  |  |  | <sup>(16)</sup> | <sup>(16)</sup> | Common Stock | 42383.109 |  | 42383.109 | D |  |
| Director Stock Option | $51.07 |  |  |  |  |  |  | 2015-05-08 | 2025-05-08 | Common Stock | 2500.0 |  | 2500 | D |  |
| Director Stock Option | $57.74 |  |  |  |  |  |  | 2016-05-06 | 2026-05-06 | Common Stock | 2500.0 |  | 2500 | D |  |
| Director Stock Option | $59.41 |  |  |  |  |  |  | 2017-05-05 | 2027-05-05 | Common Stock | 2500.0 |  | 2500 | D |  |
| Director Stock Option | $49.46 |  |  |  |  |  |  | 2018-05-11 | 2028-05-11 | Common Stock | 2500.0 |  | 2500 | D |  |
| Director Stock Option | $55.71 |  |  |  |  |  |  | 2019-05-03 | 2029-05-03 | Common Stock | 2500.0 |  | 2500 | D |  |
| Director Stock Option | $50.0 |  |  |  |  |  |  | 2020-04-24 | 2030-04-24 | Common Stock | 2500.0 |  | 2500 | D |  |
| Director Stock Option | $43.89 |  |  |  |  |  |  | 2021-05-07 | 2031-05-07 | Common Stock | 2500.0 |  | 2500 | D |  |
| Units | <sup>(17)</sup> |  |  |  |  |  |  | <sup>(17)</sup> | <sup>(17)</sup> | Units | 8827873.0 |  | 8827873 | D |  |
| Director Stock Option | $47.9 |  |  |  |  |  |  | 2022-05-13 | 2032-05-13 | Common Stock | 2500.0 |  | 2500 | D |  |

---

### Footnotes:

(1) These securities are held directly by The Sharon Elizabeth Saul Trust (the "SES Trust"). B Francis Saul II is the trustee of the SES Trust and, as such, he may be deemed to beneficially own the securities held by the SES Trust.

(2) These securities are held directly by The Andrew M. Saul Trust (the "AMS Trust"). B Francis Saul II is the trustee of the AMS Trust and, as such, he may be deemed to beneficially own the securities held by the AMS Trust.

(3) These securities are held directly by Van Ness Square Corporation ("Van Ness").  B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Van Ness and, as such, he may be deemed to beneficially own the securities held by Van Ness.

(4) These securities are held directly by Westminster Investing L.L.C. ("Westminster").  B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Westminster and, as such, he may be deemed to beneficially own the securities held by Westminster.

(5) These securities are held directly by Dearborn, L.L.C. ("Dearborn"). B. F. Saul Real Estate Investment Trust ("Saul Trust") is the sole member of Dearborn and, as such, it may be deemed to beneficially own the securities held by Dearborn. Saul Company is the controlling equity holder of Saul Trust and, as such, it may be deemed to beneficially own the securities held by Saul Trust. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Saul Company and, as such, he may be deemed to beneficially own the securities held by Saul Company.

(6) These securities are held directly by Avenel Executive Park Phase II, L.L.C. ("Avenel"). Saul Trust is the sole member of Avenel and, as such, it may be deemed to beneficially own the securities held by Avenel. Saul Company is the controlling equity holder of Saul Trust and, as such, it may be deemed to beneficially own the securities held by Saul Trust. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Saul Company and, as such, he may be deemed to beneficially own the securities held by Saul Company.

(7) These securities are held directly by SHLP Unit Acquisition Corp. ("SHLP"). Saul Trust is the sole shareholder of SHLP and, as such, it may be deemed to beneficially own the securities held by SHLP. Saul Company is the controlling equity holder of Saul Trust and, as such, it may be deemed to beneficially own the securities held by Saul Trust. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Saul Company and, as such, he may be deemed to beneficially own the securities held by Saul Company.

(8) These securities are held directly by The Patricia English Saul Trust (the "PES Trust"). B Francis Saul II is the trustee of the PES Trust and, as such, he may be deemed to beneficially own the securities held by the PES Trust.

(9) These securities are held directly by B.F. Saul Property Company ("Saul Property"). B.F. Saul Company ("Saul Company") is the sole equity holder of Saul Property and, as such, it may be deemed to beneficially own the securities held by Saul Property. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Saul Company and, as such, he may be deemed to beneficially own the securities held by Saul Company.

(10) These securities are held directly by the B.F. Saul Company. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of the B.F. Saul Company and, as such, he may be deemed to beneficially own the securities held by the B.F. Saul Company.

(11) These securities are held directly by the Saul Trust. B. Francis Saul II is the Chairman of the Board and the majority equityholder and, as such, he may be deemed to beneficially own the securities held by the Saul Trust.

(12) These securities are held directly by a 401(k) plan of which Patricia E. Saul is a beneficiary. B. Francis Saul II is the spouse of Patricia E. Saul and, as such, he may be deemed to beneficially own the securities held by Patricia E. Saul.

(13) These securities are held directly by a 401(k) plan of which B. Francis Saul II is a beneficiary.

(14) These securities are held directly by Patricia E. Saul. B. Francis Saul II is the spouse of Patricia E. Saul and, as such, he may be deemed to beneficially own the securities held by Patricia E. Saul.

(15) 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.

(16) 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.

(17) Represents units of limited partnership interest in Saul Holdings Limited Partnership ("SHLP"), of which the Issuer is the general partner. In general, the units are convertible into shares of the Issuer's common stock on a one-for-one basis provided that, in accordance with the Articles of Incorporation of the Issuer, the right to convert may not be exercised at any time that the B. Francis Saul II, family members of B. Francis Saul II, entities controlled by B. Francis Saul II and other affiliates of B. Francis Saul II  beneficially owns, directly or indirectly, in the aggregate more than 39.9% of the value of the Issuer's outstanding common stock and preferred stock.

**Signature:** /s/ Carlos L. Heard, by Power of Attorney  
**Date:** 2023-03-27

### Remarks:

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.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**