# EDGAR Filing Document

**Accession Number:** 0001771496
**File Stem:** 0000907254-23-000001
**Filing Date:** 2023-1
**Character Count:** 11376
**Document Hash:** 5127b4daa613a452b4ee6366ea275d1a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000907254-23-000001.hdr.sgml**: 20230105

**ACCESSION NUMBER**: 0000907254-23-000001

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230103

**FILED AS OF DATE**: 20230105

**DATE AS OF CHANGE**: 20230105

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Laycock Willoughby B.
- **CENTRAL INDEX KEY:** 0001771496

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12254
- **FILM NUMBER:** 23510422

**MAIL ADDRESS:**
- **STREET 1:** 7501 WISCONSIN AVE.
- **STREET 2:** SUITE 1400
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
**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

## Ex-24

```
<pre>
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/ Willoughby B. Laycock
                            Name:  Willoughby B. Laycock

</pre>
```

### 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>Laycock Willoughby B.<br><sub>(Last) (First) (Middle)</sub><br>7501 WISCONSIN AVE.<br>SUITE 1400<br><sub>(Street)</sub><br>BETHESDA, MD 20814<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-03 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_SVP-Res. Marketing Initiatives_ |
| **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 |  |  |  |  |  |  |  | 293.386<sup>(1)</sup> | I | Spouse-401K<sup>(2)</sup> |
| Common Stock |  |  |  |  |  |  |  | 289.779<sup>(3)</sup> | I | Spouse<sup>(4)</sup> |
| Common Stock |  |  |  |  |  |  |  | 476.755<sup>(5)</sup> | I | Self-Trust<sup>(6)</sup> |
| Common Stock |  |  |  |  |  |  |  | 1845 | 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>(7)</sup> | 2023-01-03 |  | A |  | 152.334 |  | <sup>(8)</sup> | <sup>(8)</sup> | Common Stock | 152.334 | $40.70 | 2796.711<sup>(9)</sup> | D |  |
| Employee Stock Option | $55.71 |  |  |  |  |  |  | 2019-05-03<sup>(10)</sup> | 2029-05-03 | Common Stock | 5000.0 |  | 5000 | D |  |
| Director Stock Option | $55.71 |  |  |  |  |  |  | 2019-05-03 | 2029-05-03 | Common Stock | 2500.0 |  | 2500 | D |  |
| Employee Stock Option | $50.0 |  |  |  |  |  |  | 2020-04-24<sup>(10)</sup> | 2030-04-24 | Common Stock | 10000.0 |  | 10000 | D |  |
| Director Stock Option | $50.0 |  |  |  |  |  |  | 2020-04-24 | 2030-04-24 | Common Stock | 2500.0 |  | 2500 | D |  |
| Employee Stock Option | $43.89 |  |  |  |  |  |  | 2021-05-07<sup>(10)</sup> | 2031-05-07 | Common Stock | 10000.0 |  | 10000 | D |  |
| Director Stock Option | $43.89 |  |  |  |  |  |  | 2021-05-07 | 2031-05-07 | Common Stock | 2500.0 |  | 2500 | D |  |
| Employee Stock Option | $47.9 |  |  |  |  |  |  | 2022-05-13<sup>(10)</sup> | 2032-05-13 | Common Stock | 10000.0 |  | 10000 | D |  |
| Director Stock Option | $47.9 |  |  |  |  |  |  | 2022-05-13 | 2032-05-13 | Common Stock | 2500.0 |  | 2500 | D |  |

---

### Footnotes:

(1) Balance increased by October 31, 2022 Dividend Reinvestment Plan award of 4.296 shares.

(2) Shares owned in the reporting person's spouse's 401K account.  The reporting person disclaims beneficial ownership of these shares.

(3) Balance increased by October 31, 2022 Dividend Reinvestment Plan award of 4.243 shares.

(4) Shares owned directly by the reporting person's spouse.  The reporting person disclaims beneficial ownership of these shares.

(5) Balance increased by October 31, 2022 Dividend Reinvestment Plan award of 6.981 shares.

(6) Shares held in a trust, of which the reporting person is the sole beneficiary.

(7) 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.

(8) 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.

(9) Includes 38.722 shares ($39.7021/share) awarded October 31, 2022 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred Compensation Plan.

(10) The options vest 25% per year over four years from the date of grant.

**Signature:** /s/ Carlos L. Heard, by Power of Attorney  
**Date:** 2023-01-05

### 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.**