Document:

Separation Agreement and General Release effective November 2, 2012

 Exhibit 10.1 
 SEPARATION AGREEMENT AND GENERAL RELEASE 
 This Separation Agreement and General
Release (this “Agreement”) is made and entered into by and between Surendra Saboo (the “Executive”) and Neutral Tandem, Inc. d/b/a/ Inteliquent (the “Employer”). 
 WHEREAS, Executive is or was employed as President and Chief Operating Officer of Employer pursuant to an Employment Agreement, by and between Employer and Executive, dated October 1, 2010 (the
“Employment Agreement”) attached as Exhibit A; 
 WHEREAS, Employer and Executive have agreed that Executive’s employment by
Employer will terminate; 
 NOW, THEREFORE, in consideration of the promises and payments set forth in this Agreement, the sufficiency of which
are hereby acknowledged, the parties agree as follows: 
 1. Executive will step down from his position as President and Chief
Operating Officer on October, 1, 2012 and will provide transition services thereafter as reasonably requested by Employer in exchange for Executive’s continued employment by Employer, which employment (including the provision of transition
services) will terminate effective at 11:59 p.m. (Chicago time) on October 31, 2012 (the “Termination Date”). Employer has or will pay Executive’s unpaid base salary, any unused vacation pay accrued, and any unreimbursed business
expenses submitted and incurred in accordance with Employer’s standard reimbursement policy through the Termination Date, and will also continue Executive’s benefits through the Termination Date (the “Termination Payments and
Benefits”). The Termination Payments and Benefits are payable to Executive whether or not Executive executes this Agreement. As part of the transition services, Employer and Executive will in good faith work as expeditiously as possible to
remove Executive as an officer or director of any Employer related party. 
 2. In lieu of any payments payable upon termination
to Executive pursuant to the Employment Agreement: 
 (a) Employer will pay Executive severance payments equal to
twelve (12) months’ base salary at the annual salary rate of $374,000, payable in equal installments in accordance with Employer’s payroll payment schedule in effect at the time of payment, provided that any payments that would
(absent this proviso) be made during the six (6) month period after the Termination Date shall instead be paid on the first business day following the six (6) month period after the Termination Date (which accumulated payments shall
include interest on such payments at the Wall Street Journal Prime rate plus two percent (2%)); 
 (b) Employer
will pay Executive a lump sum payment in the amount of $56,100, payable within 15 days after the Effective Date; 

 (c) As long as executive retiree health insurance coverage is offered by
Employer, Executive at his election may continue to participate in Employer’s health insurance plan as a retired executive upon timely monthly payment to Employer of the then-applicable Consolidated Omnibus Budget Reconciliation Act, as amended
(“COBRA”) rate for such health insurance coverage and as long as Employer in its sole discretion maintains a health insurance plan permitting such participation. For the avoidance of doubt, Employer may amend or terminate any health
insurance plan and/or executive retiree participation in any Employer health insurance plan at any time. In the event Executive’s health insurance coverage terminates, Executive will have any rights to continued benefits in accordance with
COBRA; 
 (d) As of the day after the Termination Date, the vesting date of certain stock equity awards will
accelerate by a period of 18 months. Exhibit B sets out the equity awards that (1) are already vested as of the Termination Date, (2) will accelerate on the day after Termination Date and (3) will be forfeited on the day after the
Termination Date. The option awards already vested as of the Termination Date and the option awards that will accelerate on the day after Termination Date are hereinafter referred to as the “Vested Options”; 

(e) Notwithstanding the terms of any stock option award agreement between Executive and Employer governing the Vested
Options, Executive will have 18 months from the Termination Date to exercise his Vested Options, such exercise to otherwise be subject to the terms and conditions of the applicable plans and award agreements. If a corporate event occurs (e.g., a
recapitalization) resulting in the Employer’s compensation committee or board of directors approving anti-dilution measures with respect to outstanding options held by the Employer’s officers and directors, the same anti-dilution measures
will apply to any outstanding options held by Executive; 
 (f) Payments and the accelerated equity awards
hereunder will be subject to applicable federal, state and local taxes and withholding and less any other deductions authorized by Executive or by law; 
 (g) In the event of a breach of this Agreement by Executive, (i) the Employer shall not thereafter be obligated to pay or otherwise make available payments and benefits set forth in this
Section 2 of this Agreement (including without limitation Executive’s option exercise rights set forth in Section 2(e)) (the “Severance Payments and Benefits”), and (ii) Executive shall repay to Employer (A) any
amounts paid to Executive pursuant to Section 2(a) and (b), (B) the shares delivered (or an amount of cash equivalent to such shares) with respect to restricted share awards pursuant to Section 2(d) and (C) any proceeds of stock
options exercised pursuant to Sections 2(d)(2) and (e), less (D) one thousand dollars ($1,000.00); and 

(h) Executive acknowledges that the payments and benefits set forth in this Section 2 of this Agreement (the
“Severance Payments and Benefits”) exceed any payments Employer is obligated to pay to Executive. 

 In the event of a breach of this Agreement by Executive, the remaining provisions of this
Agreement shall remain in full force and effect, including but not limited to the restrictive covenants and the release. 
 3. In
consideration of the Severance Payments and Benefits: 
 (a) Executive hereby RELEASES Employer and its past and
present parents, subsidiaries, affiliates, predecessors, successors, assigns, related companies, entities or divisions, employee benefit plans, trustees, fiduciaries and administrators, and any and all of its and their respective past and present
officers, directors, partners, agents, representatives, attorneys and employees (all collectively included in the term the “Employer” for purposes of this release), from any and all claims, demands or causes of action which Executive, or
Executive’s heirs, executors, administrators, agents, attorneys, representatives or assigns (all collectively included in the term “Executive” for purposes of this release), have, had or may have against Employer, based on any events
or circumstances arising or occurring prior to and including the date of Executive’s execution of this Agreement to the fullest extent permitted by law, regardless of whether such claims are now known or are later discovered, including but not
limited to any claims relating to Executive’s employment or termination of employment by Employer, any rights of continued employment, reinstatement or reemployment by Employer, and any costs or attorneys’ fees incurred by Executive,
PROVIDED, HOWEVER, Executive is not waiving, releasing or giving up any rights Executive may have to vested benefits under any pension, savings, stock or equity plan, to continued benefits in accordance with the Consolidated Omnibus Budget
Reconciliation Act of 1985, to unemployment insurance, or to enforce the terms of this Agreement, to indemnification in accordance with Employer’s bylaws, or to any other right which cannot be waived as a matter of law. In the event any claim
or suit is filed on Executive’s behalf against Employer by any person or entity, Executive waives any and all rights to receive monetary damages or injunctive relief in favor of Executive. 

(b) Executive agrees and acknowledges: (i) that this Agreement is intended to be a general release that extinguishes
all claims by Executive against Employer arising or occurring prior to and including the date of Executive’s execution of this Agreement; (ii) that Executive is waiving any rights and claims arising under Title VII of the Civil Rights Act
of 1964, the Civil Rights Act of 1991, the Americans With Disabilities Act, the Age Discrimination in Employment Act, the Executive Retirement Income Security Act, the Family and Medical Leave Act, the Illinois Human Rights Act, and all other
federal, state and local statutes, ordinances and common law, including but not limited to any and all claims alleging breach of contract, personal injury, emotional distress or other torts or causes of action, to the fullest extent permitted by
law; (iii) that Executive is waiving all rights and claims against Employer, known or unknown, arising or occurring prior to and including the date of Executive’s execution of this Agreement; (iv) that the consideration that Executive
will receive in exchange for Executive’s waiver of the rights and claims specified herein exceeds anything of value to which Executive is already entitled; (v) that Executive was hereby informed by Employer in writing to consult with an
attorney and that Executive had at least 21 days to consider this Agreement; (vi) that Executive has entered into this Agreement knowingly and voluntarily with full 

 
understanding of its terms and after having had the opportunity to seek and receive advice from counsel of Executive’s choosing; and (vii) that Executive has had a reasonable period of
time within which to consider this Agreement. Executive represents that he has not assigned any claim against the Employer to any person or entity. Executive agrees not to apply for or seek employment by Employer. 

4. Executive agrees not to make, or cause or attempt to cause any other person to make any statement, written or oral, or convey any
information about Employer which is disparaging or which in any way reflects negatively upon Employer as defined in Section 3(a) of this Agreement. Executive and Employer agree that nothing in this Agreement is meant to preclude Executive or
Employer from fully and truthfully cooperating with any government investigation or inquiry. Employer agrees that it will instruct Ed Evans, CEO, and David Zwick, CFO, not to disparage Executive to any third party. 

5. Executive specifically acknowledges and reaffirms Executive’s ongoing obligations to Employer pursuant to Section 4 (the
“Restrictive Covenants”) of the Employment Agreement, including the Proprietary Information and Invention Agreement executed by the Executive on May 9, 2006, attached as Exhibit C, which obligations are incorporated herein and
will remain in full force and effect. Executive acknowledges and agrees to return to Employer any and all property of Employer in Executive’s possession or control, including but not limited to all materials containing any confidential or
proprietary information of Employer, on or before the Termination Date. 
 6. If any provision, section, subsection or other
portion of this Agreement, including the Restrictive Covenants of the Employment Agreement incorporated herein by reference, shall be determined by any court of competent jurisdiction to be invalid, illegal or unenforceable in whole or in part, and
such determination shall become final, such provision or portion shall be deemed to be severed or limited, but only to the extent required to render the remaining provisions and portion of this Agreement enforceable. This Agreement as thus amended
shall be enforced so as to give effect to the intention of the parties insofar as that is possible. In addition, the parties hereby expressly empower a court of competent jurisdiction to modify any term or provision of this Agreement to the extent
necessary to comply with existing law and to enforce this Agreement as modified. 
 7. Executive and Employer hereby agree and
acknowledge the parties’ continued obligations under Section 6.10 (Section 409A Compliance) of the Employment Agreement, which obligations are incorporated herein and will remain in full force and effect. 

8. This Agreement does not constitute and shall not be construed as an admission by Employer that it has violated any law, interfered with
any rights, breached any obligation or otherwise engaged in any improper or illegal conduct with respect to Executive, and Employer expressly denies that it has engaged in any such conduct. 

9. This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations and agreements, except the
Restrictive Covenants and Section 409A Compliance provisions of the Employment Agreement incorporated herein pursuant to Sections 5 and 7 of this Agreement. This Agreement may be modified only by a written instrument signed by all parties
hereto. This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which constitute one and the same Agreement. 

 10. Executive hereby agrees and acknowledges that Executive has carefully read this
Agreement, fully understands what this Agreement means, and is signing this Agreement knowingly and voluntarily, that no other promises or agreements have been made to Executive other than those set forth in this Agreement, and that Executive has
not relied on any statement by anyone associated with Employer that is not contained in this Agreement in deciding to sign this Agreement. 
 11. This Agreement will be governed by the laws of the State of Illinois and all disputes arising under this Agreement must be submitted to a court of competent jurisdiction in Chicago, Illinois.

 12. Executive may accept this Agreement by delivering an executed copy of the Agreement to: 

Inteliquent 

Kathy Joiner 

550 West Adams Street 
 Suite 900 
 Chicago, Illinois 60661 

on the Termination Date or no later than 21 calendar days after Executive’s receipt of this Agreement, whichever is later. 

13. Executive may revoke this Agreement within seven (7) calendar days after it is executed by Executive by delivering a written
notice of revocation to: 
 Inteliquent 
 Kathy Joiner 
 550 West Adams Street 

Suite 900 

Chicago, Illinois 60661 
 no
later than the close of business on the seventh (7th) calendar day after this Agreement was signed by Executive. This Agreement will not become effective or enforceable until the eighth (8th) calendar day after Executive signs it and has
not timely revoked it (the “Effective Date”). If Executive revokes this Agreement, the parties shall have no obligations under this Agreement, and any severance and other benefits shall be governed by the Employment Agreement. 

 WHEREFORE, the parties have executed this Agreement on the date or dates set forth below.

  

									
	EXECUTIVE	 		 	NEUTRAL TANDEM, INC. d/b/a INTELIQUENT
					
	By:	 	/s/ Surendra Saboo	 		 	By:	 	/s/ Richard L. Monto
	Name:	 	Surendra Saboo	 		 	Name:	 	Richard L. Monto
		 		 		 	Title:	 	General Counsel and Secretary
	Date:	 	October 25, 2012	 		 	Date:	 	November 2, 2012

 EXHIBIT A 
 Employment Agreement 

 EXHIBIT B 
 Stock Awards 
  

																					
	 Type Of Award
	  	Date Of Award	 	  	Amount Of Award	 	  	Amount of Award
Already 
Vested as of
Termination Date	 	  	Amount of Award to
be
Accelerated as of
Termination Date	 	  	Amount of Award to
be
Forfeited as of
Termination Date	 
	 Restricted Shares
	  	 	8/26/09	  	  	 	56,700	  	  	 	44,887	  	  	 	11,813	  	  	 	0	  
	 Restricted Shares
	  	 	9/30/10	  	  	 	100,000	  	  	 	52,083	  	  	 	37,500	  	  	 	10,417	  
	 Restricted Shares
	  	 	2/15/12	  	  	 	60,000	  	  	 	0	  	  	 	33,750	  	  	 	26,250	  
	 Stock Options*
	  	 	5/8/06	  	  	 	325,000	  	  	 	325,000	  	  	 	Not applicable	  	  	 	Not applicable	  
	 Stock Options*
	  	 	8/29/06	  	  	 	75,000	  	  	 	75,000	  	  	 	Not applicable	  	  	 	Not applicable	  
	 Stock Options*
	  	 	4/22/08	  	  	 	200,000	  	  	 	200,000	  	  	 	Not applicable	  	  	 	Not applicable	  
	 Stock Options*
	  	 	8/26/09	  	  	 	100,000	  	  	 	79,166	  	  	 	20,834	  	  	 	0	  

  

	*	Subject to the terms and conditions of the Agreement, vested and accelerated Stock Options will remain exercisable through April 30, 2014.

 EXHIBIT C 
 Proprietary Information and Invention AgreementExhibit 10 (v)

 Exhibit 10 (v) 
 CONSULTING AGREEMENT 
 This Consulting Agreement (“Agreement”) is
entered into as of September 4, 2012, by and among Saul Centers, Inc., (“Saul Centers” and collectively with its subsidiary entities, the “Employer Group”), and B. Francis Saul III (“Saul III”). 

I. RECITALS 
 Saul III currently serves as President and Chief Operating Officer of Saul Centers. Effective as of Resignation Date (defined below), Saul III will have resigned from his positions with the Employer Group
and will cease to be an officer, director or employee of any member thereof. 
 At the conclusion of Saul III’s employment,
the Employer Group desires to avail itself of the experience, sources of information, advice and assistance available to or possessed by Saul III and to have Saul III undertake certain duties and responsibilities and to perform certain services as a
consultant. These duties, responsibilities, and services are more fully described below. 
 In consideration of the foregoing
promises and the mutual covenants contained in this Agreement, the Employer Group and Saul III agree as follows: 
 II.
SERVICES TO BE PROVIDED BY SAUL III 
 A. Description of Advisory Services. Subject to the terms of this Agreement,
from the Resignation Date through September 4, 2014 (subject to Article VII, the “Advisory Period”), the Employer Group retains Saul III, and Saul III agrees with the Employer Group, to serve as an advisor and consultant to the
Employer Group for purposes of providing real estate acquisition, disposition, development, operations and other advice to the Employer Group and offering assistance on other matters as the Employer Group reasonably requests (the “Advisory
Services”). The Employer Group is entering into this Agreement in reliance on the special and unique abilities of Saul III in rendering the Advisory Services and Saul III will use his reasonable efforts, skills, judgment, and abilities in
rendering the Advisory Services. 
 B. Nature of Relationship Between Parties. Saul III will render the Advisory Services
as an independent contractor. Except as otherwise specifically agreed to in writing by the Employer Group, Saul III will have no authority or power to bind the Employer Group with respect to third parties or to represent to third parties that Saul
III has authority or power to bind the Employer Group. It is not the intention of the parties to this Agreement to create, by virtue of this Agreement, any employment relationship, trust, partnership, or joint venture between Saul III and the
Employer Group or any of its affiliates or Releasees, as defined below in Paragraph VI.A, or, except as specifically provided in this Agreement, to make them legal representatives or agents of each other or to create any fiduciary relationship or
additional contractual relationship among them. As an independent contractor, Saul III is not eligible for any Employer Group-provided benefits, including, without limitation, vacation pay or paid time

  
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off, short-term disability and long-term disability, health and wellness plans, or incentive compensation plans or programs (such as year-end bonus program or any long-term incentive compensation
plan). 
 III. COMPENSATION FOR ADVISORY SERVICES 

The consideration to be paid by the Employer Group to Saul III for the Advisory Services during the Advisory Period will be $60,000 per
month (“Advisory Consideration”). Payments shall be made on a monthly basis in arrears or as otherwise agreed to by the parties. The Advisory Consideration is the sole compensation to which Saul III will be entitled for performance of the
Advisory Services. The parties further acknowledge and agree that should Saul III breach any term or fail to perform any condition or obligation under this Agreement, Saul III shall forfeit any and all rights and interests in the Advisory
Consideration. 
 IV. PAYMENT OF TAXES 
 Beginning on the Resignation Date, Saul III agrees to be solely responsible for withholding taxes or necessary payments to any taxing authority based on the Employer Group’s payment to Saul III of
the Advisory Consideration under this Agreement. These withholdings include, without limitation, Federal income tax, FICA, and Medicare. 
 V. INDEMNIFICATIONS AND COVENANTS 
 A. Limitations on Employer Group
Liability and Saul III’s Indemnification of Employer Group. In consideration of the mutual promises contained herein, including without limitation Saul III’s entering into this Agreement and receiving the Advisory Consideration, and
subject to the other terms of this Agreement, neither the Employer Group nor its Releasees shall be liable for any Damages (defined below) caused by the dishonesty or willful misconduct, of Saul III or for Saul III’s breach of this Agreement.
Saul III shall indemnify and hold harmless the Employer Group and its Releasees from and against all losses, judgments, damages, expenses (including, without limitation, reasonable fees and expenses of counsel), liabilities, and amounts paid in
settlement (collectively “Damages”) incurred by or asserted against the Employer Group or Releasees arising as a result of, in connection with, or relating to the dishonesty or willful misconduct of Saul III in the performance of this
Agreement or for Saul III’s breach of this Agreement. 
 B. Confidentiality. Saul III acknowledges and agrees that
all Confidential Information (defined below) about the Employer Group and its Releasees that was previously provided in the course of employment with the Employer Group, and Confidential Information that may be provided to him in the course of the
Advisory Period of this Agreement, are and will continue to be the exclusive property of the Employer Group and the Releasees. Saul III agrees to keep all Confidential Information in strict confidence, not disclosing any Confidential

  
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Information to any third person, including without limitation any auditor of any member of the Employer Group or any affiliate of any member of the Employer Group, except (i) as the Employer
Group consents to, or (ii) as required by law or judicial or regulatory process; provided, however, that Saul III shall not be obligated to keep in confidence any information which has become generally available to the public without any breach
by Saul III of this Paragraph V.C. 
 Confidential Information includes, without limitation, all of the Employer Group’s
technical and business information, which is of a confidential, trade secret or proprietary character; lists of customers/tenants; identity of customers/tenants; identity of prospective customers/tenants; contract and lease terms; rent rolls;
bidding information and strategies; pricing methods or information; photographs; internal policies, procedures, communications and reports; computer software; computer software methods and documentation; graphic designs; hardware; the Employer
Group’s or its Releasees’ methods of operation; the procedures, forms and techniques used in servicing accounts; and other information or documents that the Employer Group requires to be maintained in confidence for the Employer
Group’s continued business success. 
 C. Non-Competition. Saul III agrees that to protect the Employer Group’s
Confidential Information, it is necessary to enter into the following restrictive covenants, the compliance with which is a condition precedent to the Employer Group’s promises and obligations under this Agreement. 

(i) Non-Solicitation of Business Contacts. Without the prior consent of the Employer Group, Saul III a grees that during the
Advisory Period he will not, directly or indirectly, either individually or as a principal partner, agent, consultant, contractor, employee, or as a director or officer of any corporation or association, or in any other manner or capacity
whatsoever, except on behalf of the Employer Group, solicit a property owner, developer or tenant or a prospective property owner, developer or tenant (i.e., a property owner, developer or tenant who is party to a written proposal or
letter of intent with the Employer Group, in each case written less than six (6) months prior to date of this Agreement) of the Employer Group, for the purpose or with the intent of (A) inducing or attempting to induce such Person to cease
doing business with the Employer Group, or (B) in any way interfering with the relationship between such Person and the Employer Group. 
 (ii) Non-Competition. Without the prior consent of the Employer Group, Saul III agrees that during the Advisory Period, he will not, directly or indirectly, either individually or as a principal
partner, agent, consultant, contractor, employee, or as a director or officer of any corporation or association, or in any other manner or capacity whatsoever, except on behalf of the Employer Group, within the Washington, DC/Baltimore metropolitan
area, work on, or invest or participate in, the acquisition, leasing, financing, pre-development or development of any grocery-anchored community shopping center, Nothing in this Paragraph shall be construed to prohibit Saul III from investing in
any publicly traded company as a passive investor in an amount up to 5% of the outstanding securities of such company. 

  
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 (iii) Non-Recruitment of Officers. Without the prior consent of the Employer Group,
Saul III agrees that during the Advisory Period, he will not directly, or indirectly through his affiliates, solicit any current officer of the Employer Group to be employed by Saul III or any of his affiliates. 

(iv) Nature of the Restrictions. Saul III agrees that the time, geographical area, and scope of restrained activities for the
restrictions in this Paragraph V.E are reasonable, especially in light of the Employer Group’s desire to protect its Confidential Information. If a court concludes that any time period, geographical area, or scope of restrained activities
specified in this Paragraph V.E is unenforceable, the court is vested with the authority to reduce the time period, geographical area, and/or scope of restrained activities, so that the restrictions may be enforced to the fullest extent permitted by
law. Additionally, if Saul III violates any of the restrictions contained in this Paragraph V.E, the restrictive period shall be suspended from the time of the commencement of any violation until the time when Saul III cures the violation to the
Employer Group’s satisfaction, and upon such violation being cured the applicable restrictive period will cease to be suspended and thereafter continue to run. 
 (v) Remedies. Saul III acknowledges that the restrictions contained in this Paragraph V.E, in view of the nature of the Employer Group’s business, are reasonable and necessary to protect the
Employer Group’s legitimate business interests and that any violation of this Agreement would result in irreparable injury to the Employer Group for which there is no adequate remedy at law. In the event of a breach or a threatened breach by
Saul III of any provision in this Agreement, the Employer Group shall be entitled to a temporary restraining order and injunctive relief restraining Saul III from the commission of any breach. Nothing contained in this Agreement shall be construed
as prohibiting the Employer Group from pursuing any other remedies available to it for any breach or threatened breach, including, without limitation, the recovery of money damages, equitable relief, attorneys’ fees, and costs. 

D. Agreement to Return Employer Group Property/Documents. Following the termination of the Agreement for any reason, Saul III
agrees that: (i) he will not take with him, copy, alter, destroy, or delete any files, documents or other materials whether or not embodying or recording any Confidential Information, including copies, without obtaining in advance the consent
of an authorized Employer Group representative; and (ii) he will promptly return to the Employer Group all Confidential Information, documents, files, records and tapes (written or electronically stored) that have been in his possession or
control regarding the Employer Group, and he will not use or disclose such materials in any way or in any format, including written information in any form, information stored by electronic means, and any and all copies of these materials

 VII. TERMINATION 
 A. Termination by the Employer Group. Saul III’s status as advisor, the Advisory Period, and the right to receive the Advisory Consideration may be terminated by the Employer Group at any time
(during or following the Advisory Period) with or without cause immediately upon providing him notice of such termination. 

  
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 B. Survival. The provisions set forth in Paragraphs V, VI, and VII shall survive
termination or expiration of this Agreement. In addition, all provisions of this Agreement which expressly continue to operate after the termination of this Agreement shall survive termination or expiration of this Agreement in accordance with the
terms of such provisions. 
 VIII. OTHER PROVISIONS 

A. Choice of Law. This Agreement has been executed and delivered in and shall be interpreted, construed, and enforced under and in
accordance with the laws of the State of Maryland, without giving effect to its conflicts of law principles. 
 B.
Limitations on Assignment. In entering into this Agreement, the Employer Group is relying on the unique personal services of Saul III; services from another person will not be an acceptable substitute. Except as provided in this Agreement, Saul
III may not assign this Agreement or any of the rights or obligations set forth in this Agreement without the explicit written consent of the Employer Group. 
 C. Waiver. The waiver by either party of the breach or violation of any provision of this Agreement shall not operate as, or be construed to be, a waiver of any subsequent breach of the same or
other provision of this Agreement. 
 D. Severability. If any provision or provisions of this Agreement are held to be
invalid, illegal, or unenforceable for any reason whatsoever, (i) the validity, legality, and unenforceability of the remaining provisions of this Agreement (including, without limitation, all portions of any paragraphs of this Agreement
containing any provision held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable), will not in any way be affected or impaired thereby, and (ii) the provision or provisions held to be invalid,
illegal, or unenforceable will be limited or modified in its or their application to the minimum extent necessary to avoid the invalidity, illegality or unenforceability, and, as so limited or modified, the provision or provisions and the balance of
this Agreement will be enforceable in accordance with their terms. 
 E. Headings. The headings contained in this
Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. 

F. Counterparts. This Agreement and amendments to it will be in writing and may be executed in counterparts. Each counterpart will
be deemed an original, but both counterparts together will constitute one and the same instrument. 
 G. Entire Agreement,
Amendment, Binding Effect. This Agreement constitutes the entire agreement between the parties concerning the subject matter in this Agreement. No oral statements or prior written material not specifically incorporated in this Agreement shall be
of any force and effect, and no changes in or additions to this Agreement shall be recognized, unless incorporated in this Agreement by written amendment, such amendment to become effective on the date stipulated in it. Saul III acknowledges and
represents that in executing this Agreement, he did not rely, and has not relied, on any communications, promises, statements, inducements, or representation(s), oral or written, by the Employer Group or any of the

  
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Releasees, except as expressly contained in this Agreement. Any amendment to this Agreement must be signed by all parties to this Agreement. This Agreement will be binding upon and inure to the
benefit of the parties hereto and their respective successors, heirs, legal representatives, and permitted assigns (if any). 

[signature pages follow] 

  
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 [signature pages follow] 

By their signatures below, the parties certify that they have read the above Agreement and agree to its terms: 

 

	
	 /s/ B. Francis Saul III

	B. FRANCIS SAUL III
	
	Date: 10/5/12

 SAUL CENTERS, INC. 
 a Maryland corporation 
  

			
	 By:
	 	 /s/ Thomas McCormick

	 Name:
	 	 THOMAS McCORMICK

	 Title:
	 	 President

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