Sec Form 4 Filing - NETTER CHRISTOPHER @ SAUL CENTERS, INC. - 2022-05-13

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person NETTER CHRISTOPHER 2. Issuer Name and Ticker or Trading Symbol SAUL CENTERS, INC. [ BFS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Exec. Vice Pres-Retail Leasing (Last) (First) (Middle) 7501 WISCONSIN AVENUE, 15TH FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 05/13/2022 (Street) BETHESDA, MD20814 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Series E Preferred Stock 650 D Common Shares 695.863( 1 ) I Wife-IRA Common Shares 325.063( 2 ) D Common Shares 1,652.3( 3 ) I( 4 ) 401K

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of I ndirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Employee Stock Option $ 47.03 05/09/2014( 5 ) 05/09/2024 Common Stock 15,000 15,000 D Employee Stock Option $ 51.07 05/08/2015( 5 ) 05/08/2025 Common Stock 20,000 20,000 D Employee Stock Option $ 57.74 05/06/2016( 5 ) 05/06/2026 Common Stock 20,000 20,000 D Employee Stock Option $ 59.41 05/05/2017( 5 ) 05/05/2027 Common Stock 20,000 20,000 D Employee Stock Option $ 49.46 05/11/2018( 5 ) 05/11/2028 Common Stock 20,000 20,000 D Employee Stock Option $ 55.71 05/03/2019( 5 ) 05/03/2029 Common Stock 20,000 20,000 D Employee Stock Option $ 50 04/24/2020( 5 ) 04/24/2030 Common Stock 20,000 20,000 D Employee Stock Option $ 43.89 05/07/2021( 5 ) 05/07/2031 Common Stock 25,000 25,000 D Employee Stock Option $ 47.9 05/13/2022 A 25,000 05/13/2022( 5 ) 05/13/2032 Common Stock 25,000 $ 0 25,000 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other NETTER CHRISTOPHER 7501 WISCONSIN AVENUE 15TH FLOOR BETHESDA, MD20814 Exec. Vice Pres-Retail Leasing Signatures Carlos L. Heard, by Power of Attorney 05/17/2022 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Balance increased by July 31, 2021 Dividend Reinvestment Plan award, October 31, 2021, January 31, 2022 award and April 29, 2022 award of 8.211 shares, 8.126 shares, 8.130 shares and 7.924 shares, respectively. ( 2 )Balance increased by July 31, 2021 Dividend Reinvestment Plan award, October 31, 2021, January 31, 2022 award and April 29, 2022 award of 3.836 shares, 3.796 shares, 3.798 shares and 3.702 shares, respectively. ( 3 )Balance increased by July 31, 2021 Dividend Reinvestment Plan award, October 31, 2021, January 31, 2022 award and April 29, 2022 award of 14.686 shares, 14.686 shares, 14.686 shares and 14.686 shares, respectively. ( 4 )Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan. ( 5 )The options vest 25% p er year over four years from the date of grant.

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).

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