Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On March 11, 2021, the Board of Directors approved the appointment of Carlos L.
Heard as Chief Financial Officer of Saul Centers, Inc. (the "Company") effective
April 1, 2021. Mr. Heard has served as Senior Vice President, Acquisitions and
Development, B. F. Saul Company and Affiliates from 2019 to present; Vice
President, Acquisitions and Development from 2013 to 2018; and Vice President,
Acquisitions and Finance from 2010 to 2012. Prior to joining the B. F. Saul
Company and Affiliates, Mr. Heard was Group Vice President of Capital Markets
and Commercial Real Estate at Chevy Chase Bank, where he worked from 1998 to
2009.
In consideration of Mr. Heard's service as Chief Financial Officer of the
Company, the Compensation Committee has approved, effective April 1, 2021, an
annual base salary for Mr. Heard of $375,000. Mr. Heard is eligible for a bonus
at the discretion of the Compensation Committee and is entitled to participate
in the Company's benefit programs applicable generally to employees and
officers.
The current Chief Financial Officer, Scott V. Schneider, who has served in that
position since 1993, will retire effective March 31, 2021 as previously
announced on December 3, 2020. Mr. Schneider will continue to serve the Company
as a consultant at a fee of $200,000 per annum.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

99.1 Press Release, dated March 11, 2021, of Saul Centers, Inc.

104. Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline

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