SAUL CENTERS, INC. — Director's Dealing 2010

Oct 7, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2010-10-07

Reporting Person: McCormick Thomas H (Sr. Vice Pres & Gen. Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-10-07	Common Shares	M	5000	$33.22	Acquired	5000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-10-07	Employee Stock Option	$33.22	M	5000	Disposed	2015-05-06	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series A Preferred Stock	2100	Direct

Footnotes

F1: The option will vest 25% per year over four years from the date of grant.

F2: Self-IRA