SAUL CENTERS, INC. - Director's Dealing 2010

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2009-12-31

Reporting Person: NETTER CHRISTOPHER (Sr. Vice President-Leasing)

Security	Shares	Ownership
Common Shares	426	Indirect
Common Shares	199	Direct

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$24.91	2013-05-23	Common Stock (4000)	4000	Direct
Employee Stock Option	$25.78	2014-04-26	Common Stock (7500)	7500	Direct
Employee Stock Option	$33.22	2015-05-06	Common Stock (15000)	15000	Direct
Employee Stock Option	$54.17	2017-04-27	Common Stock (15000)	15000	Direct

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

F2: Balance increased 97 shares by participation in the Company's Dividend Reinvestment Plan.

F3: Balance increased 60 shares by participation in the Company's Dividend Reinvestment Plan.

F4: Self-IRA