SAUL CENTERS, INC. — Director's Dealing 2010

Mar 16, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2010-03-12

Reporting Person: COLLICH JOHN F (Sr. Vice Pres-Retail Devel.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-12	Common Shares	M	4000	$24.91	Acquired	4000	Direct
2010-03-12	Common Shares	M	2000	$25.78	Acquired	6000	Direct
2010-03-12	Common Shares	S	6000	$38.78	Disposed	0	Direct
2010-03-15	Common Shares	M	1750	$25.78	Acquired	1750	Direct
2010-03-15	Common Shares	S	1750	$38.60	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-12	Employee Stock Option	$24.91	M	4000	Disposed	2013-05-23	Common Stock (4000)	Direct
2010-03-12	Employee Stock Option	$25.78	M	2000	Disposed	2014-04-26	Common Stock (2000)	Direct
2010-03-15	Employee Stock Option	$25.78	M	1750	Disposed	2014-04-26	Common Stock (1750)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	8022.356	Direct
Common Shares	1403.241	Indirect
Series A Preferred Stock	380	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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

Footnotes

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