SAUL CENTERS, INC. — Director's Dealing 2013

Sep 26, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2013-09-25

Reporting Person: SHERREN CHARLES W JR (Sr. VP- Property Management)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-09-25	Common Shares	M	5000	$25.78	Acquired	5500	Direct
2013-09-25	Common Shares	S	5000	$46.1081	Disposed	500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-09-25	Employee Stock Option	$25.78	M	5000	Disposed	2014-04-26	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	500	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$33.22	2015-05-06	Common Stock (10000)	10000	Direct
Employee Stock Option	$54.17	2017-04-27	Common Stock (10000)	10000	Direct
Employee Stock Option	$41.82	2021-05-13	Common Stock (10000)	10000	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (10000)	10000	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (10000)	10000	Direct

Footnotes

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