SAUL CENTERS, INC. — Director's Dealing 2013

Dec 18, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2013-12-17

Reporting Person: SCHNEIDER SCOTT V (Sr. Vice President-CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-12-17	Common Shares	M	4300	$25.78	Acquired	12697.380	Direct
2013-12-17	Common Shares	S	4300	$47.8758	Disposed	8397.380	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-12-17	Employee Stock Option	$25.78	M	4300	Disposed	2014-04-26	Common Stock (4300)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	478.403	Indirect
Common Shares	478.403	Indirect
Common Shares	510.795	Indirect
Common Shares	498.852	Indirect
Series C Preferred Stock	3000	Direct

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
Employee Stock Option	$41.82	2021-05-13	Common Stock (15000)	15000	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (15000)	15000	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (20000)	20000	Direct

Footnotes

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

F2: Balance increased by October 31, 2013 Dividend Reinvestment Plan award of 3.694 shares.

F3: Balance increased by October 31, 2013 Dividend Reinvestment Plan award of 3.694 shares.

F4: Balance increased by October 31, 2013 Dividend Reinvestment Plan award of 3.944 shares.

F5: Balance increased by October 31, 2013 Dividend Reinvestment Plan award of 3.851 shares.