SAUL CENTERS, INC. — Director's Dealing 2013

Jan 3, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2013-01-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-01-03	Common Shares	M	915	$24.91	Acquired	20721.589	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-01-03	Employee Stock Option	$24.91	M	915	Disposed	2013-05-23	Common Stock (915)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series A Preferred Stock	3473.740	Indirect
Series A Preferred Stock	1650	Direct
Common Shares	1545.301	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$25.78	2014-04-26	Common Stock (3750)	3750	Direct
Employee Stock Option	$33.22	2015-05-06	Common Stock (3000)	3000	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

Footnotes

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