SAUL CENTERS, INC. — Director's Dealing 2014

Aug 25, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2014-08-21

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-21	Common Shares	M	5000	$33.22	Acquired	8077.428	Direct
2014-08-21	Common Shares	S	5000	$50.2043	Disposed	3077.428	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-08-21	Employee Stock Option	$33.22	M	5000	Disposed	2015-05-06	Common Stock (5000.0)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$54.17	2017-04-27	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$41.82	2021-05-13	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$47.03	2024-05-09	Common Shares (10000.0)	10000	Direct

Footnotes

F1: Balance increased by July 31, 2014 Dividend Reinvestment Plan award of 4.895 shares.

F2: The options vest 25% per year over four years from the date of grant.