SAUL CENTERS, INC. — Director's Dealing 2014

Jul 10, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2014-07-08

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-07-08	Common Shares	M	2866	$33.22	Acquired	11263.38	Direct
2014-07-08	Common Shares	S	2866	$49.5319	Disposed	8397.38	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-07-08	Employee Stock Option	$33.22	M	2866	Disposed	2015-05-06	Common Stock (2866.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	486.587	Indirect
Common Shares	486.587	Indirect
Common Shares	519.533	Indirect
Common Shares	507.386	Indirect
Series C Preferred Stock	3000	Direct
Common Shares	7953.90	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$54.17	2017-04-27	Common Stock (15000.0)	15000	Direct
Employee Stock Option	$41.82	2021-05-13	Common Stock (15000.0)	15000	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (15000.0)	15000	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$47.03	2024-05-09	Common Shares (20000.0)	20000	Direct

Footnotes

F1: Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.

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