SAUL CENTERS, INC. — Director's Dealing 2014

May 13, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2014-05-09

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-09	Employee Stock Option	$47.03	A	10000	Acquired	2024-05-09	Common Shares (10000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	3072.533	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$33.22	2015-05-06	Common Stock (10000.0)	10000	Direct
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

Footnotes

F1: Balance increased by January 31, 2014 Dividend Reinvestment Plan award and April 30, 2014 award of 4.488 shares and 5.141 shares, respectively.

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