SAUL CENTERS, INC. — Director's Dealing 2014

Mar 17, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2014-03-14

Reporting Person: NETTER CHRISTOPHER (Sr. Vice Pres.-Retail Leasing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-14	Common Shares	M	15000	$33.22	Acquired	15227.095	Direct
2014-03-14	Common Shares	S	15000	$46.5558	Disposed	227.095	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-14	Employee Stock Option	$33.22	M	15000	Disposed	2015-05-06	Common Stock (15000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	486.144	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

Footnotes

F1: Self-IRA

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