SAUL CENTERS, INC. — Director's Dealing 2015

Dec 3, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2015-12-01

Reporting Person: COLLICH JOHN F (Sr. VP-Acquisitions & Dev.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-12-01	Common Shares	S	1000	$55.50	Disposed	25224.27	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1701.874	Indirect
Series C Preferred Stock	1000	Direct
Series C Preferred Stock	3000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$54.17	2017-04-27	Common Stock (12332.0)	12332	Direct
Employee Stock Option	$41.82	2021-05-13	Common Stock (10010.0)	10010	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (7500.0)	7500	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
Stock Option	$51.07	2025-05-08	Common Shares (20000.0)	20000	Direct

Footnotes

F1: Balance increased by July 31, 2015 Dividend Reinvestment Plan award and October 30, 2015 award of 14.162 shares and 12.891 shares, respectively.

F2: Balance increased by July 31, 2015 Dividend Reinvestment Plan award and October 31, 2015 award of 220.563 shares and 200.786 shares, respectively.

F3: The options vest 25% per year over four years from the date of grant.