SAUL CENTERS, INC. — Director's Dealing 2015

Feb 13, 2015

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2014-12-31

Reporting Person: Friedman Joel Albert (Sr. V.P./Chief Acctng Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	100	Direct
Common Shares	8356.64	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$41.82	2021-05-13	Common Stock (5000.0)	5000	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (5000.0)	5000	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: 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.