SAUL CENTERS, INC. — Director's Dealing 2015

Jan 13, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2015-01-09

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-01-09	Common Shares	M	3000	$33.22	Acquired	24494.715	Direct
2015-01-09	Common Shares	M	910	$41.82	Acquired	25404.715	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-01-09	Employee Stock Option	$33.22	M	3000	Disposed	2015-05-06	Common Stock (3000.0)	Direct
2015-01-09	Employee Stock Option	$41.82	M	910	Disposed	2021-05-13	Common Stock (910.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1649.248	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	$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

Footnotes

F1: The options vest 25% per year over four years from the date of grant.