SAUL CENTERS, INC. — Director's Dealing 2015

Jan 7, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2015-01-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-01-02	Common Shares	M	4000	$41.82	Acquired	25494.715	Direct
2015-01-02	Common Shares	S	4000	$57.414	Disposed	21494.715	Direct
2015-01-05	Common Shares	M	1420	$54.17	Acquired	22914.715	Direct
2015-01-05	Common Shares	S	1420	$57.6486	Disposed	21494.715	Direct
2015-01-05	Common Shares	M	80	$41.82	Acquired	21574.715	Direct
2015-01-05	Common Shares	S	80	$57.6486	Disposed	21494.715	Direct
2015-01-05	Common Shares	M	7500	$39.29	Acquired	28994.715	Direct
2015-01-05	Common Shares	S	7500	$57.6486	Disposed	21494.715	Direct
2015-01-06	Common Shares	M	312	$54.17	Acquired	21806.715	Direct
2015-01-06	Common Shares	S	312	$58.25	Disposed	21494.715	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-01-05	Employee Stock Option	$54.17	M	1420	Disposed	2017-04-27	Common Stock (1420.0)	Direct
2015-01-06	Employee Stock Option	$54.17	M	312	Disposed	2017-04-27	Common Stock (312.0)	Direct
2015-01-02	Employee Stock Option	$41.82	M	4000	Disposed	2021-05-13	Common Stock (4000.0)	Direct
2015-01-05	Employee Stock Option	$41.82	M	80	Disposed	2021-05-13	Common Stock (80.0)	Direct
2015-01-05	Employee Stock Option	$39.29	M	7500	Disposed	2022-05-04	Common Stock (7500.0)	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	$33.22	2015-05-06	Common Stock (3000.0)	3000	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: Balance increased by July 31, 2014 Dividend Reinvestment Plan award and October 31, 2014 award of 13.922 shares and 12.288 shares, respectively.

F2: Balance increased by July 31, 2014 Dividend Reinvestment Plan award and October 31, 2014 award of 180.832 shares and 161.874 shares, respectively.

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