SAUL CENTERS, INC. — Director's Dealing 2015

Jan 5, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-31	Common Shares	M	1028	$54.17	Acquired	1262.722	Direct
2014-12-31	Common Shares	S	1028	$58.50	Disposed	234.722	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-31	Employee Stock Option	$54.17	M	1028	Disposed	2017-04-27	Common Stock (1028.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	502.471	Indirect
Common Shares	6451.62	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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: 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: Self-IRA

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