SAUL CENTERS, INC. — Director's Dealing 2016

Dec 19, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2016-12-15

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-15	Common Shares	M	3968	$44.42	Acquired	28173.107	Direct
2016-12-15	Common Shares	M	5000	$47.03	Acquired	33173.107	Direct
2016-12-15	Common Shares	S	8968	$66.15	Disposed	24205.107	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-12-15	Employee Stock Option	$44.42	M	3968	Disposed	2023-05-10	Common Stock (3968.0)	Direct
2016-12-15	Employee Stock Option	$47.03	M	5000	Disposed	2024-05-09	Common Stock (5000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1758.498	Indirect
Series C Preferred Stock	1000	Direct
Series C Preferred Stock	4718	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$41.82	2021-05-13	Common Stock (7650.0)	7650	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (2545.0)	2545	Direct
Employee Stock Option	$51.07	2025-05-08	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (20000.0)	20000	Direct

Footnotes

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