SAUL CENTERS, INC. — Director's Dealing 2016

Dec 12, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2016-12-08

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-08	Series C Preferred Stock	A	100	$25.20	Acquired	4100	Indirect
2016-12-09	Series C Preferred Stock	A	618	$25.20	Acquired	4718	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1758.498	Indirect
Common Shares	24205.107	Direct
Series C Preferred Stock	1000	Direct

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 (3750.0)	3750	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$47.03	2024-05-09	Common Stock (15000.0)	15000	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: Balance increased by July 29, 2016 Dividend Reinvestment Plan award and October 31, 2016 award of 12.269 shares and 14.183 shares, respectively.

F2: Balance increased by July 29, 2016 Dividend Reinvestment Plan award and October 31, 2016 award of 170.68 shares and 197.331 shares, respectively.

F3: In the previously filed Form 4 on 7/11/16, the Indirect Ownership shares in the Wife's account were inadvertently included with the Direct Ownership. The balance is correct as stated in the current Form 4.

F4: The options vest 25% per year over four years from the date of grant.