SAUL CENTERS, INC. — Director's Dealing 2016

Jul 21, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2016-02-19

Reporting Person: Hachey Donald A (Senior Vice Pres.-Construction)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-02-19	Common Shares	S	902	$49.37	Disposed	0	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$44.42	2023-05-10	Common Stock (625.0)	625	Direct
Employee Stock Option	$47.03	2024-05-09	Common Stock (3750.0)	3750	Direct
Employee Stock Option	$51.07	2025-05-08	Common Stock (5000.0)	5000	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (5000.0)	5000	Direct

Footnotes

F1: The transaction reported on this Form 4 was reflected in the amount of securities beneficially owned in the Reporting Person's Form 4's filed on May 10, 2016 and June 6, 2016; however, the transaction had not been reported on a Form 4 prior to such dates.

F2: 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 Patricia E. Saul's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.

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