SAUL CENTERS, INC. — Director's Dealing 2016

May 17, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2016-05-13

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-13	Common Shares	S	2414.25	$56.2997	Disposed	23262.10	Direct
2016-05-16	Common Shares	S	425	$56.75	Disposed	22837.10	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1732.05	Indirect
Series C Preferred Stock	1000	Direct
Series C Preferred Stock	4000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$54.17	2017-04-27	Common Stock (12332.0)	12332	Direct
Employee Stock Option	$51.07	2025-05-08	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$41.82	2021-05-13	Common Stock (8650.0)	8650	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	$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.