SAUL CENTERS, INC. — Director's Dealing 2016

May 11, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2016-05-10

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-10	Common Shares	M	1360	$41.82	Acquired	27036.35	Direct
2016-05-10	Common Shares	M	3750	$39.29	Acquired	30786.35	Direct
2016-05-10	Common Shares	M	10000	$44.42	Acquired	40786.35	Direct
2016-05-10	Common Shares	M	5000	$47.03	Acquired	45786.35	Direct
2016-05-10	Common Shares	S	20110	$56.6085	Disposed	25676.35	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-10	Employee Stock Option	$41.82	M	1360	Disposed	2021-05-13	Common Stock (1360.0)	Direct
2016-05-10	Employee Stock Option	$39.29	M	3750	Disposed	2022-05-04	Common Stock (3750.0)	Direct
2016-05-10	Employee Stock Option	$44.42	M	10000	Disposed	2023-05-10	Common Stock (10000.0)	Direct
2016-05-10	Employee Stock Option	$47.03	M	5000	Disposed	2024-05-09	Common Stock (5000.0)	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	$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.