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: NETTER CHRISTOPHER (Sr. Vice Pres.-Retail Leasing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-13	Common Shares	M	2500	$39.29	Acquired	2746.64	Direct
2016-05-13	Common Shares	S	2500	$56.7406	Disposed	246.64	Direct
2016-05-16	Common Shares	M	5000	$39.29	Acquired	5246.64	Direct
2016-05-16	Common Shares	S	5000	$57.05	Disposed	246.64	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-13	Employee Stock Option	$39.29	M	2500	Disposed	2022-05-04	Common Stock (2500.0)	Direct
2016-05-16	Employee Stock Option	$39.29	M	5000	Disposed	2022-05-04	Common Stock (5000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	6824.26	Indirect
Common Shares	527.98	Indirect
Common Shares	246.64	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$54.17	2017-04-27	Common Stock (11971.0)	11971	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$47.03	2024-05-09	Common Stock (20000.0)	20000	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: 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 the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.

F2: Self-IRA

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