SAUL CENTERS, INC. — Director's Dealing 2016

May 10, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2016-05-06

Reporting Person: SHERREN CHARLES W JR (Sr. VP- Property Management)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-06	Employee Stock Option	$57.74	A	10000	Acquired	2026-05-06	Common Stock (10000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	4893.55	Direct
Common Shares	9746.72	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$54.17	2017-04-27	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$41.82	2021-05-13	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (10000.0)	10000	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 (10000.0)	10000	Direct
Employee Stock Option	$51.07	2025-05-08	Common Stock (10000.0)	10000	Direct

Footnotes

F1: Balance increased by April 29, 2016 Dividend Reinvestment Plan award of 44.176 shares.

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 the reporting person'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.