SAUL CENTERS, INC. — Director's Dealing 2016

Feb 9, 2016

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2015-12-31

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

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	6754.76	Indirect
Common Shares	523.21	Indirect
Common Shares	244.41	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	$39.29	2022-05-04	Common Stock (7500.0)	7500	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$47.03	2024-05-09	Common Shares (20000.0)	20000	Direct
Employee Stock Option	$51.07	2025-05-08	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: Balance increased by July 31, 2015 Dividend Reinvestment Plan award, October 30, 2015 award and January 29, 2016 award of 4.362 shares, 3.971 shares and 4.530 shares, respectively.

F3: Balance increased by July 31, 2015 Dividend Reinvestment Plan award, October 30, 2015 award and January 29, 2016 award of 2.038 shares, 1.855 shares and 2.116 shares, respectively.

F4: Self-IRA

F5: The options vest 25% per year over four years from the date of grant.