SAUL CENTERS, INC. — Director's Dealing 2017

Dec 21, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2017-12-20

Reporting Person: Lansdale James Page (Director, President and Chief Oper. Off.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-12-20	Common Shares	M	5000	$44.42	Acquired	5600	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-12-20	Employee Stock Option	$44.42	M	5000	Disposed	2023-05-10	Common Stock (5000.0)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$39.29	2022-05-04	Common Stock (2500.0)	2500	Direct
Employee Stock Option	$47.03	2024-05-09	Common Stock (30000.0)	30000	Direct
Employee Stock Option	$51.07	2025-05-08	Common Stock (30000.0)	30000	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (30000.0)	30000	Direct
Director Stock Option	$51.07	2025-05-08	Common Stock (2500.0)	2500	Direct
Director Stock Option	$57.74	2026-05-06	Common Stock (2500.0)	2500	Direct
Director Stock Option	$59.41	2027-05-05	Common Stock (2500.0)	2500	Direct
Employee Stock Option	$59.41	2027-05-05	Common Stock (30000.0)	30000	Direct

Footnotes

F1: The options vest 25% per year over four years from the date of grant.

F2: The options vest immediately on the date of grant.