SAUL CENTERS, INC. — Director's Dealing 2017

Oct 10, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2017-10-06

Reporting Person: Corey Steven N. (Senior VP - Office Leasing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-10-06	Common Stock	M	3750	$47.03	Acquired	3750	Direct
2017-10-06	Common Stock	M	329	$51.07	Acquired	4079	Direct
2017-10-06	Common Stock	S	4079	$63.27	Disposed	0	Direct
2017-10-09	Common Stock	M	7171	$51.07	Acquired	7171	Direct
2017-10-09	Common Stock	S	7171	$63.26	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-10-06	Employee Stock Option	$47.03	M	3750	Disposed	2024-05-09	Common Stock (3750.0)	Direct
2017-10-06	Employee Stock Option	$51.07	M	329	Disposed	2025-05-08	Common Stock (329.0)	Direct
2017-10-09	Employee Stock Option	$51.07	M	7171	Disposed	2025-05-08	Common Stock (7171.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4249.09	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$44.42	2023-05-10	Common Stock (0.0)	0	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (15000.0)	15000	Direct
Employee Stock Option	$59.41	2027-05-05	Common Shares (15000.0)	15000	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: The options vest 25% per year over four years from the date of grant.