SAUL CENTERS, INC. — Director's Dealing 2017

Oct 2, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2017-09-28

Reporting Person: Hachey Donald A (Senior Vice Pres.-Construction)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-09-28	Common Shares	M	625	$44.42	Acquired	625	Direct
2017-09-28	Common Shares	M	2500	$47.03	Acquired	3125	Direct
2017-09-28	Common Shares	M	481	$51.07	Acquired	3606	Direct
2017-09-28	Common Shares	S	3606	$62.50	Disposed	0	Direct
2017-09-29	Common Shares	M	1000	$51.07	Acquired	1000	Direct
2017-09-29	Common Shares	S	1000	$62.50	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-09-28	Employee Stock Option	$44.42	M	625	Disposed	2023-05-10	Common Stock (625.0)	Direct
2017-09-28	Employee Stock Option	$47.03	M	2500	Disposed	2024-05-09	Common Stock (2500.0)	Direct
2017-09-28	Employee Stock Option	$51.07	M	481	Disposed	2025-05-08	Common Stock (481.0)	Direct
2017-09-29	Employee Stock Option	$51.07	M	1000	Disposed	2025-05-08	Common Stock (1000.0)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$57.74	2026-05-06	Common Stock (5000.0)	5000	Direct
Employee Stock Option	$59.41	2027-05-05	Common Stock (5000.0)	5000	Direct

Footnotes

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