SAUL CENTERS, INC. — Director's Dealing 2017

May 9, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2017-05-05

Reporting Person: COLLICH JOHN F (Sr. VP-Acquisitions & Dev.)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-05	Employee Stock Option	$59.41	A	20000	Acquired	2027-05-05	Common Stock (20000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1787.83	Indirect
Common Shares	24613.28	Direct
Series C Preferred Stock	5053	Indirect
Series C Preferred Stock	1311	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$41.82	2021-05-13	Common Stock (7650.0)	7650	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (2545.0)	2545	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (5000.0)	5000	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 (20000.0)	20000	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (20000.0)	20000	Direct

Footnotes

F1: Balance increased by January 31, 2017 Dividend Reinvestment Plan award and April 28, 2017 award of 14.345 shares and 14.989 shares, respectively.

F2: Balance increased by January 31, 2017 Dividend Reinvestment Plan award and April 28, 2017 award of 199.598 shares and 208.572 shares, respectively.

F3: The options vest 25% per year over four years from the date of grant.