SAUL CENTERS, INC. — Director's Dealing 2017

Apr 5, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2017-04-04

Reporting Person: SCHNEIDER SCOTT V (Sr. Vice President-CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-04-04	Common Shares	M	2560	$41.82	Acquired	11958.34	Direct
2017-04-04	Common Shares	M	3000	$44.42	Acquired	14958.34	Direct
2017-04-04	Common Shares	S	5560	$62.26	Disposed	9398.34	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-04-04	Employee Stock Option	$41.82	M	2560	Disposed	2021-05-13	Common Stock (2560.0)	Direct
2017-04-04	Employee Stock Option	$44.42	M	3000	Disposed	2023-05-10	Common Stock (3000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	567.96	Indirect
Common Shares	554.68	Indirect
Common Shares	8675.82	Indirect
Series C Preferred Stock	4500	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$47.03	2024-05-09	Common Stock (20000.0)	20000	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 of 4.645 shares.

F2: Balance increased by January 31, 2017 Dividend Reinvestment Plan award of 4.537 shares.

F3: 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.

F4: The options vest 25% per year over four years from the date of grant.