SAUL CENTERS, INC. — Director's Dealing 2017

Feb 14, 2017

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2016-12-31

Reporting Person: NETTER CHRISTOPHER (Sr. Vice Pres.-Retail Leasing)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1406.53	Indirect
Common Shares	540.55	Indirect
Common Shares	252.51	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$44.42	2023-05-10	Common Stock (12500.0)	12500	Direct
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: 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: Balance increased by October 31, 2016 and January 31, 2017 Dividend Reinvestment Plan awards of 4.371 shares and 4.421 shares, respectively.

F3: Balance increased by October 31, 2016 and January 31, 2017 Dividend Reinvestment Plan awards of 2.042 shares and 2.065 shares, respectively.

F4: Self-IRA

F5: The options vest 25% per year over four years from the date of grant.