SAUL CENTERS, INC. — Director's Dealing 2018

Aug 29, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2018-08-28

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-08-28	Common Shares	S	1432.52	$59.67	Disposed	7706.32	Indirect
2018-08-28	Series C Preferred Stock	P	1375	$25.21	Acquired	4000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	601.044	Indirect
Common Shares	586.992	Indirect
Common Shares	9398.34	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$44.42	2023-05-10	Common Stock (8500.0)	8500	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
Employee Stock Option	$59.41	2027-05-05	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$49.46	2028-05-11	Stock Option (20000.0)	20000	Direct

Footnotes

F1: Balance increased by July 31, 2018 Dividend Reinvestment Plan award of 5.987 shares.

F2: Balance increased by July 31, 2018 Dividend Reinvestment Plan award of 5.847 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 number of shares has been adjusted to reflect the effect of a partial redemption of the Series C Preferred Stock by the Company.

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