SAUL CENTERS, INC. — Director's Dealing 2018

May 14, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2018-05-11

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-11	Employee Stock Option	$49.46	A	20000	Acquired	2028-05-11	Stock Option (20000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	595.057	Indirect
Common Shares	581.145	Indirect
Common Shares	9138.84	Indirect
Series C Preferred Stock	4500	Direct
Common Shares	9398.34	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$44.42	2023-05-10	Common Stock (12000.0)	12000	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

Footnotes

F1: Balance increased by January 31, 2018 Dividend Reinvestment Plan award and April 30, 2018 award of 5.750 shares and 6.438 shares, respectively.

F2: Balance increased by January 31, 2018 Dividend Reinvestment Plan award and April 30, 2018 award of 5.615 shares and 6.287 shares, respectively.

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.