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

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	Common Stock (20000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1468.77	Indirect
Common Shares	566.34	Indirect
Common Shares	264.558	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$44.42	2023-05-10	Common Stock (7500.0)	7500	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: 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 January 31, 2018 Dividend Reinvestment Plan award and April 30, 2018 award of 5.472 shares and 6.127 shares, respectively.

F3: Balance increased by January 31, 2018 Dividend Reinvestment Plan award and April 30, 2018 award of 2.556 shares and 2.862 shares, respectively.

F4: Self-IRA

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