SAUL CENTERS, INC. — Director's Dealing 2019

May 7, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2019-05-03

Reporting Person: SHERREN CHARLES W JR (Sr. VP- Property Management)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-03	Employee Stock Option	$55.71	A	10000	Acquired	2029-05-03	Common Stock (10000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	10870.30	Indirect
Common Shares	677.592	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$41.82	2021-05-13	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$47.03	2024-05-09	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$51.07	2025-05-08	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$59.41	2027-05-05	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$49.46	2028-05-11	Common Stock (10000.0)	10000	Direct

Footnotes

F1: Balance increased by April 30, 2019 Dividend Reinvestment Plan award of 110.792 shares.

F2: 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.

F3: Balance increased by July 30, 2018 Dividend Reinvestment Plan award, October 31, 2018, January 31, 2019 award and April 30, 2019 award of 6.680 shares, 7.068 shares, 7.004 shares and 6.918 shares, respectively.

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