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: COLLICH JOHN F (Sr. VP, Chief Acq. & Dev. Off.)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-03	Employee Stock Option	$55.71	A	20000	Acquired	2029-05-03	Common Stock (20000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series C Preferred Stock	3262.028	Indirect
Series C Preferred Stock	762.104	Direct
Common Shares	1928.814	Indirect
Common Shares	34762.883	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$39.29	2022-05-04	Common Stock (2545.0)	2545	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (5000.0)	5000	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 (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	Common Stock (20000.0)	20000	Direct

Footnotes

F1: Balance increased by July 30, 2018 Dividend Reinvestment Plan award, October 31, 2018, January 31, 2019 award and April 30, 2019 award of 18.478 shares, 19.549 shares, 19.371 shares and 19.484 shares, respectively.

F2: Balance increased by July 30, 2018 Dividend Reinvestment Plan award, October 31, 2018, January 31, 2019 award and April 30, 2019 award of 335.831 shares, 355.332 shares, 352.136 shares and 354.922 shares, respectively.

F3: The options vest 25% per year over four years from the date of grant.