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: Friedman Joel Albert (Sr. V.P./Chief Acctng Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-03	Employee Stock Option	$55.71	A	15000	Acquired	2029-05-03	Common Stock (15000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	9858.017	Indirect
Common Shares	105.092	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$41.82	2021-05-13	Common Stock (5000.0)	5000	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 Shares (10000.0)	10000	Direct

Footnotes

F1: Balance increased by April 30, 2019 Dividend Reinvestment Plan award of 100.477 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 January 31, 2019 Dividend Reinvestment Plan award and April 30, 2019 award of 1.033 shares and 1.041 shares, respectively.

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