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: Lansdale James Page (Director, President and Chief Oper. Off.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-05-03	Common Shares	A	200	$55.71	Acquired	6000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-03	Employee Stock Option	$55.71	A	30000	Acquired	2029-05-03	Common Stock (30000.0)	Direct
2019-05-03	Director Stock Option	$55.71	A	2500	Acquired	2029-05-03	Common Stock (2500.0)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$39.29	2022-05-04	Common Stock (2500.0)	2500	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (4000.0)	4000	Direct
Employee Stock Option	$47.03	2024-05-09	Common Stock (30000.0)	30000	Direct
Employee Stock Option	$51.07	2025-05-08	Common Stock (30000.0)	30000	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (30000.0)	30000	Direct
Director Stock Option	$51.07	2025-05-08	Common Stock (2500.0)	2500	Direct
Director Stock Option	$57.74	2026-05-06	Common Stock (2500.0)	2500	Direct
Director Stock Option	$59.41	2027-05-05	Common Stock (2500.0)	2500	Direct
Employee Stock Option	$59.41	2027-05-05	Common Stock (30000.0)	30000	Direct
Employee Stock Option	$49.46	2028-05-11	Common Stock (30000.0)	30000	Direct
Director Stock Option	$49.46	2028-05-11	Common Stock (2500.0)	2500	Direct

Footnotes

F1: The options vest 25% per year over four years from the date of grant.

F2: The options vest immediately on the date of grant.