X0306 4 2013-07-01 0 0000907254 SAUL CENTERS INC BFS 0001013003 KELLEY PAUL X 7501 WISCONSIN AVENUE 15TH FLOOR BETHESDA MD 20814 1 0 0 0 Common Shares 36378.352 D Stock Option 25.78 2004-04-26 2014-04-26 Common Stock 2500 2500 D Stock Option 33.22 2005-05-06 2015-05-06 Common Stock 2500 2500 D Stock Option 40.35 2006-05-01 2016-05-01 Common Stock 2500 2500 D Stock Option 54.17 2007-04-27 2017-04-27 Common Stock 2500 2500 D Stock Option 50.15 2008-04-25 2018-04-25 Common Stock 2500 2500 D Stock Option 32.68 2009-04-24 2019-04-24 Common Stock 2500 2500 D Stock Option 38.76 2010-05-07 2020-05-07 Common Stock 2500 2500 D Stock Option 41.82 2011-05-13 2021-05-13 Common Stock 2500 2500 D Stock Option 39.29 2012-05-04 2022-05-04 Common Stock 2500 2500 D Phantom Stock 44.91 2013-07-01 4 A 0 273.338 44.91 A Common Stock 273.338 4693.089 D Stock Option 44.42 2013-05-10 2023-05-10 Common Stock 2500 2500 D Pursuant to the issuer's Deferred Compensation Plan under its 2004 Stock Plan and the Deferred Fee Agreement executed by the reporting person, the reporting person has elected to defer receipt of his director's fees, and recieve phantom stock, the amount of which is calculated as the quotient of the dollar value of fees deferred, divided by the fair market value of the issuer's shares on the date the phantom stock is received. 1 for 1 The conversion of phantom stock into shares of the issuer's common stock is governed pursuant to terms of the issuer's Deferred Compensation Plan under its 2004 Stock Plan, as amended, and the reporting person's Deferred Fee Agreement. Includes 37.050 shares ($42.8497/share) awarded April 30, 2013 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the issuer's Deferred Compensation Plan under its 2004 Stock Plan and shares of phantom stock issued under the issuer's Deferred Compensation Stock Plan for Directors. Scott V. Schneider, by Power of Attorney 2013-07-03