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Section 1: 4 (FORM 4)

Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Powell Earl A III
  2. Issuer Name and Ticker or Trading Symbol
SAUL CENTERS INC [BFS]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
7501 WISCONSIN AVENUE, SUITE 1500
3. Date of Earliest Transaction (Month/Day/Year)
05/03/2019
(Street)

BETHESDA, MD 20814
4. If Amendment, Date Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares 05/03/2019   A   200 A $55.71 400 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Director Stock Option $49.46             05/11/2018 05/11/2028 Common Stock 2,500   2,500 D  
Director Stock Option $55.71 05/03/2019   A   2,500   05/03/2019 05/03/2029 Common Stock 2,500 $55.71 2,500 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Powell Earl A III
7501 WISCONSIN AVENUE
SUITE 1500
BETHESDA, MD 20814
  X      

Signatures

 Scott V. Schneider, by Power of Attorney   05/07/2019
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number. (Back To Top)

Section 2: EX-24 (POWER OF ATTORNEY-POWELL)

POWER OF ATTORNEY


KNOW ALL BY THESE PRESENTS, that the undersigned hereby constitutes and 
appoints 
Scott V Schneider, the undersigned's true and lawful attorney-in-fact to:

    (1)    execute for and on behalf of the undersigned, in the 
undersigned's capacity as a  
director of Saul Centers, Inc. (the "Company"), Forms 3, 4 and 5 in 
accordance with Section 
16(a) of the Securities and Exchange Act of 1934 and the rules 
thereunder;

    (2)     do and perform any and all acts for and on behalf of the 
undersigned which may 
be necessary or desirable to complete and execute any such Form 3, 4, or 
5, complete and 
execute any amendment or amendments thereto, and timely file such form 
with the United States 
Securities and Exchange Commission and any stock exchange or similarly 
authority; and

    (3)     take any other action of any type whatsoever in connection 
with the foregoing 
which, in the opinion of such attorney-in-fact, may be of benefit to, in 
the best interest of, or 
legally required by, the undersigned, it being understood that the 
documents executed by such 
attorney-in-fact on behalf of the undersigned pursuant to this Power of 
Attorney shall be in such 
form and shall contain such terms and conditions as such attorney-in-fact 
may approve in such 
attorney-in-fact's discretion.

    The undersigned hereby grants to such attorney-in-fact full power 
and authority to do and 
perform any and every act and thing whatsoever requisite, necessary, or 
proper to be done in the 
exercise of any of the rights and powers herein granted, as fully to all 
intents and purposes as the 
undersigned might or could do if personally present, with full power of 
substitution or 
revocation, hereby ratifying and confirming all that such attorney-in-
fact, or such attorney-in-
fact's substitute or substitutes, shall lawfully do or cause to be done 
by virtue of this power of 
attorney and the rights and powers herein granted.  The undersigned 
acknowledges that the 
foregoing attorney-in-fact, in serving in such capacity at the request of 
the undersigned, is not 
assuming, nor is the Company assuming, any of the undersigned's 
responsibilities to comply 
with Section 16 of the Securities Exchange Act of 1934.

    This Power of Attorney shall remain in full force and effect until 
the undersigned is no 
longer required to file Forms 3, 4, and 5 with respect to the 
undersigned's holdings of and 
transactions in securities issued by the Company, unless earlier revoked 
by the undersigned in a 
signed writing delivered to the foregoing attorneys-in-fact.

    IN WITNESS WHEREOF, the undersigned has caused this Power of 
Attorney to be 
executed as of this 5th day of April, 2018.



                        Signature:    /s/ Earl A. Powell III
                          Name:        Earl A. Powell III

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