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Form 4 SAUL CENTERS INC For: Jul 01 Filed by: SYMINGTON JAMES W

July 6, 2015 3:39 PM EDT
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person *
SYMINGTON JAMES W

(Last) (First) (Middle)
7501 WISCONSIN AVENUE
15TH FLOOR

(Street)
BETHESDA MD 20814

(City) (State) (Zip)
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)
3. Date of Earliest Transaction (Month/Day/Year)
07/01/2015
4. If Amendment, Date of 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
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               1,709.311 D  
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 Securities Underlying Derivative Security (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: 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
Phantom Stock (1) $ 49.99 (2) 07/01/2015   A   41.71     (3)   (3) Common Stock 41.71 $ 49.99 18,438.83 (4) D  
Stock Option $ 40.35             05/01/2006 05/01/2016 Common Stock 2,500.00   2,500 D  
Stock Option $ 54.17             04/27/2007 04/27/2017 Common Stock 2,500.00   2,500 D  
Stock Option $ 50.15             04/25/2008 04/25/2018 Common Stock 2,500.00   2,500 D  
Stock Option $ 32.68             04/24/2009 04/24/2019 Common Stock 2,500.00   2,500 D  
Stock Option $ 38.76             05/07/2010 05/07/2020 Common Stock 2,500.00   2,500 D  
Stock Option $ 41.82             05/13/2011 05/13/2021 Common Stock 2,500.00   2,500 D  
Stock Option $ 39.29             05/04/2012 05/04/2022 Common Stock 2,500.00   2,500 D  
Stock Option $ 44.42             05/10/2013 05/10/2023 Common Stock 2,500.00   2,500 D  
Stock Option $ 47.03             05/09/2014 05/09/2024 Common Stock 2,500.00   2,500 D  
Stock Option $ 51.07             05/08/2015 05/08/2025 Common Shares 2,500.00   2,500 D  
Explanation of Responses:
1. 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 receive 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.
2. 1 for 1
3. 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.
4. Includes 156.225 shares ($50.2072/share) awarded April 30, 2015 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 07/06/2015
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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.
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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 2nd day of December, 2004.



                    Signature:    /s/ The Honorable James W. Symington
                    Name:        The Honorable James W. Symington



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