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 *
ZARRILLI STEPHEN T
   2. Issuer Name and Ticker or Trading Symbol
SAFEGUARD SCIENTIFICS INC [SFE] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President & CEO
(Last)
(First)
(Middle)
170 NORTH RADNOR-CHESTER ROAD, SUITE 200		 3. Date of Earliest Transaction (Month/Day/Year)
06/23/2016
(Street)

RADNOR, PA 19087		 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 Stock 06/23/2016   M   51,666 A $ 7.65 129,955 D  
Common Stock 06/23/2016   M   1,342 A $ 7.41 131,297 D  
Common Stock 06/23/2016   M   1,458 A $ 7.41 132,755 D  
Common Stock 06/23/2016   M   62,500 A $ 7.65 195,255 D  
Common Stock 06/23/2016   F   91,297 D $ 12.795 103,958 D  
Common Stock               5,490 I STZ DB Plan

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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
Stock Option (right to buy) $ 7.65 06/23/2016   M     51,666   (1) 06/30/2016 Common Stock 51,666 $ 0 135,834 D  
Stock Option (right to buy) $ 7.41 06/23/2016   M     1,342   (2) 09/30/2016 Common Stock 1,342 $ 0 0 D  
Stock Option (right to buy) $ 7.41 06/23/2016   M     1,458   (3) 09/30/2016 Common Stock 1,458 $ 0 0 D  
Stock Option (right to buy) $ 7.65 06/23/2016   M     62,500   (4) 06/30/2016 Common Stock 62,500 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
ZARRILLI STEPHEN T
170 NORTH RADNOR-CHESTER ROAD, SUITE 200
RADNOR, PA 19087		   X     President & CEO  

Signatures

 By: Deirdre Blackburn For: Stephen T. Zarrilli   06/27/2016
**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).
(1) Option features market-based vesting so that option only becomes exercisable upon sustained improvement in the trading price of the Issuer's common stock in the following increments: 20% at $18.9288 per share; an additional 30% at $27.8796 per share; an additional 40% at $39.0684 per share; and the remaining 10% at $43.3476 (based on the average daily closing price of the Issuer's common stock on the NYSE for any 20 consecutive trading days preceding a vesting date), with pro rata vesting based on sustained improvement in the trading price of the Issuer's common stock between the exercise price and $18.9288 and between the other stock price vesting thresholds set forth above.
(2) On September 30, 2008, the reporting person was granted an option to purchase 4,375 shares of common stock, the vesting of which is subject to the satisfaction of certain corporate performance criteria. In accordance with the previously established criteria, 1,342 of such options have vested.
(3) 25% of the shares vested on September 30, 2009 and the remaining 75% vested in 36 equal monthly installments on the same date of each calendar month thereafter.
(4) 25% of the shares vested on June 30, 2009 and the remaining 75% vested in 36 equal monthly installments on the same date of each calendar month thereafter.

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