Laycock Willoughby B. 4

What Happened
Willoughby B. Laycock, SVP — Research Design/Market Research and a director at Saul Centers (BFS), reported derivative conversions and an equity award on 2026-03-11. The filing shows: conversion/exercise of derivatives (M) resulting in 200 shares acquired at $0.00, a grant/award of 100 restricted shares (A) at $0.00, and two derivative-disposition entries of 100 shares each at $0.00. All reported transactions list a price of $0.00, indicating these were conversions/awards rather than open-market purchases or cash sales.

Key Details

• Transaction date: 2026-03-11; Form 4 filed 2026-03-12 (timely; within typical 2-business-day window).
• Reported amounts and prices: +200 shares (conversion/exercise, $0.00), +100 shares (award/grant, $0.00), and two dispositions of 100 shares each (conversion/disposition, $0.00).
• Shares owned after transaction: not specified in the provided filing extract.
• Relevant footnotes:
  • F1/F2 — the 100 restricted shares are subject to vesting (50% vest May 17, 2029; remaining 50% vest May 9, 2030); some awards are performance-based (F2).
  • F4–F6 — phantom shares are issued under the company’s Deferred Compensation Plan; phantom shares are the economic equivalent of common shares, convertible per plan terms and may be paid in cash or stock upon termination; filing notes prior dividend reinvestments into phantom shares.
  • F3 notes options vest 25% per year over four years (appears in the filing footnotes).

Context

• These entries reflect internal plan conversions and share awards (non–open-market activity). $0.00 prices usually indicate issuance upon vesting/conversion or conversion of phantom stock rather than a cash purchase/sale.
• Such awards/conversions are routine compensation or deferred-compensation plan transactions and do not necessarily signal immediate bullish or bearish intent.