CLANCY GEORGE PATRICK JR 4

What Happened

• George P. Clancy Jr., a director of Saul Centers, Inc. (BFS), was granted 613.873 phantom shares on 2026-04-01 at an accounting value of $32.58 per share, equal to $20,000. This was an award of derivative (phantom) shares under the issuer’s deferred compensation arrangements, not an open-market purchase of common stock.

Key Details

• Transaction date and type: 2026-04-01 — Award/Grant (derivative phantom shares).
• Shares and value: 613.873 phantom shares at $32.58 each; total value reported $20,000.
• Nature of security: Phantom (derivative) shares that may convert into common stock per the Deferred Compensation Plan and the reporting person’s Deferred Fee Agreement.
• Related notes from the filing:
  • F1: New phantom shares issued under the Issuer’s Deferred Compensation Plan (amended May 17, 2024) and its 2024 Stock Incentive Plan.
  • F2: Conversion rules differ depending on whether phantom shares were issued before or after May 17, 2024; conversion governed by the Deferred Compensation Plan and Deferred Fee Agreement.
  • F3: Filing states it includes 70.800 phantom shares awarded Jan 30, 2026 as dividend reinvestments.
• Shares owned after transaction: not specified in the Form 4 filing.
• Filing timeliness: Report filed 2026-04-02 for a 2026-04-01 transaction (within typical Form 4 timing requirements).

Context

• These are derivative/phantom-share awards under a director deferred compensation plan. Phantom shares represent a right to receive value (or shares) in the future according to plan terms; they are not immediately tradable common stock. Such grants to directors are common as compensation and do not by themselves indicate a personal buy/sell decision.