Saul Centers (BFS) Director George P. Clancy Receives Award

What Happened
George P. Clancy Jr., a director of Saul Centers, received an award of 664.894 phantom shares (derivative interest) on 2026-10-01. The filing reports a per-share valuation of $30.08, putting the award at approximately $20,000. This was an issuance of phantom (deferred-compensation) shares under the company’s director Deferred Compensation Plan—not an open-market purchase or sale of common stock.

Key Details

• Transaction date: 2026-10-01; transaction type: Award/Acquisition (derivative) (code A)
• Price/value: $30.08 per share; total reported value ≈ $20,000
• Shares awarded: 664.894 phantom shares (derivative units)
• Shares owned after transaction: Not disclosed in the filing
• Footnotes:
  • F1: Phantom shares issued under the Issuer’s Deferred Compensation Plan (as amended May 17, 2024) and the 2024 Stock Incentive Plan.
  • F2: Conversion of phantom shares to common stock is governed by the Deferred Compensation Plan and the reporting person's Deferred Fee Agreement (terms differ for shares issued before vs. on/after May 17, 2024).
  • F3: The award includes 88.216 phantom shares awarded July 31, 2026 as dividend reinvestments.
• Filing timeliness: Reported on 2026-10-01 (same date as the transaction), so the filing appears timely.

Context
Phantom shares are a form of deferred compensation that give the holder a right to future cash or stock value rather than immediately receiving common shares; they do not represent an open-market purchase or sale and therefore are not a direct market signal. Conversion into actual shares (or cash) will follow the plan and the director’s Deferred Fee Agreement, so any future issuance of common stock or cash payout would depend on those plan terms.