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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 10, 2023

 
SAUL CENTERS INC.
(Exact name of registrant as specified in its charter)
Maryland1-1225452-1833074
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification Number)
7501 Wisconsin Avenue, Bethesda, Maryland 20814
(Address of principal executive office) (Zip Code)
Registrant’s telephone number, including area code (301) 986-6200
Not Applicable
(Former name or former address, if changed since last report)
_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Trading symbol:
Name of exchange on which registered:
Common Stock, Par Value $0.01 Per ShareBFSNew York Stock Exchange
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per ShareBFS/PRDNew York Stock Exchange
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per ShareBFS/PRENew York Stock Exchange
    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
    Emerging growth company ☐
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 12, 2023, Saul Centers, Inc. (the “Company”) filed a Current Report on Form 8-K to report that, on October 10, 2023, Christopher H. Netter announced he will retire as Executive Vice President – Leasing of the Company effective December 31, 2023. The Form 8-K is hereby amended to report that, on November 16, 2023, the Company and Mr. Netter entered into a consulting agreement (the “Consulting Agreement”) pursuant to which, following his retirement, Mr. Netter will serve as a consultant to the Company from January 1, 2024 through June 30, 2024 (the “Consulting Period”). During the Consulting Period, the Company will pay Mr. Netter a consulting fee of $470,000 for his services, which will be paid in six equal monthly installments. The Consulting Agreement also provides for certain confidentiality and non-disclosure provisions, and a release of claims for the benefit of the Company.

As previously reported, the Company is conducting a retained search for Mr. Netter’s replacement. Zachary Friedlis, Senior Vice President and Director of Retail Leasing, will serve in this role in the interim.





SIGNATURES
    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

                            SAUL CENTERS, INC.
                        By:    /s/ Carlos L. Heard
                            Carlos L. Heard
Senior Vice President and Chief Financial Officer
                                                                                        
Dated: November 16, 2023
                                                                                    

v3.23.3
Cover Page Document
Oct. 10, 2023
Document Information [Line Items]  
Document Type 8-K/A
Document Period End Date Oct. 10, 2023
Entity Registrant Name SAUL CENTERS INC.
Entity Incorporation, State or Country Code MD
Entity File Number 1-12254
Entity Tax Identification Number 52-1833074
Entity Address, Address Line One 7501 Wisconsin Avenue
Entity Address, City or Town Bethesda
Entity Address, State or Province MD
Entity Address, Postal Zip Code 20814
City Area Code 301
Local Phone Number 986-6200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000907254
Amendment Flag false
Common Stock, Par Value $0.01 Per Share  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, Par Value $0.01 Per Share
Security Exchange Name NYSE
Trading Symbol BFS
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Security Exchange Name NYSE
Trading Symbol BFS/PRD
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
Security Exchange Name NYSE
Trading Symbol BFS/PRE
Saul Centers (NYSE:BFS-E)
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