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BFS > SEC Filings for BFS > Form 8-K on 27-Mar-2014All Recent SEC Filings

Show all filings for SAUL CENTERS INC



Change in Directors or Principal Officers

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 25, 2014, Thomas H. McCormick tendered his resignation from the Board of Directors of Saul Centers, Inc. (the "Company") and each of its committees, effective as of April 11, 2014, to pursue other interests. He will remain a consultant to the Company through May 15, 2014. In addition, Mr. McCormick notified the Company's Chairman of the Board that he intends to resign as the Company's President and Chief Operating Officer on April 11, 2014. Mr. McCormick's resignation was not in connection with any disagreement with the Company about any matter.

The Board of Directors is evaluating an appropriate replacement. In the interim, the Chief Executive Officer and the Executive Vice-President-Real Estate will manage the day to day operations of the Company.

Mr. McCormick will receive aggregate severance payments totaling $1,075,250, payable on regular payroll dates over the next two years. On March 25, 2014, the Company entered into a Separation Agreement with Mr. McCormick pursuant to which he will receive the severance payments in exchange for a release and certain post-employment restrictions and obligations.

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