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SAUL CENTERS, INC.·4

Mar 12, 5:24 PM ET

Friedman Joel Albert 4

Research Summary

AI-generated summary

Updated

Saul Centers (BFS) Exec VP Joel Friedman Exercises Options, Receives Award

What Happened

  • Joel A. Friedman, Executive Vice President, Chief Accounting Officer & Treasurer of Saul Centers (BFS), reported equity activity on 2026-03-11. He acquired 1,200 shares total: 800 shares from an exercise/conversion of a derivative (code M) and 400 shares from a grant/award (code A). At the same time, the filing shows two derivative disposals of 400 shares each (code M), reported at $0.00.
  • The transactions list a $0.00 price for the acquisitions and disposals, and no cash exchange is shown. Net effect reported in the filing: +400 shares (1,200 acquired minus 800 disposed). The filing does not report cash proceeds from any open-market sale.

Key Details

  • Transaction date: 2026-03-11; Filing date: 2026-03-12 (timely filing).
  • Reported items:
    • Exercise/conversion (M): 800 shares acquired @ $0.00
    • Grant/award (A): 400 shares acquired @ $0.00
    • Two derivative disposals (M): 400 shares each disposed @ $0.00
  • Net change: +400 shares.
  • Post-transaction total shares owned: not stated in the excerpt of the filing provided.
  • Relevant footnotes from the filing:
    • F2 & F4: The awarded/restricted shares are subject to vesting — 50% vest on May 17, 2029 and the remaining 50% on May 9, 2030, subject to continued employment.
    • F4: The 400-share award represents performance-based shares for the 2025 performance period.
    • F5: Options (if applicable) vest 25% per year over four years from grant.
    • F1 & F3: Other holdings include 401(k) plan fund shares and dividend reinvestment credits (34.339 shares added from recent DRIP awards).
  • No indication in the filing of a 10b5-1 plan or late filing.

Context

  • Code M denotes exercise or conversion of a derivative; the zero-dollar price and simultaneous small disposals typically indicate stock settlement or shares withheld for tax obligations rather than open-market sales. The two 400-share disposals are likely tax-withholding or net settlement related to the exercise/vesting (the filing does not specify the reason).
  • These transactions are not an open-market purchase or sale signal to the market; they reflect company equity award activity and associated settlement mechanics.