Friedman Joel Albert 4/A

What Happened
Joel A. Friedman, Executive Vice President, Chief Accounting Officer & Treasurer of Saul Centers (BFS), acquired 27 shares through an award on May 17, 2025. The shares were recorded at $34.39 each, totaling about $929. This was an acquisition via award/dividend equivalents tied to a restricted stock award that vested—not an open-market purchase.

Key Details

• Transaction date and price: 2025-05-17 — 27 shares at $34.39 per share (total ≈ $929). (Transaction code: A = Award/Acquisition.)
• Nature of award: Shares were dividend equivalents on the filer’s restricted stock award which vested on May 17, 2025 (Footnote F2).
• Beneficial ownership reporting: The filing notes the reported shares reflect the reporting person’s beneficial interest in the Saul Centers stock fund of a 401(k) plan (Footnote F1).
• Amendment and filing timeliness: This is an amended Form 4 filed 2026-02-05 correcting the post-transaction beneficial ownership balance (Footnote F3). The filing was late (transactionTimeliness = 'L'); the amendment corrects an administrative error in Column 5.
• Related vesting schedule note: A footnote states options vest 25% per year over four years from grant (Footnote F4), though this transaction was a dividend-equivalent award on restricted stock.

Context
This transaction represents shares issued on vesting (dividend equivalents), not a market purchase or sale, and is typically routine compensation/plan activity. The dollar amount is small (~$929), so it is unlikely to materially affect insider ownership. Because the Form 4 was amended and filed late, check the amended SEC filing for the corrected post-transaction beneficial ownership total if you need the current holding balance.