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SAUL CENTERS, INC.·4

May 12, 8:57 PM ET

Friedman Joel Albert 4

4 · SAUL CENTERS, INC. · Filed May 12, 2026

Research Summary

AI-generated summary of this filing

Updated

Saul Centers (BFS) Exec VP Joel Friedman Receives Awards

What Happened
Joel Albert Friedman, Executive VP, Chief Accounting Officer & Treasurer of Saul Centers (BFS), received equity awards and related vested shares in early May 2026. On May 8, 2026 he was granted two awards of 2,000 shares each (reported at $0.00 per share as restricted/performance awards). On May 9, 2026 he acquired 26 shares at $35.19 each (value $915) related to vesting/dividend equivalents, while 131 shares were disposed/withheld to satisfy tax liabilities at $35.19 per share (value $4,610).

Key Details

  • Transaction dates: awards on 2026-05-08; vesting/dividend equivalents and tax withholding on 2026-05-09. Filing date: 2026-05-12 (appears timely).
  • Specifics: two grants of 2,000 shares each reported as acquisitions at $0.00; 26 shares acquired at $35.19 ($915); 131 shares disposed/withheld at $35.19 ($4,610) to cover taxes.
  • Shares owned after the reported transactions are not specified in the summary data provided.
  • Notable footnotes:
    • F2: the restricted shares vest in equal annual installments on the first five anniversaries of May 8, 2026 (subject to continued employment).
    • F6: the performance share award vests subject to achievement of FFO performance criteria and cliff-vesting on May 8, 2031.
    • F4: the 26 shares were acquired as dividend equivalents on the filer’s restricted stock award that vested on May 9, 2026.
    • F1/F3: references to 401(k) plan holdings and a prior dividend reinvestment award (+10.8021 shares) are noted in the filing.

Context

  • This filing reflects equity awards and routine tax-withholding on vesting rather than an open-market buy or sale. The 131-share disposition is a tax withholding (code F), not a market sale expressing sentiment.
  • The larger 2,000-share grants are restricted/performance awards and generally vest over multiple years or upon meeting performance goals, so they are long-term compensation rather than immediate share purchases.

Insider Transaction Report

Form 4
Period: 2026-05-08
SAUL CENTERS, INC.BFS
Friedman Joel Albert
Exec VP, CAO & Treasurer
Transactions
  • Award

    Common Stock

    [F2][F3]
    2026-05-08+2,000→ 8,020.711 total
  • Tax Payment

    Common Stock

    2026-05-09$35.19/sh−131$4,610→ 7,889.711 total
  • Award

    Common Stock

    [F4]
    2026-05-09$35.19/sh+26$915→ 7,915.711 total
  • Award

    Performance Shares

    [F6]
    2026-05-08+2,000→ 2,000 total
    Exercise: $0.00From: 2031-05-08Exp: 2031-05-08→ Common Stock (2,000 underlying)
Holdings

  • Common Stock

    [F1]
    (indirect: By 401(k))
    15,248

  • Series E Preferred Stock

    200

  • Series D Preferred Stock

    100

  • Employee Stock Option

    [F5]
    Exercise: $59.41From: 2017-05-05Exp: 2027-05-05→ Common Stock (10,000 underlying)
    10,000

  • Employee Stock Option

    [F5]
    Exercise: $49.46From: 2018-05-11Exp: 2028-05-11→ Common Stock (10,000 underlying)
    10,000

  • Employee Stock Option

    [F5]
    Exercise: $55.71From: 2019-05-03Exp: 2029-05-03→ Common Stock (15,000 underlying)
    15,000

  • Employee Stock Option

    [F5]
    Exercise: $50.00From: 2020-04-24Exp: 2030-04-24→ Common Stock (20,000 underlying)
    20,000

  • Employee Stock Option

    [F5]
    Exercise: $43.89From: 2021-05-07Exp: 2031-05-07→ Common Stock (20,000 underlying)
    20,000

  • Employee Stock Option

    [F5]
    Exercise: $47.90From: 2022-05-13Exp: 2032-05-13→ Common Stock (20,000 underlying)
    20,000

  • Employee Stock Option

    [F5]
    Exercise: $33.79From: 2023-05-12Exp: 2033-05-12→ Common Stock (20,000 underlying)
    20,000

  • Performance Shares

    Exercise: $0.00From: 2029-05-17Exp: 2029-05-17→ Common Stock (1,200 underlying)
    1,200

  • Performance Shares

    Exercise: $0.00From: 2030-05-09Exp: 2030-05-09→ Common Stock (1,600 underlying)
    1,600
Footnotes (6)
  • [F1]Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.
  • [F2]Represents restricted shares of Common Stock. Such shares vest on the first five anniversaries of May 8, 2026 in equal annual installments, assuming continued employment.
  • [F3]Balance increased by April 30, 2026 Dividend Reinvestment Plan award of 10.8021 shares.
  • [F4]Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.
  • [F5]The options vest 25% per year over four years from the date of grant.
  • [F6]The performance share award provides for the grant of restricted shares of Common Stock on each of the five anniversaries of May 8, 2026 in equal annual installments. The number of restricted shares of such grant that vest, if any, is (i) subject to cliff-vesting on May 8, 2031, and (2) achievement of performance criteria relating to the Companys target Funds from Operations available to common stockholders and noncontrolling interests (FFO) measured against an FFO amount included in the budget established by the Board of Directors annually prior to the start of such calendar year.
Signature
/s/ Carlos L. Heard, by Power of Attorney|2026-05-12

Documents

1 file
  • 4
    wk-form4_1778633836.xmlPrimary

    FORM 4