Friedman Joel Albert 4

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.