Friedman Joel Albert 4
4 · SAUL CENTERS, INC. · Filed May 19, 2026
Research Summary
AI-generated summary of this filing
Saul Centers (BFS) Exec VP Joel Friedman Receives 40 Shares; 130 Withheld
What Happened Joel Albert Friedman, Executive VP, CAO & Treasurer of Saul Centers (BFS), received 40 shares as dividend equivalents on a restricted stock award that vested on May 17, 2026 (40 shares × $33.00 = $1,320). At the same time, 130 shares were disposed/withheld to cover tax liabilities related to the vesting (130 shares × $33.00 = $4,290). Net effect of these transactions is a reduction of 90 shares (net value -$2,970), though the withheld shares represent tax withholding rather than an open-market sale.
Key Details
- Transaction date: May 17, 2026; Form 4 filed May 19, 2026 (filed within the typical 2-business-day window).
- Award: 40 shares acquired (transaction code A) at $33.00 each, total $1,320. Footnote F2: these were dividend equivalents on a restricted stock award that vested May 17, 2026.
- Withholding: 130 shares disposed/withheld (transaction code F) at $33.00 each to satisfy tax withholding, total $4,290.
- Net change: -90 shares (40 acquired minus 130 withheld); net cash value impact = -$2,970.
- Shares owned after transaction: not specified in the provided transaction details; filing notes beneficial ownership via the Saul Centers stock fund of the filer’s 401(k) plan (Footnote F1).
- Footnote F3 notes option vesting schedule (25% per year over four years) but this transaction reflects vested restricted stock dividend equivalents and tax withholding, not an options exercise.
Context This is a routine compensation-related transaction: the insider received vested restricted-stock-related shares and had shares withheld to cover taxes. Withheld shares are standard for payroll/tax purposes and do not necessarily indicate a decision to sell shares on the open market.
Insider Transaction Report
- Tax Payment
Common Stock
2026-05-17$33.00/sh−130$4,290→ 7,785.711 total - Award
Common Stock
[F2]2026-05-17$33.00/sh+40$1,320→ 7,825.711 total
- 15,248(indirect: By 401(k))
Common Stock
[F1] - 200
Series E Preferred Stock
- 100
Series D Preferred Stock
- 10,000
Employee Stock Option
[F3]Exercise: $59.41From: 2017-05-05Exp: 2027-05-05→ Common Stock (10,000 underlying) - 10,000
Employee Stock Option
[F3]Exercise: $49.46From: 2018-05-11Exp: 2028-05-11→ Common Stock (10,000 underlying) - 15,000
Employee Stock Option
[F3]Exercise: $55.71From: 2019-05-03Exp: 2029-05-03→ Common Stock (15,000 underlying) - 20,000
Employee Stock Option
[F3]Exercise: $50.00From: 2020-04-24Exp: 2030-04-24→ Common Stock (20,000 underlying) - 20,000
Employee Stock Option
[F3]Exercise: $43.89From: 2021-05-07Exp: 2031-05-07→ Common Stock (20,000 underlying) - 20,000
Employee Stock Option
[F3]Exercise: $47.90From: 2022-05-13Exp: 2032-05-13→ Common Stock (20,000 underlying) - 20,000
Employee Stock Option
[F3]Exercise: $33.79From: 2023-05-12Exp: 2033-05-12→ Common Stock (20,000 underlying) - 1,200
Performance Shares
Exercise: $0.00From: 2029-05-17Exp: 2029-05-17→ Common Stock (1,200 underlying) - 1,600
Performance Shares
Exercise: $0.00From: 2030-05-09Exp: 2030-05-09→ Common Stock (1,600 underlying) - 2,000
Performance Shares
Exercise: $0.00From: 2031-05-08Exp: 2031-05-08→ Common Stock (2,000 underlying)
Footnotes (3)
- [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]Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.
- [F3]The options vest 25% per year over four years from the date of grant.