Friedman Joel Albert 4

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.