Friedlis Zachary Maxwell 4

What Happened

Zachary Friedlis, Senior Vice President and Director of Leasing at Saul Centers (BFS), was granted equity awards and received dividend-equivalent shares in early May 2026. The filing shows two awards of 1,500 restricted/performance shares each (granted 2026-05-08, recorded as acquisitions at $0.00) and 13 dividend-equivalent shares that vested on 2026-05-09 (acquired at $35.19, $457). To cover tax withholding on the vested shares, 97 shares were disposed on 2026-05-09 at $35.19, generating proceeds of $3,413.

Key Details

• Transaction dates: Grants dated May 8, 2026; dividend-equivalent vesting and tax withholding on May 9, 2026. Filing date: May 12, 2026.
• Specific entries:
  • 1,500 shares (restricted award) — acquired 5/8/2026 at $0.00 (F1).
  • 1,500 shares (performance-based/derivative award) — acquired 5/8/2026 at $0.00 (derivative; F4).
  • 13 shares — acquired 5/9/2026 at $35.19 each (total $457) as dividend equivalents that vested (F3).
  • 97 shares — disposed 5/9/2026 at $35.19 each to satisfy tax withholding (total ~$3,413) (F = tax withholding).
• Shares owned after the transactions: Not specified in the provided summary of the filing.
• Notable footnotes:
  • F1: Restricted shares vest in equal annual installments on the first five anniversaries of May 8, 2026, subject to continued employment.
  • F3: The 13 shares were dividend equivalents on a restricted stock award that vested May 9, 2026.
  • F4: The 1,500 performance share award vests in equal installments over five years with a cliff-vesting condition on May 8, 2031, and is subject to FFO-based performance criteria.
  • F2: Earlier balance increased by a Dividend Reinvestment Plan award of 20.482 shares (April 30, 2026).
• Filing timeliness: Report filed May 12, 2026 for transactions dated May 8–9, 2026 (no late-filing flag indicated in provided data).

Context

• The two 1,500-share entries are equity awards (restricted and performance-based); these are not open-market purchases and represent compensation, not an immediate market-direction signal.
• The 97-share disposition is a routine tax-withholding event to satisfy tax obligations on vested shares, not a discretionary sale of shares for investment reasons.
• Performance award vesting depends on multi-year service and achievement of company FFO targets (cliff vesting and performance conditions described in F4).