Friedlis Zachary Maxwell 4

What Happened
Zachary Maxwell Friedlis, Sr. VP and Director of Leasing at Saul Centers (BFS), reported exercising/ converting derivatives and receiving a grant/award on 2026-03-11. The filing shows: acquisition of 600 shares via exercise/conversion (reported at $0.00), receipt of 300 restricted shares as an award (A) at $0.00, and two derivative dispositions of 300 shares each (both at $0.00). On a net basis the transactions increased his holdings by 300 shares (900 acquired less 600 disposed). All transactions are reported with $0.00 per-share price as shown in the filing.

Key Details

• Transaction date: 2026-03-11; Form 4 filed 2026-03-12 (filed next day).
• Reported prices: $0.00 per share for all reported transactions; total reported cash value $0.
• Net effect: +300 shares (600 acquired by exercise + 300 awarded − 600 disposed).
• Shares owned after the transactions: not specified in the provided summary of the filing.
• Footnotes:
  • F1/F3 — Awarded/restricted shares vest 50% on May 17, 2029 and 50% on May 9, 2030, subject to continued employment.
  • F2 — Balance previously increased by Dividend Reinvestment Plan awards totaling 61.074 shares.
• Filing timeliness: appears timely (filed one day after the transactions).

Context

• The filing classifies two of the entries as derivative transactions (code M = exercise/conversion) with subsequent dispositions; such dispositions are commonly seen when shares from an exercise are sold or withheld to cover taxes or exercise costs (the filing itself does not state the reason).
• The 300-share award is restricted and subject to multi-year vesting, so it is not an immediate free sale of shares.
• These entries are administrative/compensation-related (exercise and awards) rather than open-market purchases or voluntary sales by the insider.