Baker John D. III 4

What Happened
John D. Baker III, CEO and Director of FRP Holdings (FRPH), reported a disposition to the issuer (derivative) of 2,733 shares/options on March 10, 2026. The Form 4 records the shares at $0.00 (no proceeds). A filing footnote (F1) explains these were options granted on January 1, 2024 that were forfeited because the issuer did not achieve the target performance criteria.

Key Details

• Transaction date: 2026-03-10; Form 4 filed: 2026-03-12 (appears timely under the 2-business-day rule).
• Transaction code: D — disposition to the issuer (derivative forfeiture/return).
• Shares/options affected: 2,733; reported price: $0.00; proceeds: $0.
• Shares owned after the transaction: not specified in the provided filing.
• Footnotes: F1 = forfeiture due to missed performance targets; F2 = certain holdings are in the John D. Baker II 2018 Irrevocable Trust for benefit of John D. Baker III (he is co-trustee and sole beneficiary); F3 = other shares held in trusts for his children for which he is trustee.

Context
This was a forfeiture of performance-based options, not an open-market sale or exercise for cash. Forfeitures commonly occur when performance targets aren’t met and reduce potential future dilution, but they don’t generate proceeds for the insider and don’t necessarily signal a trading view of the company. Holdings reported in various trusts reflect ownership structures and may not reflect independent trading decisions by the insider.