Joe L. Williams granted 457 FRD restricted shares vesting 10/01/2026

Rhea-AI Filing Summary

Joe L. Williams, a director of Friedman Industries, acquired 457 shares of restricted common stock on 10/01/2025 at a reported price of $21.9 per share. After the transaction, Mr. Williams beneficially owns 32,702 shares in total. The restricted shares are scheduled to vest 100% on 10/01/2026, subject to Mr. Williams' continued service on the company's board. The filing is signed on 10/03/2025 and was reported on a single-person Form 4.

Positive

• Director alignment: 457 restricted shares granted, aligning director incentives with shareholders
• Clear vesting schedule: award vests 100% on 10/01/2026, providing transparent timeline

Negative

• Liquidity restriction: the 457 shares are not immediately transferable and vest only with continued service
• Concentration: beneficial ownership remains at 32,702 shares, which may limit immediate diversification of holdings

Insights

Corporate Governance Analyst

Director received time‑vested restricted stock aligning interests with shareholders.

The filing shows a 457‑share grant at $21.9 that vests 100% on 10/01/2026, tying the benefit to continued board service. This structure is commonly used to retain directors and link compensation to future tenure rather than immediate cash payment.

Because the award is restricted until the vesting date, it is not immediately liquid; the 32,702 shares reported as beneficially owned include this grant. The disclosure is routine and does not by itself indicate a change in control or a material capital event.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

WILLIAMS JOE L

(Last) (First) (Middle)

4550 POST OAK PLACE, SUITE 227

(Street)

HOUSTON TX 77027

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FRIEDMAN INDUSTRIES INC [ FRD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/01/2025		A		457(1)	A	$21.9	32,702	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of restricted Common Stock which will vest 100% on October 1, 2026, subject to continued service as a member of the Board of Directors of the issuer.

	/s/ Joe L. Williams	10/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did FRD director Joe L. Williams report on Form 4?

Mr. Williams reported acquiring 457 restricted shares of Friedman Industries common stock on 10/01/2025 at a price of $21.9 per share.

When do the newly reported FRD restricted shares vest?

The restricted shares are scheduled to vest 100% on 10/01/2026, subject to continued service as a director.

How many FRD shares does Joe L. Williams beneficially own after the transaction?

Following the reported transaction, Mr. Williams beneficially owns 32,702 shares.

When was the Form 4 signed and filed for this transaction?

The Form 4 is signed by Joe L. Williams on 10/03/2025 and reports the 10/01/2025 transaction date.

Is the Form 4 filed by an individual or group for FRD?

The filing indicates it was submitted by one reporting person (individual filing).