Barry Ridings - Mar 31, 2023 Form 4 Insider Report for ISTAR INC. (SAFE)

Role: Director
Signature: /s/ Barry W Ridings
Stock symbol: SAFE
Transactions as of: Mar 31, 2023
Transactions value $: $0
Form type: 4
Date filed: 4/4/2023, 02:15 PM
Previous filing: May 12, 2022
Next filing: May 12, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	Price $	Shares After	Date	Ownership	Footnotes
transaction	SAFE	Common Stock	Other	$0	+17.9 K	+161.75%	$0.00	28.9 K	Mar 31, 2023	Direct	F1
transaction	SAFE	Common Stock	Other	$0	+11.1 K	+61.82%	$0.00	28.9 K	Mar 31, 2023	Direct	F1
transaction	SAFE	Common Stock Equivalents	Other	$0	+1.57 K		$0.00	1.57 K	Mar 31, 2023	Direct	F2, F3

Explanation of Responses:

Id	Content
F1	On March 31, 2023, the merger (the "Merger") of Safehold Inc. ("Safe") with and into iStar Inc. ("iStar") closed, with iStar Inc. surviving the Merger and changing its name to Safehold Inc. ("New SAFE"; NYSE: SAFE). In the Merger and related transactions, (1) each outstanding share of common stock of Safe was converted into one share of common stock of New SAFE, and (2) each outstanding share of common stock of iStar was reverse split and converted into 0.160 of a share of common stock of New SAFE. The amount of securities beneficially owned following the reported transactions represents the shares of New SAFE common stock owned on March 31, 2023, the Merger closing date.
F2	The Reporting Person holds a total of 1,574 Common Stock Equivalents ("CSEs") previously awarded under the iStar Inc. Non-Employee Directors Deferral Plan ("Plan"), all of which are vested. The obligation to settle CSEs has been assumed by New SAFE. Under the Plan, on the regular distribution date, vested CSEs will be settled by the transfer of shares of New SAFE common stock to the Reporting Person. The "regular distribution date" under the Plan is the earlier of: (1) January 1 on or next following the earlier of (i) the date the participant ceases to be a non-employee director; and (ii) the date of the participant's death; and (2) a change of control (as defined in the Plan). A Plan participant, under certain limited circumstances, is permitted to elect to receive distributions at times other than the regular distribution date.
F3	Under the Plan, as dividends are declared and paid on New SAFE common stock, the Reporting Person's holdings of outstanding CSEs are credited with additional CSEs based on the amount of the dividend and the value of a share of New SAFE common stock on the dividend date.