Narciso Paul J 4
4 · SAFETY INSURANCE GROUP INC · Filed Mar 3, 2026
Research Summary
AI-generated summary of this filing
SAFT VP Paul J. Narciso Receives Awards, Sells Shares for Taxes
What Happened
Paul J. Narciso, Vice President — Claims at Safety Insurance Group, received two equity awards on Feb 25, 2026 totaling 4,628 shares (2,151 and 2,477 restricted/performance shares). To satisfy tax withholding and related obligations he delivered/sold a total of 3,325 shares between Feb 24 and Mar 2, 2026 (905 shares were sold for cash with aggregate proceeds of about $69,725; 2,420 shares were recorded as disposed at $0 in the filing). Net of the awards and the shares delivered/sold, Narciso’s position increased by 1,303 shares.
Key Details
- Primary action: Awards granted (code A) on 2026-02-25: 2,151 and 2,477 shares (total 4,628).
- Tax/withholding disposals (code F and one J entry) between 2026-02-24 and 2026-03-02: 333, 39, 89, 178, 23, and 243 shares (total 905 sold for cash) plus 2,420 shares disposed at $0 (total disposed = 3,325).
- Proceeds from open-market same-day sales (905 shares) ≈ $69,725 (weighted-average prices reported; per-footnotes sale-price ranges roughly $75.50–$77.73).
- Notable footnotes:
- F1: Final performance-share determination for a 3‑year performance award (granted Feb 22, 2023; final approved Feb 25, 2026).
- F2/F3: New restricted stock awards (vesting/installments or performance-based vesting through 2028–2029).
- F4: Securities delivered to satisfy tax liabilities on vesting (i.e., shares used for tax withholding).
- F5: Some sales in the filing were made pursuant to a Rule 10b5‑1 trading plan (adopted Sep 29, 2025).
- F6–F11: Filing reports weighted-average sale prices and price ranges for same-day open market sales; full breakdown available on request.
- Shares owned after transaction: not specified in the provided filing summary.
- Filing timeliness: Form 4 filed 2026-03-03 covering transactions from 2026-02-24 to 2026-03-02. Because Form 4s are generally due within two business days of a transaction, the filing appears later than the typical two-business-day window.
Context
- These transactions are largely award issuances and shares surrendered/sold to satisfy taxes (not open-market purchases). That pattern (award + tax withholding) is routine when restricted or performance shares vest or are settled.
- The filing includes both awarded (A) and tax-withholding/settlement (F) codes; no standalone option exercise code (M) or gift (G) is indicated.
- For retail investors: awards indicate compensation-related issuance (not a direct “buy” signal), while sales to cover taxes are common and do not necessarily reflect the insider’s view on the company’s prospects.
Insider Transaction Report
Form 4
Narciso Paul J
VP - CLAIMS
Transactions
- Other
Common Stock
[F1]2026-02-25−2,420→ 36,626 total - Award
Common Stock
[F2]2026-02-25+2,151→ 38,777 total - Award
Common Stock
[F3]2026-02-25+2,477→ 41,254 total - Tax Payment
Common Stock
[F4][F5][F6]2026-02-24$77.00/sh−333$25,641→ 40,921 total - Tax Payment
Common Stock
[F4][F5][F7]2026-02-24$77.46/sh−39$3,021→ 40,882 total - Tax Payment
Common Stock
[F4][F5][F8]2026-02-27$76.79/sh−89$6,834→ 40,793 total - Tax Payment
Common Stock
[F4][F5][F9]2026-02-27$77.49/sh−178$13,793→ 40,615 total - Tax Payment
Common Stock
[F4][F5][F10]2026-03-02$76.19/sh−23$1,752→ 40,592 total - Tax Payment
Common Stock
[F4][F5][F11]2026-03-02$76.89/sh−243$18,684→ 40,349 total
Footnotes (11)
- [F1]Represents the difference between performance shares, with a three year performance period, that were granted on February 22, 2023 and actual shares earned at the end of the performance period on December 31, 2025. Final shares were approved by the Compensation Committee on February 25, 2026.
- [F10]Represents the weighted average sale price of multiple open market same day sales with prices ranging from $75.50 to $76.22 per share. Full information regarding the number of shares sold at each separate price will be provided to the Securities and Exchange Commission or a security holder of the issuer upon request.
- [F11]Represents the weighted average sale price of multiple open market same day sales with prices ranging from $76.53 to $77.17 per share. Full information regarding the number of shares sold at each separate price will be provided to the Securities and Exchange Commission or a security holder of the issuer upon request.
- [F2]Represents restricted stock awards effective February 25, 2026, with respect to which sale or transfer rights shall vest over three years with installments of 30% on February 25, 2027, 30% on February 25, 2028, and the remaining 40% on February 25, 2029, provided the grantee meets certain employment conditions.
- [F3]Represents restricted stock awards granted effective February 25, 2026 with respect to which sale or transfer rights will vest over a three-year performance period commencing on January 1, 2026 and ending on December 31, 2028. Vesting of these shares is dependent upon the attainment of pre-established performance objectives, and any difference between shares granted and shares earned at the end of the performance period will be reported at the conclusion of the performance period in 2029.
- [F4]Represents securities delivered in payment of a tax liability with respect to vesting of securities issued in accordance with Rule 16b-3.
- [F5]Securities sold pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 29, 2025.
- [F6]Represents the weighted average sale price of multiple open market same day sales with prices ranging from $76.38 to $77.38 per share. Full information regarding the number of shares sold at each separate price will be provided to the Securities and Exchange Commission or a security holder of the issuer upon request.
- [F7]Represents the weighted average sale price of multiple open market same day sales with prices ranging from $77.39 to $77.51 per share. Full information regarding the number of shares sold at each separate price will be provided to the Securities and Exchange Commission or a security holder of the issuer upon request.
- [F8]Represents the weighted average sale price of multiple open market same day sales with prices ranging from $76.10 to $77.09 per share. Full information regarding the number of shares sold at each separate price will be provided to the Securities and Exchange Commission or a security holder of the issuer upon request.
- [F9]Represents the weighted average sale price of multiple open market same day sales with prices ranging from $77.20 to $77.73 per share. Full information regarding the number of shares sold at each separate price will be provided to the Securities and Exchange Commission or a security holder of the issuer upon request.
Signature
/s/ Paul J. Narciso|2026-03-03