Narciso Paul J 4

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.