Lam Brian Siu-Gae 4

What Happened
Brian Siu‑Gae Lam, Vice President of Insurance Operations at Safety Insurance Group (SAFT), was granted two restricted stock awards totaling 3,703 shares (1,721 and 1,982 shares) effective February 25, 2026. Those awards include time‑based and performance‑based vesting schedules. In connection with vesting/tax obligations, Lam surrendered or sold several blocks of shares across Feb 24–Mar 2, 2026 to cover taxes/withholding, resulting in roughly $34,750 of proceeds. An additional 249‑share adjustment (reported as disposed at $0) reflects a difference between previously granted performance shares and final earned shares.

Key Details

• Grant (A): 1,721 shares and 1,982 shares granted on 2026-02-25 (total 3,703 shares). Footnotes: these are restricted stock awards — some time‑based vesting (30%/30%/40% over 3 years) and some performance‑based (three‑year performance period ending 12/31/2028).
• Adjustment (J): 249 shares reported disposed at $0 on 2026-02-25 — represents an adjustment between prior performance shares granted and final earned shares.
• Tax/withholding (F): Shares delivered/sold to pay tax liabilities on vesting on multiple dates:
  • 2026-02-24: 38 shares @ $76.95 (proceeds $2,924) and 8 shares @ $77.42 ($619)
  • 2026-02-27: 70 shares @ $76.78 ($5,375) and 142 shares @ $77.49 ($11,004)
  • 2026-03-02: 17 shares @ $76.18 ($1,295) and 176 shares @ $76.89 ($13,533)
  • Total proceeds from these dispositions ≈ $34,750.
• Some same‑day open‑market sales were executed at weighted average prices in the ~$75.50–$77.73 range (per filing footnotes).
• Relevant footnotes: F1 (performance share adjustment), F2/F3 (time‑based and performance‑based restricted awards), F5 (shares delivered for tax liability), F4 (reference to 10b5‑1 plan in the filing), plus weighted‑average price notes.
• Shares owned after these transactions: not specified in the provided excerpt of the filing.
• Filing: Form 4 filed 2026-03-03 covering transactions through early March 2026 (no late‑filing flag indicated).

Context

• The primary activity is receipt of restricted stock awards (an acquisition) and routine share surrender/sales to satisfy tax withholding on vesting. Grants (A) are not open‑market purchases and generally reflect compensation, not an express market buy signal.
• The tax/withholding actions (F) are common when shares vest: shares are either withheld or sold to cover taxes — this is different from an intentional investment purchase or a directional sale.
• Performance awards will vest only if pre‑set targets are met; any shortfall or adjustment is reported when determined (as shown by the 249‑share adjustment).
• If you want the exact post‑transaction holdings or the detailed breakdown of same‑day sale prices, the filing notes that full details will be provided to the SEC or a security holder on request.