Safety Insurance (SAFT) VP awarded stock; shares withheld for taxes

Rhea-AI Filing Summary

Safety Insurance Group VP of Insurance Operations Brian Siu-Gae Lam reported multiple equity compensation transactions in common stock. On February 25, 2026 he acquired 1,721 shares and 1,982 shares at no cost as stock awards, tied to time-based and performance-based vesting conditions over three years.

Between February 24 and March 2, 2026, he disposed of a total of 451 shares at prices in the mid‑$70s per share to satisfy tax liabilities upon vesting of prior awards, consistent with Rule 16b-3 treatment. After these transactions, he directly owned 9,101 common shares of Safety Insurance Group.

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

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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).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lam Brian Siu-Gae

(Last) (First) (Middle)

20 CUSTOM HOUSE STREET

(Street)

BOSTON MA 02110

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SAFETY INSURANCE GROUP INC [ SAFT ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP of Insurance Operations

3. Date of Earliest Transaction (Month/Day/Year)
02/24/2026

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	02/25/2026		J		249(1)	D	$0	5,849	D
Common Stock	02/25/2026		A		1,721(2)	A	$0	7,570	D
Common Stock	02/25/2026		A		1,982(3)	A	$0	9,552	D
Common Stock	02/24/2026		F		38(4)(5)	D	$76.95(6)	9,514	D
Common Stock	02/24/2026		F		8(4)(5)	D	$77.42(7)	9,506	D
Common Stock	02/27/2026		F		70(4)(5)	D	$76.78(8)	9,436	D
Common Stock	02/27/2026		F		142(4)(5)	D	$77.49(9)	9,294	D
Common Stock	03/02/2026		F		17(4)(5)	D	$76.18(10)	9,277	D
Common Stock	03/02/2026		F		176(4)(5)	D	$76.89(11)	9,101	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 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.

2. 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.

3. 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.

4. Securities sold pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 25, 2025.

5. Represents securities delivered in payment of a tax liability with respect to vesting of securities issued in accordance with Rule 16b-3.

6. Represents the weighted average sale price of multiple open market same day sales with prices ranging from $76.28 to $77.23 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.

7. Represents the weighted average sale price of multiple open market same day sales with prices ranging from $77.32 to $77.54 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.

8. 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.

9. 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.

10. 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.

11. 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.

	/s/ Brian S. Lam	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Safety Insurance Group (SAFT) VP Brian Lam report in this Form 4?

Brian Lam reported equity compensation activity, including new stock awards and tax-related share dispositions. He received two common stock grants on February 25, 2026, and had several small share disposals to cover tax liabilities tied to vesting of earlier awards.

How many Safety Insurance Group (SAFT) shares did Brian Lam receive as awards?

He received two stock awards totaling 3,703 common shares on February 25, 2026. One award covered 1,721 shares and the other 1,982 shares, both granted at no cost and subject to multi-year vesting and performance conditions described in the footnotes.

How many Safety Insurance Group (SAFT) shares were disposed of for taxes?

He disposed of 451 common shares between February 24 and March 2, 2026. These transactions were coded as tax-withholding dispositions used to pay tax liabilities arising from the vesting of prior equity awards issued in accordance with Rule 16b-3.

What vesting schedule applies to Brian Lam’s restricted stock awards at Safety Insurance (SAFT)?

One restricted stock award vests over three years with 30% on February 25, 2027, 30% on February 25, 2028, and 40% on February 25, 2029, contingent on employment. Another award vests over a performance period from January 1, 2026 to December 31, 2028.

How many Safety Insurance Group (SAFT) shares does Brian Lam own after these transactions?

Following the reported transactions, he directly owns 9,101 common shares. This figure reflects the net result of the February 24–March 2, 2026 awards and tax-withholding dispositions as shown in the Form 4 transaction totals.

What performance period applies to Brian Lam’s Safety Insurance (SAFT) performance shares?

One footnote explains that performance shares granted February 22, 2023 were measured over a three-year performance period ending December 31, 2025. Final shares earned were approved by the Compensation Committee on February 25, 2026.