SGA Form 4: 760 shares withheld at $12.11; holdings now 88,062

Rhea-AI Filing Summary

Saga Communications (SGA) reported an insider transaction by President & CEO and Director Christopher Forgy. On November 6, 2025, he had 760 Class A shares withheld at $12.11 per share under transaction code F, which reflects shares withheld to satisfy tax obligations upon the vesting of restricted stock.

Following the transaction, Forgy beneficially owns 88,062 Class A shares directly. He also holds 769 shares indirectly in the company’s 401(k) plan.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider FORGY CHRISTOPHER

Role PRESIDENT & CEO

Type	Security	Shares	Price	Value
Tax Withholding	Class A Common Stock	760	$12.11	$9K
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 88,062 shares (Direct); Class A Common Stock — 769 shares (Indirect, In 401(k) plan)

Footnotes (1)

1. The shares are withheld at the election of the Reporting Person to satisfy tax withholding obligations in connection with the vesting of restricted stock. Includes shares acquired pursuant to the issuer's 401(k) Plan since last report of common stock ownership.

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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^*

FORGY CHRISTOPHER

(Last) (First) (Middle)

C/O SAGA COMMUNICATIONS, INC.

73 KERCHEVAL AVENUE

(Street)

GROSSE POINTE FARMS MI 48236

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SAGA COMMUNICATIONS INC [ SGA ]

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	PRESIDENT & CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/06/2025

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
Class A Common Stock	11/06/2025		F		760(1)	D	$12.11	88,062	D
Class A Common Stock								769(2)	I	In 401(k) plan

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. The shares are withheld at the election of the Reporting Person to satisfy tax withholding obligations in connection with the vesting of restricted stock.

2. Includes shares acquired pursuant to the issuer's 401(k) Plan since last report of common stock ownership.

	/s/ Christopher Forgy	11/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did SGA report in this Form 4?

The CEO, Christopher Forgy, reported a tax withholding transaction (code F) related to restricted stock vesting.

How many shares were involved and at what price?

760 Class A shares were withheld at $12.11 per share.

What does transaction code F mean?

Code F indicates shares were withheld to satisfy tax withholding obligations upon vesting of restricted stock.

What are the CEO’s holdings after the transaction?

He owns 88,062 Class A shares directly and 769 shares indirectly in the 401(k) plan.

Was this an open-market sale?

No. The filing states the shares were withheld for taxes in connection with restricted stock vesting.

When did the transaction occur?

The transaction date is November 6, 2025.