Saga Communications (SGA) COO reports 1,912-share tax withholding on equity vesting

Rhea-AI Filing Summary

Saga Communications reported an insider stock transaction by its Chief Operating Officer. On 12/15/2025, the officer had 1,912 shares of Class A common stock withheld to cover tax obligations related to the vesting of restricted stock, at a price of $11.44 per share. After this tax withholding, the officer beneficially owned 30,010 Class A shares directly, plus 1,566 Class A shares held indirectly in a 401(k) plan. The filing notes this is a single-person Form 4 filing and reflects routine equity compensation and related tax settlement.

Insider Trade Summary

Net Seller: 1,912 shares

Net Sell 2 txns

Insider Leland Wayne

Role CHIEF OPERATING OFFICER

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Class A Common Stock	1,912	$11.44	$22K
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 30,010 shares (Direct); Class A Common Stock — 1,566 shares (Indirect, In 401(k) plan)

Footnotes (1)

1. F1. The shares are withheld at the election of the Reporting Person to satisfy tax withholding obligations in connection with the vesting of restricted stock.

FAQ

What insider transaction did Saga Communications (SGA) report?

Saga Communications reported that its Chief Operating Officer had 1,912 shares of Class A common stock withheld on 12/15/2025 to satisfy tax withholding obligations related to vesting restricted stock.

Who is the reporting person in this Saga Communications (SGA) Form 4?

The reporting person is an officer of Saga Communications, serving as Chief Operating Officer, as indicated in the filing.

How many Saga Communications Class A shares does the officer own after the transaction?

Following the reported transaction, the officer beneficially owned 30,010 Class A common shares directly and 1,566 Class A common shares indirectly in a 401(k) plan.

What does the transaction code "F" mean in the Saga Communications Form 4?

The transaction code "F" indicates that 1,912 shares were withheld to satisfy tax withholding obligations in connection with the vesting of restricted stock, as explained in the filing.

Was this Saga Communications Form 4 filed for multiple insiders or one person?

The document states that the Form is filed by one reporting person, not by a group or multiple insiders.

At what price were Saga Communications shares withheld for taxes?

The 1,912 withheld shares of Saga Communications Class A common stock are reported at a price of $11.44 per share.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 12/17/2025 - 04:37 PM Learn about SEC filing dates

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^*

Leland Wayne

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF OPERATING OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
12/15/2025

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	12/15/2025		F		1,912(1)	D	$11.44	30,010	D
Class A Common Stock								1,566	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.

	/s/ Wayne Leland	12/15/2025
	** 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.