Donegal Group director sells 4,500 shares after exercise

No Rule 10b5-1 plan is reported for the director’s transactions.

Available on EDGAR 11/05/2026 - 04:19 PM EST Accepted by SEC EDGAR 11/05/2026 - 04:19 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Donegal Group Inc. (DGICA) director Jon Marshall Mahan exercised options to acquire 4,500 Class A common shares on November 5, 2026, at a $14.39 exercise price, then sold 4,500 shares at $19.3858 per share that day. His reported options position after the transaction was 0. The options had a stated expiration date of December 16, 2026.

Insider Trade Summary

Exercise and Sale: 4,500 shares ($22K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider MAHAN JON MARSHALL

Role Director

Sold 4,500 shs ($87K)

Approx. gross sale proceeds $87K

Approx. exercise cost $65K

Approx. pre-tax spread $22K

Type	Security	Shares	Price	Value
Exercise	Options	4,500	$14.39	$65K
Exercise	Class A Common Stock	4,500	$14.39	$65K
Sale	Class A Common Stock	4,500	$19.3858	$87K

Holdings After Transaction: Options — 0 contracts (Direct); Class A Common Stock — 10,688 shares (Direct)

Key Figures

Options exercised: 4,500 options Exercise price: $14.39 per share Class A common shares sold: 4,500 shares +3 more

6 metrics

Options exercised 4,500 options November 5, 2026

Exercise price $14.39 per share Options exercised November 5, 2026

Class A common shares sold 4,500 shares November 5, 2026

Sale price $19.3858 per share November 5, 2026

Reported options position after transaction 0 Following the November 5, 2026 transaction

Options expiration date December 16, 2026 Options reported in the transaction

Key Terms

Exercise price, Derivative security, Rule 10b5-1 plan

3 terms

Exercise price financial

"options at a $14.39 exercise price"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Derivative security financial

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

Rule 10b5-1 plan regulatory

"No Rule 10b5-1 plan is reported"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many DGICA shares did director Jon Marshall Mahan exercise and sell?

Jon Marshall Mahan exercised options for 4,500 Class A common shares and sold 4,500 shares on November 5, 2026. No Rule 10b5-1 plan is reported.

What were the DGICA option exercise and share sale prices?

The reported exercise price was $14.39 per share, and the sale price was $19.3858 per share, both on November 5, 2026.

When were Jon Marshall Mahan’s DGICA options set to expire?

The options had a stated expiration date of December 16, 2026.

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

Form 4 Insider Transactions: What Each Field Means →

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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^*

MAHAN JON MARSHALL

(Last) (First) (Middle)

1195 RIVER ROAD

P.O. BOX 302

(Street)

MARIETTA PENNSYLVANIA 17547

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
DONEGAL GROUP INC [ DGICA ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/05/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	11/05/2026		M		4,500	A	$14.39	15,188	D
Class A Common Stock	11/05/2026		S		4,500	D	$19.3858	10,688	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
Options	$14.39	11/05/2026		M			4,500	07/01/2022	12/16/2026	Class A Common Stock	4,500	$14.39	0	D

Explanation of Responses:

Remarks:

	Jeffrey D. Miller, by power of attorney	11/05/2026
	** 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.
* Form 4: SEC 1474 (03-26)