DGICB Form 4: 4,500 options exercised at $14.43, equal shares sold

Rhea-AI Filing Summary

Donegal Group Inc. reporting person David Charles King completed matched option exercise and sale transactions in the issuer's Class A common stock on 08/27/2025. He exercised 4,500 options at an exercise price of $14.43, resulting in 4,500 shares acquired, and simultaneously sold 4,500 shares at $17.5071. After these transactions the reporting person beneficially owned 2,500 shares of Class A common stock.

Positive

• Transparent disclosure of option exercise and sale including prices and resulting beneficial ownership
• Exercise price disclosed ($14.43) and sale price disclosed ($17.5071), enabling clear investor calculation

Negative

• Net beneficial ownership decreased to 2,500 Class A shares after the transactions

Insights

Securities Analyst

TL;DR: Insider exercised options and sold identical share quantity; net beneficial ownership declined to 2,500 shares.

The Form 4 shows a non-derivative acquisition via exercise of options (Code M) for 4,500 shares at $14.43 and a contemporaneous sale of 4,500 shares at $17.5071. The reporting person’s beneficial ownership decreased to 2,500 shares following these transactions. For investors, this is a routine insider liquidity transaction tied to option exercise and sale rather than a clear directional signal about company fundamentals.

Corporate Governance Expert

TL;DR: Transaction structure indicates option exercise followed by sale; disclosure is complete and consistent with Section 16 reporting.

The filing documents an exercise of options dated 08/27/2025 with the underlying shares delivered and an equal-sized sale the same day. The Form 4 lists the relevant prices and resulting beneficial ownership. The disclosure appears to comply with required reporting fields and provides transparent detail on the mechanics and outcome of the insider’s activity.

Insider Trade Summary

Net Seller: 4,500 shares ($78,782)

Net Sell 3 txns

Insider KING DAVID CHARLES

Role Director

Sold 4,500 shs ($79K)

Type	Security	Shares	Price	Value
Exercise	Options	4,500	$14.43	$65K
Exercise	Class A Common Stock	4,500	$14.43	$65K
Sale	Class A Common Stock	4,500	$17.5071	$79K

Holdings After Transaction: Options — 0 shares (Direct); Class A Common Stock — 7,000 shares (Direct)

Footnotes (1)

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^*

KING DAVID CHARLES

(Last) (First) (Middle)

1195 RIVER ROAD

P.O. BOX 302

(Street)

MARIETTA PA 17547

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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	08/27/2025		M		4,500	A	$14.43	7,000	D
Class A Common Stock	08/27/2025		S		4,500	D	$17.5071	2,500	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	$14.43	08/27/2025		M			4,500	07/01/2021	12/17/2025	Class A Common Stock	4,500	$14.43	0	D

Explanation of Responses:

Remarks:

	Jeffrey D. Miller, by power of attorney	08/28/2025
	** 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 transactions did the Donegal Group insider report on Form 4 (DGICB)?

The reporting person exercised 4,500 options at $14.43 (code M) and sold 4,500 shares at $17.5071 on 08/27/2025.

How many Class A shares does the reporting person beneficially own after these transactions?

Following the reported transactions the reporting person beneficially owned 2,500 Class A shares.

What were the prices involved in the reported transactions?

The exercise price was $14.43 per share and the sale price was $17.5071 per share.

Was the acquisition via option exercise or direct purchase?

The acquisition was via option exercise (Transaction Code M), with 4,500 options exercised producing 4,500 shares.

Does the Form 4 show any indirect ownership or other derivative positions?

The filing lists only direct ownership for the reported Class A shares and the exercised options; no indirect ownership or additional derivatives are disclosed.