[Form 4] Donegal Group Inc Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing: Donegal Group Inc. (ticker DGICA) reports that director Jack Lee Hess exercised employee stock options on 07/29/2025, acquiring an aggregate 4,500 Class A common shares via three separate “M” (option-to-stock) transactions.

• 1,500 shares at $14.09
• 1,500 shares at $13.87
• 1,500 shares at $15.76

After the exercises, Hess’ direct ownership rose to 120,920 shares, up from 116,420 previously. His remaining options decreased to 3,000 across grants expiring 2028-2029. No open-market sales occurred, so the action increases insider equity exposure but generates no immediate trading signal. Given the modest size and routine nature of option exercises, market impact should be limited.

Insights

Equity Analyst

TL;DR: Director converts 4,500 options into stock, modestly boosting stake to 120.9k shares; routine, low-impact event.

The filing shows a standard option exercise rather than a discretionary purchase. While added ownership can be viewed as alignment with shareholders, the absence of open-market buying limits its signaling value. Compared with Donegal’s ~30 m Class A shares outstanding, the additional 4,500 shares (≈0.02%) are immaterial. No shares were sold, so dilution is neutral. Overall, I classify the event as informationally neutral with a slight positive tilt for governance.

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
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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).

1. Name and Address of Reporting Person^*

HESS JACK LEE

(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)
07/29/2025

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	07/29/2025		M		1,500	A	$14.09	117,920	D
Class A Common Stock	07/29/2025		M		1,500	A	$13.87	119,420	D
Class A Common Stock	07/29/2025		M		1,500	A	$15.76	120,920	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	$14.09	07/29/2025		M			1,500	07/01/2023	12/15/2027	Class A Common Stock	1,500	$14.09	0	D
Options	$13.87	07/29/2025		M			1,500	07/01/2024	12/21/2028	Class A Common Stock	1,500	$13.87	1,500	D
Options	$15.76	07/29/2025		M			1,500	07/01/2025	12/19/2029	Class A Common Stock	1,500	$15.76	3,000	D

Explanation of Responses:

Remarks:

	Jeffrey D. Miller, by power of attorney	07/30/2025
	** 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).
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