Root, Inc. director sees $194.76 option lapse with zero impact

Rhea-AI Filing Summary

Form 4 discloses that director Jerri Devard of Root, Inc. (ROOT) had one equity-related event on 30 Jun 2025. A stock option for 258 Class A shares with a $194.76 strike price expired unexercised, as confirmed in the footnote. Because the option was far above market price, it was “out of the money,” resulting in no share issuance and no cash inflow or outflow for the company.

Following the expiration, Devard’s direct beneficial ownership remains 18,532 Class A shares; her derivative position in these options is now zero. No open-market purchase or sale of common stock occurred, and there is no 10b5-1 plan designation.

The filing is routine, signalling that the insider’s high-strike option grant has lapsed. It does not alter ROOT’s share count, capital structure, or cash position, and therefore carries minimal immediate financial impact for shareholders.

Insights

Securities Analyst

TL;DR: Option expiry is neutral; no shares issued, no cash exchanged.

The option’s $194.76 strike was well above ROOT’s recent trading range, so expiration was expected. Devard retains 18,532 shares, a modest stake that leaves insider ownership essentially unchanged. Because no common shares were sold or acquired and no derivative gains were realized, dilution, insider-selling signals, and liquidity effects are all non-issues. The event does, however, illustrate how deeply underwater legacy grants have become, indirectly highlighting ROOT’s share-price underperformance since grant date. Net effect on valuation and investor sentiment is neutral.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider DEVARD JERRI

Role Director

Type	Security	Shares	Price	Value
Other	Stock Option (Right to Buy)	258	$0.00	--
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Stock Option (Right to Buy) — 0 shares (Direct); Class A Common Stock — 18,532 shares (Direct)

Footnotes (1)

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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^*

DEVARD JERRI

(Last) (First) (Middle)

C/O ROOT, INC.

80 E RICH STREET, SUITE 500

(Street)

COLUMBUS OH 43215

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Root, Inc. [ ROOT ]

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)
06/30/2025

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								18,532	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
Stock Option (Right to Buy)	$194.76	06/30/2025(1)		J(1)			258	06/30/2022	06/30/2025	Class A Common Stock	258	$0	0	D

Explanation of Responses:

1. This stock option expired on 6/30/2025, unexercised and out of the money.

Remarks:

	/s/ Jodi Baker, Attorney-in-fact	07/02/2025
	** 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 Root, Inc. (ROOT) disclose in the latest Form 4?

A stock option for 258 shares held by director Jerri Devard expired unexercised on 30 Jun 2025.

How many Root shares does Director Jerri Devard now own?

She directly owns 18,532 Class A shares after the transaction.

Were any shares bought or sold by the insider?

No. The filing only reports an option expiration; no common stock was purchased or sold.

Does the option expiration affect ROOT’s share count or cash position?

No. Because the option lapsed unexercised, there is no dilution and no cash inflow.

What was the strike price of the expired option?

The option carried a $194.76 exercise price.