Root, Inc. (ROOT) director exercises options and sells Class A shares

Rhea-AI Filing Summary

Root, Inc. director Doug Ulman exercised stock options covering 33,352 shares of Class B Common Stock at an exercise price of $0.648 per share on March 9, 2026. Under the terms of the exercise, he received 33,352 shares of Class A Common Stock.

In related actions that day, 473 Class A shares were withheld at $45.77 to cover exercise-related obligations, and 13,152 Class A shares were sold in open-market transactions at an average price of $45.111. Following these transactions, Ulman holds 27,047 Class A shares directly, plus additional indirect holdings of 9,606 and 7,896 Class A shares through trusts associated with him.

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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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^*

Ulman Doug

(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)
03/09/2026

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	03/09/2026		C		33,352(1)(2)	A	(1)	40,672	D
Class A Common Stock	03/09/2026		F		473(3)	D	$45.77	40,199	D
Class A Common Stock	03/09/2026		S		13,152	D	$45.111(4)	27,047	D
Class A Common Stock								9,606	I	See Footnote(5)
Class A Common Stock								7,896	I	See Footnote(6)

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)	$0.648	03/09/2026		M(2)			33,352	(7)	01/17/2027	Class B Common Stock	33,352	$0	0	D
Class B Common Stock	(1)	03/09/2026		M(2)		33,352		(1)	(1)	Class A Common Stock	33,352	$0.648	33,352	D
Class B Common Stock	(1)	03/09/2026		C(2)			33,352	(1)	(1)	Class A Common Stock	33,352	$0	0	D

Explanation of Responses:

1. Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

2. On March 9, 2026, the Reporting Person exercised stock options regarding 33,352 shares of Class B Common Stock (the "Exercise"). Under the terms of the Exercise, the Reporting received 33,352 shares of Class A Common Stock rather than Class B Common Stock. This report reflects the Exercise as the exempt disposition of the stock options, a deemed exempt acquisition of the underlying Class B Common Stock, and a deemed exempt conversion of such Class B Common Stock into Class A Common Stock.

3. Represents shares withheld by the Issuer to satisfy the exercise price related obligations in connection with the exercise of the options reported herein.

4. The shares were sold at prices ranging from $45.01 to $45.56. The reporting person will provide upon request to the SEC, the issuer or security holder of the issuer, full information regarding the number of shares sold at each separate price.

5. Shares held by the Douglas E Ulman 2016 Irrevocable Trust, for which the reporting person's spouse is the trustee.

6. Shares held by the Douglas E. Ulman Revocable Trust dated March 17, 2016.

7. The shares subject to the option are immediately exercisable. One-fourth of the shares subject to the option award vested on October 29, 2017, and thereafter one-forty-eighth of the shares subject to the option award vested monthly.

Remarks:

	/s/ Jodi Baker, Attorney-in-fact	03/11/2026
	** 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.
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FAQ

What insider transactions did Root (ROOT) director Doug Ulman report?

Doug Ulman exercised options and sold some shares. He exercised stock options for 33,352 shares of Class B Common Stock, received 33,352 Class A shares, had 473 shares withheld for obligations, and sold 13,152 Class A shares in open-market transactions.

How many Root (ROOT) shares did Doug Ulman sell and at what price?

Doug Ulman sold 13,152 Class A shares. These shares were sold in open-market transactions at an average price of $45.111 per share, with individual trade prices ranging from $45.01 to $45.56 as disclosed in the filing footnotes.

What options did Doug Ulman exercise in this Root (ROOT) Form 4?

He exercised options on 33,352 shares. The options related to 33,352 shares of Class B Common Stock with an exercise price of $0.648 per share, resulting in the issuance of 33,352 shares of Class A Common Stock to Ulman.

How many Root (ROOT) shares does Doug Ulman hold after these transactions?

Doug Ulman holds a mix of direct and indirect shares. After the transactions, he owns 27,047 Class A shares directly, plus additional indirect holdings of 9,606 and 7,896 Class A shares through trusts referenced in the footnotes.

What portion of Doug Ulman’s Root (ROOT) shares were withheld for tax or exercise obligations?

A small number of shares were withheld. The filing states that 473 shares of Class A Common Stock were withheld by Root, Inc. to satisfy obligations related to the option exercise, rather than being sold in the open market.

How were Doug Ulman’s indirect Root (ROOT) holdings structured in this Form 4?

Ulman reports indirect holdings through trusts. The filing notes 9,606 Class A shares held by the Douglas E Ulman 2016 Irrevocable Trust and 7,896 Class A shares held by the Douglas E. Ulman Revocable Trust dated March 17, 2016.