Ulman Doug 4

4 · Root, Inc. · Filed Mar 11, 2026

AI-generated summary of this filing

Updated Mar 12, 2026

Root (ROOT) Director Doug Ulman Exercises Options, Sells Shares

What Happened

Doug Ulman, a director of Root, Inc. (ROOT), exercised stock options for 33,352 shares and converted the underlying Class B shares into Class A shares on March 9, 2026. The exercise reflects an option price of $0.65 per share (total cash cost ≈ $21,612).
That same day Ulman sold 13,152 shares in the open market at prices between $45.01 and $45.56 for aggregate proceeds of about $593,300. The issuer withheld 473 shares (valued at ~$21,649) to satisfy exercise price/tax obligations.

Key Details

Transaction date: March 9, 2026; Form 4 filed March 11, 2026 (timely — within the two-business-day filing window).
Option exercise: 33,352 shares; exercise price reported as $0.65/share (≈ $21,612). Conversion: Class B → Class A (1:1 conversion per footnote).
Shares sold: 13,152 shares in open market at $45.01–$45.56; total proceeds ≈ $593,300. The filer can provide a per-price breakdown on request (footnote).
Tax/fee withholding: 473 shares withheld valued at ~$21,649 to cover obligations related to the exercise.
Shares owned after transaction: Not specified in the provided excerpt of the Form 4.
Relevant footnotes: conversion of Class B to Class A (F1, F2); withholding to satisfy exercise/tax obligations (F3); sale price range and availability of per-price detail (F4); trust holdings noted (F5, F6); option vesting schedule and exercisability (F7).

Context

This is a common pattern when insiders exercise options: exercise (sometimes at a low strike), with some shares withheld to cover costs/taxes, and a portion sold in the open market—often to cover the exercise/tax obligations or diversify. The filing shows an exercise plus a sale, not a simple open-market purchase (which is typically viewed as a stronger bullish signal).
Transaction codes in the Form 4: M = option exercise/conversion, C = conversion of derivative security, S = open-market sale, F = tax withholding.

Form 4

Period: 2026-03-09

Director

Transactions

Conversion
Class A Common Stock
[F1][F2]
2026-03-09+33,352→ 40,672 total
Tax Payment
Class A Common Stock
[F3]
2026-03-09$45.77/sh−473$21,649→ 40,199 total
Sale
Class A Common Stock
[F4]
2026-03-09$45.11/sh−13,152$593,300→ 27,047 total
Exercise/Conversion
Stock Option (Right to Buy)
[F2][F7]
2026-03-09−33,352→ 0 total
Exercise: $0.65Exp: 2027-01-17→ Class B Common Stock (33,352 underlying)
Exercise/Conversion
Class B Common Stock
[F1][F2]
2026-03-09$0.65/sh+33,352$21,612→ 33,352 total
→ Class A Common Stock (33,352 underlying)
Conversion
Class B Common Stock
[F1][F2]
2026-03-09−33,352→ 0 total
→ Class A Common Stock (33,352 underlying)

Holdings

Footnotes (7)

[F1]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.
[F2]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.
[F3]Represents shares withheld by the Issuer to satisfy the exercise price related obligations in connection with the exercise of the options reported herein.
[F4]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.
[F5]Shares held by the Douglas E Ulman 2016 Irrevocable Trust, for which the reporting person's spouse is the trustee.
[F6]Shares held by the Douglas E. Ulman Revocable Trust dated March 17, 2016.
[F7]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.

Signature

/s/ Jodi Baker, Attorney-in-fact|2026-03-11

1 file