Ulman Doug 4

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.