Donegal (DGICA) SVP Deas Noland Rone Jr Exercises Options, Sells Shares

What Happened

• Deas Noland Rone Jr, Senior Vice President of Donegal Group (DGICA), exercised stock options on August 4, 2026 and sold shares the same day. He acquired 24,000 shares through option exercises at three strike prices (4,000 @ $14.09; 8,000 @ $13.87; 12,000 @ $15.76) for a total exercise cost of $356,440. On the same date he sold 24,000 shares in the open market at $19.47 per share, receiving $467,280. The filing also shows 24,000 shares disposed in connection with the exercise (same counts/values as the exercised lots), consistent with shares being surrendered/withheld to cover exercise costs or taxes.

Key Details

• Transaction date(s): August 4, 2026 (reported on Form 4 filed August 5, 2026) — filing appears timely.
• Exercise (acquired): 4,000 @ $14.09 ($56,360); 8,000 @ $13.87 ($110,960); 12,000 @ $15.76 ($189,120). Total exercised/acquired = 24,000 shares; total exercise cost = $356,440.
• Dispositions: 24,000 shares sold open market @ $19.47 = $467,280.
• Derivative dispositions: 4,000 / 8,000 / 12,000 shares (same amounts as exercised) recorded as disposed (total value $356,440) — likely sell-to-cover or share withholding to satisfy exercise/tax obligations.
• Shares owned after transaction: not specified in the filing.
• Notable footnotes: filing shows exercise and immediate sale/withholding activity; no 10b5-1 plan or late-filing flag noted in the report.

Context

• This is an option exercise with same-day selling behavior (commonly called a cashless exercise or sell-to-cover): some or all exercised shares were used to satisfy option costs/taxes (derivative dispositions) while a separate block was sold in the open market. Exercises and routine sell-to-cover transactions are common and do not by themselves indicate management sentiment about the company.