Donegal Group (DGICA) SVP David Bawel Exercises Options, Sells Shares

What Happened

• David Bawel, SVP and Chief Accounting Officer of Donegal Group (DGICA), exercised 8,326 stock options at $14.39 per share (cost $119,811) on Sept 9, 2026. He then sold those 8,326 shares in an open-market transaction at $19.28 per share for proceeds of $160,509. The sequence (exercise followed by sale) is effectively a cashless exercise resulting in a net difference of roughly $40,698 before taxes/fees.
• Transaction codes: M = exercise/conversion of derivative (option), S = open market sale.

Key Details

• Dates and prices:
  • 2026-09-09: Exercised 8,326 options at $14.39 (total exercise cost $119,811).
  • 2026-09-09: Sold 8,326 shares at $19.28 (total proceeds $160,509).
• Shares owned after transaction: Not specified in the filing.
• Notable footnotes: The filing shows both the option exercise and the immediate sale of those shares (derivative exercise followed by disposition).
• Filing timeliness: Report filed on 2026-09-11 for a 2026-09-09 transaction (filed two days after the trade), which appears timely under Form 4 rules.

Context

• This was an option exercise immediately followed by an open-market sale (commonly called a cashless exercise). Such transactions often are used to cover the exercise cost and tax withholding; they do not necessarily signal a change in the insider’s long-term view.
• The filing is factual and routine; it shows insider monetization of vested options rather than a straightforward buy that might be viewed as a bullish signal.