DONEGAL GROUP INC — Director's Dealing 2015

May 4, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DONEGAL GROUP INC (DGICA)
CIK: 0000800457
Period of Report: 2015-04-30

Reporting Person: NIKOLAUS DONALD H (Director, See Remarks, See Remarks)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-04-30	Class A common stock	M	125000	$14.00	Acquired	234389.869	Direct
2015-04-30	Class A common stock	S	125000	$15.418	Disposed	109389.869	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-04-30	Employee Stock option (right to buy)	$14.00	M	125000	Disposed	2015-07-15	Class A
common stock (125000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A common stock	174118.483	Indirect
Class A common stock	16365.798	Indirect
Class A common stock	166369	Indirect
Class A common stock	12668	Indirect
Class B common stock	130210.44	Direct
Class B common stock	51637.532	Indirect
Class B common stock	589	Indirect
Class B common stock	3938	Indirect

Footnotes

F1: Exercise of employee stock options under Rule 16b-3. As reported in Table II of this Form 4 Report, the exercise of options resulted in the acquisition of 125,000 shares of Class A common stock under Rule 16b-3, as reported in Table I of this Form 4 Report, which were concurrently sold, as reported in Table I of this Form 4 Report.