Form 4: Hagerty Director and 10% Owner Sells Over 21,000 Shares Under Pre-Arranged Trading Plan

Robert I. Kauffman, a Director and 10% owner of Hagerty, Inc., reported the sale of 21,118 shares of Class A Common Stock over three days in June 2025, executed under a Rule 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a Director and 10% owner of Hagerty, Inc. (HGTY), reported the sale of 21,118 shares of Class A Common Stock.
• The sales occurred over three consecutive days: 8,764 shares on June 11, 2025, 4,227 shares on June 12, 2025, and 8,127 shares on June 13, 2025.
• The shares were sold at weighted average prices of $9.61, $9.51, and $9.44 respectively.
• These transactions were executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Kauffman on August 9, 2024.
• Following these transactions, Mr. Kauffman, through Aldel LLC, beneficially owns 3,808,071 shares of Class A Common Stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral to slightly negative. While insider selling can be a negative signal, the fact that it's part of a pre-arranged 10b5-1 plan mitigates the negative impact, suggesting it's for personal financial planning rather than a reaction to adverse company news.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a scheduled transaction rather than a reaction to new, adverse company information.

Negatives

• A director and significant owner selling shares can sometimes be perceived negatively by the market, as it reduces their direct stake in the company.
• The average sale price slightly declined over the three days of transactions, from $9.61 to $9.44.

Risks

• Investor perception risk: While executed under a 10b5-1 plan, significant insider sales can sometimes lead to negative market sentiment or speculation regarding the company's future prospects.

Related Party Transactions

• The shares are held by Aldel LLC, and Robert I. Kauffman, as the manager of Aldel LLC, has voting and investment discretion over these securities. He disclaims beneficial ownership except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders may interpret the director's sale as a signal, though the 10b5-1 plan context suggests it's not based on new, negative information.

Key Dates

Recommendation

Keywords

Hagerty Inc., HGTY, Form 4, Insider Trading, Stock Sale, Director Sale, Rule 10b5-1, Beneficial Ownership, Robert I. Kauffman, Aldel LLC