Form 4: Hagerty Director and 10% Owner Sells Over 24,000 Shares Under Pre-Arranged Trading Plan

Robert I. Kauffman, a Director and 10% Owner of Hagerty, Inc., reported the sale of 24,100 shares of Class A Common Stock through Aldel LLC under a Rule 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a Director and 10% Owner of Hagerty, Inc. (HGTY), reported the sale of 24,100 shares of Class A Common Stock.
• The sales occurred over three days: 4,600 shares on June 30, 2025, at a weighted average price of $10.06; 7,000 shares on July 1, 2025, at $10.18; and 12,500 shares on July 2, 2025, at $10.04.
• These transactions were executed indirectly through Aldel LLC, an entity where Mr. Kauffman serves as manager and holds voting and investment discretion.
• The sales were conducted pursuant to a Rule 10b5-1 trading plan adopted by Mr. Kauffman on August 9, 2024.
• Following these transactions, Aldel LLC beneficially owns 3,674,735 shares of Hagerty, Inc. Class A Common Stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly negative. While insider selling can be perceived negatively, the fact that it was conducted under a Rule 10b5-1 plan mitigates concerns that it is based on new, adverse information, making it a more routine event.

Positives

• The reported sales were executed under a pre-arranged Rule 10b5-1 trading plan, adopted on August 9, 2024, which indicates the transactions were scheduled in advance and not based on new, non-public information.

Negatives

• A Director and 10% Owner, Robert I. Kauffman, reduced his indirect beneficial ownership in Hagerty, Inc. by a total of 24,100 shares of Class A Common Stock.

Risks

• Reduced insider ownership, even if pre-planned, could be perceived by some investors as a slight negative signal regarding future prospects or valuation.

Future Outlook

No forward-looking statements or guidance are provided in this insider transaction report.

Management Comments

• The reported sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 9, 2024.

Industry Context

This filing is a routine disclosure of an insider stock transaction and does not provide information related to broader industry trends or competitor performance.

Stakeholder Impact

• Shareholders may note the reduction in indirect beneficial ownership by a key insider, which could influence perceptions of insider confidence, although the 10b5-1 plan context is important.

Key Dates

Keywords

Hagerty, HGTY, Form 4, insider trading, stock sale, beneficial ownership, Robert I. Kauffman, Aldel LLC, 10b5-1 plan