Form 4: Hagerty Director Plans Future Stock Sale Under 10b5-1

Hagerty Director Robert I. Kauffman reported a planned sale of 38,085 Class A Common Stock shares on September 8, 2025, at a weighted average price of $12.01, executed under a pre-arranged 10b5-1 trading plan.

Summary

• Director Robert I. Kauffman reported a planned sale of 38,085 shares of Hagerty, Inc. Class A Common Stock.
• The transaction is scheduled to occur on September 8, 2025.
• The shares are to be sold at a weighted average price of $12.01 per share.
• This sale is being executed pursuant to a Rule 10b5-1 trading plan adopted by Kauffman on August 9, 2024.
• Following this planned transaction, Kauffman will directly beneficially own 67,302 shares and indirectly own 1,250,444 shares through Aldel LLC.

Sentiment

Score: 5

Explanation: The planned insider sale, while pre-arranged under a 10b5-1 plan, could be viewed neutrally to slightly negatively by the market. The pre-planned nature mitigates immediate concerns of opportunistic selling, but it still represents a reduction in insider holdings.

Positives

• The transaction is being conducted under a Rule 10b5-1 trading plan, which demonstrates adherence to insider trading regulations and provides transparency regarding pre-scheduled sales.

Negatives

• A director's planned sale of a significant number of shares, even if pre-arranged, could be interpreted by some investors as a signal of reduced confidence in the company's future prospects.

Future Outlook

No specific future outlook or guidance is provided in this insider transaction report.

Industry Context

This filing pertains to an individual insider transaction and does not provide broader industry context or trends.

Corporate Governance

Related Party Transactions

• Robert I. Kauffman, as manager of Aldel LLC, has voting and investment discretion over 1,250,444 shares of Class A Common Stock held indirectly by Aldel LLC. He disclaims beneficial ownership except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders may interpret the planned insider sale as a signal regarding management's long-term outlook, potentially influencing investor sentiment and stock price.

Key Dates

Recommendation

The planned sale by a director, while significant in volume, is being executed under a pre-arranged Rule 10b5-1 trading plan. This suggests the transaction is part of a personal financial strategy and not based on new, non-public information. Therefore, it does not fundamentally alter the investment thesis for Hagerty, Inc. at this time. Investors should continue to monitor company performance and broader market conditions.

Keywords

Hagerty, HGTY, Robert I. Kauffman, Director, Stock Sale, Insider Trading, 10b5-1 Plan, Class A Common Stock, SEC Form 4, Beneficial Ownership