Form 4: Hagerty Director Robert I. Kauffman Sells Over 30,000 Shares Under Pre-Arranged Trading Plan

Hagerty, Inc. Director and 10% Owner Robert I. Kauffman sold 30,908 shares of Class A Common Stock through Aldel LLC in late May and early June 2025, pursuant to a Rule 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a Director and 10% Owner of Hagerty, Inc. (HGTY), sold a total of 30,908 shares of Class A Common Stock.
• The sales occurred on May 29, 2025 (16,070 shares at a weighted average price of $9.72), May 30, 2025 (11,112 shares at a weighted average price of $9.80), and June 2, 2025 (3,726 shares at a weighted average price of $9.85).
• These transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on August 9, 2024.
• All shares sold were held indirectly through Aldel LLC, where Mr. Kauffman serves as manager and exercises voting and investment discretion.
• Following these sales, Aldel LLC beneficially owns 3,885,099 shares of Class A Common Stock.
• Mr. Kauffman also directly holds 67,302 shares of Class A Common Stock.

Sentiment

Score: 5

Explanation: Neutral. While insider selling can be perceived negatively, the fact that it was executed under a pre-arranged Rule 10b5-1 plan mitigates concerns that it's based on new, adverse information. It's a routine disclosure for a planned transaction.

Positives

• The sales were conducted under a Rule 10b5-1 trading plan, indicating they were pre-scheduled and not based on new, non-public information, which often mitigates negative market perception of insider selling.

Negatives

• Insider selling, even if pre-planned, can sometimes be perceived negatively by the market as it reduces the insider's direct stake in the company's future performance.

Future Outlook

No forward-looking statements or guidance are provided in this document.

Industry Context

This Form 4 filing reports an individual insider transaction and does not provide broader industry context or trends.

Related Party Transactions

• The reported sales were of shares held indirectly by Aldel LLC, an entity for which the Reporting Person, Robert I. Kauffman, serves as manager and exercises voting and investment discretion. Mr. Kauffman disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders: May view the insider sale with slight caution, though the 10b5-1 plan lessens the negative implication. The overall impact on the company's operations or strategy is minimal.

Key Dates

Recommendation

Keywords

Hagerty Inc., HGTY, SEC Form 4, Insider Trading, Stock Sale, Robert I. Kauffman, Aldel LLC, Rule 10b5-1, Director, 10% Owner, Class A Common Stock