Form 4: Hagerty Director Robert Kauffman Executes Stock Sales Under 10b5-1 Plan

Director Robert Kauffman reported selling shares of Hagerty, Inc. (HGTY) between August 7th and August 9th, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a director of Hagerty, Inc. (HGTY), reported the sale of Class A Common Stock between August 7th and August 9th, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on August 11, 2023.
• On August 7, 2024, 4,674 shares were sold at a weighted average price of $10.81.
• On August 8, 2024, 2,981 shares were sold at a weighted average price of $10.86.
• On August 9, 2024, 11,428 shares were sold at a weighted average price of $10.57.
• Following these transactions, Robert Kauffman directly owns 53,474 shares and indirectly owns 5,353,334 shares through Aldel LLC.
• Kauffman disclaims beneficial ownership of the shares held by Aldel LLC except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a standard Form 4 filing, indicating insider trading activity. The sentiment is neutral as the sales were conducted under a pre-arranged plan.

Industry Context

Insider sales are a common occurrence, and the use of a 10b5-1 plan suggests the sales were pre-planned and not based on current inside information. Investors often monitor insider transactions for signals about a company's prospects, but pre-planned sales are generally viewed as less informative.

Stakeholder Impact

• The stock sales by a director could create short-term selling pressure on the stock.
• The use of a 10b5-1 plan mitigates concerns about insider information being used for trading.

Key Dates