Form 4: Hagerty Director Robert Kauffman Reports Changes in Beneficial Ownership
SEC Form 4
Robert Kauffman, a director at Hagerty, Inc., reported transactions involving Class A Common Stock and warrants, including acquisitions and disposals, through Aldel LLC and Aldel Capital LLC.
Summary
- On July 3, 2024, Robert Kauffman, a director of Hagerty, Inc., engaged in transactions involving Class A Common Stock and warrants.
- These transactions were executed through Aldel LLC and Aldel Capital LLC, entities over which Kauffman has voting and investment discretion.
- Aldel LLC exchanged 360,000 PIPE Warrants for 72,000 shares of Class A Common Stock.
- Aldel LLC exchanged 871,384 Public Warrants for 174,276 shares of Class A Common Stock.
- Aldel Capital LLC exchanged 257,500 Private Placement Warrants for 51,500 shares of Class A Common Stock, which settled in the name of Aldel LLC.
- Aldel Capital LLC exchanged 650,000 OTM Warrants for 130,000 shares of Class A Common Stock, which settled in the name of Aldel LLC.
- From July 5, 2024, to July 8, 2024, Kauffman disposed of 4,548, 4,404 and 6,202 shares of Class A Common Stock at prices ranging from $10.78 to $11.14 per share.
- Following these transactions, Kauffman beneficially owns 5,528,496 shares of Class A Common Stock indirectly through Aldel LLC and 53,474 shares directly.
- The sales were executed pursuant to a Rule 10b5-1 trading plan adopted on August 11, 2023.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing transactions by a company insider. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about stock and warrant transactions.
Industry Context
This Form 4 filing is a routine disclosure required by the SEC for corporate insiders, providing transparency into their trading activities. It doesn't necessarily reflect broader industry trends but offers insight into the actions of a key individual at Hagerty, Inc.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the change in beneficial ownership.
- The sales were executed pursuant to a Rule 10b5-1 trading plan, which is designed to prevent insider trading and ensure fair market practices.
Key Dates
| Date | Description |
|---|---|
| 2021-12-02 | Closing of the initial business combination resulting in conversion of Class B common stock to Class A common stock. |
| 2023-08-11 | Date of adoption of Rule 10b5-1 trading plan by the Reporting Person. |
| 2024-07-03 | Date of warrant exchange for Class A Common Stock. |
| 2024-07-05 | Date of sale of Class A Common Stock. |
| 2024-07-08 | Date of sale of Class A Common Stock. |
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