Form 4: Hagerty Director Robert Kauffman Sells Over 150,000 Shares Under Pre-Arranged Trading Plan

Hagerty, Inc. Director Robert I. Kauffman executed sales of 149,975 shares of Class A Common Stock across three days in July 2025, pursuant to a Rule 10b5-1 trading plan adopted in August 2024.

Summary

• Robert I. Kauffman, a Director of Hagerty, Inc. (HGTY), sold a total of 149,975 shares of Class A Common Stock between July 9, 2025, and July 11, 2025.
• On July 9, 2025, 98,766 shares were sold at a weighted average price of $10.07 per share.
• On July 10, 2025, an additional 41,239 shares were sold at a weighted average price of $10.10 per share.
• On July 11, 2025, 9,970 shares were sold at a weighted average price of $9.94 per share.
• All reported sales were conducted under a Rule 10b5-1 trading plan, which was adopted by Mr. Kauffman on August 9, 2024.
• Following these transactions, Mr. Kauffman beneficially owns 3,499,281 shares of Class A Common Stock indirectly through Aldel LLC, where he serves as manager with voting and investment discretion.

Sentiment

Score: 5

Explanation: The sentiment is neutral to slightly negative. While insider selling can be perceived negatively, the fact that it was executed under a pre-arranged 10b5-1 plan mitigates the negative signal, suggesting a planned diversification or liquidity event rather than a reaction to new adverse information.

Positives

• The sales were executed pursuant to a pre-arranged Rule 10b5-1 trading plan, indicating that the transactions were scheduled in advance and not based on immediate, non-public information, which can mitigate negative investor sentiment typically associated with insider selling.

Negatives

• Insider selling, even when pre-planned, can sometimes be perceived by investors as a signal that an insider believes the stock may be fully valued or that future growth prospects are limited.

Risks

• The sale of a significant number of shares by a director could potentially lead to negative market sentiment or increased selling pressure on Hagerty, Inc.'s stock.

Future Outlook

This Form 4 filing pertains solely to insider stock transactions and does not provide any forward-looking statements or guidance regarding the company's future financial performance or strategic outlook.

Management Comments

• The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 9, 2024.
• Transactions were executed in multiple trades at weighted average prices, with full information regarding the number of shares and prices available upon request to the SEC staff, the Issuer, or a security holder.
• The Reporting Person disclaims beneficial ownership of the reported securities held by Aldel LLC except to the extent of his pecuniary interest therein.

Industry Context

This filing is specific to an insider transaction at Hagerty, Inc. and does not provide information relevant to broader industry trends or competitive dynamics within the automotive enthusiast or insurance sectors.

Stakeholder Impact

• Shareholders may interpret the insider sales as a signal regarding the director's view on the company's valuation or future prospects, potentially influencing their investment decisions.

Key Dates

Recommendation

Keywords

Hagerty, HGTY, Form 4, Insider Trading, Stock Sale, Beneficial Ownership, Robert I. Kauffman, Aldel LLC, 10b5-1 Plan