Form 4: Hagerty Director Robert Kauffman Sells Shares Under 10b5-1 Plan

Hagerty director Robert Kauffman sold a total of 17,648 Class A Common Stock shares over three days, from December 11th to December 13th, under a pre-arranged 10b5-1 trading plan.

Summary

• Robert Kauffman, a director at Hagerty, Inc., executed multiple sales of Class A Common Stock.
• The sales occurred over three days: December 11th, 12th, and 13th of 2024.
• A total of 17,648 shares were sold at weighted average prices of $11.19, $11.18, and $11.07 respectively.
• These transactions were conducted under a pre-arranged Rule 10b5-1 trading plan adopted on August 9, 2024.
• The shares were sold directly by Mr. Kauffman and indirectly through Aldel LLC, where he serves as manager.
• Following these transactions, Mr. Kauffman indirectly holds 4,506,444 shares through Aldel LLC.

Sentiment

Score: 5

Explanation: The document reflects routine insider trading activity under a pre-arranged plan. It is neither particularly positive nor negative, hence a neutral score.

Risks

• The sales by a director could be perceived negatively by the market, potentially impacting the stock price.
• The use of a 10b5-1 plan indicates pre-planned sales, which may suggest a lack of confidence in the company's short-term prospects, although this is not necessarily the case.

Industry Context

This is a routine filing related to insider trading activity. It is common for directors to use 10b5-1 plans to manage their stock sales, and this activity is not unusual in the context of publicly traded companies.

Comparison to Industry Standards

• The use of a 10b5-1 trading plan is a common practice among corporate insiders to avoid accusations of insider trading, similar to practices at companies like Tesla (TSLA) and Apple (AAPL).
• The reported sales are relatively small compared to the total holdings of the director, which is typical for planned sales under 10b5-1 plans.
• The price range of the sales is within the normal trading range for the stock, indicating no unusual market activity.

Stakeholder Impact

• The sales may have a minor negative impact on shareholder sentiment, but the pre-planned nature of the sales should mitigate any significant concerns.
• The impact on other stakeholders is likely to be minimal.

Key Dates

Keywords

Hagerty, Robert Kauffman, insider trading, Form 4, 10b5-1 plan, stock sale, director, Aldel LLC