Form 4: Hagerty Director Sells $350K in Stock

Hagerty, Inc. Director Robert I. Kauffman sold 29,490 shares of Class A Common Stock for approximately $350,000 through a pre-arranged trading plan.

Summary

• Robert I. Kauffman, a Director of Hagerty, Inc. (HGTY), sold a total of 29,490 shares of Class A Common Stock.
• The sales occurred on October 7, 2025, and October 8, 2025.
• These transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on August 9, 2024.
• On October 7, 2025, 6,861 shares were sold at a weighted average price of $11.9 per share.
• On October 8, 2025, 22,629 shares were sold at a weighted average price of $12 per share.
• Following these transactions, Mr. Kauffman indirectly beneficially owns 1,079,049 shares through Aldel LLC and directly owns 67,302 shares.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While an insider sale can sometimes be viewed negatively, the fact that it was conducted under a pre-arranged 10b5-1 plan mitigates concerns that it's based on new, negative information. It's a routine, scheduled transaction.

Negatives

• A director selling shares, even under a 10b5-1 plan, can sometimes be perceived negatively by investors as it reduces their stake in the company.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Robert I. Kauffman, as manager of Aldel LLC, has voting and investment discretion over the shares held by Aldel LLC, making the indirect ownership a related party arrangement.

Stakeholder Impact

• Shareholders may note a slight reduction in a director's direct and indirect ownership stake, though the pre-planned nature of the sale suggests it is not indicative of a change in company fundamentals.

Key Dates

Recommendation

The insider sale by Director Robert I. Kauffman was conducted under a pre-arranged Rule 10b5-1 trading plan. Such plans are established in advance to allow insiders to sell shares without being accused of trading on material non-public information. Therefore, this transaction is generally considered a routine liquidity event rather than a signal of negative sentiment about the company's future prospects. It does not provide new fundamental information to warrant a change in investment thesis, thus a 'hold' recommendation is appropriate.

Keywords

Hagerty, HGTY, Insider Sale, Form 4, Robert I. Kauffman, Director, Stock Sale, 10b5-1 Plan