Form 4: Hagerty Director Sells Over 33,000 Shares Under Pre-Arranged 10b5-1 Plan

Hagerty, Inc. Director Robert I. Kauffman reported the sale of 33,230 shares of Class A Common Stock over three days in early June 2025, executed under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a Director of Hagerty, Inc. (HGTY), reported the sale of 33,230 shares of Class A Common Stock across three separate transactions.
• On June 3, 2025, 7,681 shares were sold at a weighted average price of $9.92 per share.
• On June 4, 2025, an additional 9,726 shares were sold at a weighted average price of $10.01 per share.
• On June 5, 2025, 15,823 shares were sold at a weighted average price of $10.08 per share.
• All reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Kauffman on August 9, 2024.
• Following these transactions, Mr. Kauffman beneficially owns 3,851,869 shares of Class A Common Stock indirectly through Aldel LLC, where he serves as manager with voting and investment discretion.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While insider selling can be viewed negatively, the execution under a pre-arranged 10b5-1 plan mitigates concerns about opportunistic trading and suggests personal financial planning rather than a lack of confidence in the company's fundamentals.

Positives

• The sales were conducted under a Rule 10b5-1 trading plan, which indicates the transactions were pre-scheduled and not based on material non-public information, enhancing transparency and reducing concerns about opportunistic insider selling.

Negatives

• Insider selling, even under a 10b5-1 plan, can sometimes be perceived by the market as a lack of confidence in the company's future prospects, although this is mitigated by the pre-planned nature of the sales.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Management Comments

• The reported sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 9, 2024.
• The Reporting Person undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transactions were effected.

Industry Context

This Form 4 filing is specific to an insider transaction at Hagerty, Inc. and does not provide broader industry context or trends.

Corporate Governance

Stakeholder Impact

• Shareholders: May view the insider selling with slight caution, but the 10b5-1 plan helps to alleviate concerns about the underlying health or prospects of the company. The volume of shares sold represents a small fraction of the director's total indirect holdings.

Key Dates

Recommendation

Keywords

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