Form 4: Hagerty Director Sells Over 70,000 Shares Under Pre-Planned Trading Program

Hagerty, Inc. Director Robert I. Kauffman, through Aldel LLC, sold a total of 70,833 shares of Class A Common Stock in July 2025 under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a Director of Hagerty, Inc. (HGTY), reported the sale of Class A Common Stock.
• The sales were executed through Aldel LLC, where Mr. Kauffman serves as manager with voting and investment discretion.
• A total of 70,833 shares were sold across three separate transactions in July 2025.
• On July 17, 2025, 17,762 shares were sold at a weighted average price of $10.04 per share.
• On July 18, 2025, 36,174 shares were sold at a weighted average price of $10.12 per share.
• On July 21, 2025, 16,897 shares were sold at a weighted average price of $10.12 per share.
• The sales were conducted pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 9, 2024.
• Following these transactions, Aldel LLC beneficially owns 3,388,252 shares of Class A Common Stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral to slightly negative. While insider selling can be perceived negatively, the execution under a Rule 10b5-1 plan suggests a pre-planned diversification or liquidity event rather than a reaction to adverse company-specific news, thus mitigating the negative impact.

Positives

• The sales were executed under a Rule 10b5-1 trading plan, which indicates they were pre-scheduled and not based on new, non-public information, potentially mitigating negative market interpretations.

Negatives

• A Director selling a significant number of shares (70,833) could be perceived by some investors as a signal that the insider believes the stock is fully valued or that future growth prospects are limited.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

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

Related Party Transactions

• The reported sales were made by Aldel LLC, an entity managed by the Reporting Person, Robert I. Kauffman, who has voting and investment discretion over the securities held by Aldel LLC. Mr. Kauffman disclaims beneficial ownership except to the extent of his pecuniary interest.

Stakeholder Impact

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

Next Steps

• The Reporting Person undertakes to provide full information regarding the number of shares and prices at which the transactions were effected upon request to the SEC staff, the Issuer, or a security holder of the Issuer.

Key Dates

Recommendation

Keywords

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