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

Hagerty, Inc. Director Robert I. Kauffman sold a total of 67,284 shares of Class A Common Stock over three days in late August 2025, pursuant to 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 over three separate dates: August 26, 2025, August 27, 2025, and August 28, 2025.
• A total of 67,284 shares were disposed of across these transactions.
• The sales were conducted pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 9, 2024.
• On August 26, 2025, 9,844 shares were sold at a weighted average price of $10.76 per share.
• On August 27, 2025, 28,704 shares were sold at a weighted average price of $11.08 per share.
• On August 28, 2025, 28,736 shares were sold at a weighted average price of $11.21 per share.
• Following these transactions, the Reporting Person indirectly beneficially owns 1,415,023 shares of Class A Common Stock through Aldel LLC.

Sentiment

Score: 5

Explanation: The sentiment is neutral. Insider sales under a Rule 10b5-1 plan are generally considered routine for personal financial planning and do not typically signal a change in company fundamentals or management's outlook.

Positives

• The sales were conducted under a Rule 10b5-1 trading plan, indicating pre-planned transactions for personal financial management rather than a reaction to recent, non-public information.

Negatives

• Insider selling, even under a 10b5-1 plan, can sometimes be perceived by the market as a lack of confidence, although the pre-arranged nature mitigates this interpretation.

Future Outlook

The sales were part of a pre-arranged Rule 10b5-1 trading plan, suggesting that these transactions are part of a long-term personal financial strategy rather than a reaction to immediate company prospects. No explicit forward-looking guidance for the company is provided.

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 is the manager of Aldel LLC and has voting and investment discretion with respect to the securities held of record by Aldel LLC. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

Industry Context

This filing reports an individual insider transaction and does not provide information directly related to broader industry trends or competitive landscape for Hagerty, Inc.

Corporate Governance

Related Party Transactions

• The shares are held indirectly by Aldel LLC, where the Reporting Person, Robert I. Kauffman, serves as manager and exercises voting and investment discretion. He disclaims beneficial ownership beyond his pecuniary interest.

Stakeholder Impact

• Shareholders: May view the sales as a routine diversification or liquidity event due to the 10b5-1 plan, mitigating potential negative interpretations of insider selling.

Key Dates

Recommendation

The filing reports routine insider sales by a director under a pre-arranged 10b5-1 trading plan. While insider selling can sometimes be a negative signal, the existence of a 10b5-1 plan suggests the sales are for personal financial planning rather than a reaction to new, negative company-specific information. Without additional financial or operational updates, the transaction itself does not provide a basis for a change in investment recommendation.

Keywords

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