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

Hagerty Director Robert I. Kauffman sold 29,055 Class A Common Stock shares in September 2025 under a pre-arranged 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a Director and 10% Owner of Hagerty, Inc. (HGTY), reported sales of Class A Common Stock.
• The sales were executed pursuant to a Rule 10b5-1 trading plan adopted on August 9, 2024.
• On September 15, 2025, 11,433 shares were sold at a weighted average price of $12.79 per share, with trades ranging from $12.64 to $12.91.
• On September 16, 2025, an additional 17,622 shares were sold at a weighted average price of $12.46 per share, with trades ranging from $12.36 to $12.66.
• Following these transactions, Robert I. Kauffman beneficially owns 1,221,389 shares indirectly through Aldel LLC.
• Robert I. Kauffman is the manager of Aldel LLC and has voting and investment discretion over its securities, disclaiming beneficial ownership except for his pecuniary interest.

Sentiment

Score: 5

Explanation: The filing reports a routine insider stock sale executed under a pre-arranged 10b5-1 plan, which is a neutral event from a sentiment perspective as it reflects planned liquidity rather than a reaction to new company performance or outlook.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a planned and transparent transaction rather than an immediate reaction to market conditions.

Negatives

• A director and 10% owner reduced their indirect holdings by 29,055 shares.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• The sale of shares by a director and 10% owner could be perceived by some shareholders as a slight reduction in insider confidence, though the pre-arranged 10b5-1 plan mitigates this concern by indicating a planned liquidity event.

Key Dates

Recommendation

The filing details a routine insider stock sale executed under a Rule 10b5-1 trading plan. Such pre-scheduled transactions typically do not reflect new material information about the company's performance or future prospects. Therefore, this event alone does not warrant a change in investment recommendation, and a 'hold' stance is appropriate pending further fundamental analysis.

Keywords

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