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

Hagerty Director Robert I. Kauffman sold 34,447 shares of Class A Common Stock for a weighted average price of $12.38 per share pursuant to a pre-arranged trading plan.

Summary

• Robert I. Kauffman, a Director of Hagerty, Inc. (HGTY), reported a sale of Class A Common Stock.
• The transaction involved the disposition of 34,447 shares.
• The shares were sold at a weighted average price of $12.38 per share.
• The sale was executed on September 22, 2025.
• This transaction was conducted under a Rule 10b5-1 trading plan adopted on August 9, 2024.
• Following the transaction, Mr. Kauffman directly owns 67,302 shares of Class A Common Stock.
• Additionally, 1,186,942 shares are indirectly beneficially owned through Aldel LLC, where Mr. Kauffman is the manager with voting and investment discretion.

Sentiment

Score: 5

Explanation: The sentiment is neutral to slightly negative. While a director selling shares can be seen as negative, the transaction was pre-arranged under a 10b5-1 plan, which mitigates the immediate negative signal typically associated with insider selling.

Positives

• The sale was conducted under a Rule 10b5-1 trading plan, indicating a pre-scheduled transaction rather than a reaction to immediate company news.

Negatives

• A director selling shares, even under a 10b5-1 plan, can sometimes be perceived negatively by the market as it reduces insider ownership.

Risks

• Potential negative market perception if investors interpret the insider sale as a lack of confidence, despite the 10b5-1 plan.

Future Outlook

N/A

Industry Context

N/A

Related Party Transactions

• Robert I. Kauffman, as manager of Aldel LLC, has voting and investment discretion over 1,186,942 shares of Class A Common Stock held indirectly by Aldel LLC.

Stakeholder Impact

• Shareholders may observe a reduction in direct insider ownership, though the pre-arranged nature of the sale under a 10b5-1 plan may temper concerns.

Key Dates

Recommendation

The sale of shares by a director, even under a pre-arranged 10b5-1 plan, is a notable event. However, without additional context on the company's performance or the director's overall holdings and reasons for the plan, it does not provide a strong signal for a 'buy' or 'sell' recommendation. The 10b5-1 plan suggests a planned liquidity event rather than a reaction to new information, thus a 'hold' is appropriate for investors to await further company-specific or market-wide developments.

Keywords

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