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

Hagerty Director Robert I. Kauffman sold 54,065 Class A Common Stock shares in late September and early October 2025, pursuant to a pre-arranged 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a Director of Hagerty, Inc. (HGTY), reported sales of Class A Common Stock.
• The transactions occurred on September 29, 2025, September 30, 2025, and October 1, 2025.
• A total of 54,065 shares were disposed of across these three dates.
• The sales were executed under a Rule 10b5-1 trading plan adopted on August 9, 2024.
• The shares were held indirectly by Aldel LLC, where Mr. Kauffman serves as the manager with voting and investment discretion.
• Following these transactions, Aldel LLC beneficially owns 1,132,877 Class A Common Stock shares.

Sentiment

Score: 5

Explanation: The sale of shares by a director, while significant in volume, was conducted under a pre-arranged Rule 10b5-1 trading plan, which mitigates the perception of immediate negative sentiment or reaction to new information. Therefore, the sentiment is neutral.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a planned divestment rather than a reaction to recent events or non-public information.
• Transparency is provided through the SEC Form 4 filing regarding insider transactions, adhering to regulatory requirements.

Negatives

• Insider selling, even if pre-planned, can sometimes be perceived by the market as a lack of confidence, although this is mitigated by the 10b5-1 plan.
• A significant number of shares (54,065) were sold over a short period.

Risks

• No specific risks are mentioned in the filing other than the inherent market risk associated with stock transactions.

Future Outlook

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

Industry Context

This filing reports an individual insider transaction and does not provide information relevant to broader industry trends or competitor analysis.

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 its securities. This constitutes a related party transaction in the context of beneficial ownership.

Stakeholder Impact

• Shareholders may observe the director's sale of shares, which could lead to questions about insider confidence, although the 10b5-1 plan provides a pre-planned context.

Key Dates

Keywords

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