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

Hagerty Director Robert I. Kauffman sold a total of 39,226 Class A Common Stock shares in late October 2025 through a pre-arranged 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 pursuant to a Rule 10b5-1 trading plan adopted on August 9, 2024.
• On October 22, 2025, 9,495 shares were sold at a weighted average price of $11.18 per share.
• On October 23, 2025, 15,000 shares were sold at a weighted average price of $11.12 per share.
• On October 24, 2025, 14,731 shares were sold at a weighted average price of $11.16 per share.
• All transactions were indirect sales by Aldel LLC, where Mr. Kauffman serves as manager and holds voting and investment discretion.
• Following these transactions, Aldel LLC beneficially owns 913,367 shares of Class A Common Stock.
• Mr. Kauffman disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While a director selling shares can sometimes be viewed negatively, the pre-arranged nature of the sales under a 10b5-1 plan mitigates concerns about opportunistic timing. The remaining beneficial ownership is substantial.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a structured approach to equity disposition rather than opportunistic selling based on non-public information.

Negatives

• A director's sale of shares, even if pre-planned, reduces their direct equity exposure to the company, which some investors might interpret as a slight reduction in conviction, though often for personal financial planning.

Future Outlook

No specific future outlook or guidance is provided in this insider transaction report.

Industry Context

This filing reports an individual insider transaction and does not provide broader industry context or trends. Such transactions are common for executives and directors for personal financial planning.

Related Party Transactions

• The reported sales were executed by Aldel LLC, an entity where Robert I. Kauffman is the manager and holds voting and investment discretion. Mr. Kauffman disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders may observe a reduction in a director's indirect equity stake, which could be a minor factor in their assessment of management's alignment, though the pre-planned nature of the sales under a 10b5-1 plan generally reduces negative implications.

Key Dates

Recommendation

The reported transactions are routine insider sales executed under a pre-arranged 10b5-1 trading plan. Such sales are typically for personal financial management and do not usually signal a change in the company's fundamental outlook or warrant a shift in investment recommendation. The volume of shares sold is not exceptionally large relative to the director's remaining holdings or the company's market capitalization.

Keywords

Hagerty, HGTY, Form 4, Insider Transaction, Stock Sale, Director, 10b5-1 Plan, Aldel LLC, Equity Disposition