Form 4: Hagerty Director Sells Shares Under Pre-Arranged Trading Plan

Robert I. Kauffman, a director of Hagerty, Inc., sold 19,000 shares of Class A Common Stock over three days in June 2025, pursuant to a Rule 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a director of Hagerty, Inc. (HGTY), executed sales of Class A Common Stock.
• A total of 19,000 shares were sold across three separate transactions between June 16, 2025, and June 18, 2025.
• The sales were conducted under a Rule 10b5-1 trading plan, which was adopted by Mr. Kauffman on August 9, 2024.
• On June 16, 2025, 4,010 shares were sold at a weighted average price of $9.54 per share, with trades ranging from $9.43 to $9.64.
• On June 17, 2025, 4,610 shares were sold at a weighted average price of $9.55 per share, with trades ranging from $9.47 to $9.67.
• On June 18, 2025, 10,380 shares were sold at a weighted average price of $9.66 per share, with trades ranging from $9.53 to $9.75.
• Following these transactions, Mr. Kauffman's indirect beneficial ownership through Aldel LLC decreased to 3,789,071 shares.
• Additionally, Mr. Kauffman holds 67,302 shares directly, bringing his total beneficial ownership to 3,856,373 shares after these reported transactions.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While an insider sale reduces alignment, the fact that it was executed under a pre-arranged Rule 10b5-1 plan mitigates concerns that it's based on new, negative information. It's a routine personal financial planning event.

Positives

• The sales were executed under a pre-arranged Rule 10b5-1 trading plan, indicating a planned divestment rather than a reaction to new, negative company-specific information.

Negatives

• Insider sales, even if pre-planned, can sometimes be perceived negatively by the market as they reduce the insider's direct financial alignment with the company's future stock performance.

Risks

• Potential for negative market perception if investors misinterpret the pre-planned nature of the sale as a lack of confidence in the company's future prospects.

Future Outlook

NA

Industry Context

This Form 4 filing details an insider stock sale by a director of Hagerty, Inc., a company operating in the automotive enthusiast and classic car insurance market. Such transactions are common for executives and directors for personal financial planning, especially when executed under a Rule 10b5-1 plan, and do not inherently reflect specific industry trends.

Comparison to Industry Standards

• NA

Related Party Transactions

• The sales were conducted 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 as the director is selling shares through an entity he controls.

Stakeholder Impact

• Shareholders: The sale by a director, even if pre-planned, might lead to minor concerns about insider confidence, but the impact is likely limited given the Rule 10b5-1 plan. It represents a slight reduction in the director's direct financial stake in the company's stock performance.

Next Steps

• NA

Key Dates

Recommendation

Keywords

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