Form 4: Hagerty Executive Sells Shares via Pre-Arranged 10b5-1 Plan

Hagerty President Kenneth Ahn converted LLC units to Class A Common Stock and subsequently sold 100,000 shares at a weighted average price of $12.80, as per a pre-arranged 10b5-1 trading plan.

Summary

• Kenneth Ahn, President of Hagerty Marketplace, reported changes in his beneficial ownership of Hagerty, Inc. (HGTY) securities.
• On December 15, 2025, Ahn, through Quadrifoglio Holdings LLC, converted 100,000 Common Units of The Hagerty Group, LLC into 100,000 shares of Hagerty's Class A Common Stock.
• Immediately following the conversion, 100,000 shares of Class A Common Stock were sold at a weighted average price of $12.80 per share.
• The sale was executed pursuant to a Rule 10b5-1 trading plan adopted by Ahn on September 15, 2025.
• After these transactions, Quadrifoglio Holdings LLC beneficially owns 1,126,563 Released Units of The Hagerty Group, LLC, which are convertible into Class A Common Stock.
• Ahn directly owns 113,593 shares of Class A Common Stock and disclaims beneficial ownership of the reported securities held by Quadrifoglio Holdings LLC except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While an insider sale could be seen as negative, its execution under a pre-arranged 10b5-1 plan mitigates any strong negative signal, as it's typically for personal financial planning rather than a reaction to new company-specific information.

Negatives

• An insider sale, even if pre-planned, can sometimes be perceived negatively by the market, though the impact is mitigated by the 10b5-1 plan.

Future Outlook

No specific forward-looking statements or guidance are provided in this insider transaction report beyond the details of the pre-arranged 10b5-1 trading plan.

Industry Context

This filing reflects a routine insider transaction for liquidity or portfolio diversification purposes, common among executives, especially when executed under a Rule 10b5-1 plan. It does not inherently provide insights into broader industry trends or competitive positioning.

Corporate Governance

Related Party Transactions

• The conversion of 100,000 Common Units of The Hagerty Group, LLC into Class A Common Stock was executed by Quadrifoglio Holdings LLC, of which Kenneth Ahn is the sole member. This represents a transaction between entities controlled by the reporting person and the issuer.

Stakeholder Impact

• Shareholders: The sale of shares by a key executive, even if pre-planned, might lead to minor concerns about insider sentiment, but the 10b5-1 plan generally reduces this impact.
• Employees: No direct impact on employees is indicated by this filing.

Next Steps

• Quadrifoglio Holdings LLC continues to hold 1,126,563 Released Units of The Hagerty Group, LLC, which are subject to future conversion into Class A Common Stock.

Key Dates

Recommendation

This Form 4 reports a pre-scheduled insider sale under a Rule 10b5-1 plan. Such transactions are typically for personal financial management and do not usually signal a change in the company's fundamental outlook or warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate, as the filing itself does not provide new information to alter an existing investment thesis.

Keywords

Hagerty, HGTY, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, Kenneth Ahn, Equity Transaction, Beneficial Ownership