Form 4: Hagerty Inc. Director Robert I. Kauffman Executes Stock Sales Under 10b5-1 Plan

Director Robert I. Kauffman of Hagerty Inc. sold a total of 9,589 Class A Common Stock shares over three days, as part of a pre-arranged 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a director at Hagerty Inc., sold shares of Class A Common Stock over three consecutive days.
• The sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on August 9, 2024.
• On January 15, 2025, 3,883 shares were sold at a weighted average price of $9.64.
• On January 16, 2025, 3,299 shares were sold at a weighted average price of $9.73.
• On January 17, 2025, 2,407 shares were sold at a weighted average price of $9.69.
• Following these transactions, Mr. Kauffman directly owns 53,474 shares and indirectly owns 4,375,960 shares through Aldel LLC.
• The sales were executed in multiple trades at varying prices within a range, with the reported price being the weighted average.

Sentiment

Score: 5

Explanation: The document is a routine disclosure of stock sales by a director under a pre-arranged plan. It doesn't indicate any positive or negative sentiment about the company's performance or future prospects.

Risks

• The sales by a director could be perceived negatively by the market, potentially impacting the stock price.
• The reliance on a 10b5-1 plan suggests a pre-determined strategy for selling shares, which may not reflect current market conditions or the director's outlook on the company's future.

Industry Context

This filing is a routine disclosure of insider trading activity, which is common for publicly traded companies. The use of a 10b5-1 plan is a standard practice to avoid accusations of insider trading.

Comparison to Industry Standards

• The use of a 10b5-1 trading plan is a common practice among corporate insiders to manage their stock sales while avoiding potential insider trading accusations, similar to practices seen at companies like Tesla and Apple.
• The reported transactions are consistent with typical Form 4 filings, which are required by the SEC for any changes in beneficial ownership by company insiders, similar to filings made by directors at companies like Amazon and Microsoft.
• The weighted average price reporting is standard practice for trades executed at multiple prices, which is also seen in filings from companies like Google and Facebook.

Stakeholder Impact

• The stock sales by a director could potentially cause a slight decrease in investor confidence, although the use of a 10b5-1 plan mitigates this risk.
• The transactions do not directly impact employees, customers, or suppliers.

Key Dates

Keywords

Hagerty Inc., Robert I. Kauffman, insider trading, Form 4, 10b5-1 plan, stock sale, Class A Common Stock, Aldel LLC, director