Form 4: Hagerty Inc. Director Robert I. Kauffman Sells Shares Under 10b5-1 Plan

Director Robert I. Kauffman sold shares of Hagerty, Inc. (HGTY) between October 17 and October 21, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a director of Hagerty, Inc. (HGTY), reported the sale of Class A Common Stock between October 17 and October 21, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on August 11, 2023.
• On October 17, 2024, 3,617 shares were sold at a weighted average price of $10.64.
• On October 18, 2024, 2,538 shares were sold at a weighted average price of $10.71.
• On October 21, 2024, 3,083 shares were sold at a weighted average price of $10.47.
• Following these transactions, Robert I. Kauffman directly owns 53,474 shares and indirectly owns 5,071,388 shares through Aldel LLC.
• Kauffman disclaims beneficial ownership of the shares held by Aldel LLC except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: This is a neutral disclosure of insider trading activity. The sales are conducted under a pre-arranged plan, mitigating negative sentiment. However, any insider selling can be perceived negatively by some investors.

Industry Context

Insider sales are a common occurrence and are often viewed in the context of pre-planned trading programs like Rule 10b5-1 plans, which allow insiders to sell shares over time without being accused of trading on material non-public information. The market typically analyzes the size and frequency of such sales to gauge potential impact.

Stakeholder Impact

• Shareholders may react to the insider selling activity, although the existence of a 10b5-1 plan may mitigate concerns.
• The impact on employees, customers, suppliers, and creditors is likely to be minimal.

Key Dates