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

Robert I. Kauffman, a director at Hagerty Inc., executed multiple sales of Class A Common Stock between August 22 and August 26, 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 in a series of transactions.
• The sales occurred between August 22 and August 26, 2024.
• These transactions were executed under a Rule 10b5-1 trading plan adopted on August 11, 2023.
• On August 22, 2024, 7,000 shares were sold at a weighted average price of $11.28.
• On August 23, 2024, 7,560 shares were sold at a weighted average price of $11.73.
• On August 26, 2024, 6,318 shares were sold at a weighted average price of $11.85.
• Following these transactions, Kauffman directly owns 53,474 shares and indirectly owns 5,267,317 shares through Aldel LLC.
• Kauffman is the manager of Aldel LLC and has voting and investment discretion over the securities held by Aldel LLC, but disclaims beneficial ownership except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the transactions were part of a pre-planned trading plan and do not necessarily reflect a change in the director's view of the company's prospects.

Industry Context

Insider selling is a common occurrence, and the use of a 10b5-1 plan suggests the sales were pre-planned and not based on current inside information. Investors often monitor insider transactions for signals about a company's prospects, but sales under a 10b5-1 plan are generally viewed as less informative.

Stakeholder Impact

• The stock sales could create short-term selling pressure on Hagerty's stock.
• Shareholders may interpret the sales as a lack of confidence from a company insider, although the 10b5-1 plan mitigates this concern.

Key Dates