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

Director Robert Kauffman of Hagerty Inc. reports multiple sales of Class A Common Stock executed under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Robert Kauffman, a director at Hagerty Inc., filed a Form 4 disclosing several transactions involving Class A Common Stock.
• The transactions involved sales of stock executed between May 20, 2025, and May 22, 2025.
• These sales were conducted under a pre-arranged Rule 10b5-1 trading plan adopted on August 9, 2024.
• The sales were executed at weighted average prices ranging from $9.19 to $9.54 per share.
• Kauffman directly sold 8,964 shares, 3,164 shares, and 2,644 shares on May 20, 2025, May 21, 2025, and May 22, 2025, respectively.
• Following these transactions, Kauffman directly owns 67,302 shares of Class A Common Stock.
• Kauffman also indirectly owns 3,932,551 shares through Aldel LLC, where he serves as the manager with voting and investment discretion.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the transactions are part of a pre-planned trading strategy (Rule 10b5-1) and do not necessarily indicate a change in the director's confidence in the company.

Risks

• The sales by a director could be perceived negatively by investors, potentially impacting the stock price.
• The reliance on a 10b5-1 plan suggests a predetermined selling strategy, which may or may not align with the company's future performance.

Industry Context

Insider transactions are common and closely monitored, with Form 4 filings providing transparency into the buying and selling activities of company insiders. The use of a 10b5-1 plan is a legal and common practice to avoid accusations of trading on non-public information.

Stakeholder Impact

• Shareholders may react to the news of insider selling, although the existence of a 10b5-1 plan mitigates potential concerns.
• The impact on employees, customers, suppliers, and creditors is likely minimal unless the selling activity is perceived as a sign of deeper issues within the company.

Key Dates

Keywords

Form 4, Hagerty Inc., Robert Kauffman, insider trading, Rule 10b5-1, stock sales, Aldel LLC, director