Form 4: Hagerty Inc. Director Robert Kauffman Sells Class A Common Stock

Robert Kauffman, a director at Hagerty, Inc., executed sales of Class A Common Stock on May 6 and May 7, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Robert Kauffman, a director of Hagerty, Inc., reported the sale of Class A Common Stock on May 6 and May 7, 2024.
• On May 6, 2024, 3,291 shares were sold at a weighted average price of $9.04, with prices ranging from $9.00 to $9.09.
• On May 7, 2024, 4,334 shares were sold at a weighted average price of $9.24, with prices ranging from $9.07 to $9.37.
• The sales were executed under a Rule 10b5-1 trading plan adopted on August 11, 2023.
• Following these transactions, Kauffman directly owns no shares but indirectly owns 3,411,342 shares through Aldel LLC, where he serves as manager and has voting and investment discretion.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing reporting insider trading activity. It doesn't inherently convey positive or negative sentiment, but the market's reaction to insider sales can vary.

Risks

• Sales by insiders, even under pre-arranged plans, can sometimes be perceived negatively by the market.

Industry Context

Insider transactions are routinely monitored and reported to the SEC to ensure transparency and prevent illegal trading practices. Rule 10b5-1 plans allow insiders to sell shares at predetermined times and prices 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 concerns about opportunistic trading.

Key Dates