Form 4: Hagerty Inc. Director Robert Kauffman Sells Shares Under 10b5-1 Plan
SEC Form 4
Director Robert Kauffman sold Hagerty, Inc. shares on August 2nd, 5th and 6th, 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 multiple transactions.
- The sales occurred on August 2, 2024, August 5, 2024, and August 6, 2024.
- On August 2, 2024, 3,515 shares were sold at a weighted average price of $10.8.
- On August 5, 2024, 12,152 shares were sold at a weighted average price of $10.37.
- On August 6, 2024, 6,924 shares were sold at a weighted average price of $10.76.
- These sales were executed under a Rule 10b5-1 trading plan adopted on August 11, 2023.
- Following these transactions, Kauffman directly owns 53,474 shares and indirectly owns 5,372,417 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: The sentiment is neutral as the filing simply reports stock sales under a pre-existing trading plan. There is no indication of positive or negative implications for the company.
Industry Context
This filing is a routine disclosure of insider trading activity. It is common for corporate insiders to use 10b5-1 plans to sell shares over time to avoid accusations of trading on inside information.
Stakeholder Impact
- The stock sales could exert downward pressure on the stock price, potentially impacting shareholders.
Key Dates
| Date | Description |
|---|---|
| 2023/08/11 | Date of adoption of Rule 10b5-1 trading plan |
| 2024/08/02 | Date of first reported transaction: sale of 3,515 shares |
| 2024/08/05 | Date of second reported transaction: sale of 12,152 shares |
| 2024/08/06 | Date of third reported transaction: sale of 6,924 shares |
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