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

Robert Kauffman, a director at Hagerty Inc., executed multiple sales of Class A Common Stock between June 20th and June 24th, 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 in multiple transactions.
• The sales occurred between June 20, 2024, and June 24, 2024.
• The transactions were executed under a Rule 10b5-1 trading plan adopted on August 11, 2023.
• On June 20, 2024, 29,240 shares were sold at a weighted average price of $10.27.
• On June 21, 2024, 31,176 shares were sold at a weighted average price of $10.40.
• On June 24, 2024, 13,726 shares were sold at a weighted average price of $10.57.
• Following these transactions, Mr. Kauffman directly owns no shares, but indirectly owns 3,162,400 shares through Aldel LLC.
• Mr. 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 arrangement. There's no indication of positive or negative sentiment towards the company's prospects.

Industry Context

Sales by insiders are a common occurrence and are often viewed in the context of pre-arranged trading plans to avoid accusations of trading on inside information. The market typically assesses the size and frequency of such sales to gauge potential impact.

Stakeholder Impact

• The share sales could exert downward pressure on the stock price in the short term.
• Shareholders may interpret the sales as a lack of confidence by the director, although the 10b5-1 plan mitigates this concern.

Key Dates