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

Robert I. Kauffman, a director at Hagerty Inc., sold a total of 12,186 Class A common stock shares in two transactions under a pre-arranged 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a director of Hagerty Inc., executed two sales of Class A common stock.
• The first sale on November 15, 2024, involved 3,191 shares at a weighted average price of $11.18.
• The second sale on November 18, 2024, involved 8,995 shares at a weighted average price of $11.16.
• These transactions were conducted under a pre-arranged Rule 10b5-1 trading plan adopted on August 11, 2023.
• Following these sales, Kauffman indirectly owns 4,899,716 shares through Aldel LLC, where he is the manager.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction under a pre-arranged trading plan, with no indication of positive or negative sentiment. It's a neutral event.

Risks

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

Industry Context

Insider trading activity is a common occurrence in public companies, and these transactions are often pre-planned to avoid accusations of trading on non-public information. The use of a 10b5-1 plan is a standard practice for executives and directors to manage their personal finances while complying with securities laws.

Comparison to Industry Standards

• The use of a 10b5-1 trading plan is a common practice among corporate insiders at publicly traded companies like Hagerty, Inc. to manage their stock sales.
• Similar filings are regularly seen from directors and officers at companies such as Progressive Corporation (PGR) and Allstate Corporation (ALL), which are also in the insurance sector, when they execute pre-planned stock sales.
• The reported prices of $11.18 and $11.16 per share are within the typical trading range for Hagerty's stock, and the volume of shares sold is not unusually large for a director's transactions.

Stakeholder Impact

• The sales may have a minor impact on the stock price, but the pre-planned nature of the transactions should mitigate any significant negative reaction from shareholders.

Key Dates

Keywords

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