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

Hagerty Inc. director Robert I. Kauffman sold a total of 97,171 Class A Common Stock shares between November 22nd and November 26th, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a director at Hagerty Inc., sold shares of Class A Common Stock over several days.
• The sales were executed under a Rule 10b5-1 trading plan adopted on August 9, 2024.
• On November 22, 2024, 37,228 shares were sold at a weighted average price of $11.52.
• On November 25, 2024, 10,461 shares were sold at a weighted average price of $11.54.
• On November 26, 2024, 49,482 shares were sold at a weighted average price of $11.60.
• All shares were sold directly by the director, but the director's remaining shares are held indirectly through Aldel LLC.
• After these transactions, the director indirectly holds 4,660,586 shares through Aldel LLC.

Sentiment

Score: 5

Explanation: The document is a routine disclosure of insider trading activity under a pre-arranged plan, which is neither positive nor negative in itself. The sentiment is neutral.

Risks

• The sale of shares by a director could be perceived negatively by the market.
• The director's continued sales under the 10b5-1 plan could put downward pressure on the stock price.

Industry Context

This filing is a routine disclosure of insider trading activity, which is common for publicly traded companies. The use of a 10b5-1 plan is a standard practice to avoid accusations of insider trading.

Comparison to Industry Standards

• The use of a 10b5-1 trading plan is a common practice among corporate insiders to manage their stock sales and avoid accusations of insider trading, similar to practices at companies like Tesla and Apple.
• The reported sales are typical for directors managing their personal finances and are not unusual compared to other companies in the financial sector.

Stakeholder Impact

• The sale of shares by a director could cause some concern among shareholders, but the use of a 10b5-1 plan mitigates this risk.

Key Dates

Keywords

Hagerty Inc., Robert I. Kauffman, Class A Common Stock, 10b5-1 trading plan, insider trading, share sale, Aldel LLC