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

Hagerty Inc. director Robert I. Kauffman sold a total of 23,633 Class A common shares across three transactions, executed under a pre-arranged 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a director at Hagerty Inc., sold a total of 23,633 Class A common shares.
• The sales occurred across three separate transactions on December 6, 9, and 10, 2024.
• The shares were sold at weighted average prices of $11.27, $11.20, and $11.19 respectively.
• These transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on August 9, 2024.
• The shares were sold directly by Mr. Kauffman but are beneficially owned indirectly through Aldel LLC, where he is the manager.
• Following these transactions, Mr. Kauffman indirectly beneficially owns 4,524,092 Class A common shares through Aldel LLC.

Sentiment

Score: 5

Explanation: The document is neutral in sentiment as it reports a routine transaction under a pre-arranged trading plan. There is no indication of positive or negative sentiment from the company or the director.

Risks

• The sale of shares by a director could be perceived negatively by the market, potentially impacting the stock price.
• The transactions were executed under a pre-arranged trading plan, which suggests the sales were planned and not necessarily a reaction to current market conditions.

Industry Context

This is a standard SEC Form 4 filing, which is common for corporate insiders who trade company stock. The use of a 10b5-1 trading plan is a common 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 seen at other publicly traded companies such as Tesla and Apple.
• The reported transactions are typical for a director's stock sales and are consistent with the reporting requirements of the SEC, similar to filings from directors at companies like Ford and General Motors.

Stakeholder Impact

• The sale of shares by a director could cause some concern among shareholders, but the use of a 10b5-1 plan suggests the sales were pre-planned and not based on any new information.

Key Dates

Keywords

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