Form 4: Hagerty President Sells $660K in Stock

Hagerty, Inc. President of Hagerty Marketplace, Kenneth Ahn, executed planned sales of Class A Common Stock totaling approximately $660,000 through conversions of LLC Units.

Summary

• Kenneth Ahn, President of Hagerty Marketplace, reported transactions involving Hagerty, Inc. Class A Common Stock.
• On January 9, 2026, 1,350 Hagerty Group, LLC Units were converted into 1,350 shares of Class A Common Stock, which were then sold at a weighted average price of $13.25 per share.
• On January 12, 2026, an additional 50,000 Hagerty Group, LLC Units were converted into 50,000 shares of Class A Common Stock, subsequently sold at a weighted average price of $12.86 per share.
• These sales were executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Ahn on September 15, 2025.
• The total estimated proceeds from these sales amount to approximately $660,887.50.
• Following these transactions, Mr. Ahn directly owns 113,593 shares of Class A Common Stock and indirectly owns 875,213 Hagerty Group, LLC Units through Quadrifoglio Holdings LLC.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While insider selling can sometimes be viewed negatively, these transactions were pre-planned under a Rule 10b5-1 plan, which mitigates concerns about opportunistic selling based on non-public information. It represents a routine liquidity event for an executive.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating they were not based on new, non-public information.
• The conversion mechanism from LLC Units to Class A Common Stock is a standard process for insiders holding such units, providing liquidity.

Negatives

• Insider selling, even if planned, can sometimes be perceived negatively by the market as it reduces the insider's direct equity stake.

Risks

• Market price fluctuations could impact the value realized from future planned sales of remaining units.
• The value of the remaining 875,213 Hagerty Group, LLC Units held indirectly by Quadrifoglio Holdings LLC is subject to the performance of Hagerty, Inc. Class A Common Stock.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• The conversion of Hagerty Group, LLC Units into Class A Common Stock is a transaction between the reporting person's indirect entity (Quadrifoglio Holdings LLC) and the Issuer, as per the Contribution and Exchange Agreement and Exchange Agreement dated August 9, 2022.

Stakeholder Impact

• Shareholders may note the reduction in direct equity holdings by a key executive, though the pre-planned nature of the sales under Rule 10b5-1 mitigates potential negative interpretations.
• The transactions do not directly impact employees, customers, suppliers, or creditors.

Key Dates

Recommendation

The Form 4 filing details routine, pre-planned insider sales by an executive. These transactions, executed under a Rule 10b5-1 plan, do not provide new fundamental information about the company's performance or future prospects. Therefore, the filing alone does not warrant a change in investment recommendation, and a 'hold' stance is maintained, pending further fundamental analysis.

Keywords

Hagerty, HGTY, Insider Trading, Form 4, Kenneth Ahn, Stock Sale, Rule 10b5-1, Beneficial Ownership, Class A Common Stock, LLC Units