Form 4: Hagerty President Sells Shares After Unit Conversion

Hagerty, Inc. President, Kenneth Ahn, converted 50,000 LLC units into Class A Common Stock and subsequently sold them under a pre-arranged 10b5-1 trading plan.

Summary

• Kenneth Ahn, President of Hagerty Marketplace, reported a change in beneficial ownership of Hagerty, Inc. (HGTY) securities.
• On January 20, 2026, Quadrifoglio Holdings LLC, where Mr. Ahn is the sole member, converted 50,000 Released Units of The Hagerty Group, LLC into 50,000 shares of Hagerty's Class A Common Stock.
• Immediately following the conversion, Quadrifoglio Holdings LLC sold 50,000 shares of Class A Common Stock at a weighted average price of $12.55 per share.
• The sale was executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Ahn on September 15, 2025.
• After these transactions, Mr. Ahn directly beneficially owns 113,593 shares of Class A Common Stock and indirectly owns 825,213 Released Units of The Hagerty Group, LLC through Quadrifoglio Holdings LLC.

Sentiment

Score: 5

Explanation: The transaction is a pre-planned insider sale, which is generally neutral, but a reduction in executive ownership can sometimes be viewed with slight caution by the market. The 10b5-1 plan mitigates negative sentiment.

Positives

• The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, indicating transparency and adherence to insider trading compliance policies.

Negatives

• The sale of 50,000 shares by a key executive reduces their direct beneficial ownership in the company, which can sometimes be perceived negatively by the market.

Risks

• Potential for negative market perception or investor sentiment due to an executive selling shares, even if pre-planned.

Future Outlook

NA

Industry Context

NA

Corporate Governance

Related Party Transactions

• Kenneth Ahn, as the sole member of Quadrifoglio Holdings LLC, engaged in transactions involving the conversion of LLC units and subsequent sale of Class A Common Stock, making these related-party dealings.

Stakeholder Impact

• Shareholders may interpret the executive's sale of shares as a signal, potentially influencing market sentiment, though the pre-planned nature mitigates immediate concerns.

Key Dates

Recommendation

The transaction is a pre-planned sale by an executive under a Rule 10b5-1 plan, which reduces the speculative impact typically associated with insider selling. While it reduces the executive's direct beneficial ownership, it does not inherently signal a change in company fundamentals or future prospects. Therefore, a 'hold' recommendation is appropriate as this filing alone does not provide sufficient new information to warrant a change in investment thesis.

Keywords

Hagerty, HGTY, Kenneth Ahn, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, Executive Compensation, Beneficial Ownership