[Form 4] Hagerty, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 highlights: Hagerty, Inc. (HGTY) director Robert I. Kauffman disclosed three open-market sales executed through Aldel LLC under a pre-arranged Rule 10b5-1 plan.

• Dates & volumes: 17 Jul 2025 – 17,762 shares; 18 Jul – 36,174 shares; 21 Jul – 16,897 shares; total 70,833 shares.
• Prices: weighted-average sale prices reported were $10.04, $10.12 and $10.12, based on intraday ranges of $9.99–$10.19.
• Post-sale stake: 3,388,252 Class A shares held indirectly via Aldel LLC plus 67,302 shares held directly, leaving Kauffman with roughly 3.46 million shares; the sale represents about 2% of his reported holdings.

No derivative transactions were reported and no changes were made to option or warrant positions. The filing signals modest, planned diversification by an insider rather than a strategic shift in ownership.

Positive

• Compliance with Rule 10b5-1: sales executed under a pre-arranged trading plan, reducing concerns about opportunistic insider selling.
• Director retains a large stake: post-transaction ownership exceeds 3.4 million shares, signaling continued alignment with shareholders.

Negative

• Insider selling activity: any sale by a director can be perceived as a modest bearish signal, even if small and planned.

Insights

Securities Analyst

TL;DR Small 10b5-1 insider sale (~70k shares) is routine, leaves >3.4 m shares; limited market impact.

Context: The disclosure covers sales worth roughly US$0.7 m at around $10/share. Kauffman remains a major holder, retaining >3 % of Hagerty’s ~97 m Class A shares outstanding.
Implications: • Size is immaterial relative to daily volume and his personal stake, suggesting liquidity management rather than bearish outlook.
• Use of a 10b5-1 plan limits information-content because trades were scheduled in advance.
• No derivative activity or new grants were recorded, indicating no change in equity-based incentives.
Overall: Neutral for valuation; investors typically discount such modest, pre-planned insider sales.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

KAUFFMAN ROBERT I

(Last) (First) (Middle)

105 S. MAPLE STREET

(Street)

ITASCA IL 60143

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Hagerty, Inc. [ HGTY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/17/2025		S(1)		17,762	D	$10.04(2)	3,441,323	I(3)	By Aldel LLC
Class A Common Stock	07/18/2025		S(1)		36,174	D	$10.12(4)	3,405,149	I(3)	By Aldel LLC
Class A Common Stock	07/21/2025		S(1)		16,897	D	$10.12(5)	3,388,252	I(3)	By Aldel LLC
Class A Common Stock								67,302	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reported sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 9, 2024.

2. This transaction was executed in multiple trades at prices ranging from $9.99 to $10.09. The price reported above reflects the weighted average purchase price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

3. Held by Aldel LLC. The Reporting Person is the manager of Aldel LLC and has voting and investment discretion with respect to the securities held of record by Aldel LLC. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

4. This transaction was executed in multiple trades at prices ranging from $10.04 to $10.17. The price reported above reflects the weighted average purchase price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

5. This transaction was executed in multiple trades at prices ranging from $10.02 to $10.19. The price reported above reflects the weighted average purchase price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

Remarks:

	/s/ Tracey Derenzy, Power of Attorney	07/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Hagerty (HGTY) shares did Director Robert Kauffman sell?

He sold 70,833 Class A shares across three transactions on 17-21 July 2025.

What prices were the HGTY shares sold at?

Weighted-average prices reported were $10.04, $10.12, and $10.12, with intraday ranges between $9.99 and $10.19.

Does Kauffman still hold Hagerty stock after the sale?

Yes. He still owns 3,388,252 shares indirectly via Aldel LLC and 67,302 shares directly.

Was the insider sale part of a planned trading program?

Yes, the filing states the transactions were executed under a Rule 10b5-1 plan adopted 9 Aug 2024.

Were any derivative securities exercised or disposed of?

No derivative transactions were reported in this Form 4.