[Form 4] Hagerty, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Robert I. Kauffman, a director of Hagerty, Inc. (HGTY), reported sales of Class A common stock on 09/08/2025. The Form 4 shows a sale of 38,085 shares executed pursuant to a Rule 10b5-1 trading plan adopted August 9, 2024, at a weighted average price of $12.01 (trade prices ranged $11.91–$12.09). The filing also lists a separate disposition of 67,302 Class A shares on the same date. After the reported transactions, 1,250,444 shares are beneficially owned indirectly by Aldel LLC, for which Kauffman is manager and has voting and investment discretion, though he disclaims beneficial ownership except for his pecuniary interest.

Positive

• Transaction executed under a Rule 10b5-1 plan, adopted August 9, 2024, providing affirmative defense protections
• Detailed price disclosure for the 38,085-share sale (weighted average $12.01 and trade range $11.91–$12.09) enhances transparency
• Substantial indirect holdings remain (1,250,444 shares held by Aldel LLC), indicating continued economic interest

Negative

• Insider dispositions reported (38,085 shares and a separate 67,302-share disposition) indicate insider selling activity
• Second disposal lacks an explicit price in the filing, limiting full transparency about execution economics for that tranche

Insights

Corporate Governance Expert

TL;DR: Director sold shares under a 10b5-1 plan while retaining significant indirect holdings via Aldel LLC.

Kauffman's use of a pre-established Rule 10b5-1 trading plan provides procedural compliance and an affirmative defense against insider trading claims for the reported 38,085-share sale at a weighted average price of $12.01. The additional reported disposition of 67,302 shares the same day increases the magnitude of insider selling; however, the filing confirms substantial indirect ownership (1,250,444 shares) held by Aldel LLC, where Kauffman is manager. Disclosure is complete with price range and plan adoption date, which aids transparency for investors evaluating insider liquidity versus ongoing affiliation.

Securities Analyst

TL;DR: Insider sales occurred but significant indirect position remains; sales executed under a documented plan.

The transactions reported do not indicate purchases or derivative activity, only dispositions of Class A common stock on 09/08/2025. The weighted average price for the 38,085-share sale is provided and trade-level prices were disclosed as a range, which supports verifiable execution details. Retained indirect ownership via Aldel LLC suggests continued economic exposure to Hagerty, though the filing also includes the standard disclaimer of beneficial ownership except for pecuniary interest. Overall impact appears neutral: material for tracking insider behavior but not evidence of loss of control or change in governance.

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).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
09/08/2025

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	09/08/2025		S(1)		38,085	D	$12.01(2)	1,250,444	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 $11.91 to $12.09. 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.

Remarks:

	/s/ Tracey Derenzy, Power of Attorney	09/08/2025
	** 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

What did Hagerty (HGTY) insider Robert I. Kauffman sell on 09/08/2025?

He reported dispositions of 38,085 Class A shares (weighted average price $12.01) and a separate disposition of 67,302 Class A shares on 09/08/2025.

Were the sales by HGTY director Robert Kauffman part of a trading plan?

Yes. The 38,085-share sale was effected pursuant to a Rule 10b5-1 trading plan adopted on August 9, 2024.

How many Hagerty (HGTY) shares does Kauffman indirectly own after the transactions?

The Form 4 reports 1,250,444 shares beneficially owned indirectly by Aldel LLC, of which Kauffman is the manager.

Did the filing disclose trade prices for the reported sales?

Yes for the 38,085-share sale: a weighted average price of $12.01 and a price range of $11.91–$12.09; the filing notes the 67,302-share disposition without a specific price in the line item.

What is Kauffman’s relationship to Aldel LLC as reported?

Kauffman is the manager of Aldel LLC and has voting and investment discretion over the securities held of record by Aldel LLC.