[Form 4] Hagerty, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Hagerty, Inc. director Robert I. Kauffman reported insider sales of Class A common stock on 09/22/2025. The filing shows a disposition of 34,447 shares at a weighted-average price of $12.38, and an additional reported disposition of 67,302 shares on the same date. The disclosure states the 34,447-share sale was executed under a Rule 10b5-1 trading plan adopted August 9, 2024. After these transactions the reporting person is shown as beneficially owning 1,186,942 shares indirectly through Aldel LLC, for which he is the manager with voting and investment discretion.

Positive

• Sale executed under a Rule 10b5-1 trading plan, indicating pre-arranged and compliant disposition
• Transparent disclosure of indirect beneficial ownership (1,186,942 shares) and manager role in Aldel LLC

Negative

• Insider disposals totaling at least 101,749 shares reported on 09/22/2025, which may dilute insider holdings
• Price disclosed only for part of the transaction (weighted average $12.38 for 34,447 shares); the 67,302-share line lacks an explicit price

Insights

Corporate Governance Expert

TL;DR: Director sales executed under a 10b5-1 plan; disclosure is routine and indicates managerial divestiture without additional context.

The Form 4 discloses planned and executed dispositions by a director, with explicit mention that the 34,447-share sale was effected pursuant to a Rule 10b5-1 trading plan adopted August 9, 2024. That procedural detail supports compliance with insider-trading safe-harbor practices. The report also clarifies indirect ownership through Aldel LLC and includes a manager/disclaimer note. Absent price information for the 67,302-share line or further company context, this is a transparent governance disclosure but not, by itself, a material governance event.

Securities Analyst

TL;DR: Insider sold a portion of holdings at a weighted average of $12.38; remaining indirect stake is 1,186,942 shares.

The filing reports a weighted-average execution price of $12.38 for the 34,447-share sale and an additional 67,302-share disposition on 09/22/2025. The reporting person affirms indirect beneficial ownership of 1,186,942 shares via Aldel LLC and disclaims direct beneficial ownership beyond pecuniary interest. From a market-impact perspective the form discloses size and price for part of the trade and confirms use of an established 10b5-1 plan, which typically reduces information asymmetry for investors. No derivative positions or exercisable options are reported.

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)
09/22/2025

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	09/22/2025		S(1)		34,447	D	$12.38(2)	1,186,942	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 $12.24 to $12.54. 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	09/24/2025
	** 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) director Robert I. Kauffman report on Form 4?

The Form 4 reports dispositions on 09/22/2025 of 34,447 shares at a weighted-average price of $12.38 and an additional disposition of 67,302 shares, with total indirect beneficial ownership of 1,186,942 shares held by Aldel LLC.

Was the sale by Robert I. Kauffman part of a trading plan?

Yes. The filing states the 34,447-share sale was effected pursuant to a Rule 10b5-1 trading plan adopted August 9, 2024.

How does Robert I. Kauffman hold his Hagerty shares?

The filing indicates the shares are indirectly held by Aldel LLC; Kauffman is the manager and has voting and investment discretion but disclaims beneficial ownership except for any pecuniary interest.

Does the Form 4 report any derivative securities or options?

No. Table II for derivative securities contains no reported transactions or holdings in this filing.

Who signed the Form 4 filing for Robert I. Kauffman?

The filing is signed by /s/ Tracey Derenzy, Power of Attorney on behalf of the reporting person, dated 09/24/2025.