[Form 4] Hagerty, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Hagerty, Inc. (HGTY) insider reported planned sales of Class A common stock under a Rule 10b5-1 plan. Robert I. Kauffman, a director and manager of Aldel LLC, reported three dispositions on 08/26/2025–08/28/2025 totaling 67,302 shares sold at weighted-average prices of $10.76, $11.08 and $11.21 across the trades. After these transactions, Aldel LLC’s indirect beneficial ownership decreased from 1,472,463 shares to 1,415,023. The filer states the sales were executed pursuant to a 10b5-1 trading plan adopted 08/09/2024 and disclaims beneficial ownership except for pecuniary interest.

Positive

• Sales executed under a Rule 10b5-1 plan, indicating pre-planned transactions and compliance procedures
• Detailed weighted-average pricing ranges disclosed and offer to provide trade-level details on request

Negative

• Director disposed of 67,302 Class A shares, reducing indirect holdings from 1,472,463 to 1,415,023 shares
• Beneficial ownership is indirect via Aldel LLC, with the reporting person disclaiming beneficial ownership except for pecuniary interest

Insights

Corporate Governance Expert

TL;DR: Director sold a modest portion of indirect holdings under a pre-established 10b5-1 plan; disclosure aligns with compliance norms.

The filing shows routine, pre-planned disposals rather than opportunistic trading. Use of a Rule 10b5-1 plan adopted on 08/09/2024 provides an affirmative defense to insider trading claims, and the reporting includes weighted-average prices and a commitment to provide trade-level details upon request. The director reports indirect ownership via Aldel LLC and disclaims beneficial ownership beyond pecuniary interest, which is a common governance structure for senior insiders.

Securities Analyst

TL;DR: The sales are material to insider holdings but not large enough to signal a change in control or major shift in alignment.

Total shares sold (67,302) reduced indirect holdings by about 57,440 shares net versus earliest reported balance, leaving Aldel LLC with 1,415,023 shares. The disclosed price ranges ($10.62–$11.40) are provided as weighted averages; the filing commits to share detailed execution data on request, supporting transparency for investors and regulators.

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)
08/26/2025

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	08/26/2025		S(1)		9,844	D	$10.76(2)	1,472,463	I(3)	By Aldel LLC
Class A Common Stock	08/27/2025		S(1)		28,704	D	$11.08(4)	1,443,759	I(3)	By Aldel LLC
Class A Common Stock	08/28/2025		S(1)		28,736	D	$11.21(5)	1,415,023	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 $10.62 to $10.89. 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 $10.96 to $11.25. 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 $11.08 to $11.40. 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	08/28/2025
	** 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 the Form 4 for HGTY filed by Robert I. Kauffman report?

The filing reports three dispositions of Class A common stock on 08/26/2025–08/28/2025 totaling 67,302 shares sold under a Rule 10b5-1 plan.

Were the sales by Kauffman pre-planned under a 10b5-1 plan?

Yes. The reporting person states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on 08/09/2024.

What prices were disclosed for the HGTY share sales?

The filing reports weighted-average prices of $10.76, $11.08, and $11.21, with execution ranges between $10.62 and $11.40 across trades.

How did the transactions change Kauffman’s ownership in HGTY?

Indirect beneficial ownership held by Aldel LLC decreased from 1,472,463 shares to 1,415,023 shares after the reported sales.

Does the reporting person claim direct beneficial ownership of the sold shares?

The filer states the shares are held by Aldel LLC; Kauffman is the manager with voting and investment discretion and disclaims beneficial ownership except for pecuniary interest.