[Form 4] Hagerty, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Robert I. Kauffman, a director of Hagerty, Inc. (HGTY), reported multiple sales of Class A common stock under a Rule 10b5-1 trading plan. The filings show sales on 08/29/2025 (62,500 shares at a weighted average price of $11.23), 09/02/2025 (22,295 shares at $11.19 weighted average) and 09/03/2025 (41,699 shares at $11.31 weighted average). Following the 08/29 sale the filing reports 1,352,523 shares beneficially owned by Aldel LLC; subsequent sales reduce that indirect holding to 1,330,228 and then to 1,288,529 shares respectively. The reporting person is the manager of Aldel LLC and disclaims beneficial ownership except for his pecuniary interest. The form was signed by a power of attorney on 09/03/2025.

Positive

• Transactions executed under a Rule 10b5-1 plan, indicating pre-established trading instructions
• Detailed price ranges and weighted-average prices disclosed in the explanatory section
• Ownership clarity provided: shares held of record by Aldel LLC with manager disclosure

Negative

• Insider sales totaling 67,302 Class A shares reported across 08/29/2025, 09/02/2025 and 09/03/2025
• Indirect beneficial ownership decreased from 1,352,523 to 1,288,529 shares following reported sales

Insights

Securities Analyst

TL;DR: Director executed pre-established 10b5-1 sales totaling 67,302 Class A shares across three dates; holdings remain substantial.

The reported transactions were executed under a Rule 10b5-1 trading plan adopted August 9, 2024, indicating pre-planned dispositions rather than opportunistic trading. The filing discloses weighted-average sale prices for each trade series and shows that the shares are held of record by Aldel LLC, managed by the reporting person. For investors, this documents insider liquidity actions while clarifying the shares are held indirectly and the reporting person disclaims beneficial ownership beyond pecuniary interest.

Corporate Governance Expert

TL;DR: Sales were made pursuant to an established 10b5-1 plan, and the filer confirms managerial control of the holding entity.

The disclosure appropriately notes the existence of a 10b5-1 plan and provides weighted-average execution price ranges in the explanations. It also clarifies ownership form as indirect through Aldel LLC and includes the standard disclaimer of beneficial ownership beyond pecuniary interest. The filing appears consistent with Section 16 reporting requirements and includes a power-of-attorney signature.

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)
08/29/2025

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	08/29/2025		S(1)		62,500	D	$11.23(2)	1,352,523	I(3)	By Aldel LLC
Class A Common Stock	09/02/2025		S(1)		22,295	D	$11.19(4)	1,330,228	I(3)	By Aldel LLC
Class A Common Stock	09/03/2025		S(1)		41,699	D	$11.31(5)	1,288,529	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 $11.07 to $11.43. 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 $11.10 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 $11.11 to $11.48. 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	09/03/2025
	** 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 HGTY insider Robert I. Kauffman report on Form 4?

He reported sales of Class A common stock executed under a Rule 10b5-1 plan on 08/29/2025, 09/02/2025 and 09/03/2025 totaling 67,302 shares.

Were the sales executed under a trading plan?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted August 9, 2024.

How many HGTY shares did Aldel LLC hold after the reported transactions?

The filing shows indirect beneficial ownership by Aldel LLC of 1,352,523 shares after the 08/29 sale, then 1,330,228, and finally 1,288,529 after subsequent sales.

What prices were the shares sold at?

The filing reports weighted-average prices and ranges: 08/29 sales averaged $11.23 (range $11.07–$11.43), 09/02 averaged $11.19 (range $11.10–$11.25), and 09/03 averaged $11.31 (range $11.11–$11.48).

Does the reporting person claim direct beneficial ownership?

No. The reporting person is the manager of Aldel LLC and disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest.