[Form 4] Hagerty, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider sale disclosure: This Form 4 shows Robert I. Kauffman, a director of Hagerty, Inc. (HGTY), sold a total of 96,792 shares of Class A common stock under a pre-established Rule 10b5-1 trading plan. The filings report sales on 10/07/2025 and 10/08/2025 in multiple trades at prices ranging roughly from $11.71 to $12.13, with weighted-average prices reported as $11.90 and $12.00 for the respective trade dates.

Kauffman reports indirect ownership through Aldel LLC, for which he is manager and disclaims beneficial ownership except to the extent of his pecuniary interest. After the reported transactions, the filing shows Aldel LLC beneficially owned 1,079,049 Class A shares following the 10/08/2025 sale. The sales were executed pursuant to a 10b5-1 plan adopted 08/09/2024.

Positive

• Sales conducted under a Rule 10b5-1 plan, which typically documents pre-arranged transactions
• Reporting provides weighted-average price ranges and offers to supply detailed trade-level data on request

Negative

• Director sold 96,792 shares, a sizable block that reduces insider-held Class A shares
• Significant indirect ownership remaining through Aldel LLC (1,079,049 shares) may complicate governance signaling

Insights

Corporate Governance Analyst

TL;DR: A director sold shares under a pre-set trading plan, keeping indirect control via Aldel LLC.

The director, Robert I. Kauffman, executed planned sales totaling 96,792 Class A shares across 10/07/2025 and 10/08/2025, with weighted-average prices near $12.00. Because the trades were made under a Rule 10b5-1 plan adopted on 08/09/2024, they are structured to provide an affirmative defense to insider trading claims when correctly implemented.

The reporting person remains manager of Aldel LLC and retains voting and investment discretion for the shares held by that entity; the filing disclaims beneficial ownership except for pecuniary interest. Watch for future Form 4s that change the indirect ownership level or disclose additional plan modifications within the next reporting cycle.

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)
10/07/2025

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	10/07/2025		S(1)		6,861	D	$11.9(2)	1,101,678	I(3)	By Aldel LLC
Class A Common Stock	10/08/2025		S(1)		22,629	D	$12(4)	1,079,049	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 $11.84 to $12.02. 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 $11.71 to $12.13. 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	10/09/2025
	** 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 director Robert Kauffman report on Form 4 (HGTY)?

He reported sales totaling 96,792 Class A shares on 10/07/2025 and 10/08/2025 under a Rule 10b5-1 plan.

Were the share sales pre-planned under a trading plan?

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

What prices were the shares sold at in the Form 4?

Trades executed in multiple transactions with prices ranging approximately $11.71 to $12.13, with reported weighted-average prices around $11.90 and $12.00.

How much Class A stock does Aldel LLC hold after the reported transactions?

The filing shows Aldel LLC beneficially owned 1,079,049 Class A shares following the 10/08/2025 sale.

Does Robert Kauffman claim direct beneficial ownership of the sold shares?

No. The filing states the shares are held by Aldel LLC, for which he is the manager and disclaims beneficial ownership except for his pecuniary interest.