[Form 4] Hagerty, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Robert I. Kauffman, a director of Hagerty, Inc. (HGTY) and manager of Aldel LLC, reported multiple dispositions of Class A common stock under a Rule 10b5-1 plan. On 09/15/2025 he sold 11,433 shares at a weighted-average price of $12.79. On 09/16/2025 he sold 17,622 shares at a weighted-average price of $12.46. The filing also records an additional disposition of 67,302 shares (disposition line present without accompanying date or price details in the table). After the reported transactions, the filing shows 1,221,389 and 1,239,011 shares beneficially owned by Aldel LLC in the related lines, and the reporting person disclaims beneficial ownership except for his pecuniary interest. The sales were made pursuant to a 10b5-1 trading plan adopted on August 9, 2024, and the filer offers to provide trade-level execution details on request.

Positive

• Sales executed under a Rule 10b5-1 plan, which provides an affirmative defense under Rule 10b5-1(c)
• Weighted-average prices disclosed for the 09/15/2025 and 09/16/2025 transactions, and offer to provide trade-level details on request, supporting transparency

Negative

• Insider dispositions reported (11,433 and 17,622 shares, plus an additional 67,302-share disposition line), which reduce insider-held shares
• One disposition (67,302 shares) appears without an accompanying date or price in the visible table rows, representing incomplete table detail in the filing

Insights

Securities Analyst

TL;DR: Director sold modest blocks of shares under an established 10b5-1 plan; disclosure is routine and likely not materially market-moving.

The transactions show systematic dispositions executed under a pre-established Rule 10b5-1 plan, which typically reduces concern about opportunistic timing by insiders. Reported weighted-average prices are provided and the filer offers to supply trade-level detail on request, supporting transparency. The remaining holdings are recorded as held by Aldel LLC with the reporting person as manager, indicating continued significant indirect exposure to the issuer's equity.

Corporate Governance Expert

TL;DR: Insider sales disclosed and routed through an affiliated LLC; governance disclosure meets Form 4 standards but one line lacks full detail.

The filing properly identifies the reporting person, relationship to the issuer, and that sales were pursuant to a 10b5-1 plan. However, one reported disposition of 67,302 shares appears in the table without an associated date or price in the visible rows, which is a disclosure gap. The reporting person disclaims beneficial ownership except for pecuniary interest, consistent with holdings managed through Aldel LLC.

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)
09/15/2025

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	09/15/2025		S(1)		11,433	D	$12.79(2)	1,239,011	I(3)	By Aldel LLC
Class A Common Stock	09/16/2025		S(1)		17,622	D	$12.46(4)	1,221,389	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 $12.64 to $12.91. 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 $12.36 to $12.66. 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	09/17/2025
	** 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 Kauffman sell?

The Form 4 shows Kauffman sold 11,433 shares on 09/15/2025 at a weighted-average price of $12.79 and 17,622 shares on 09/16/2025 at a weighted-average price of $12.46. The filing also lists a disposition of 67,302 shares (no date/price shown in the table).

Were the sales part of a trading plan?

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

How many shares does Aldel LLC hold after these transactions?

The Form 4 shows beneficial ownership lines indicating 1,239,011 and 1,221,389 shares held by Aldel LLC in the reported lines following the transactions.

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

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

Is there any missing information in the Form 4?

Yes. One line records a disposition of 67,302 shares but the table does not show an associated transaction date or price