[Form 4] Hagerty, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Robert I. Kauffman, a director of Hagerty, Inc. (HGTY), reported sales of Class A common stock in August 2025. The filing discloses dispositions of 1,455,000 shares on 08/11/2025 and 218,250 shares on 08/13/2025 sold pursuant to a registered secondary offering, including the exercise in full of the underwriters' option. The filing states the net proceeds per share were $8.9197, which reflects the $9.34 public offering price less underwriting discounts of $0.4203 per share.

The shares sold were held by Aldel LLC; Kauffman is identified as manager of Aldel LLC and disclaims beneficial ownership except to the extent of his pecuniary interest. The table also lists an additional disposition of 67,302 shares without a transaction date or price in the form.

Positive

• Transactions executed pursuant to a registered secondary offering, indicating the shares were sold through an organized, disclosed offering process
• Net per-share price disclosed ($8.9197), with the filing specifying the public offering price ($9.34) and underwriting discount ($0.4203)

Negative

• Large insider dispositions reported (1,455,000 and 218,250 shares), which materially reduce the reported indirect holdings held by Aldel LLC
• One line shows a disposition of 67,302 shares without a transaction date or price, an incomplete detail in the table

Insights

Financial Analyst

TL;DR: Director reported sales totaling 1,673,250 Class A shares via a registered secondary offering at a net price of $8.9197 per share.

The Form 4 shows two dated dispositions: 1,455,000 shares on 08/11/2025 and 218,250 shares on 08/13/2025, executed in connection with the issuer's registered secondary offering and the underwriters' exercised option. The filing quantifies the net price per share ($8.9197) and shows Aldel LLC's post-transaction holdings, with the reporting person acting as manager and disclaiming beneficial ownership except for pecuniary interest. These are clear compliance disclosures of material insider dispositions.

Corporate Governance Expert

TL;DR: Insider dispositions were disclosed and tied to an underwritten offering; indirect ownership and a partial unexplained line are noted.

The Form 4 properly reports the director's role as manager of Aldel LLC and the transfers executed through the registered offering, including the over-allotment exercise. The filing also contains an additional line showing a disposition of 67,302 shares without accompanying date or price details; that omission is factual and limits full traceability of that specific entry. Overall, the disclosure documents material insider sales and the relationship to 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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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)
08/11/2025

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	08/11/2025		S(1)		1,455,000	D	$8.9197(2)	1,721,662	I(3)	By Aldel LLC
Class A Common Stock	08/13/2025		S(4)		218,250	D	$8.9197(2)	1,503,412	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 shares covered herein were disposed of pursuant to a registered secondary offering (the "Offering") contemplated by the prospectus included in the Issuer's registration statement on Form S-3, as originally filed on Form S-1 (File No. 333-261810).

2. The price of $8.9197 represents the $9.34 secondary public offering price per share, less the underwriting discounts and commissions of $0.4203 per share, for shares sold in connection with the Offering.

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. The shares covered herein were disposed of in connection with the exercise in full of the option to purchase additional shares granted to the underwriters pursuant to the underwriting agreement for the Offering.

Remarks:

	/s/ Tracey Derenzy, Power of Attorney	08/13/2025
	** 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.
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FAQ

What insider transactions did Hagerty (HGTY) disclose on this Form 4?

The filing reports sales of Class A common stock of 1,455,000 shares on 08/11/2025 and 218,250 shares on 08/13/2025, plus an additional line showing 67,302 shares disposed (no date/price shown).

At what price were the HGTY shares sold by the reporting person?

The filing states a net price of $8.9197 per share, which is the $9.34 secondary public offering price less underwriting discounts of $0.4203 per share.

Why were the shares sold according to the Form 4?

The Form 4 explains the shares were disposed of pursuant to a registered secondary offering, and some sales were due to the underwriters' option being exercised in full.

Who is the reporting person and what is their relationship to Hagerty (HGTY)?

The reporting person is Robert I. Kauffman, identified as a director of Hagerty. He is the manager of Aldel LLC, which holds the reported shares.

What does the Form 4 say about Aldel LLC and beneficial ownership?

The filing states the shares are held by Aldel LLC; Kauffman is the manager with voting and investment discretion and disclaims beneficial ownership except to the extent of his pecuniary interest.