[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 executed under a Rule 10b5-1 trading plan. The filings show sales on 08/21/2025 (7,356 shares at a weighted average price of $10.77), 08/22/2025 (6,081 shares at $10.92 weighted average) and 08/25/2025 (7,668 shares at $10.87 weighted average). After these transactions the reported beneficial ownership held by Aldel LLC, for which Mr. Kauffman is manager, declined from 1,496,056 shares to 1,482,307 shares, a net reduction of 13,749 shares over the reported dates. The report notes the sales were made pursuant to a 10b5-1 plan adopted August 9, 2024, and that the securities are held of record by Aldel LLC with Mr. Kauffman disclosing voting and investment discretion while disclaiming beneficial ownership except for his pecuniary interest.

Positive

• Transactions executed under a Rule 10b5-1 trading plan, which provides an affirmative defense and indicates pre-planned dispositions.
• Substantial remaining stake: Aldel LLC still reports ownership of 1,482,307 Class A shares after the sales.

Negative

• Insider dispositions totaling 21,105 Class A shares across 08/21/2025–08/25/2025, reducing reported holdings by 13,749 shares from 1,496,056 to 1,482,307.
• Sales executed at prices between approximately $10.67 and $11.02 (weighted averages reported $10.77, $10.92 and $10.87), representing realized insider liquidity.

Insights

Corporate Governance Expert

TL;DR: Director executed pre-planned sales under a 10b5-1 plan, modestly reducing holdings while retaining substantial position.

The disclosures are consistent with routine, pre-authorized insider sales rather than opportunistic timing: a 10b5-1 plan adopted on August 9, 2024 is cited as the basis for the transactions. The director acts as manager of Aldel LLC, the record holder, and retains voting and investment discretion, which is material to control considerations. The reported net decline of 13,749 Class A shares reduces the recorded Aldel LLC position from 1,496,056 to 1,482,307 shares but leaves a substantial stake intact. This filing does not indicate derivative activity, grants, or other atypical compensation-related transfers; it focuses on ordinary-course dispositions executed in multiple trades at disclosed weighted average prices.

Securities Analyst

TL;DR: Sales total 21,105 shares across three dates at ~ $10.77–$10.92 weighted prices; impact on float minimal given large remaining stake.

The report documents three specific sell transactions: 7,356 shares (08/21/2025), 6,081 shares (08/22/2025) and 7,668 shares (08/25/2025) executed in multiple trades with reported weighted-average prices. The filings include ranges of execution prices and offer to provide trade-level details upon request. No purchases, options exercises, or derivative transactions are reported. For investors assessing insider activity, these are authorized plan sales rather than discretionary, contemporaneous insider trades.

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)
08/21/2025

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	08/21/2025		S(1)		7,356	D	$10.77(2)	1,496,056	I(3)	By Aldel LLC
Class A Common Stock	08/22/2025		S(1)		6,081	D	$10.92(4)	1,489,975	I(3)	By Aldel LLC
Class A Common Stock	08/25/2025		S(1)		7,668	D	$10.87(5)	1,482,307	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 $10.67 to $10.91. 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 $10.71 to $11.02. 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.

5. This transaction was executed in multiple trades at prices ranging from $10.79 to $11.01. 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	08/25/2025
	** 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 transactions did Hagerty (HGTY) director Robert Kauffman report on Form 4?

The Form 4 reports sales of Class A common stock on 08/21/2025 (7,356 shares), 08/22/2025 (6,081 shares), and 08/25/2025 (7,668 shares) executed under a 10b5-1 plan.

Were the sales by Robert Kauffman part of a pre-authorized plan?

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

How much did Aldel LLC’s reported holdings change after the transactions?

The reported beneficial ownership held by Aldel LLC decreased from 1,496,056 shares to 1,482,307 shares, a net reduction of 13,749 shares.

At what prices were the shares sold?

The filing reports weighted average prices for the transactions: $10.77 (08/21/2025), $10.92 (08/22/2025), and $10.87 (08/25/2025); execution price ranges are also disclosed in the footnotes.

Does Robert Kauffman claim beneficial ownership of the shares held by Aldel LLC?

The filing states Mr. Kauffman is manager of Aldel LLC with voting and investment discretion but disclaims beneficial ownership of the securities except to the extent of his pecuniary interest.