Ahn Kenneth 4

What Happened
Kenneth Ahn, President of Hagerty Marketplace, converted 50,000 released restricted units into Class A common stock and immediately sold those 50,000 shares in the open market on January 20, 2026. The sale generated approximately $627,500 at a weighted-average price of $12.55 per share. The conversion is reported as a derivative conversion (acquisition at $0.00) and the subsequent sale as an open-market disposal.

Key Details

• Transaction date: January 20, 2026 (reported on Form 4 filed Jan 22, 2026).
• Conversion: 50,000 Released Units converted into 50,000 Class A shares (reported at $0.00).
• Sale: 50,000 shares sold for total proceeds of $627,500; weighted-average price $12.55; executions ranged $12.38–$12.67 across multiple trades.
• Sale executed pursuant to a Rule 10b5-1 trading plan adopted Sept 15, 2025.
• After the conversion, Quadrifoglio Holdings LLC (of which the reporting person is the sole member) owns 825,213 Released Units.
• Reporting person disclaims beneficial ownership except to the extent of his pecuniary interest.
• Filing appears timely (transaction Jan 20; Form 4 filed Jan 22).

Context
The converted securities were "Released Units" from a prior Contribution and Exchange Agreement that vest/release in annual installments; converting such units into shares is a mechanical step to obtain tradable stock. The sale was pre-arranged under a 10b5-1 plan, which typically schedules trades in advance and is not a direct realtime signal of the insider’s current view.