# EDGAR Filing Document

**Accession Number:** 0001899295
**File Stem:** 0001104659-25-076147
**Filing Date:** 2025-8
**Character Count:** 46250
**Document Hash:** 16d4e5525ecacacf7438165554c012ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-076147.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001104659-25-076147

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hagerty, Inc.
- **CENTRAL INDEX KEY:** 0001840776
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92476
- **FILM NUMBER:** 251201882

**BUSINESS ADDRESS:**
- **STREET 1:** 121 DRIVERS EDGE
- **CITY:** TRAVERSE CITY
- **STATE:** MI
- **ZIP:** 49684
- **BUSINESS PHONE:** 800-922-4050

**MAIL ADDRESS:**
- **STREET 1:** 121 DRIVERS EDGE
- **CITY:** TRAVERSE CITY
- **STATE:** MI
- **ZIP:** 49684

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aldel Financial Inc.
- **DATE OF NAME CHANGE:** 20210115
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hagerty Holding Corp.
- **CENTRAL INDEX KEY:** 0001899295

**ORGANIZATION NAME:**
- **EIN:** 271354369
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 121 DRIVERS EDGE
- **CITY:** TRAVERSE CITY
- **STATE:** MI
- **ZIP:** 49684
- **BUSINESS PHONE:** 800-922-4050

**MAIL ADDRESS:**
- **STREET 1:** 121 DRIVERS EDGE
- **CITY:** TRAVERSE CITY
- **STATE:** MI
- **ZIP:** 49684

## Exhibit 99.5

**Exhibit 99.5**

***Execution Version***

LOCK-UP AGREEMENT

August 4, 2025

Keefe, Bruyette & Woods, Inc.

J.P. Morgan Securities LLC

<br> As Representatives of the several Underwriters listed in Schedule 1 to the Underwriting Agreement referred to below

c/o Keefe, Bruyette & Woods, Inc.

787 Seventh Avenue, 4th Floor

New York, NY 10019

c/o J.P. Morgan Securities LLC<br> 383 Madison Avenue<br> New York, NY 10179

Re: Hagerty, Inc. --- Public Offering

Ladies and Gentlemen:

The undersigned understands that you, as Representatives of the several Underwriters (the "Representatives"), propose to enter into an underwriting agreement (the "Underwriting Agreement") with Hagerty, Inc., a Delaware corporation (the "Company"), The Hagerty Group, LLC, a Delaware limited liability company ("OpCo"), and the selling stockholders listed on Schedule 2 to the Underwriting Agreement (the "Selling Stockholders"), providing for the public offering (the "Public Offering") by the several Underwriters named in Schedule 1 to the Underwriting Agreement (the "Underwriters"), of shares (the "Shares") of the Company's Class A common stock, par value $0.0001 per share ("Class A Common Stock"). Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Underwriting Agreement.

In consideration of the Underwriters' agreement to purchase and make the Public Offering of the Shares, and for other good and valuable consideration receipt of which is hereby acknowledged, the undersigned hereby agrees that, without the prior written consent of the Representatives on behalf of the Underwriters, the undersigned will not, and will not cause any direct or indirect controlled affiliate to, during the period beginning on the date of this letter agreement (this "Letter Agreement") and ending at the close of business 90 days after the date of the final prospectus supplement (the "Public Offering Date") relating to the Public Offering (the "Prospectus") (such period, the "Restricted Period"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Class A Common Stock or Class V common stock, par value $0.0001 per share (together with the Class A Common Stock, the "Capital Stock") or any securities convertible into or exercisable or exchangeable for Capital Stock (including, without limitation, Capital Stock or such other securities which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the Securities and Exchange Commission and securities which may be issued upon exercise of a stock option or warrant) (collectively with the Capital Stock, the "Lock-Up Securities"), (2) enter into any hedging, swap or other agreement or transaction that transfers, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise, (3) make any demand for, or exercise any right with respect to, the registration of any Lock-Up Securities, or (4) publicly disclose the intention to do any of the foregoing; <u>provided</u> that the undersigned's obligation to not cause any of its affiliates to take any of the foregoing actions shall not apply to the Company, whose corresponding obligations are set forth in Section 5(h) of the Underwriting Agreement. The undersigned acknowledges and agrees that the foregoing precludes the undersigned from engaging in any hedging or other transactions or arrangements (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition or transfer (whether by the undersigned or any other person) of any economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Lock-Up Securities, in cash or otherwise.

The foregoing will not apply to the registration of the offer and sale of the Shares, the sale of the Shares to the Underwriters or the redemption and exchange of paired interests consisting of units of OpCo and a corresponding number of shares of Class V Common Stock for shares of Class A Common Stock, or the making of any filing or disclosure pursuant to Section 13 or Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in each case, in connection with the Public Offering.

Additionally, notwithstanding the foregoing, the undersigned may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer the undersigned's Lock-Up Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as a bona fide gift or gifts, or for bona fide estate planning purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by will or intestacy,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the immediate family of the undersigned, or to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, or if the undersigned is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust (for purposes of this Letter Agreement, "immediate family" shall mean any relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to a corporation, partnership, limited liability company or other entity of which the undersigned and the immediate family of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar interests,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iv) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with the undersigned or affiliates of the undersigned (including, for the avoidance of doubt, where the undersigned is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (B) as part of a distribution to members or shareholders of the undersigned,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement, or pursuant to a final order of a court or regulatory agency,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the Company from an employee of the Company upon death, disability or termination of employment, in each case, of such employee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) as part of a sale of the undersigned's Lock-Up Securities acquired in open market transactions after the closing date for the Public Offering,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the Company in connection with the vesting, settlement or exercise of restricted stock units, options, warrants or other rights to purchase shares of Common Stock (including, in each case, by way of "net" or "cashless" exercise), including for the payment of exercise price and tax and remittance payments due as a result of the vesting, settlement or exercise of such restricted stock units, options, warrants or rights; <u>provided</u> that any such shares of Common Stock received upon such exercise, vesting or settlement shall be subject to the terms of this Letter Agreement, and <u>provided further</u> that any such restricted stock units, options, warrants or rights are held by the undersigned pursuant to an agreement or equity awards granted under a stock incentive plan or other equity award plan, each such agreement or plan which is described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company's capital stock involving a Change of Control (as defined below) of the Company (for purposes hereof, "Change of Control" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting securities of the Company (or the surviving entity)); <u>provided</u> that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the undersigned's Lock-Up Securities shall remain subject to the provisions of this Letter Agreement;

<u>provided</u> that (A) in the case of any transfer or distribution pursuant to clause (a)(i), (ii), (iii), (iv), (v), (vi) and (vii), such transfer shall not involve a disposition for value and each donee, devisee, transferee or distributee shall execute and deliver to the Representatives a lock-up letter in the form of this Letter Agreement, (B) in the case of any transfer or distribution pursuant to clause (a)(i), (ii), (iii), (iv), (v), (vi) and (ix), no filing by any party (donor, donee, devisee, transferor, transferee, distributer or distributee) under Section 16(a) of theExchange Act, or other public announcement reporting a reduction in beneficial ownership of any Lock-Up Securities shall be required or shall be made voluntarily in connection with such transfer or distribution (other than a filing on a Form 5 made after the expiration of the Restricted Period referred to above) and (C) in the case of any transfer or distribution pursuant to clauses (a)(vii), (viii) and (x) it shall be a condition to such transfer that no public filing, report or announcement shall be voluntarily made and if any filing under Section 16(a) of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of shares of Class A Common Stock in connection with such transfer or distribution shall be legally required during the Restricted Period, such filing, report or announcement shall clearly indicate in the footnotes thereto the nature and conditions of such transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise outstanding options, settle restricted stock units or other equity awards or exercise warrants pursuant to plans described in the Registration Statement, the Pricing Disclosure Package and the Prospectus; <u>provided</u> that any Lock-Up Securities received upon such exercise, vesting or settlement shall be subject to the terms of this Letter Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert or exchange outstanding Class V common stock, preferred stock, warrants or other securities ultimately convertible into or exchangeable for shares of Class A Common Stock; <u>provided</u> that any such shares of Class A Common Stock or warrants received upon such conversion shall be subject to the terms of this Letter Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) establish trading plans or arrangements pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Lock-Up Securities; <u>provided</u> that (1) such plans do not provide for the transfer of Lock-Up Securities during the Restricted Period and (2) no filing by any party under the Exchange Act or other public announcement shall be made voluntarily in connection with such trading plan during the Restricted Period, and if any filing or public announcement shall be legally required during the Restricted Period, such filing or announcement shall clearly indicate therein that none of the securities subject to such plan or arrangement may be transferred, sold or otherwise disposed of pursuant to such plan or arrangement until after the expiration of the Restricted Period.

In furtherance of the foregoing, the Company, and any duly appointed transfer agent for the registration or transfer of the securities described herein, are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of this Letter Agreement.

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Letter Agreement. All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned.

The undersigned acknowledges and agrees that the Underwriters have not provided any recommendation or investment advice nor have the Underwriters solicited any action from the undersigned with respect to the Public Offering of the Shares and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The undersigned further acknowledges and agrees that, although the Representatives may be required or choose to provide certain Regulation Best Interest and Form CRS disclosures to you in connection with the Public Offering, the Representatives and the other Underwriters are not making a recommendation to you to participate in the Public Offering, enter into this Letter Agreement or sell any Shares at the price determined in the Public Offering, and nothing set forth in such disclosures is intended to suggest that the Representatives or any Underwriter is making such a recommendation.

The undersigned understands that, if the Underwriting Agreement does not become effective by August 15, 2025, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Class A Common Stock to be sold thereunder, or if the Company notifies the Representatives that it does not intend to proceed with the Public Offering or the Representatives notify the Company and the Selling Stockholders that the Underwriters do not intend to proceed with the Public Offering, this Letter Agreement shall automatically terminate and be of no further force or effect. The undersigned understands that the Underwriters are entering into the Underwriting Agreement and proceeding with the Public Offering in reliance upon this Letter Agreement.

This Letter Agreement and any claim, controversy or dispute arising under or related to this Letter Agreement shall be governed by and construed in accordance with the laws of the State of New York.

Signatures transmitted by facsimile, electronic mail (including any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

Very truly yours,

---

| | |
|:---|:---|
| **IF AN ENTITY:** | **IF AN ENTITY:** |
| HAGERTY HOLDING CORP. | HAGERTY HOLDING CORP. |
| *(please print complete name of entity)* | *(please print complete name of entity)* |
| By: | /s/ Jessica Sullivan |
|  | *(duly authorized signature)* |
| Name: | Jessica Sullivan |
|  | *(please print full name)* |
| Title: | Secretary |
|  | *(please print full title)* |

---

[*Signature Page to Lock-Up Agreement*]

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Hagerty, Inc.**

*(Name of Issuer)*

**Class A common stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**405166109**

*(CUSIP Number)*

**Robert Fleetwood**<br>200 W Madison St, Suite 3900<br>Chicago IL 60606<br>(312) 984-3100

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**08/07/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **405166109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**HAGERTY HOLDING CORP.** | Name of reporting person<br>**HAGERTY HOLDING CORP.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**167788906.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**167788906.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**167788906.00** | Aggregate amount beneficially owned by each reporting person<br>**167788906.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**62.9%** | Percent of class represented by amount in Row (11)<br>**62.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) Reflects 167,788,906 shares of Class V Common Stock (as defined herein) and an equal number of OpCo Units (as defined herein) that the reporting person is entitled to surrender in exchange for an equal number of shares of Class A Common Stock (as defined herein) or, at the option of the issuer, cash. For purposes of Rule 13d-3(d) under the Act, the reporting person may not have the right to acquire the shares of Class A Common Stock underlying the Class V Common Stock and OpCo Units, and the reporting person does not concede that it is the beneficial owner of any shares of Class A Common Stock; however, such shares of Class A Common Stock have been included in the reporting person's reported beneficial ownership throughout this Schedule 13D to show the result if the issuer were to elect to settle an exchange of the reporting person's Class V Common Stock and OpCo Units by delivering shares of Class A Common Stock. The reporting person is owned by members of the Hagerty family and related trusts, including McKeel Hagerty, the issuer's Chief Executive Officer, Tammy Hagerty, the sister of McKeel Hagerty, and the Kim Hagerty Revocable Trust, a living trust created by their deceased sister, Kim Hagerty. The stockholders of the reporting person have the power to direct the disposition and voting of the shares of Class V Common Stock held by the reporting person. McKeel Hagerty, Tammy Hagerty and Mia Hagerty, as the Voting Trustee for the Kim Hagerty Revocable Trust, have voting power on matters submitted to the stockholders of the reporting person, and except in limited circumstances, decisions will be made by the holders of a majority of the voting power. In addition, during each annual period commencing on the third anniversary of the BC Closing (as defined herein), any of McKeel Hagerty, Tammy Hagerty or the Kim Hagerty Revocable Trust may require the reporting person to exchange Class V Common Stock and OpCo Units for Class A Common Stock in an amount up to 2% of the shares of Class A Common Stock then outstanding on a fully-diluted basis, and to use the net proceeds of such exchange to redeem a corresponding portion of shares of the reporting person; provided that, in no event shall the reporting person be required to exchange such interests if, prior to the 15th anniversary of the BC Closing, as a result of the exchange, the reporting person would cease to hold at least 55% of the voting power of the issuer.  Also, in the event that either of McKeel Hagerty or Tammy Hagerty dies, the deceased stockholder's estate may cause the reporting person to surrender Class V Common Stock and OpCo Units in an amount necessary to cover the estate obligations of the deceased stockholder's estate after taking into account certain other resources available to the estate, including the amount of any life insurance proceeds received by the estate.

(2) Percentage based on the sum of (i) 90,715,648 shares of Class A Common Stock reported by the issuer to be outstanding as of June 30, 2025, (ii) 8,245,000 shares of Class A Common Stock issued by the issuer on August 11, 2025, and (iii) 167,788,906 shares of Class A Common Stock that could be issued to the reporting person if the issuer were to elect to settle an exchange of the reporting person's Class V Common Stock and OpCo Units by delivering shares of Class A Common Stock. Based on the aggregate number of shares of Class A Common Stock and Class V Common Stock reported by the issuer to be outstanding, and the voting power assigned to each class, the reporting person controls approximately 66.2% of the voting power of the issuer.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A common stock, par value $0.0001 per share

**(b) Name of Issuer:**
Hagerty, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
121 DRIVERS EDGE, TRAVERSE CITY, MI, 49684

**Item 4. Purpose of Transaction**

The responses to Item 3 and Item 6 of this Schedule 13D are incorporated by reference herein.

HHC acquired the shares of Class V common stock, par value $0.0001 per share ("Class V Common Stock"), of the Company for investment purposes. HHC expects to review from time to time its investment in the Company and, depending on its applicable legal, regulatory and contractual obligations (including as described in Item 6 herein), the Company's financial position, business prospects and investment strategy, and prevailing market, economic and industry conditions, HHC may in the future take such actions with respect to its investment in the Company as it deems appropriate, including, among other things: (i) purchasing shares of Class A common stock, par value $0.0001 per share ("Class A Common Stock"), of the Company, and other securities of the Company in the open market, in privately negotiated transactions or otherwise; (ii) surrendering shares of Class V Common Stock and limited liability company interests ("OpCo Units") of The Hagerty Group, LLC ("OpCo") in exchange for shares of Class A Common Stock or, at the option of the Company, cash, including, without limitation, as described in the following paragraph; or (iii) changing its intention with respect to any and all matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D.

During each annual period commencing on the third anniversary of the closing (the "BC Closing") of the Company's initial business combination (the "Business Combination") pursuant to the Business Combination Agreement, dated as of August 17, 2021, with Aldel Financial Inc. and Aldel Merger Sub LLC, any of McKeel Hagerty, Tammy Hagerty or the KH Trust may require HHC to exchange Class V Common Stock and OpCo Units for Class A Common Stock in an amount up to 2% of the shares of Class A Common Stock then outstanding on a fully-diluted basis, and to use the net proceeds of such exchange to redeem a corresponding portion of shares of HHC; provided that, in no event shall HHC be required to exchange such interests if, prior to the 15th anniversary of the BC Closing, as a result of the exchange, HHC would cease to hold at least 55% of the voting power of the Company.  Also, in the event that either of McKeel Hagerty or Tammy Hagerty dies, the deceased stockholder's estate may cause HHC to surrender Class V Common Stock and OpCo Units in an amount necessary to cover the estate obligations of the deceased stockholder's estate after taking into account certain other resources available to the estate, including the amount of any life insurance proceeds received by the estate.

Underwriting Agreement.  On August 7, 2025, the Company, OpCo, HHC and Aldel LLC ("Aldel") entered in an underwriting agreement (the "Underwriting Agreement") with Keefe, Bruyette & Woods, Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters listed in Schedule 1 thereto (collectively, the "Underwriters"), pursuant to which (i) HHC sold 8,245,000 shares of Class A Common Stock, and agreed to sell up to an additional 1,236,750 shares of Class A Common Stock pursuant to a 30-day option to purchase such shares granted to the Underwriters, and (ii) Aldel sold 1,455,000 shares of Class A Common Stock and agreed to sell up to an additional 218,250 shares of Class A Common Stock pursuant to a 30-day option to purchase such shares granted to the Underwriters, in each case at a public offering price of $9.34 per share (the "Offering").

The Offering was made pursuant to the Company's effective registration statement, previously filed with the Securities and Exchange Commission.

The Underwriting Agreement contains customary representations, warranties and agreements of the parties, conditions to closing, and indemnification obligations of the parties.

The foregoing is a summary description of the Underwriting Agreement and is qualified in its entirety by the text of the Underwriting Agreement attached as Exhibit 1.1 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 11, 2025, and incorporated herein by reference.

Lock-Up Agreement.  In connection with the Offering, HHC also entered into a customary lock-up agreement with the representatives of the Underwriters pursuant to which HHC has agreed that, for a period of 90 days after August 7, 2025, it will not, without the prior written consent of the representatives on behalf of the Underwriters, (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any shares of the Company's capital stock or any securities convertible into or exercisable or exchangeable for the Company's capital stock (2) enter into any hedging, swap or other agreement or transaction that transfers, in whole or in part, any of the economic consequences of ownership of the such securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of such securities, in cash or otherwise, (3) make any demand for, or exercise any right with respect to, the registration of any such securities, or (4) publicly disclose the intention to do any of the foregoing.

The restrictions described in the immediately preceding paragraph do not apply to: (a) transfers of securities: (i) as bona fide gifts, or for bona fide estate planning purposes, (ii) by will or intestacy, (iii) to any trust for the direct or indirect benefit of HHC or any immediate family member, (iv) to a corporation, partnership, limited liability company or other entity of which HHC and its immediate family members are the legal and beneficial owner of all of the outstanding equity securities or similar interests, (v) by operation of law, (vi) to the Company from an employee upon death, disability or termination of employment of such employee, (vii) as part of a sale of such securities acquired in open market transactions after the completion of the Offering, among other transactions, or (viii) to the Company in connection with the vesting, settlement or exercise of restricted stock units, options, warrants or other rights to purchase shares of Class A Common Stock, in each case provided that the party acquiring the securities agrees to the same restrictions and subject to certain notice requirements and publicity limitations; (b) the exercise of outstanding options, settlement of restricted stock units or other equity awards, or the exercise of warrants described in this prospectus, provided that the securities received upon such exercise or settlement would be subject to these restrictions; (c) the conversion or exchange of outstanding Class V Common Stock, preferred stock, warrants or other securities ultimately convertible into or exchangeable for shares of Class A Common Stock, provided that any Class A Common Stock received upon such conversion or exchange would be subject to these restrictions; (d) the establishment by HHC of trading plans under Rule 10b5-1 under the Act, provided that such plan does not provide for the transfer of securities during the 90-day restricted period; and (e) the sale of Class A Common Stock pursuant to the terms of the Underwriting Agreement.

Except as set forth above, HHC currently has no plans or proposals that relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D. HHC may, at any time and from time to time, review or reconsider its position and/or change its purpose and/or formulate plans or proposals with respect thereto.

**Item 5. Interest in Securities of the Issuer**

**(a)**
HCC owns 167,788,906 shares of Class V Common Stock and an equal number of OpCo Units, which HCC is entitled to surrender in exchange for an equal number of shares of Class A Common Stock or, at the option of the Company, cash. For purposes of Rule 13d-3(d) under the Act, HCC may not have the right to acquire the shares of Class A Common Stock underlying the Class V Common Stock and OpCo Units, and HCC does not concede that it is the beneficial owner of any shares of Class A Common Stock; however, HCC may be considered the beneficial owner of 167,788,906 shares of Class A Common Stock, which could be issued to HCC if the Company were to elect to settle an exchange of HHC's Class V Common Stock and OpCo Units by delivering shares of Class A Common Stock.  Such 167,788,906 shares of Class A Common Stock represent approximately 62.9% of the shares of Class A Common Stock, based on the sum of (i) 90,715,648 shares of Class A Common Stock reported by the Company to be outstanding as of June 30, 2025, (ii) 8,245,000 shares of Class A Common Stock issued by the Company on August 11, 2025, and (iii) such 167,788,906 shares of Class A Common Stock that could be issued to HHC.

Each share of Class V Common Stock has no incidents of economic ownership and has ten (10) votes per share until the earlier of (i) December 2, 2036, and (ii) transfer to a non-qualified transferee, after which it has one (1) vote per share.  Based on the aggregate number of shares of Class A Common Stock and Class V Common Stock reported by the Company to be outstanding, and the voting power assigned to each class, HHC controls approximately 66.2% of the voting power of the Company.

Pursuant to Rule 13d-4 under the Act, HHC expressly disclaims beneficial ownership of any other shares of Class A Common Stock or other securities of the Company, including those held by the other parties to the Investor Rights Agreement (as defined in Item 6 herein), and nothing herein shall be deemed an admission by HHC as to the beneficial ownership of any shares of Class A Common Stock or other securities.

**(b)**
HHC has sole voting and dispositive power with respect to the 167,788,906 shares of Class V Common Stock and the 167,788,906 OpCo Units owned by it. HHC is owned by members of the Hagerty family and related trusts, including McKeel Hagerty, the Company's Chief Executive Officer, Tammy Hagerty, the sister of McKeel Hagerty, and the KH Trust, a living trust created by their deceased sister, Kim Hagerty. The stockholders of HHC have the power to direct the disposition and voting of the shares of Class V Common Stock held by HHC. McKeel Hagerty, Tammy Hagerty and Mia Hagerty, as the Voting Trustee for the KH Trust, have voting power on matters submitted to the stockholders of HHC, and except in limited circumstances, decisions will be made by the holders of a majority of the voting power. In addition, during each annual period commencing on the third anniversary of the BC Closing, any of McKeel Hagerty, Tammy Hagerty or the KH Trust may require the reporting person to exchange Class V Common Stock and OpCo Units for Class A Common Stock in an amount up to 2% of the shares of Class A Common Stock then outstanding on a fully-diluted basis, and to use the net proceeds of such exchange to redeem a corresponding portion of shares of the reporting person; provided that, in no event shall the reporting person be required to exchange such interests if, prior to the 15th anniversary of the BC Closing, as a result of the exchange, the reporting person would cease to hold at least 55% of the voting power of the issuer. Also, in the event that either of McKeel Hagerty or Tammy Hagerty dies, the deceased stockholder's estate may cause the reporting person to surrender Class V Common Stock and OpCo Units in an amount necessary to cover the estate obligations of the deceased stockholder's estate after taking into account certain other resources available to the estate, including the amount of any life insurance proceeds received by the estate.

**(c)**
The response to Item 3 of this Schedule 13D is incorporated by reference herein. Except as described herein, including the sale by HCC of 8,245,000 shares of Class A Common Stock to the Underwriters on August 11, 2025 at a price of $8.9197 per share, none of HHC, nor to the best of its knowledge, any of McKeel Hagerty, Tammy Hagerty, the KH Trust or Jessica Sullivan has acquired or disposed of any shares of Class A Common Stock during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The responses to Item 3 and Item 4 of this Schedule 13D are incorporated by reference herein.

Investor Rights Agreement.  In connection with the Business Combination, the Company, HHC, Markel Corporation ("Markel") and State Farm Mutual Automobile Insurance Company ("State Farm") entered into an Investor Rights Agreement, dated August 17, 2021 and effective at the closing of the Business Combination (the "Investor Rights Agreement"). Pursuant to the Investor Rights Agreement, among other things: (a) HHC will have the right to nominate (1) two directors for election by the stockholders of the Company for so long as HHC and its permitted transferees hold at least 50% of the common stock of the Company that it owned as of the BC Closing and (2) one director for election by the stockholders of the Company for so long as HHC and its permitted transferees hold at least 25% of the common stock of the Company that it owned as of the closing of the Business Combination; (b) Markel will have the right to nominate one director for election by the stockholders of the Company for so long as Markel and its permitted transferees hold at least 50% of the common stock of the Company that it owned as of the closing of the Business Combination; (c) State Farm will have the right to nominate one director for election by the stockholders of the Company for so long as State Farm and its permitted transferees hold at least 50% of the common stock of the Company that it owned as of the closing of the Business Combination; (d) HHC, Markel and State Farm will each have preemptive rights to purchase its pro rata share of certain new issuances of equity by the Company, subject to customary exclusions, for so long as each is entitled to nominate a director to be elected to the Company board of directors; and (e) HHC, Markel and State Farm each agreed to vote its shares of common stock in the Company in support of the director nominees submitted pursuant to the Investor Rights Agreement and against certain other actions that are contrary to the rights in the Investor Rights Agreement.

By virtue of the voting agreement under the Investor Rights Agreement, each of HHC, Markel and State Farm may be deemed to be a member of a "group" for purposes of Section 13(d) of the Exchange Act. However, neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission that HHC is a member of any such group. Each of Markel and State Farm has separately made a Schedule 13D filing reporting the shares of Class A Common Stock and/or other securities of the Company it may be deemed to beneficially own. Pursuant to Rule 13d-4 under the Act, HHC expressly disclaims beneficial ownership of any shares of Class A Common Stock or other securities of the Company held by Markel and State Farm that are subject to the voting agreement under the Investor Rights Agreement, and nothing herein shall be deemed an admission by HHC as to the beneficial ownership of such shares of Class A Common Stock or other securities.

The foregoing description of the Investor Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the Investor Rights Agreement, which is filed as an exhibit to this Schedule 13D and is incorporated by reference herein.

Amended and Restated Registration Rights Agreement.  In connection with the Business Combination Agreement, the Company, Aldel Investors LLC, FG SPAC Partners LP, ThinkEquity, HHC, Markel, State Farm and certain other parties (the "Holders" as defined therein) entered into an Amended and Restated Registration Rights Agreement, dated as of August 17, 2021 (the "Amended and Restated Registration Rights Agreement"), pursuant to which, effective as of the consummation of the Business Combination, the Company agreed to file a shelf registration statement registering the resale of the Company's equity held by the Holders, and granted to the Holders certain registration rights, including customary piggyback registration rights and demand registration rights, which are subject to customary terms and conditions, including with respect to cooperation and reduction of underwritten shelf takedown provisions, subject to certain lock-up restrictions referenced therein.

The foregoing description of the Amended and Restated Registration Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Registration Rights Agreement, which is filed as an exhibit to this Schedule 13D and is incorporated by reference herein.

Amended and Restated Exchange Agreement.  HHC is party to the Amended and Restated Exchange Agreement, dated as of December 2, 2021 and amended and restated as of March 23, 2022 (the "Amended and Restated Exchange Agreement"), among the Company, OpCo, HHC, Markel and each of HHC's and Markel's Qualified Transferees (as defined therein), pursuant to which, among other things, each of Markel and HHC will have the right from time to time, on the terms and conditions contained in the Amended and Restated Exchange Agreement, to surrender paired interests of Class A Common Stock and OpCo Units for, at the Company's option, newly issued shares of Class A Common Stock or cash (each, a "Redemption"). Additionally, in the event of a Redemption request, the Company may, at its option, effect a direct exchange of shares of Class A Common Stock or cash for OpCo Units in lieu of such a Redemption (such an exchange, together with a Redemption, an "Exchange").  Shares of Class V Common Stock will be cancelled on a one-for-one basis if the Company Exchanges any OpCo Units pursuant to the terms of the Amended and Restated Exchange Agreement.

The foregoing description of the Amended and Restated Exchange Agreement does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Exchange Agreement, which is filed as an exhibit to this Schedule 13D and is incorporated by reference herein.

Tax Receivable Agreement.  In connection with the Business Combination, the Company entered into a Tax Receivable Agreement, dated December 2, 2021, with OpCo, HHC and Markel (the "Legacy Unit Holders") related to the tax treatment of OpCo (as amended, the "TRA").  OpCo intends to have in effect an election under Section 754 of the Internal Revenue Code for each taxable year in which TRA exchanges occur, which is expected to result in adjustments to the tax basis of the assets of OpCo as a result of such TRA exchanges.  The TRA generally provides for the payment by the Company to Legacy Unit Holders of 85% of the cash tax benefits, if any, realized as a result of (i) tax basis adjustments resulting from TRA exchanges in connection with or following the Business Combination, (ii) certain other tax benefits related to entering into the TRA, including tax benefits attributable to making payments under the TRA.  Payments under the TRA will be based on the tax reporting positions determined, and the Internal Revenue Service ("IRS") or another tax authority may challenge all or a part of the existing tax basis, tax basis increases, or other tax attributes subject to the TRA, and a court could sustain such challenge. The parties to the TRA, including HHC, will not reimburse the Company for any payments previously made if such tax basis or other tax benefits are subsequently disallowed, except that any excess payments made to a party under the TRA will be netted against future payments otherwise to be made under the TRA, if any, after the determination of such excess. In addition, the TRA provides that if the Company (i) breaches any material obligations under the TRA (including making late payments, subject to certain exceptions), (ii) is subject to bankruptcy, insolvency or similar proceedings, or (iii) elects an early termination of the TRA, the obligations under the TRA with respect to all OpCo Units, whether or not such OpCo Units have been exchanged or redeemed before or after such transaction, would accelerate and become payable in a lump sum, in an amount equal to the present value of the anticipated future tax benefits calculated based on certain assumptions, including that the Company would have sufficient taxable income to fully utilize the deductions arising from the tax deductions, tax basis and other tax attributes subject to the TRA.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** HAGERTY HOLDING CORP.

**Signature:** /S/ Jessica Sullivan

**Name/Title:** Secretary

**Date:** 08/11/2025