Form 4: Erie Indemnity Director Hagen Reports Stock Transactions

Director Jonathan Hirt Hagen reports changes in beneficial ownership of Erie Indemnity Company stock, including acquisitions under the Directors' Deferred Compensation Plan and holdings through family members and trusts.

Summary

• On October 31, 2024, Jonathan Hirt Hagen, a director of Erie Indemnity Co, filed a Form 4 to report changes in his beneficial ownership of the company's stock.
• The report details the acquisition of 42.466 share credits under the Directors' Deferred Compensation Plan, which represent the right to receive an equivalent number of Class A common stock shares upon the end of his service as a director.
• Hagen directly owns 223,130 shares of Class A Common Stock.
• He also indirectly owns 200 shares of Class A Common Stock through his daughter and 200 shares through his son.
• Additionally, Hagen has indirect ownership through trusts, including as a contingent beneficiary and co-trustee, and as a primary beneficiary and co-trustee.
• These trusts hold Class B Common Stock, which is convertible to Class A Common Stock at a rate of 2,400 shares of Class A stock for each share of Class B stock.
• The report also mentions that Hagen holds 16,318.465 shares of Class A Common Stock with a price of $448.84.
• The reporting person disclaims beneficial ownership of securities held by family members and this report should not be deemed an admission that the reporting person is the beneficial owner of such securities.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, so the sentiment is neutral.

Positives

• The acquisition of share credits under the Directors' Deferred Compensation Plan aligns the director's interests with the long-term performance of the company.

Future Outlook

The document does not contain specific forward-looking statements, but the acquisition of share credits suggests continued service as a director.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Comparison to Industry Standards

• Director compensation plans involving stock or share credits are common among publicly traded companies to align director interests with shareholder value.
• The conversion rate of Class B to Class A shares is specific to Erie Indemnity's corporate structure and may not be directly comparable to other companies.

Stakeholder Impact

• The report provides transparency to shareholders regarding the director's ownership stake in the company.

Key Dates