Form 4: Erie Indemnity Director Jonathan Hirt Reports Share Transactions

Director Jonathan Hirt of Erie Indemnity Co. reports transactions involving Class A and Class B common stock, including deferred compensation share credits.

Summary

• Jonathan Hirt, a director at Erie Indemnity Co., filed a Form 4 detailing changes in his beneficial ownership of company stock.
• The report includes transactions on January 31, 2025, involving Class A Common Stock and Directors' Deferred Compensation Share Credits.
• Hirt 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.
• Hirt acquired 42.466 share credits under the Directors' Deferred Compensation Plan, which will convert to Class A common stock upon the end of his service as a director.
• These share credits are valued at $402.95 each.
• Hirt also has indirect ownership of Class B Common Stock through trusts, which are convertible to Class A Common Stock at a rate of 2,400 Class A shares for each Class B share.

Sentiment

Score: 7

Explanation: The document is a routine disclosure of insider transactions, which is neither positive nor negative. The acquisition of share credits is a positive sign of alignment of interests.

Positives

• The acquisition of share credits under the Directors' Deferred Compensation Plan indicates continued alignment of interests between the director and the company.
• The report shows a significant direct holding of 223,130 shares of Class A Common Stock by the director.

Industry Context

This filing is a routine disclosure of insider transactions, which is common for publicly traded companies. It provides transparency into the ownership changes of company directors.

Comparison to Industry Standards

• Form 4 filings are standard practice for publicly traded companies in the US, as mandated by the SEC.
• The reporting of share credits under deferred compensation plans is a common practice for directors of public companies.
• The conversion feature of Class B stock to Class A stock is not uncommon, but the specific ratio of 2,400 to 1 is specific to Erie Indemnity.

Stakeholder Impact

• The report provides transparency to shareholders regarding the ownership of company stock by a director.
• The report does not have any immediate impact on employees, customers, suppliers, or creditors.

Key Dates

Keywords

Form 4, Beneficial Ownership, Erie Indemnity, Director, Share Credits, Class A Common Stock, Class B Common Stock, Deferred Compensation, Insider Trading