Form 4: Erie Indemnity Director Lucore Receives Deferred Compensation in Stock

Director George R. Lucore acquired share credits representing 74.49 shares of Erie Indemnity Company Class A common stock through a directors' deferred compensation plan.

Summary

• On April 22, 2024, George R. Lucore, a director of Erie Indemnity Co, acquired share credits representing 74.49 shares of Class A Common Stock through the company's Outside Directors' Deferred Compensation Plan.
• These share credits will be converted into actual shares of Erie Indemnity Company Class A common stock upon the termination of Lucore's service as a director.
• The price of the derivative security is $382.21.
• Following the transaction, Lucore directly owns 1,725 shares of Class A Common Stock.
• Lucore also beneficially owns 3,692.756 derivative securities.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard director compensation practices, aligning director interests with company performance.

Positives

• The acquisition of share credits through the deferred compensation plan aligns the director's interests with the long-term performance of the company.

Future Outlook

The share credits will be converted into actual shares of Erie Indemnity Company Class A common stock upon the termination of Lucore's service as a director.

Industry Context

Deferred compensation plans are a common way for companies to incentivize and retain directors, aligning their interests with the long-term success of the company. This filing indicates that Erie Indemnity utilizes such a plan.

Comparison to Industry Standards

• Director compensation packages often include a mix of cash, stock options, and deferred compensation.
• The specifics of Erie Indemnity's Outside Directors' Stock Plan would need to be compared to those of peer companies to assess its competitiveness.
• Companies like Progressive, Allstate, and Travelers also utilize various forms of equity-based compensation for their directors.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders by aligning director interests with company performance.

Key Dates