Form 4: Hagerty Chief Accounting Officer Reports Routine Stock Disposition for Tax Withholding
Insider Transaction Report
Hagerty, Inc.'s Chief Accounting Officer, Kevin M. Delaney, reported the disposition of 1,657 shares of Class A Common Stock at $10.15 per share for tax withholding purposes related to RSU vesting.
Summary
- Kevin M. Delaney, Chief Accounting Officer of Hagerty, Inc. (HGTY), reported a transaction on July 1, 2025.
- The transaction involved the disposition of 1,657 shares of Class A Common Stock.
- These shares were withheld for taxes upon the vesting of restricted stock units (RSUs).
- The price per share for the disposition was $10.15.
- Following this transaction, Kevin M. Delaney beneficially owns 82,491 shares of Class A Common Stock.
- The RSU agreement under which these shares vested was dated July 1, 2023.
Sentiment
Score: 5
Explanation: The transaction is a routine tax withholding related to RSU vesting, which is a neutral event. It indicates the vesting of previously granted compensation but does not reflect new strategic decisions or financial performance.
Positives
- The transaction represents the vesting of restricted stock units, indicating that previously granted equity compensation has matured.
- The retention of 82,491 shares post-transaction demonstrates continued significant ownership by a key executive.
Negatives
- The disposition of 1,657 shares reduces the direct beneficial ownership of the Chief Accounting Officer, although this is a standard procedure for tax withholding on RSU vesting.
Future Outlook
No forward-looking statements or guidance regarding the company's future performance or strategy are provided in this Form 4 filing.
Management Comments
- Represents total number of shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units ("RSUs") pursuant to the RSU Agreement between the Issuer and the Reporting Person dated as of July 1, 2023.
Industry Context
This Form 4 filing details a routine insider transaction (tax withholding on RSU vesting) for an executive at Hagerty, Inc. It does not provide information relevant to broader industry trends or competitive dynamics. Such transactions are common across all publicly traded companies as part of executive compensation plans.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Power of Attorney Grant | Kevin Delaney granted a Power of Attorney to Diana Chafey, John Armbruster, Kieron Lake, and Tracey Derenzy to prepare, execute, acknowledge, deliver, and file Forms 3, 4, and 5 with respect to Hagerty, Inc. securities. | 2025-04-28 | This streamlines the process for executive compliance with Section 16(a) of the Securities Exchange Act of 1934, ensuring timely and accurate reporting of insider transactions. |
Stakeholder Impact
- Shareholders: Minimal direct impact. This is a routine transaction for an executive's equity compensation and does not signal significant changes in company strategy or financial health.
Key Dates
| Date | Description |
|---|---|
| 2023-07-01 | Date of the Restricted Stock Unit (RSU) Agreement between Hagerty, Inc. and Kevin M. Delaney. |
| 2025-04-28 | Date the Power of Attorney was granted by Kevin Delaney. |
| 2025-07-01 | Date of the reported transaction where shares were disposed for tax withholding upon RSU vesting. |
| 2025-07-02 | Date the Form 4 was signed by the Power of Attorney. |
Keywords
Hagerty Inc., HGTY, Form 4, SEC filing, insider transaction, stock disposition, restricted stock units, RSU vesting, tax withholding, executive compensation, Kevin M. Delaney, Chief Accounting Officer
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