Form 4: Hagerty CIO Sells Shares for Tax Obligations
Insider Transaction Report
Hagerty's Chief Information Officer, Russell Andrew Page, disposed of 2,121 shares of Class A Common Stock to cover tax withholding obligations related to RSU vesting.
Summary
- Russell Andrew Page, Chief Information Officer of Hagerty, Inc. (HGTY), disposed of 2,121 shares of Class A Common Stock.
- The transaction occurred on October 1, 2025, at a price of $11.95 per share.
- These shares were withheld by the issuer to satisfy tax withholding obligations upon the vesting of Restricted Stock Units (RSUs).
- The RSUs were granted on October 1, 2022.
- Following this transaction, Mr. Page beneficially owns 112,024 shares of Class A Common Stock.
- A Power of Attorney, dated April 28, 2025, was filed, appointing Diana Chafey, John Armbruster, Kieron Lake, and Tracey Derenzy to handle Section 16 filings on behalf of Mr. Page.
Sentiment
Score: 5
Explanation: The transaction is a routine tax-related disposition following RSU vesting, which is a neutral event. While it reduces direct ownership, it stems from a positive compensation event (RSU vesting).
Positives
- The underlying event is the vesting of Restricted Stock Units (RSUs), indicating a compensation event for the CIO.
Negatives
- A reduction of 2,121 shares in direct beneficial ownership due to tax withholding.
Industry Context
This is a routine insider transaction related to executive compensation and tax obligations, which is common across all industries for publicly traded companies with RSU programs.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Power of Attorney Appointment | Russell Andrew Page appointed Diana Chafey, John Armbruster, Kieron Lake, and Tracey Derenzy as attorneys-in-fact to prepare, execute, acknowledge, deliver, and file Forms 3, 4, and 5 with the SEC on his behalf. | 2025-04-28 | Streamlines compliance with Section 16(a) reporting requirements for the reporting person, ensuring timely and accurate filings. |
Stakeholder Impact
- Shareholders: Minimal direct impact as this is a routine tax-related transaction, not a discretionary sale indicating a change in sentiment or company fundamentals. It slightly reduces the CIO's direct ownership but confirms RSU vesting.
- Employees: The RSU vesting indicates ongoing executive compensation practices.
Key Dates
| Date | Description |
|---|---|
| 2022-10-01 | Grant date of the Restricted Stock Units (RSUs) to Russell Andrew Page. |
| 2025-04-28 | Date of execution of the Power of Attorney by Russell Andrew Page. |
| 2025-10-01 | Transaction date for the disposition of shares for tax withholding upon RSU vesting. |
| 2025-10-03 | Date the Form 4 was signed by Tracey Derenzy, Power of Attorney. |
Keywords
Hagerty, HGTY, Form 4, Insider Transaction, Russell Andrew Page, Chief Information Officer, CIO, Stock Sale, RSU Vesting, Tax Withholding, Class A Common Stock
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