Form 4: Hagerty Director Swanson Acquires RSUs
Statement of Changes in Beneficial Ownership
Director William H. Swanson acquired 11,871 Restricted Stock Units (RSUs) and reported indirect beneficial ownership of 414,400 shares through a trust.
Summary
- William H. Swanson, a Director at Hagerty, Inc. (HGTY), acquired 11,871 shares of Class A Common Stock in the form of Restricted Stock Units (RSUs) on April 1, 2026.
- These RSUs were acquired under the Issuer's 2021 Equity Incentive Plan and are set to vest on April 1, 2027, contingent upon continued service, with provisions for death or disability.
- Swanson also reported beneficial ownership of 414,400 shares of Class A Common Stock held indirectly through The William and Cheryl Swanson Revocable Trust UTD 9/28/2000, where he serves as trustee.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this as a neutral filing, primarily reporting routine equity awards and trust-based ownership, with no immediate significant financial implications.
Positives
- Director acquisition of equity awards (RSUs) indicates continued alignment with company performance and long-term commitment.
- The acquisition of RSUs under an equity incentive plan suggests a performance-based compensation structure.
Risks
- Vesting of RSUs is subject to continued service, meaning potential forfeiture if the reporting person leaves the company before April 1, 2027, barring death or disability.
- Indirect ownership through a trust introduces a layer of complexity in direct control and reporting.
Future Outlook
The acquired RSUs are scheduled to vest on April 1, 2027, subject to the reporting person's continued service with the Issuer, with exceptions for death or disability.
Industry Context
StockSavvy.ai notes that director equity awards, such as RSUs, are a common practice in the automotive and insurance services industry to incentivize long-term performance and align management interests with shareholders.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Power of Attorney | William H. Swanson granted a Power of Attorney to Diana Chafey, John Armbruster, Kieron Lake, and Tracey Derenzy to execute and file Forms 3, 4, and 5 with the SEC on his behalf. | 04/16/2025 | Facilitates compliance with Section 16 reporting requirements by delegating the preparation and filing of necessary documents. |
Stakeholder Impact
- Shareholders: The acquisition of RSUs by a director can be viewed positively as it aligns director interests with long-term company performance.
- Employees: The existence of an equity incentive plan, as indicated by the RSU acquisition, suggests a framework for employee compensation and retention.
Next Steps
- The RSUs will vest on April 1, 2027, provided the reporting person continues to be employed by Hagerty, Inc., unless an exception for death or disability applies.
Key Dates
| Date | Description |
|---|---|
| 04/01/2026 | Transaction Date for acquisition of RSUs. |
| 04/01/2027 | Vesting Date for the acquired RSUs. |
| 04/03/2026 | Date of signature for the filing. |
| 04/16/2025 | Execution date of the Power of Attorney. |
Keywords
Hagerty Inc, HGTY, Form 4, SEC Filing, William H. Swanson, Director, Restricted Stock Units, RSUs, Equity Incentive Plan, Beneficial Ownership, Trust
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