Form 4: Hagerty Inc. Director William Swanson Acquires Restricted Stock Units

Director William Swanson acquired 9,836 shares of Class A Common Stock underlying Restricted Stock Units (RSUs) in Hagerty, Inc.

Summary

• On April 1, 2024, William Swanson, a director of Hagerty, Inc., acquired 9,836 shares of Class A Common Stock underlying Restricted Stock Units (RSUs).
• The RSUs were granted under the company's 2021 Equity Incentive Plan.
• These RSUs vest on April 1, 2025, contingent upon Swanson's continued service with Hagerty, Inc., with exceptions for death or disability.
• Following the transaction, Swanson directly owns 28,474 shares of Class A Common Stock.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to executive compensation, which is generally viewed neutrally to positively as it aligns management interests with shareholders.

Positives

• The grant of RSUs aligns the director's interests with the long-term performance of the company.
• The vesting schedule encourages continued service and commitment from the director.

Future Outlook

The RSUs vest on April 1, 2025, subject to the Reporting Person's continued service with the Issuer, with exceptions for death or disability.

Industry Context

This is a standard practice for aligning management and board member interests with shareholder value through equity-based compensation.

Comparison to Industry Standards

• Equity compensation is a common practice among publicly traded companies to incentivize directors and executives.
• The vesting schedule of one year is relatively standard.
• Comparable companies such as Progressive, Allstate, and State Farm also utilize equity-based compensation for their leadership teams.

Stakeholder Impact

• The acquisition of RSUs by a director can positively impact shareholders by aligning management's interests with the company's long-term success.
• Employees may view this as a positive sign of the company's commitment to its leadership.

Key Dates