Form 4: Hagerty Inc. Executive Kevin Delaney Acquires Shares Through Restricted Stock Units

Kevin Delaney, Chief Accounting Officer of Hagerty, Inc., acquired 18,742 shares of Class A Common Stock on April 1, 2024, through the vesting of restricted stock units.

Summary

• On April 1, 2024, Kevin Delaney, the Chief Accounting Officer of Hagerty, Inc., acquired 18,742 shares of Class A Common Stock.
• This acquisition was due to the vesting of restricted stock units (RSUs) under the company's 2021 Equity Incentive Plan.
• The RSUs vest in equal amounts annually until April 1, 2027, contingent upon Delaney's continued service with Hagerty, Inc.
• Following the transaction, Delaney directly owns 75,812 shares of Class A Common Stock.
• A Power of Attorney was executed on February 20, 2024, authorizing Diana Chafey to act on Delaney's behalf for SEC filings related to Hagerty, Inc. securities.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to executive compensation, indicating a neutral to slightly positive sentiment as it aligns executive interests with the company's long-term performance.

Positives

• The vesting of RSUs aligns executive compensation with company performance and long-term value creation.
• Continued service requirement for RSU vesting incentivizes executive retention.

Future Outlook

The RSUs will continue to vest in equal annual installments until April 1, 2027, subject to the Reporting Person's continued service with the Issuer.

Industry Context

This filing is a routine disclosure of stock ownership changes by a company executive, which is common practice for publicly traded companies. It provides transparency to investors regarding insider transactions.

Comparison to Industry Standards

• Equity compensation through RSUs is a standard practice among publicly traded companies to align executive interests with shareholder value.
• The vesting schedule of the RSUs (annual installments until 2027) is a typical vesting structure used to incentivize long-term commitment.
• Similar filings are regularly made by officers and directors of comparable companies, such as Progressive Corporation or Allstate, whenever there are changes in their beneficial ownership of company stock.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders by aligning executive interests with long-term company performance.
• Employees may view the RSU vesting as a positive sign of the company's commitment to its executives.

Key Dates