Form 4: Hagerty Inc. Executive Paul Rehrig Acquires Shares Through Employee Stock Purchase Plan

Paul Rehrig, President of Hagerty Media & Entertainment, acquired 2,537 shares of Hagerty, Inc. stock through the company's Employee Stock Purchase Plan (ESPP) at a price of $10.37 per share on October 1, 2024.

Summary

• On October 1, 2024, Paul Rehrig, President of Hagerty Media & Entertainment, acquired 2,537 shares of Class A Common Stock of Hagerty, Inc.
• The acquisition was made through the Hagerty, Inc. Employee Stock Purchase Plan (ESPP).
• The ESPP offering period was from April 1, 2024, through October 1, 2024.
• The price per share was $10.37, which represents 95% of the closing price of Hagerty's stock on October 1, 2024.
• Following the transaction, Rehrig directly owns 187,954 shares of Hagerty, Inc.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects a routine transaction (ESPP participation) by an executive, indicating confidence in the company but not necessarily a major catalyst for significant price movement.

Positives

• Executive participation in the ESPP demonstrates confidence in the company's future.
• The ESPP provides employees with an opportunity to invest in the company at a discounted price.

Industry Context

This filing is a routine disclosure of an insider transaction, specifically an executive acquiring shares through a company-sponsored employee stock purchase plan. These plans are common and are designed to align employee and shareholder interests.

Comparison to Industry Standards

• Employee Stock Purchase Plans (ESPPs) are a common benefit offered by publicly traded companies, including competitors of Hagerty, such as Progressive and Allstate.
• Typically, ESPPs allow employees to purchase company stock at a discount, often around 5-15%, similar to Hagerty's 5% discount.
• Executive participation in ESPPs is also common and viewed positively as it aligns their interests with those of shareholders.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it signals executive confidence.
• Employees participating in the ESPP benefit from the discounted stock purchase.

Key Dates