Form 4: Hagerty President of Insurance Reports Routine Tax-Related Stock Disposition
Insider Transaction Report
Jeffrey Edward Briglia, President of Insurance at Hagerty, Inc., reported the disposition of 3,209 shares of Class A Common Stock for tax withholding purposes related to RSU vesting.
Summary
- Jeffrey Edward Briglia, President of Insurance at Hagerty, Inc. (HGTY), disposed of 3,209 shares of Class A Common Stock.
- The transaction occurred on July 1, 2025, at a price of $10.15 per share.
- This disposition was for tax withholding upon the vesting of restricted stock units (RSUs) pursuant to an RSU Agreement dated July 1, 2024.
- Following this transaction, Briglia beneficially owns 125,629 shares of Class A Common Stock.
- The Form 4 was signed on July 2, 2025, by Tracey Derenzy, acting under a Power of Attorney.
Sentiment
Score: 5
Explanation: The transaction is a routine disposition of shares for tax withholding upon RSU vesting, which is a standard part of executive compensation and does not indicate discretionary selling or a change in company outlook.
Positives
- Vesting of restricted stock units indicates the fulfillment of compensation agreements for an executive.
Negatives
- Disposition of 3,209 shares of Class A Common Stock by an insider, though for tax withholding purposes, reduces direct insider ownership.
Risks
- No new specific risks identified in this routine insider transaction filing.
Future Outlook
NA
Management Comments
- The transaction represents the total number of shares of Class A Common Stock withheld for taxes upon vesting of restricted stock units (RSUs) pursuant to the RSU Agreement between Hagerty, Inc. and Jeffrey Edward Briglia dated as of July 1, 2024.
Industry Context
This is a routine insider transaction filing common across all publicly traded companies, reflecting standard executive equity compensation practices and associated tax withholdings.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Authorization | A Power of Attorney was granted by Jeffrey E. Briglia on April 28, 2025, authorizing Diana Chafey, John Armbruster, Kieron Lake, and Tracey Derenzy to prepare, execute, acknowledge, deliver, and file Forms 3, 4, and 5 with the SEC on his behalf. | 2025-04-28 | Streamlines the process for executive compliance with Section 16(a) reporting requirements of the Securities Exchange Act of 1934. |
Related Party Transactions
- The transaction stems from a Restricted Stock Unit (RSU) Agreement between Hagerty, Inc. and Jeffrey Edward Briglia, dated July 1, 2024, which is a form of related party compensation.
Stakeholder Impact
- Shareholders: A minor reduction in insider ownership due to tax withholding, which is a common and expected event and generally not indicative of a change in management's confidence.
- Employees: No direct impact.
- Customers/Suppliers/Creditors: No direct impact.
Key Dates
| Date | Description |
|---|---|
| 2024-07-01 | Date of the Restricted Stock Unit (RSU) Agreement between Hagerty, Inc. and Jeffrey Edward Briglia. |
| 2025-04-28 | Date of the Power of Attorney granted by Jeffrey E. Briglia. |
| 2025-07-01 | Date of the reported transaction: disposition of shares for tax withholding upon RSU vesting. |
| 2025-07-02 | Date the Form 4 was signed by the Power of Attorney. |
Recommendation
holdKeywords
Hagerty, HGTY, Insider Transaction, Form 4, Stock Disposition, RSU Vesting, Executive Compensation, Jeffrey Briglia
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