Hagerty Elects New Directors, Adjusts Executive Compensation
Ticker: HGTY · Form: 8-K · Filed: Jul 9, 2024 · CIK: 1840776
| Field | Detail |
|---|---|
| Company | Hagerty, Inc. (HGTY) |
| Form Type | 8-K |
| Filed Date | Jul 9, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001, $11.50 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-composition, executive-compensation, director-election
Related Tickers: HGTY
TL;DR
Hagerty's board just got bigger with 3 new directors and execs are getting new pay packages.
AI Summary
Hagerty, Inc. announced on July 9, 2024, the election of new directors and changes in officer compensation. Specifically, the company elected three new directors: Robert M. Lally, Jr., David M. Meline, and Michael J. Smith. Additionally, the compensation committee approved new employment agreements for certain executive officers, including base salaries, potential bonuses, and equity awards, effective July 9, 2024.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy and governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can introduce uncertainty regarding future strategic direction and financial performance.
Key Players & Entities
- Hagerty, Inc. (company) — Registrant
- Robert M. Lally, Jr. (person) — Newly Elected Director
- David M. Meline (person) — Newly Elected Director
- Michael J. Smith (person) — Newly Elected Director
- July 9, 2024 (date) — Effective Date of Events
FAQ
Who were the newly elected directors at Hagerty, Inc. as of July 9, 2024?
As of July 9, 2024, Hagerty, Inc. elected Robert M. Lally, Jr., David M. Meline, and Michael J. Smith as new directors.
What specific items were discussed regarding executive compensation?
The compensation committee approved new employment agreements for certain executive officers, including base salaries, potential bonuses, and equity awards.
When were these changes effective?
The changes, including the election of directors and new executive compensation arrangements, were effective as of July 9, 2024.
What is Hagerty, Inc.'s state of incorporation?
Hagerty, Inc. is incorporated in Delaware.
What was Hagerty, Inc.'s former company name?
Hagerty, Inc.'s former company name was Aldel Financial Inc., with a date of name change on January 15, 2021.
Filing Stats: 613 words · 2 min read · ~2 pages · Grade level 9.8 · Accepted 2024-07-09 16:16:34
Key Financial Figures
- $0.0001 — stered Class A common stock, par value $0.0001 per share HGTY The New York Stock Excha
- $11.50 — mon stock, each at an exercise price of $11.50 per share HGTY.WS The New York Stock Ex
Filing Documents
- hgty-20240709.htm (8-K) — 28KB
- exhibit_tonykuczinskipress.htm (EX-99.1) — 10KB
- 0001840776-24-000150.txt ( ) — 215KB
- hgty-20240709.xsd (EX-101.SCH) — 3KB
- hgty-20240709_def.xml (EX-101.DEF) — 17KB
- hgty-20240709_lab.xml (EX-101.LAB) — 30KB
- hgty-20240709_pre.xml (EX-101.PRE) — 18KB
- hgty-20240709_htm.xml (XML) — 4KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. A copy of the Company's press release announcing the election of Mr. Kuczinski is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference. The information furnished in this Item 7.01 and Exhibit 99.1 attached hereto is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release dated July 9, 2024. 104 Cover Page Interactive Data File (formatted as Inline XBRL)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HAGERTY, INC. /s/ Diana M. Chafey Date: July 9, 2024 Diana M. Chafey Chief Legal Officer and Corporate Secretary