Hagerty, Inc. Form 8-K Summary
Business Context and Reporting Period
Hagerty, Inc. filed a Form 8-K dated March 7, 2023, under Item 5.02 to report the appointment of Kevin Delaney as Principal Accounting Officer. The filing was signed on March 13, 2023. It does not report quarterly or annual financial results.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating and financial metrics.
Material Changes
- Effective March 7, 2023, the Board appointed Kevin Delaney as Principal Accounting Officer.
- Mr. Delaney joined Hagerty in January 2023 as Chief Accounting Officer and Corporate Controller.
- Before joining Hagerty, he served as Senior Vice President, Finance and Controller of IMAX Corporation from 2019 to 2023 and as Corporate Controller and Chief Accounting Officer of Sotheby’s from 2000 to 2019.
Compensation, Outlook, and Risks
- Mr. Delaney will receive an annual base salary of $370,000.
- He is eligible for a prorated annual incentive award with a target equal to 40% of base salary. Actual payout may range from 0% to 150% of the target, based on Company performance.
- He is eligible to participate in the Company’s Stock Incentive Plan at a target equal to 45% of base salary.
- He will receive a one-time $125,000 restricted stock unit grant vesting over three years, subject to continued employment.
- He will receive medical and other benefits under the Company’s standard policies and is employed on an at-will basis.
- The filing identifies no family relationships or related-party transactions requiring disclosure under applicable SEC rules.
Investor Verification Checklist
- Verify the effective date and scope of Mr. Delaney’s Principal Accounting Officer responsibilities.
- Review subsequent filings for any changes in senior finance leadership or accounting policies.
- Confirm the final terms, grant date, vesting conditions, and accounting impact of the restricted stock units and incentive compensation.
- Consult the Company’s financial filings for financial performance, liquidity, debt, and outlook information, which are not included in this Form 8-K.