Hagerty, Inc. 8-K

What Happened
Hagerty, Inc. announced on July 15, 2026 that its board adopted a new Hagerty Executive Severance and Change in Control Plan and approved new or amended and restated employment agreements for five senior executives: McKeel Hagerty, Russell Page, Patrick McClymont, Kenneth Ahn, and Jeffrey Briglia. The changes modernize and align executive compensation and employment terms while generally preserving existing roles and pay levels.

Key Details

• Effective July 15, 2026; 8‑K filed July 17, 2026.
• Severance periods: 24 months for McKeel Hagerty, 18 months for the other eligible executives. Severance on a Change in Control includes lump‑sum salary for the severance period, COBRA premium payments, and accelerated equity vesting.
• Change‑in‑control bonus multipliers: McKeel Hagerty receives 200% of target annual cash bonus; other eligible execs receive 150% of target. Regular (non‑CIC) terminations provide continued base pay during the severance period and pro rata/earned bonus amounts (subject to release).
• New/updated base salaries and target incentives: Russell Page — base ≥ $650,000, target bonus ≥ 100% of base, equity target ≥ 100% of base; McKeel Hagerty — base ≥ $1,200,000, target bonus ≥ 280% of base, annual equity refresher ≥ $200,000; Patrick McClymont — base ≥ $650,000, target bonus ≥ 100%, equity target ≥ 175% of base; Kenneth Ahn — base ≥ $650,000, target bonus ≥ 100%, equity target ≥ 75% of base; Jeffrey Briglia — base ≥ $650,000, target bonus ≥ 75%, equity target ≥ 150% of base.
• No severance for voluntary resignations (unless for Good Reason), death, disability, retirement; benefits can be forfeited for “Prohibited Actions” (e.g., breach of restrictive covenants). Full plan and agreements are filed as exhibits.

Why It Matters
This filing formalizes severance and change‑in‑control protections that can increase potential cash and equity payouts in the event of terminations or a sale. Investors should note the defined severance periods, bonus multipliers (notably McKeel Hagerty’s 280% target incentive and 24‑month protection), and accelerated equity vesting on a change in control — all of which affect executive retention and could influence future compensation expense or transaction-related payouts. The agreements also set explicit salary and incentive floors, reducing uncertainty about executive pay levels going forward.