McKeel Hagerty - Jun 23, 2023 Form 4 Insider Report for Hagerty, Inc. (HGTY)

Role
Chief Executive Officer, Director
Signature
/s/ Barbara E. Matthews, Power of Attorney
Stock symbol
HGTY
Transactions as of
Jun 23, 2023
Transactions value $
$4,999,993
Form type
4
Date filed
6/27/2023, 04:42 PM
Previous filing
Apr 10, 2023
Next filing
Apr 3, 2024

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction HGTY Series A Convertible Preferred Stock Award $5M +530K $9.43 530K Jun 23, 2023 Class A Common Stock 530K $11.79 Held by McKeel O Hagerty Revocable Trust dated September 18, 2003 F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Reporting Person may convert the Series A Convertible Preferred Stock at any time, subject to the Issuer's option to require the Reporting Person to convert all or any of the Series A Convertible Preferred Stock, as summarized in footnote 2 of this Form 4.
F2 Issuer may require Reporting Person to convert all or any portion of Series A Preferred Stock where: (i) if, on or after the third anniversary of June 23, 2023 (the "Issue Date") and prior to the seventh anniversary of the Issue Date, the closing price of the Class A Common Stock exceeds 150% of the Conversion Price for at least twenty (20) trading days in any period of thirty (30) consecutive trading days; (ii) if, on or after the seventh anniversary of the Issue Date and prior to the tenth anniversary of the Issue Date, the closing price of the Class A Common Stock exceeds 100% of the Conversion Price for at least twenty (20) trading days in any period of thirty (30) consecutive trading days; or (iii) on or after the tenth anniversary of the Issue Date.
F3 Held by McKeel O Hagerty Revocable Trust dated September 18, 2003 (the "Trust"). Reporting Person is the trustee for the Trust and has investment power over the Series A Convertible Preferred Stock held by the Trust.