Hagerty Adopts Executive Severance Plan, Updates Employment Agreements
Hagerty, Inc. adopted an Executive Severance and Change in Control Plan and updated employment agreements for its executive leadership team, effective July 15, 2026. These actions aim to modernize and align the company's executive employment arrangements with current compensation and governance practices. The plan provides specific compensation and benefits upon a Covered Termination, including continued base salary, pro rata bonuses, and COBRA premiums for Regular Terminations, and lump-sum payments, bonuses, and accelerated equity vesting for Change in Control Terminations. New and amended agreements were executed with executives including Russell Page and CEO McKeel Hagerty, detailing their compensation structures.
Key Highlights
- Hagerty adopted an Executive Severance and Change in Control Plan.
- CEO McKeel Hagerty's severance period is 24 months for Regular Termination.
- Other eligible executives' severance period is 18 months for Regular Termination.
- Change in Control Termination includes lump-sum payments and accelerated equity vesting.
- Russell Page's new employment agreement includes a base salary of not less than $650,000.
- McKeel Hagerty's amended agreement sets base salary at not less than $1,200,000.
- Executives are eligible for annual incentive plans and equity awards.
Price Impact
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