Collette Champagne
About Collette Champagne
Collette Champagne is Hagerty’s Chief Human Resources Officer and Chief Administrative Officer since 2023; previously Chief Operating Officer since 2018, and earlier SVP of Human Resources/Chief People Officer after joining Hagerty in 1999 to lead sales and service operations. She is 56 as of April 24, 2025, and holds B.S. degrees in Agriculture & Natural Resources and Communications (Michigan State University) and completed the University of Michigan Executive Human Resources Program . Executive incentive metrics in 2022 were total revenue growth (50% weight), paid membership count (25%), and adjusted EBITDA (25%); the plan paid at 36.1% of target with Champagne’s payout set at 80% of that amount ($61,370) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hagerty, Inc. | Leader, Sales & Service Operation | 1999–(subsequent internal roles) | Led customer-facing operations as an early company leader |
| Hagerty, Inc. | SVP of Human Resources & Chief People Officer | Pre-2018 | Oversaw HR strategy and people operations |
| Hagerty, Inc. | Chief Operating Officer | 2018–2023 | Senior operations leadership before moving to CHRO/CAO |
| Hagerty, Inc. | Chief Human Resources Officer & Chief Administrative Officer | 2023–present | Executive leadership of HR and administrative functions |
External Roles
No external public-company directorships or committee roles for Champagne are disclosed in Hagerty’s proxy biographies .
Fixed Compensation
| Metric | 2021 | 2022 |
|---|---|---|
| Base Salary ($) | $425,000 | $425,000 |
| Bonus ($) | — | — |
| Non-Equity Incentive Plan Compensation ($) | $492,496 | $61,370 |
| Nonqualified Deferred Compensation Earnings ($) | $693,664 | — |
| All Other Compensation ($) | $64,994 | $63,341 |
| Total ($) | $1,676,154 | $3,260,044 |
Note: Target bonus percentage for Champagne is not disclosed in the proxy filings .
Performance Compensation
Annual Incentive Plan (Cash, 2022)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Total Revenue Growth | 50% | Not disclosed | Not disclosed | Plan funded at 36.1% of target; Champagne paid 80% of that ($61,370) | N/A (cash) |
| Paid Membership Count | 25% | Not disclosed | Not disclosed | Included in plan payout above | N/A |
| Adjusted EBITDA | 25% | Not disclosed | Not disclosed | Included in plan payout above | N/A |
Equity Awards
| Award Type | Grant Date | Target/Granted | Payout Mechanics | Key Vesting Terms |
|---|---|---|---|---|
| RSUs (Annual + One-time grants) | Apr 1, 2022 | 29,541 (annual), 185,357, 26,259, 9,847, 185 (one-time) | Time-based; no performance multiplier | Schedules summarized below; change-in-control “double-trigger” full vesting for certain grants; retirement provisions detailed below |
| PRSUs (Performance Restricted Stock Units) | Apr 1, 2024 | 24,590 target PRSUs | Committee-set performance period/target; payout from 35%–200% of target | Time-based condition satisfied at Determination Date; change-in-control and pro-rata vesting for death/disability/qualified retirement per PRSU Agreement |
2022 RSU Vesting Schedules (Selected Grants)
- 185,357 RSUs: 20% vested Apr 1, 2023; then 20% per year to Apr 1, 2027; double-trigger CoC → full vesting; retirement eligibility after age 62 and two years from grant maintains schedule .
- 29,541 RSUs: One-third vested Apr 1, 2023; then annually to fully vest Apr 1, 2025; retirement rule of age + service = 70 provides pro-rata vesting; no CoC acceleration .
- 9,847 RSUs: Fully vested Apr 1, 2023 .
- 26,259 RSUs: Fully vest Apr 1, 2024; pro-rata vesting upon earlier separation; no CoC acceleration .
- 185 RSUs: Fully vest Apr 1, 2024 (public company “celebratory” grant) .
2024 PRSU Agreement Key Terms
- Performance-based vesting determined by Committee; payout 35%–200% of target based on attained levels; time-based vesting satisfied at Determination Date (typically Q1 following performance period) .
- Change-in-control: Committee may end performance period early; if PRSUs not continued, time-based condition satisfied at CoC; earned PRSUs vest in full upon certain involuntary terminations .
- Death/disability/qualified retirement: Pro-rata PRSU vesting based on performance attained and service days; time-based condition satisfied for pro-rata PRSUs .
Equity Ownership & Alignment
Beneficial Ownership
| Holder | Shares Beneficially Owned (#) | % of Outstanding |
|---|---|---|
| Collette Champagne | 39,941 | <1% (asterisk indicates less than 1%) |
Outstanding Equity Awards (as of Dec 31, 2022) and Future Vesting
| Category | Amount | Notes |
|---|---|---|
| Unvested RSUs/PRSUs (number of unearned shares) | 251,189 | Market/payout value $2,112,499 at $8.41 closing price (Dec 31, 2022) |
| RSUs scheduled to vest Apr 1, 2023 | 56,765 | Time-based vest |
| RSUs scheduled to vest Apr 1, 2024 | 73,362 | Time-based vest |
| RSUs scheduled to vest Apr 1, 2025 | 46,918 | Time-based vest |
| RSUs scheduled to vest Apr 1, 2026 | 37,071 | Time-based vest |
| RSUs scheduled to vest Apr 1, 2027 | 37,073 | Time-based vest |
Anti-hedging/anti-pledging policy: Hedging transactions prohibited; pledging prohibited without written Board and CLO approval—reduces misalignment risk from hedging/pledging .
Clawback policy: Applies to all current/former Section 16 officers—recovery of incentive compensation tied to financial reporting measures for three fiscal years preceding any required restatement .
Employment Terms
- Role and tenure: CHRO & CAO since 2023; previously COO since 2018; Hagerty team member since 1999 .
- Retirement provisions (equity): RSU grants include age/service-based retirement rules; PRSU Agreement provides qualified retirement pro-rata vesting; as of Apr 24, 2025, only CEO is qualifying retirement eligible among NEOs .
- Change-of-control: 2022 RSU grants include double-trigger full vesting for certain awards; PRSU Agreement provides earned PRSU vesting upon certain involuntary terminations post-CoC .
- Benefits: Company 401(k) plan matches 100% up to 4% of compensation plus up to an additional 2% based on company performance; immediate vesting of contributions .
Investment Implications
- High equity mix and long-dated time-based RSUs create retention hooks through 2027, with additional PRSU performance leverage introduced in 2024; this structure aligns tenure with multi-year execution while limiting near-term selling pressure from immediate vesting .
- Cash incentives tied to revenue growth, membership, and adjusted EBITDA embed operational KPIs; the 2022 downshift to 36.1% of target (with Champagne paid 80% of that) signals disciplined pay outcomes when metrics underperform—supportive of pay-for-performance governance .
- Anti-hedging/anti-pledging and clawback regimes mitigate alignment and governance risks; beneficial ownership is modest (<1%), but substantial unvested equity and retirement/CoC terms reduce voluntary exit risk and align to longer-term value creation .
- Absence of disclosed severance multiples or personal option awards indicates limited guaranteed cash severance optics and minimal option-based leverage; monitoring future proxy cycles for any changes to equity award mix, PRSU metrics/targets, and retirement eligibility is prudent for forward-looking trading/compensation signals .