Patrick McClymont
About Patrick McClymont
Patrick McClymont, age 55, has served as Hagerty’s Chief Financial Officer since September 2022, following senior finance leadership roles at Orchard Technologies (2021–Aug 2022), IMAX (2016–2021), Sotheby’s (2013–2016), and 15 years as Partner/Managing Director at Goldman Sachs; he holds a BS from Cornell University and an MBA from Dartmouth’s Tuck School of Business . In Hagerty’s pay‑for‑performance framework, his annual incentive tied to operating income, Adjusted EBITDA, and total revenue growth paid 125% of the plan factor in 2023 and 2024—reflecting Board discretion layered on plan outcomes of 90% (2023) and 72.6% (2024) of target, respectively . His equity mix includes annual RSUs (time‑based), PRSUs (multi‑year Adjusted Operating Income performance, 35–200% payout range), and a December 2024 retention RSU grant with back‑loaded vesting, indicating retention emphasis and long‑term alignment . Hagerty’s insider policy prohibits hedging and pledging without written approval, and the company maintains a compliant clawback policy for Section 16 officers, further strengthening alignment and downside protection .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Orchard Technologies, Inc. | Chief Financial Officer | 2021–Aug 2022 | Led finance for residential real estate services; modernized financial strategy and operations . |
| IMAX Corporation (NYSE: IMAX) | EVP & Chief Financial Officer | 2016–2021 | Oversaw control, FP&A, tax, IR, risk, IT, corporate development and strategy . |
| Sotheby’s (NYSE: BID) | EVP & Chief Financial Officer | 2013–2016 | Led global finance for a leading auction and financing platform . |
| Goldman Sachs & Co. | Partner & Managing Director | 15 years | Built and led across sectors; strategic finance leadership (duration stated, specific years not disclosed) . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Standard Motor Products | Director | Not disclosed in filing (current at time of press release) . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 575,001 | 575,001 |
| Target Bonus (% of Salary) | 100% (payout range 0–200%) | 100% (payout range 0–200%) |
| Actual Annual Incentive Paid ($) | 646,876 | 521,813 |
| Stock Awards – Grant Date Fair Value ($) | 1,006,250 | 1,756,250 (includes Dec 2024 retention grant) |
| All Other Compensation ($) | 37,884 | 38,890 |
| Total Compensation ($) | 2,266,011 | 2,891,954 |
Performance Compensation
Annual Incentive Design and Outcomes
| Item | 2023 | 2024 |
|---|---|---|
| Performance Metrics | Operating Income; Total Revenue Growth | Adjusted EBITDA; Operating Income; Total Revenue Growth |
| Weights | 75% (Operating Income); 25% (Revenue Growth) | 37.5% (Adjusted EBITDA); 37.5% (Operating Income); 25% (Revenue Growth) |
| Plan Payout vs Target (%) | 90% | 72.6% |
| Individual Adjustment | 125% of plan factor | 125% of plan factor |
| Final Payout ($) | 646,876 | 521,813 |
Equity Awards and Vesting
| Grant Date | RSUs (#) | PRSUs (#) | Vesting Schedule / Performance Terms |
|---|---|---|---|
| Apr 1, 2023 | 115,132 | — | RSUs vest one‑third annually on Apr 1, 2024/2025/2026 . |
| Apr 1, 2024 | 123,292 | 54,986 (target) | RSUs vest one‑third annually on first/second/third anniversaries; PRSUs earn 35–200% of target based on aggregate Adjusted Operating Income over Jan 1, 2024–Dec 31, 2026; earned PRSUs determined in Q1 post‑period . |
| Dec 17, 2024 (Retention) | 68,306 | — | RSUs vest one‑third on the 3rd/4th/5th anniversaries of grant (Dec 17, 2027/2028/2029) . |
- Retirement/change‑in‑control mechanics: RSUs/PRSUs provide pro‑rata or full vesting for death/disability/qualifying retirement; after a change in control, involuntary termination without cause within 24 months accelerates unvested RSUs and fully vests PRSUs that were determined as “Earned PRSUs” immediately prior to change in control .
Equity Ownership & Alignment
Beneficial Ownership
| As of | Shares Beneficially Owned (#) | Ownership (%) |
|---|---|---|
| Apr 5, 2024 | 42,252 | Less than 1% (as denoted by “*” in proxy) |
| Apr 4, 2025 | 97,061 | Less than 1% (as denoted by “*” in proxy) |
Unvested Equity Outstanding (Dec 31, 2024)
| Metric | Count | Value ($) |
|---|---|---|
| RSUs Unvested | 218,586 | 2,109,355 (at $9.65 close) |
| PRSUs Unvested (target) | 54,986 | 530,615 (at $9.65 close) |
- Anti‑hedging/pledging: Hedging/monetization transactions and pledging are prohibited without written approval of the Board and Chief Legal Officer, reducing misalignment risk from derivatives or collateralization .
- Stock ownership guidelines: Hagerty discloses CEO and director guidelines (CEO: 6x salary; Directors: 5x retainer); no separate executive officer ownership guideline disclosure for CFO was provided .
Employment Terms
| Provision | Detail |
|---|---|
| Employment Agreement | Effective Sept 6, 2022; amended March 2023 . |
| Current Base Salary | Increased from $575,000 to $650,000 effective Jan 1, 2025 . |
| Target Annual Incentive | 100% of base salary; payout range 0–200% . |
| Equity Incentive Target | 175% of base salary (annual equity target) . |
| Severance | If terminated without Cause or resigns for Good Reason (with release): 12 months of continued base salary paid at 1.5x then‑current base salary rate . |
| Good Reason (examples) | Reduction in base/incentives; material diminution in title/authority/duties/reporting; material breach by company; process/notice/cure requirements apply . |
| Restrictive Covenants | Non‑competition and non‑solicitation while employed and for 12 months post‑termination; 24 months if termination is without Good Reason or for Cause . |
| Change‑of‑Control Equity | After change in control, involuntary termination without cause within 24 months: unvested RSUs fully vest; Earned PRSUs fully vest . |
| Clawback | NYSE‑compliant clawback policy for Section 16 officers covering incentive comp tied to “Financial Reporting Measures” for 3 prior fiscal years if a restatement is required . |
| Perquisites | Car allowance eliminated in March 2023 amendment (shift toward at‑risk pay) . |
Investment Implications
- Pay‑for‑performance alignment: Annual incentive outcomes (plan factors of 90% in 2023 and 72.6% in 2024) coupled with a fixed 125% individual adjustment signal board‑recognized contributions, while maintaining sensitivity to operating income, Adjusted EBITDA, and revenue growth—key drivers of valuation and cash generation .
- Retention risk and incentives: The December 2024 retention RSU (68,306, vesting 2027–2029) and multi‑year PRSUs (2024–2026 performance) extend duration and increase stickiness; expect potential insider selling windows around annual RSU vest dates if liquidity needs arise, though hedging/pledging limits reduce forced‑sale risk .
- Severance economics: A 1.5x base salary multiple paid over 12 months (with Good Reason definitions) is moderate versus market norms—limiting change‑in‑control windfalls while preserving retention in adverse scenarios .
- Alignment safeguards: Formal clawback, insider trading controls, and anti‑hedging/pledging policies mitigate governance red flags and enhance investor protection, supporting confidence in reported results and executive conduct .
Appendices
Additional Vesting Detail (from Outstanding Awards Table)
| Vesting Date | RSUs (Unvested as of 12/31/2024) |
|---|---|
| Apr 1, 2025 | 56,705 |
| Oct 1, 2025 | 18,539 |
| Apr 1, 2026 | 56,707 |
| Apr 1, 2027 | 18,329 |
| Dec 17, 2027 | 22,768 |
| Dec 17, 2028 | 22,769 |
| Dec 17, 2029 | 22,769 |
| PRSUs (Performance) | 54,986 target; earned 35–200% based on 2024–2026 Adjusted Operating Income; determination in Q1 post‑period . |
Executive Background (Hagerty filings)
- Executive Officer biography, including prior roles and education: CFO since Sept 2022; prior CFO roles at Orchard, IMAX, Sotheby’s; 15 years at Goldman Sachs; BS Cornell, MBA Dartmouth (Tuck) .
- 2023/2024 compensation program disclosures, equity grants, and incentive plan metrics and outcomes: detailed in 2024 and 2025 proxy statements .
- Insider policy and clawback policy text: anti‑hedging/pledging; NYSE‑compliant clawback .
- Employment agreement economics and restrictive covenants: severance multiple, Good Reason, non‑compete/non‑solicit duration .