Document:

Exhibit 10.11

 

PRIVILEGED AND CONFIDENTIAL

 

HAGERTY, INC.

 

EMPLOYEE STOCK PURCHASE PLAN

 

		1.	Purpose. The purpose of the Plan is to provide Employees with opportunities to purchase common
stock of the Company at a discounted purchase price, thereby encouraging increased efforts to promote the interests of the Company and
its stockholders. It is the intention of the Company to have the Plan qualify as an “Employee Stock Purchase Plan” under Section 423
of the Code with respect to Section 423 Offerings. Accordingly, the provisions of the Plan shall be construed so as to extend and
limit participation in Section 423 Offerings in a manner consistent with the requirements of Section 423 of the Code.

 

		2.	Definitions.

 

		(a)	“Board” means the Board of Directors of the Company.

 

		(b)	“Brokerage Account” means the account in which the Purchased Shares are held.

 

		(c)	“Business Day” means a day on which the New York Stock Exchange is open for
trading.

 

		(d)	“Code” means the Internal Revenue Code of 1986, as amended.

 

		(e)	“Committee” means the Compensation Committee of the Board or the designee of
the Compensation Committee.

 

		(f)	“Company” means Hagerty, Inc., a Delaware corporation.

 

		(g)	“Compensation” means a Participant’s base salary or wages, overtime pay,
commissions, cash bonuses, and vacation, holiday, and sick pay. Compensation does not include any other forms of compensation, such as
income related to stock option awards, stock grants, and other equity incentive awards, expense reimbursements, relocation-related payments,
employee benefit plan payments, death benefits, income from non-cash and fringe benefits, and severance.

 

		(h)	“Employee” means any individual who is a common law employee of the Company
or any Participating Subsidiary whose customary employment with such entity is for (i) at least 20 hours per week and (ii) more
than 5 months per calendar year. Employment shall be treated as continuing while the individual is on sick leave or other leave of absence
approved by the Company or the Participating Subsidiary, as appropriate, and in the case of a Section 423 Offering, only to the extent
permitted under Section 423 of the Code. For purposes of the Plan, an individual who performs services for the Company or a Participating
Subsidiary pursuant to an agreement that classifies such individual’s relationship with the Company or a Participating Subsidiary
as other than a common law employee shall not be considered an “employee” with respect to any period preceding the date on
which a court or administrative agency issues a final determination that such individual is an “employee.”

 

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		(i)	“Enrollment Date” means the first Business Day of each Offering Period.

 

		(j)	“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

		(k)	“Exercise Date” means the last Business Day of each Offering Period.

 

		(l)	“Fair Market Value” means the closing transaction price of a Share as reported
on the New York Stock Exchange on the date as of which such value is being determined or, if the Shares are not listed on the New York
Stock Exchange, the closing transaction price of a Share on the principal national stock exchange on which the Shares are traded on the
date as of which such value is being determined or, if there shall be no reported transactions for such date, on the next preceding date
for which transactions were reported; provided, however, that if the Shares are not listed on a national stock exchange
or if Fair Market Value for any date cannot be so determined, Fair Market Value shall be determined by the Committee by whatever means
or method as the Committee, in the good faith exercise of its discretion, shall at such time deem appropriate and in compliance with Section 409A
of the Code.

 

		(m)	“Non-Section 423 Offering” means an Offering that is not intended to qualify
under Section 423 of the Code.

 

		(n)	“Offering” means an offer of an Option under the Plan that may be exercised
on the Exercise Date of an Offering Period. Unless otherwise specified by the Committee, each such offer shall be deemed a separate Offering,
even if the dates and other terms of the separate Offerings are identical, and the provisions of the Plan shall separately apply to each
Offering. To the extent permitted by Section 423 of the Code, the terms of each separate Section 423 Offering need not be identical,
provided that the terms of the Plan and an Offering together satisfy Section 423 of the Code. The terms of each separate Non-Section 423
Offering need not be identical in any case.

 

		(o)	“Offering Period” means every 3-month period beginning each January 1st,
April 1st, July 1st, and October 1st or any other period designated by the Committee that does not exceed 27 months. The
Committee shall determine the commencement of the first Offering Period under the Plan.

 

		(p)	“Option” means an option granted under the Plan that entitles a Participant
to purchase Shares.

 

		(q)	“Participant” means an Employee who satisfies the requirements of Sections
3 and 5 of the Plan.

 

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		(r)	“Participating Subsidiary” means each Subsidiary that is listed on Schedule
A hereto and each other Subsidiary designated by the Board or the Committee as a Participating Subsidiary.

 

		(s)	“Plan” means this Hagerty, Inc. Employee Stock Purchase Plan.

 

		(t)	“Purchase Account” means the account used to purchase Shares through the exercise
of Options under the Plan.

 

		(u)	“Purchase Price” means the lesser of (A) 95% of the Fair Market Value of
a Share on the Enrollment Date and (B) 95% of the Fair Market Value of a Share on the Exercise Date, unless the Committee communicates
a different per share Purchase Price to Participants prior to the beginning of the Offering Period that is no less than the lesser of
(A) 85% of the Fair Market Value of a Share on the Enrollment Date and (B) 85% of the Fair Market Value of a Share on the Exercise
Date.

 

		(v)	“Purchased Shares” means the full Shares issued or delivered pursuant to the
exercise of Options under the Plan.

 

		(w)	“Section 423 Offering” means an Offering that is intended to qualify under
Section 423 of the Code.

 

		(x)	“Securities Act” means the Securities Act of 1933, as amended.

 

		(y)	“Shares” means the Class A common stock, par value $0.0001 per share, of
the Company.

 

		(z)	“Subsidiary” means an entity, domestic or foreign, of which not less than 50%
of the voting equity is held by the Company or a Subsidiary, whether or not such entity now exists or is hereafter organized or acquired
by the Company or a Subsidiary, provided that such entity is also a “subsidiary” within the meaning of Section 424 of
the Code.

 

		(aa)	“Termination Date” means the date on which a Participant terminates employment
or on which the Participant ceases to provide services to the Company or a Subsidiary as an employee for any reason.

 

		3.	Eligibility.

 

		(a)	Only Employees shall be eligible to be granted Options, and in no event may a Participant be granted an
Option following the Participant’s Termination Date.

 

		(b)	Any provisions of the Plan to the contrary notwithstanding, no Employee shall be granted an Option if
(A) immediately after the grant, the Employee (or any other person whose stock would be attributed to the Employee pursuant to Section 424(d) of
the Code) would own capital stock of the Company or hold outstanding Options or options to purchase stock possessing 5% or more of the
total combined voting power or value of all classes of stock of the Company or any of its Subsidiaries, or (B) the Option would permit
the Employee to purchase stock under all employee stock purchase plans (described in Section 423 of the Code) of the Company and
its Subsidiaries to accrue at a rate that exceeds $25,000 of the Fair Market Value of such stock (determined at the time the Option is
granted) for each calendar year in which the Option is outstanding at any time. For purposes of applying the limit described in clause
(B) above to a Participant in a Non-Section 423 Offering who is employed outside of the U.S., the exchange rate shall be determined
on the last day of the applicable Offering Period. No Participant may purchase more than 8,000 Shares during any Offering Period.

 

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		4.	Option Exercise. Options shall be exercised on behalf of Participants in the Plan every Exercise
Date, using payroll deductions that have accumulated in the Participants’ Purchase Accounts during the immediately preceding Offering
Period or that have been retained from a prior Offering Period pursuant to Section 8 of the Plan.

 

		5.	Participation.

 

		(a)	An Employee shall be eligible to participate on the first Enrollment Date that occurs at least 90 calendar
days after the Employee’s first date of employment with the Company or a Participating Subsidiary by properly completing and submitting
an election form by the deadline prescribed by the Company. Participation in the Plan is voluntary.

 

		(b)	An Employee who does not become a Participant on the first Enrollment Date on which the Employee is eligible
may thereafter become a Participant on any subsequent Enrollment Date by properly completing and submitting an election form by the deadline
prescribed by the Company.

 

		(c)	Payroll deductions for a Participant shall commence on the first payroll date following the Enrollment
Date and shall end on the last payroll date in the Offering Period, unless sooner terminated as provided in Section 12 or
Section 13 of the Plan.

 

		6.	Payroll Deductions.

 

		(a)	A Participant may elect to have payroll deductions made during an Offering Period equal to no less than
1% of the Participant’s Compensation, up to a maximum of 50% (or any greater amount established by the Committee). The amount of
such payroll deductions shall be in whole percentages. All payroll deductions made by a Participant shall be credited to the Participant’s
Purchase Account. A Participant may not make any additional payments into the Participant’s Purchase Account. All such payroll deductions
shall be made from the Participant’s Compensation after deduction of any tax, social security, and national insurance contributions.

 

		(b)	A Participant may not increase or decrease the rate of payroll deductions during an Offering Period. A
Participant may change the Participant’s payroll deduction percentage under subsection (a) above for any subsequent
Offering Period by properly completing and submitting an election change form in accordance with the procedures prescribed by the Committee.
The change in amount shall be effective as of the first Enrollment Date following the date of filing of the election change form. In the
absence of such a change in election described in this subsection (b), the Participant’s most recently elected payroll deduction
percentage shall continue in effect for any subsequent Offering Period.

 

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		(c)	Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the
Code and Section 3(b) of the Plan, a Participant’s payroll deductions may be decreased to 0% at any time during
an Offering Period. Payroll deductions shall recommence at the rate provided in the Participant’s election form at the beginning
of the first Offering Period that is scheduled to end in the following calendar year, unless terminated by the Participant as provided
in Section 12 of the Plan.

 

		7.	Grant of Option. On the applicable Enrollment Date, each Participant in an Offering Period shall
be granted an Option to purchase, on the following Exercise Date, a number of full Shares determined by dividing (a) the Participant’s
payroll deductions accumulated prior to the Exercise Date and retained in the Participant’s Purchase Account as of the Exercise
Date by (b) the applicable Purchase Price.

 

		8.	Exercise of Option. A Participant’s Option shall be exercised automatically on the Exercise
Date, and the maximum number of Shares subject to the Option shall be purchased for the Participant at the applicable Purchase Price with
the accumulated payroll deductions in the Participant’s Purchase Account. No fractional Shares shall be purchased; any payroll deductions
accumulated in a Participant’s Purchase Account that are not sufficient to purchase a full Share shall be retained in the Purchase
Account for the next subsequent Offering Period, subject to earlier withdrawal by the Participant as provided in Section 12
of the Plan. All other payroll deductions accumulated in a Participant’s Purchase Account and not used to purchase Shares on an
Exercise Date shall be distributed to the Participant. During a Participant’s lifetime, a Participant’s Option is exercisable
only by the Participant. The Company shall satisfy the exercise of all Participants’ Options for the purchase of Shares through
(a) the issuance of authorized but unissued Shares, (b) the transfer of treasury Shares, (c) the purchase of Shares on
behalf of the applicable Participants on the open market through an independent broker, or (d) a combination of the foregoing.

 

		9.	Issuance of Stock. The Shares purchased by a Participant shall be issued in book entry form and
shall be considered to be issued and outstanding to the Participant’s credit as of the end of the last day of each Offering Period.
The Committee may permit or require that shares be deposited directly in a Brokerage Account with one or more brokers designated by the
Committee or to one or more designated agents of the Company, and the Committee may use electronic or automated methods of share transfer.
The Committee may require that Shares be retained with such brokers or agents for a designated period of time and may establish other
procedures to permit tracking of disqualifying dispositions of such Shares. The Committee may also impose a transaction fee with respect
to a sale of Shares issued to a Participant’s credit and held by such a broker or agent. The Committee may permit Shares purchased
under the Plan to participate in a dividend reinvestment plan or program maintained by the Company, and the Committee may establish a
default method for the payment of dividends.

 

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		10.	Approval by Stockholders. Notwithstanding the above, the Plan was expressly made subject to the
approval of the stockholders of the Company within 12 months before or after the date the Plan was adopted by the Board, and such stockholder
approval was obtained in the manner and to the degree required under applicable federal and state law.

 

		11.	Administration.

 

		(a)	Powers and Duties of the Committee. The Plan shall be administered by the Committee. Subject to
the provisions of the Plan and Section 423 of the Code and the regulations thereunder, the Committee shall have the discretionary
authority to determine the time and frequency of granting Options, the terms and conditions of the Options, and the number of Shares subject
to each Option. The Committee also shall have the discretionary authority to do everything necessary and appropriate to administer the
Plan, including by interpreting the provisions of the Plan (consistent with the provisions of Section 423 of the Code). The Committee
may delegate its duties and authority to any of the Company’s officers or employees as it determines to be appropriate. All actions,
decisions, determinations, and interpretations by the Committee or its delegate with respect to the Plan shall be final and binding upon
all Participants and upon their executors, administrators, personal representatives, heirs, and legatees. No member of the Board or the
Committee, and no officer or director to whom the Committee has delegated its duties and authority, shall be liable for any action, decision,
determination, or interpretation made in good faith with respect to the Plan or any Option. Each Section 423 Offering shall be administered
so as to ensure that all Participants have the same rights and privileges provided by Section 423(b)(5) of the Code.

 

		(b)	Brokerage Firm or Financial Institution. The Company, the Board, or the Committee may engage the
services of a brokerage firm or financial institution to perform certain ministerial and procedural duties under the Plan. Such duties
may include mailing and receiving notices contemplated under the Plan, determining the number of Purchased Shares for each Participant,
maintaining or causing to be maintained the Purchase Account and the Brokerage Account, disbursing funds maintained in the Purchase Account
or proceeds from the sale of Shares through the Brokerage Account, and filing proper tax returns and forms (including information returns)
with the appropriate tax authorities and providing to each Participant statements as required by law or regulation.

 

		(c)	Indemnification. Each person who is or has been (A) a member of the Board, (B) a member
of the Committee, or (C) an officer or employee of the Company to whom authority was delegated in relation to the Plan shall be indemnified
and held harmless by the Company against and from all (x) losses, costs, liabilities, and expenses that may be imposed upon or reasonably
incurred by such person in connection with or resulting from any claim, suit, proceeding, or other action to which such person may be
a party or in which such person may be involved by reason of any action taken or failure to act under the Plan (any “Action”)
and (y) amounts paid by such person in settlement of any Action, with the Company’s approval, or paid by such person in satisfaction
of any judgment in any Action, provided that in any case such person gives the Company an opportunity, at its own expense, to handle and
defend the Action before such person undertakes to handle and defend the Action on such person’s own behalf, unless such loss, cost,
liability or expense is a result of such person’s own willful misconduct or except as expressly provided by statute.

 

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The foregoing right of indemnification
shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s certificate
of incorporation or bylaws, any contract with the Company, as a matter of law, or otherwise, or of any power that the Company may have
to indemnify them or hold them harmless.

 

		12.	Withdrawal. A Participant may withdraw from the Plan by properly completing and submitting to the
Company a withdrawal form in accordance with the procedures prescribed by the Committee, which must be submitted prior to the date specified
by the Committee before the last day of the applicable Offering Period. Upon withdrawal, any payroll deductions credited to the Participant’s
Purchase Account prior to the effective date of the Participant’s withdrawal from the Plan shall be returned to the Participant.
No further payroll deductions for the purchase of Shares shall be made during subsequent Offering Periods, unless the Participant properly
completes and submits an election form by the deadline prescribed by the Company. A Participant’s withdrawal from an offering shall
not have any effect upon the Participant’s eligibility to participate in the Plan or in any similar plan that may hereafter be adopted
by the Company.

 

		13.	Termination of Employment. On a Participant’s Termination Date occurring prior to an Exercise
Date, the corresponding payroll deductions credited to the Participant’s Purchase Account shall be returned to the Participant or,
in the case of the Participant’s death, to the person or persons entitled to such credited payroll deductions under Section 16,
and the Participant’s Option shall be automatically terminated.

 

		14.	Interest. No interest shall accrue on the payroll deductions of a Participant in the Plan.

 

		15.	Stock.

 

		(a)	The stock subject to Options shall be Shares as traded on the New York Stock Exchange or on any other
exchange that the Shares may be listed.

 

		(b)	Subject to adjustment upon changes in capitalization of the Company as provided in Section 18
of the Plan, the maximum number of Shares available for sale under the Plan shall be 11,495,220 Shares. On a given Exercise Date, if the
number of Shares with respect to which Options are to be exercised exceeds the number of Shares then available under the Plan, the Committee
shall make a pro rata allocation of the Shares remaining available for purchase in as uniform a manner as practicable and as the Committee
determines to be equitable.

 

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		(c)	A Participant shall have no interest or voting right in Shares covered by the Participant’s Option
until the Option is exercised and the Participant becomes a holder of record of Shares acquired pursuant to such exercise.

 

		16.	Designation of Beneficiary. To the extent permitted by applicable law, the Committee may permit
Participants to designate beneficiaries to receive any Purchased Shares or payroll deductions in the Participant’s Purchase Account
in the event of the Participant’s death. Beneficiary designations shall be made in accordance with procedures prescribed by the
Committee. If no properly designated beneficiary survives the Participant, the Purchased Shares and payroll deductions shall be distributed
to the Participant’s estate.

 

		17.	Assignability of Options. Neither payroll deductions credited to a Participant’s Purchase
Account nor any rights with regard to the exercise of an Option or to receive Shares under the Plan may be assigned, transferred, pledged,
or otherwise disposed of in any way (other than by will, the laws of descent and distribution, or as provided in Section 16
of the Plan) by the Participant. Any such attempt at assignment, transfer, pledge, or other disposition shall be without effect, except
that the Company may treat such act as an election to withdraw from an Offering Period in accordance with Section 12 of the
Plan.

 

		18.	Adjustment of Number of Shares Subject to Options.

 

		(a)	Adjustment. Subject to any required action by the stockholders of the Company, the maximum number
of securities available for purchase under the Plan, as well as the price per security and the number of securities covered by each Option
that has not yet been exercised shall be appropriately adjusted in the event of any a stock split, reverse stock split, stock dividend,
combination, or reclassification of the Shares, or any other increase or decrease in the number of Shares effected without receipt of
consideration by the Company, excluding the conversion of any convertible securities of the Company. Such adjustment shall be made by
the Board or the Committee, whose determination shall be final, binding, and conclusive. If any such adjustment would result in a fractional
security being available under the Plan, such fractional security shall be disregarded. Except as expressly provided in this Section 18(a),
no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect,
and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Option. The Options granted
pursuant to a Section 423 Offering shall not be adjusted in a manner that causes the Options to fail to qualify as options issued
pursuant to an “employee stock purchase plan” within the meaning of Section 423 of the Code.

 

		(b)	Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company,
the Offering Period then in progress shall terminate immediately prior to the consummation of such proposed action, unless otherwise provided
by the Board, and the Board may either provide for the purchase of Shares as of the date on which such Offering Period terminates or return
to each Participant the payroll deductions credited to the Participant’s Purchase Account.

 

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		(c)	Merger or Asset Sale. In the event of a proposed sale of all or substantially all of the assets
of the Company, or the merger of the Company with or into another corporation, each outstanding Option shall be assumed or an equivalent
option substituted by the successor corporation or a parent or subsidiary of the successor corporation, unless the Board determines, in
the exercise of its sole discretion, that in lieu of such assumption or substitution to either terminate all outstanding Options and return
to each Participant the payroll deductions credited to such Participant’s Purchase Account or to provide for the Offering Period
in progress to end on a date prior to the consummation of such sale or merger.

 

		19.	Amendments to and Termination of the Plan.

 

		(a)	The Board or the Committee may at any time and for any reason amend, modify, suspend, discontinue, or
terminate the Plan without notice, provided that no Participant’s existing rights with respect to existing Options are adversely
affected. To the extent necessary to comply with Section 423 of the Code (or any other applicable law, regulation, or stock exchange
rule), the Company shall obtain stockholder approval in any manner and to any degree required.

 

		(b)	Without stockholder consent and without regard to whether any Participant’s rights may be considered
to have been “adversely affected,” the Board or the Committee may (A) change the Purchase Price or Offering Periods,
(B) limit or increase the frequency or number of changes in the amount withheld during an Offering Period, (C) establish the
exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, (D) permit payroll withholding in an amount
less or greater than the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing
of properly completed withholding elections, (E) establish reasonable waiting and adjustment periods or accounting and crediting
procedures to ensure that amounts applied toward the purchase of Shares for each Participant properly correspond with amounts withheld
from the Participant’s Compensation, (F) and establish other limitations or procedures that the Board or the Committee determines
in its sole discretion advisable and consistent with the Plan, except that changes to (1) the Purchase Price, (2) the Offering
Period, (3) the maximum percentage of Compensation that may be deducted pursuant to Section 6(a) of the Plan, or
(4) the maximum number of Shares that may be purchased in an Offering Period shall not be effective until communicated to Participants
in a reasonable manner, with the determination of such reasonable manner in the sole discretion of the Board or the Committee.

 

		20.	No Other Obligations. The receipt of an Option shall not impose any obligation upon a Participant
to purchase any Shares covered by the Option. The granting of an Option shall not constitute an agreement or an understanding, express
or implied, on the part of the Company to employ the Participant for any specified period.

 

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		21.	Notices and Communication. Any notice or other form of communication that the Company or a Participant
may be required or permitted to give to the other shall be provided through means designated by the Committee, which may be through any
paper or electronic method.

 

		22.	Conditions for Exercise and Issuance.

 

		(a)	Shares shall not be issued with respect to an Option unless the exercise of such Option and the issuance
and delivery of such Shares pursuant thereto would comply with all applicable law, domestic or foreign, including the Securities Act and
the Exchange Act and the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the
Shares are then listed. Issuance of Shares with respect to an Option shall be subject to the approval of the Company’s counsel with
respect to such compliance.

 

		(b)	As a condition to the exercise of an Option, the Company may require the person exercising the Option
to represent and warrant, at the time of any such exercise, that the Shares are being purchased only for investment and without any present
intention to sell or distribute the Shares if, in the opinion of the Company’s counsel, such a representation is required by applicable
law as described in subsection (a) above.

 

		23.	General Compliance. The Plan shall be administered and Options exercised in compliance with the
Securities Act, Exchange Act, and all other applicable securities laws and Company policies, including any insider trading policy of the
Company.

 

		24.	Term of the Plan. The Plan shall become effective upon the earlier to occur of its adoption by
the Board and its approval by the stockholders of the Company and shall continue in effect until terminated pursuant to Section 19
of the Plan.

 

		25.	Governing Law. The Plan and all Options shall be construed in accordance with and governed by the
laws of the state of Delaware, without reference to choice-of-law principles and subject in all cases to the Code and regulations thereunder.

 

		26.	Non-U.S. Participants. To the extent permitted under Section 423 of the Code, without the
amendment of the Plan, the Company may provide for the participation in the Plan by Employees who are subject to the laws of foreign countries
or jurisdictions on terms and conditions different from those specified in the Plan, as in the judgment of the Company may be necessary
or desirable to foster and promote achievement of the purposes of the Plan. In furtherance of such purposes, the Company may make modifications
or establish procedures or subplans and the like as necessary or advisable to comply with provisions of laws of other countries or jurisdictions
in which the Company or the Participating Subsidiaries operate or have employees. Each subplan shall constitute a separate “offering”
under the Plan in accordance with Treas. Reg. §1.423-2(a).

 

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PRIVILEGED
AND CONFIDENTIAL

 

Schedule A

 

Participating SubsidiariesExhibit 10.12

 

		

 

July 23,
2021

 

Dear Paul,

 

We are thrilled to invite you to join Hagerty as our President of Media &
Senior Vice President of Corporate Development and value your contributions to Hagerty’s success. For your convenience, we have
summarized the details of your offer. Hagerty will provide base compensation that will be based on your effective start date. The following
summary outlines the compensation arrangement for the subsequent years and is subject to the company performance and terms of the incentive
plans.

 

Compensation Exhibit – 2021

 

	Compensation Description	 	Pro-Rated for 2021*	 
	Base Salary Compensation	 	$	243,750	 
	Signing Bonus	 	$	200,000	 
	Annual Incentive Plan (75%) at Target Performance (paid 03.15.2022)	 	$	182,812	 
	Automobile Allowance	 	$	6,666	 
	Total Target Cash Compensation	 	$	633,228	 

*assumes 08.15.2021

 

Compensation Exhibit – 2022

 

	Compensation Description	 	Annual Amount	 
	Base Salary Compensation	 	$	650,000	 
	2022 Annual Incentive Plan (75%) at Target Performance (paid in March 2023)	 	$	487,500	 
	2022 Executive Incentive Bonus (paid in March of 2023)	 	$	650,000	 
	Automobile Allowance	 	$	20,000	 
	Total Target Cash Compensation	 	$	1,807,500	 

 

Compensation Exhibit – 2023

 

	Compensation Description	 	Annual Amount	 
	Base Salary Compensation	 	$	650,000	 
	2023 Annual Incentive Plan (75%) at Target Performance (paid in March 2024)	 	$	487,500	 
	2023 Executive Incentive Bonus (paid in March of 2024)	 	$	650,000	 
	Automobile Allowance	 	$	20,000	 
	Total Target Cash Compensation	 	$	1,807,500	 

 

Incentive Programs:

 

Based on your role within the company, you are eligible for the Annual
Incentive Plan. The Annual Incentive Plan is a company-wide program that is based on the achievement of annual corporate company goals.
The targeted incentive amount noted in the table above is 75% of your earnings. In order to participate in this program, you must be
employed by Hagerty on the date of the payment. In addition, you are eligible to earn incentive through Hagerty’s long term incentive
plan. The long-term incentive is based on a three-year payment cycle and the opportunity is 125% of your earnings. Each year begins a
new three-year tranche of payments. The specific provisions of each plan are described in “summary plan documents” that will
be shared with you upon hire.     As the long-term incentive plan will vest over a three-year period of
time, we are offering an executive incentive bonus to maintain your cash earnings while it is vesting initially vesting. The intent is
to keep your annual compensation package whole and commensurate with leadership responsibilities.

 

    

     

    

 

Long Term Incentive Plan Exhibit

 
	 	 	Plan Year	 	 	Base Salary	 	 	LTIP Target	 	 	Performance	 	 	Earned for 2022-2024 Plan	 
	2022
- 2024 Plan (paid in 2025)
	 	 	2022	 	 	$	650,000	 	 	 	125	%	 	 	100	%	 	$	270,833	 
	 	 	 	2023	 	 	$	650,000	 	 	 	125	%	 	 	100	%	 	$	270,833	 
	 	 	 	2024	 	 	$	650,000	 	 	 	125	%	 	 	100	%	 	$	270,833	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	812,500	 

 

Compensation Exhibit – 2024

 

	Compensation Description	 	Annual Amount	 
	Base Salary Compensation	 	$	650,000	 
	2024 Annual Incentive Plan (75%) at Target Performance (paid in March 2025)	 	$	487,500	 
	2022 – 2024 Long Term Incentive (125%) (paid in March of 2025)	 	$	812,500	 
	Automobile Allowance	 	$	20,000	 
	Total Target Cash Compensation	 	$	1,970,000	 

 

Future Equity Eligibility:

 

Should Hagerty financial strategy result in equity grants for key leaders,
your role will be eligible for participation in a similar manner as other senior executives as a portion of your long-term incentive which
provides additional earning upside based on company performance. I will need to confirm the design of this issue to align with other related
to RSU, PSU, and standard vesting schedule.

 

Automobile Allowance:

 

An annual automobile allowance will be established as a part of your
compensation package. The annual amount of $20,000 will be paid monthly.

 

Health Insurance:

 

All full-time regular employees will be enrolled in a medical/pharmaceutical/vision
insurance plan administered by Priority Health / Cigna. Whether you choose employee-only coverage, or you wish to add your spouse or dependents,
the cost is shared by you and the company. Your share of the premium will be deducted pre-tax, from your paycheck. Full-time regular employees
are eligible for this benefit on the first day of the month following 30 days of employment.

 

		·	$65.00 per month for employee only ($32.50 per paycheck)
		·	$320.00 per month for employee + one person ($160.00 per paycheck)
		·	$390.00 per month for employee + family ($195.00 per paycheck)

 

401(k) and
Retirement:

 

A
Principal Retirement 401(k) plan has been established to help
our long-term employees meet their retirement savings goals. Hagerty provides a 100% match to each employee’s contribution, up
to the employee’s contribution of 4% of his or her income. Full-time regular employees are eligible for this benefit on the
first of the month following 30 days of employment. The vesting of the Hagerty contribution is immediate.

 

Dental Insurance:

 

Delta Dental Insurance is offered to all full-time regular employees;
the premium will be deducted from your paycheck. Full-time employees are eligible for this benefit on the first of the month following
30 days of employment.

 

		·	$4.00 per month for employee ($2.00 per paycheck)
		·	$26.00 per month to add spouse ($13.00 per paycheck)
		·	$35.40 per month to add one child ($17.70 per paycheck)
		·	$77.96 per month to add family coverage ($38.98 per paycheck)

 

    

     

    

 

Short-Term Disability:

 

Hagerty provides Prudential Short-Term Disability Insurance plans to
all full-time regular employees. Employees must be employed for six months to become eligible for the short-term disability.

 

Long Term Disability:

 

Hagerty provides Unum Long Term Disability to executives. This is an
individual executive policy that will be coordinated for you with your role and is in addition to the employee standard coverage. Specific
details of the policy depend on the desired coverage and your annual base compensation.

 

Life Insurance:

 

Hagerty
provides an executive group variable universal life (GVUL) insurance policy equal to one million for all Senior Vice President and C-Suite roles.
The employee will designate the beneficiary of the policy.

 

Wellness Program:

 

Hagerty will reimburse up to $250 per year toward selected Wellness
Programs outside our company walls. While this was designed with gym memberships in mind, we have now expanded the coverage to include
programs such as smoking cessation and other wellness programs.

 

Paid Time Off:

 

		•	Four weeks paid time off
		•	Nine paid holidays

 

The benefits outlined in this letter are governed by plan documents
that will be made available to you during your employment. All benefits are subject to change by Hagerty at any time.

 

The start date will be after August 15,
2021. We know that you will be a meaningful member of our leadership team!

 

 

Respectfully,

 

	/s/ Collette Champagne	 

Collette Champagne (Jul 23, 2021 17:08 EDT)

 

Collette (Coco) Champagne

Chief Operating Officer

 

    

     

    

 

Execution Version

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (“Agreement”)
is made by THE HAGERTY GROUP, LLC, a Delaware limited liability company (“Company”), and Paul E. Rehrig (“Executive”).
Executive and the Company are also individually referred to herein as a “Party” and collectively as the “Parties.”
As used in this Agreement, the term “Affiliate” means any entity controlling, controlled by or under common control
with the Company.

 

1.             Effective
Date and Term. This Agreement will take effect on August 16, 2021 (“Effective Date”) and will remain in effect during
the Employment (as defined in Section 2) (the “Term”) and thereafter as to those provisions that expressly state that
they will remain in effect after termination of the Employment. The first 2 years of the Term (the “Initial Term”) is the
period beginning on August 16, 2021 and ending on August 16, 2023.

 

2.             Employment.
Executive will serve as the Company’s President of Media and Senior Vice President of Corporate Development or such similar executive
position with the Company or an Affiliate as may be assigned by the Company.(the “Employment”). Executive will perform
duties consistent with this position as assigned to Executive from time to time by the Company’s Chief Executive Officer and will
comply with all Company policies. The Employment will be full time and Executive’s entire business time and efforts will be devoted
to the Employment, except that Executive may oversee passive investments and may serve on boards of directors of non-profit organizations,
and may serve on boards of directors of for-profit organizations, that are not competitive with the Company or an Affiliate, provided
that such activities do not impair Executive’s full-time services under this Agreement or constitute a conflict of interest.

 

3.             Compensation.
Executive will be compensated during the Employment as follows, subject to required tax deductions and withholdings:

 

(a)            Salary.
Executive’s salary will be $650,000 per year (or a prorated weekly amount for any partial year), subject to payroll deductions as
legally required and/or authorized by Executive, and will be payable in accordance with the Company’s normal payroll practices.
The Company may review Executive’s salary annually in accordance with the Company’s normal procedures and may increase (but
not decrease) Executive’s salary to reflect the Company’s determinations of Executive’s performance, Company performance,
business or economic conditions, or changes in Executive’s duties and responsibilities.

 

(b)           Bonus
Payments. Executive will receive an annual bonus payment equal to the greater of 100% of Executive’s annual salary or $650,000
(or a prorated weekly amount for any partial year), payable on or before March 15 of 2023 and 2024. In the event Executive is no
longer employed by the Company on the payment date, Executive will be entitled to a prorated weekly amount of the annual bonus payment.

 

    

     

    

 

(c)           Annual
Incentive Plan. Beginning with the 2021 plan year, Executive will participate in the Hagerty Amended and Restated Annual Incentive
Plan or any successor Company annual bonus plan (“Annual Incentive Plan”) in accordance with the terms of the plan.
The Company will continue an Annual Incentive Plan under which Executive’s target incentive payment for each calendar year will
be at least 75% of Executive’s salary, with any payments under the plan to be determined under the terms of the plan based on attainment
of Company and individual goals as provided in the plan, and subject to Executive’s continued Employment with the Company.

 

(d)           Long-Term
Incentive Plan. Executive will participate in the Company’s Amended and Restated Hagerty Long-Term Incentive Plan or any successor
Company long-term bonus plan (“Long-Term Incentive Plan”) in accordance with the terms of the plan and performance
measures applicable to all participants. Executive will participate in the Long-Term Incentive Plan fully for incentive periods beginning
on or after January 1, 2022. The Company will continue a Long-Term Incentive Plan under which Executive’s target incentive
payment for each incentive period established under the plan will be at least 125% of Executive’s salary, with any payments under
the plan to be determined under the terms of the plan based on attainment of Company goals as provided in the plan.

 

(e)           Future
Equity Eligibility. Should Hagerty financial strategy result in equity grants for key leaders, Executive will be eligible for participation
in a similar manner as other senior executives.

 

(f)           Paid
Time Off. Executive will be entitled to a minimum of 4 weeks of paid time off per year, in addition to Company holidays, to be administered
in accordance with Company policy, which is subject to change from time to time in the Company’s discretion. Paid time off will
be taken at such times as are consistent with the reasonable business needs of the Company.

 

(g)           Benefits.
Executive will be eligible to participate in fringe benefit programs covering the Company’s salaried employees as a group and in
any other Company benefit programs and policies applicable under Company policy to senior executives, including medical/pharmaceutical/vision
insurance, short-term and long-term disability insurance, life insurance, dental insurance, wellness program, and retirement plan. The
terms of applicable insurance policies and benefit plans in effect from time to time will govern with regard to specific issues of coverage
and benefit eligibility. All benefit programs and policies are subject to change from time to time in the Company’s discretion.

 

(h)           Car
Allowance. Executive will receive an annual car allowance of $20,000 per calendar year, to be paid monthly during the year, less required
deductions and withholdings.

 

(i)             Business
Expenses. The Company will reimburse Executive for reasonable, ordinary and necessary business expenses that are specifically authorized
or are authorized by Company policy, subject to Executive’s prompt submission of proper documentation for tax and accounting purposes.
Such expenses will be reimbursed within 30 days after Executive submits such documentation, but in no event later than the fifteenth
day of the third month after the end of the year in which the expense is incurred.

 

    

     

    

 

(j)             Signing
Bonus. Executive will receive a one-time bonus payment of $200,000, payable within 30 days of the Effective Date of this Agreement.
In the event Executive’s Emloyment is terminated within 12 months of the Effective date of this Agreement by the Company for Cause
(as defined in Section 4(c) herein) or by Executive for any reason other than Good Reason (as defined in Section 5(b) herein),
Executive will be required to repay the signing bonus within 30 days of the termination date.

 

4.             Termination
of Employment Without Severance Pay. Executive will not be entitled to any further employment-related compensation, payments or benefit
coverage (subject to the terms of applicable insurance policies and benefit plans) from the Company or any Affiliate after termination
of the Executive’s Employment pursuant to this Section 4, except those payments specifically identified in Section 6.

 

(a)            Death.
The Employment will terminate automatically upon Executive’s death.

 

(b)           Disability.
If Executive is unable to perform Executive’s duties under this Agreement, with or without reasonable accommodation, due to physical
or mental disability for a continuous period of 180 days or longer and Executive is eligible for benefits under the Company’s long-term
disability insurance policy, the Company may terminate the Employment under this Section 4(b). If the Company terminates the Employment
as the result of Executive’s inability to perform Executive’s duties for less than 180 days due to a disability, the termination
of Employment will be deemed to be pursuant to Section 5(a) below.

 

(c)           Termination
by Company for Cause. The Company may terminate the Employment for “Cause,” defined as Executive’s: (i) breach
of any provision of Sections 8, 9 or 10 of this Agreement; (ii) continued failure to perform or continued poor performance of duties
after warning and reasonable opportunity to meet reasonable required performance standards; (iii) gross negligence causing or placing
the Company at risk of significant damage or harm; (iv) misappropriation of or intentional damage to Company property; (v) material
fraud or dishonesty; (vi) conviction of a felony; or (vii) intentional act or omission that Executive knows or should know is
significantly detrimental to the interests of the Company.

 

If the Company becomes
aware after termination of the Employment other than for Cause that Executive engaged before the termination of Employment in conduct
constituting Cause, the Company may recharacterize Executive’s termination as having been for Cause.

 

(d)           Discretionary
Termination by Executive. Executive may terminate the Employment at will with at least 30 days’ advance written notice to the
Company. If Executive gives such notice of termination, the Company may (but need not) relieve Executive of some or all of Executive’s
responsibilities for part or all of such notice period, provided that Executive’s pay and benefits are continued for the 30 day
notice period.

 

5.             Termination
With Severance Pay. Executive will not be entitled to any further employment-related compensation, payments or benefit coverage (subject
to the terms of applicable insurance policies and benefit plans) from the Company or any Affiliate after termination of Executive’s
Employment pursuant to this Section 5, except for payments and benefit coverage as provided in Section 6 and Severance Pay as
provided in and subject to the terms of Section 7.

 

(a)           Discretionary
Termination by Company. The Company may terminate the Employment at will, but if the Company does so other than as provided in Section 4
above, Executive will be entitled to Severance Pay as provided in and subject to Section 7. A termination of Executive’s Employment
by the Company under Section 4(c) that is determined in a proceeding under Section 14 not to be for Cause will be considered
to have been a termination under this Section 5(a).

 

(b)           Termination
by Executive for Good Reason. Executive may terminate the Employment for “Good Reason” if (a) the Company
materially breaches the Company’s obligations to Executive under this Agreement; (b) the Company relocates Executive to a facility
or location more than 30 miles from Boulder, Colorado; or (c) the Company materially diminishes Executive’s authority, duties
or responsibilities or materially changes Executive’s reporting structure or job description. Executive may not resign for Good
Reason unless (i) Executive notifies the Company’s Chief Executive Officer in writing, within 30 days after Executive becomes
aware of or should have become aware of the act or omission in question, asserting that the act or omission in question constitutes Good
Reason and explaining why, (ii) the Company fails, within 30 days after the notification, to take all reasonable steps to cure the
breach, and (iii) Executive resigns by written notice within 30 days after expiration of the 30 day period under Section 5(b)(ii).
If Executive terminates the Employment for Good Reason, Executive will be entitled to Severance Pay as provided in and subject to Section 7.

 

6.             Payments
Upon Termination of Employment. Executive will not be entitled to any further employment-related compensation, payments or benefit
coverage (subject to the terms of applicable insurance policies and benefit plans) from the Company or any Affiliate after termination
of the Executive’s Employment, except (a) unpaid salary installments through the end of the week in which the Employment terminates,
(b) any vested benefits accrued before the termination of Employment under the terms of any written Company policy or benefit program,
and (c) if the termination of Employment is pursuant to Section 5, Severance Pay to which Executive is entitled under Section 7.

 

7.             Severance
Pay. The Company will pay Executive the payments provided in and subject to this Section 7 (“Severance Pay”)
upon Executive’s “separation from service,” as that term is defined by Section 409A of the Internal Revenue
Code (the “Code”), if Executive’s Employment is terminated during the Term as provided in Section 5 and
Executive contemporaneously or subsequently experiences a separation from service.

 

    

     

    

 

(a)           Amount
and Duration of Severance Pay. Subject to the other provisions of this Section 7, Severance Pay will consist of: (i) the
continuation of Executive’s then current base salary for the greater of 12 months or the time remaining in the Initial Term. No
Severance Pay will be paid, however, until the Company’s first regular pay date that occurs on or after 60 days after the date of
Executive’s separation from service. Any salary continuation payments to which Executive would otherwise have been entitled during
those 60 days will be accumulated and paid on the Company’s first regular pay date on or after 60 days after separation from service
provided Executive has signed the release provided for in Section 7(b)(ii) and continued to honor the release. All Severance
Pay under Section 7 that would otherwise be paid more than 60 days after termination of the Employment will be made as provided in
Section 7 on the Company’s normal pay dates. Payments will be less required deductions and withholdings. If Executive dies
before the end of the Severance Pay period, any unpaid Severance Pay will be forfeited.

 

(b)           Conditions
to Severance Pay. To be eligible for Severance Pay, Executive must meet the following conditions: (i) Executive must comply with
Executive’s obligations under this Agreement that continue after termination of the Employment; (ii) Executive must sign a
Company-prepared release of claims by a date designated by the Company (which will be not less than 21 days nor more than 45 days after
Executive’s Employment is terminated and Executive is given the release document) waiving and releasing any and all claims or rights
that Executive might otherwise have against the Company, any Affiliate, or any of the officers, directors, employees or agents of the
Company or any Affiliate, provided that the release will not waive Executive’s right to any payments due under this Section 7
or Section 6, nor will the release waive any right of Executive to liability insurance coverage under any directors’ and officers’
liability insurance policy or any indemnification rights that Executive may otherwise have; (iii) Executive must resign upon written
request by the Company from all positions with or representing the Company or any Affiliate, including but not limited to membership on
boards of directors where Executive represents the Company or any Affiliate; and (iv) Executive must, upon request by the Company,
provide the Company, for a period of 90 days after termination, with consulting services (limited to no more than 8 hours per week) regarding
matters within the scope of Executive’s former duties. Executive will only be required to provide those services by telephone or
e-mail at Executive’s reasonable convenience and without substantial interference with Executive’s other activities or commitments.

 

(c)           Disability
Benefits Offset to Severance Pay. Any Severance Pay provided under Section 7(a) will be reduced on a dollar-for-dollar basis
by any payments that Executive receives pursuant to the Company’s bona fide group long-term disability insurance policy and/or workers’
compensation insurance policy.

 

    

     

    

 

 8.             Loyalty and Confidentiality; Certain Property and Information.

 

(a)           Loyalty
and Confidentiality. Executive will be loyal to the Company during the Employment and will forever hold in strictest confidence,
and not use or disclose, any information regarding techniques, processes, developmental or experimental work, trade secrets, customer
or prospect names or information, or proprietary or confidential information relating to the current or planned products, services, sales,
pricing, costs, employees or business of the Company or any Affiliate, except as disclosure or use may be required in connection with
Executive’s work for the Company or any Affiliate or as may be compelled pursuant to court order or subpoena. Executive will also
keep the terms of this Agreement confidential. Executive’s commitment not to use or disclose information does not apply to information
that becomes publicly known without any breach of this Agreement by Executive.

 

(b)           Certain
Property and Information. Upon termination of the Employment, Executive will deliver to the Company any and all property owned or
leased by the Company or any Affiliate and any and all materials and information (in whatever form) relating to the business of the Company
or any Affiliate, including without limitation all customer lists and information, financial information, computers, mobile and smart
phones, business notes, business plans, documents, keys, credit cards and other Company- provided equipment. All Company property will
be returned promptly and in good condition except for normal wear.

 

9.             Ideas,
Concepts, Inventions and Other Intellectual Property. All business ideas and concepts and all inventions, improvements, developments
and other intellectual property made or conceived by Executive, either solely or in collaboration with others, during the term of the
Executive’s employment by the Company or an Affiliate, whether or not during working hours, and relating to the business or any
aspect of the business of the Company or any Affiliate or to any business or product the Company or any Affiliate is actively planning
to enter or develop, will become and remain the exclusive property of the Company and the Company’s successors and assigns. Executive
will disclose promptly in writing to the Company all such inventions, improvements, developments and other intellectual property, and
will cooperate in confirming, protecting, and obtaining legal protection of the Company’s ownership rights. Executive’s commitments
in this Section will continue in effect after termination of the Employment as to ideas, concepts, inventions, improvements and developments
and other intellectual property made or conceived in whole or in part before the date the Executive’s employment with the Company
terminates.

 

Executive represents
and warrants that there are no ideas, concepts, inventions, improvements, developments or other intellectual property that Executive invented
or conceived before becoming employed by the Company to which Executive, or any assignee of Executive, now claims title, and that would
be covered by this Section if made or conceived by Employee during the term of Executive’s employment by the Company or any
Affiliate.

 

Executive agrees
not to disclose to the Company or use, or induce the Company to use, any proprietary information, trade secret or confidential business
information of any other person or entity, including any previous employer of Executive. Executive also represents that all property,
proprietary information, trade secret and confidential business information belonging to any prior employer has been returned. During
the performance of his duties with the Company, the Company will not request or expect that Executive will disclose confidential or proprietary
information acquired during prior employment. The Company further agrees that in the event Executive must decline to make such a disclosure
to the Company, declining to make the disclosure will have no adverse consequence to Executive’s employment with the Company.

 

    

     

    

 

10.           Non-Competition;
Non-Solicitation. During the Employment and for 12 months after the date of termination of Executive’s Employment (24 months
if Executive leaves the Employment without Good Reason or the Company terminates Executive for Cause), Executive will not:

 

(a)           directly
or indirectly engage in a Competitive Business; or

 

(b)           be
employed by, perform services for, advise or assist, own any interest in or loan or otherwise provide funds to, any other business that
is engaged (or seeking Executive’s services with a view to becoming engaged) in any Competitive Business; or

 

(c)           solicit
or suggest, or provide assistance to anyone else in seeking to solicit or suggest, that any customer, vendor, employee, or other person
or organization having or contemplating a relationship with the Company or any Affiliate terminate, reduce, or not initiate their relationship
or contemplated relationship with the Company or such Affiliate, or enter into any similar relationship with anyone else instead of the
Company or the Affiliate.

 

“Competitive
Business” means (a) vehicle, boat and collectible insurance business and ancillary businesses relating to the preservation,
safety and enjoyment of vehicles, boats and collectibles and (b) any other business in the automotive space in which the Company
and its Affiliates are actively engaged or actively seeking to become engaged during Executive’s employment with the Company. This
Section 10 does not prohibit Executive from owning not more than two percent (2%) of any class of securities of a publicly traded
entity, provided that Executive does not engage in other activity prohibited by this Section 10. Executive represents and warrants
that neither the Employment nor the performance of his obligations for the Company will conflict with or violate any other contract or
obligations, legal or otherwise, which Executive may have.

 

11.           Equitable
Remedies. Executive agrees that any breach of Sections 8, 9 or 10 of this Agreement will cause irreparable damage to the Company,
that such damage will be difficult to quantify and that money damages alone will not be adequate. Accordingly, Executive agrees that the
Company, in addition to any other legal rights or remedies available to the Company on account of a breach or threatened breach of this
Agreement, shall have the right to obtain an injunction, specific performance or other equitable relief to prevent any actual or threatened
breach, and Executive waives the defense in any equitable proceeding that there is an adequate remedy at law for such breach. The time
periods for the covenants in Sections 8, 9 and 10 above shall be extended by the same period that a court finds Executive is in violation
of any such covenant.

 

    

     

    

 

12.           Amendment
and Waiver. No provisions of this Agreement may be amended, modified, waived or discharged unless the waiver, modification, or discharge
is authorized by the Company’s Chief Executive Officer and is agreed to in a written document signed by Executive and the Chief
Executive Officer. No waiver by either Party at any time of any breach or nonperformance of this Agreement by the other Party will be
deemed a waiver of any prior or subsequent breach or nonperformance.

 

13.           Entire
Agreement. No agreements or representations, oral or otherwise, express or implied, with respect to Executive’s Employment with
the Company or any of the subjects covered by this Agreement, have been made by the Company that are not set forth or referenced expressly
in this Agreement, and this Agreement supersedes any pre-existing employment agreements and any other agreements on the subjects covered
by this Agreement.

 

 14.           Dispute Resolution.

 

(a)           Arbitration.
The Company and Executive agree that, except as provided in Section 14(b), the sole and exclusive method for resolving any dispute
between them arising out of or relating to this Agreement will be arbitration under the procedures set forth in this Section. The arbitrator
will be selected pursuant to the Rules for Employment Arbitration of the American Arbitration Association. The arbitrator will hold
a hearing at which both parties may appear, with or without counsel, and present testimony, evidence and argument. Pre-hearing discovery
will be allowed in the discretion of and to the extent deemed appropriate by the arbitrator, and the arbitrator will have subpoena power.
The procedural rules for an arbitration hearing under this Section will be the rules of the American Arbitration Association
for Commercial Arbitration hearings and any rules as the arbitrator may determine. The hearing will be completed within 90 days after
the arbitrator has been selected and the arbitrator will issue a written decision within 60 days after the close of the hearing. The hearing
will be held in Traverse City, Michigan. The award of the arbitrator will be final and binding and may be enforced by and certified as
a judgment of the 13th Judicial Circuit Court for the State of Michigan, or any other court of competent jurisdiction. One-half
of the fees and expenses of the arbitrator will be paid by the Company and one-half by Executive.

 

(b)           Section 14(a) will
be inapplicable to a dispute arising out of or relating to Sections 8, 9 or 10 of this Agreement.

 

15.           Assignment.
This Agreement contemplates personal services by Executive, and Executive may not transfer or assign Executive’s rights or obligations
under this Agreement, except that Executive may designate beneficiaries for benefits as allowed by the Company’s benefit programs.
This Agreement may be assigned by the Company to any Affiliate or successor in interest to the Company.

 

    

     

    

 

16.           Notices.
For purposes of this Agreement, all notices and other communications required or permitted hereunder will be in writing and will be
deemed to have been duly given when delivered or received by facsimile or email transmission or 5 days after deposit in the United States
mail, certified and return receipt requested, postage prepaid, addressed as follows:

 

If to Executive:

 

Paul E. Rehrig

[Pending new mailing address]

 

If to the Company:

 

The Hagerty Group, LLC 

141 River’s Edge Dr.

Suite 200

Traverse City, Michigan 49684 

Attention: General Counsel

 

or to such other address as either Party may have furnished
to the other in writing in accordance herewith, except that notices of change of address will be effective only upon receipt.

 

17.           Governing
Law. The validity, interpretation, and construction of this Agreement are to be governed by Michigan law, without regard of choice
of law rules. The parties agree that any judicial action involving a dispute arising under this Agreement will be filed, heard and decided
in either the 13th Judicial Circuit Court of the State of Michigan or the U.S. District Court for the Western District of Michigan.
The parties agree that they will subject themselves to the personal jurisdiction and venue of either court, regardless of where Executive
or the Company may be located at the time any action may be commenced. The parties agree that Grand Traverse County is a mutually convenient
forum and that each of the parties conducts business in Grand Traverse County.

 

18.           Counterparts.
This Agreement may be signed in original or by electronic counterparts, each of which will be deemed an original, and together the counterparts
will constitute one complete document.

 

19.           Section 409A.
The parties to this Agreement intend that the Agreement be exempt from Section 409A of the Code to the fullest extent possible as
providing for short-term deferrals and involuntary separation pay, and that to the extent this Agreement is not exempt from Section 409A
it is intended to comply with Section 409A, where applicable, and this Agreement will be operated and interpreted in a manner consistent
with those intentions.

 

[POSITION DESCRIPTION FOLLOWS]

 

    

     

    

 

Position Summary

 

Reporting
to the CEO, this individual will be a key member of our executive leadership team and will be responsible for working cross functionally
across the entire organization to develop our media offering, event operations, and partnership strategy.     The
leader will be responsible for setting the vision of what Hagerty Media can grow to be and have abilities to build and execute the roadmap
to realize that vision. This role requires an experienced media executive with a growth mindset and deep digital skillset in creating
media platforms, including publishing expertise, as well as demonstrated experience in developing partnership programs across a member-based
business.     Additionally the leader will play a key role in leading the
media and operations aspects of customer and brand partnership experiences and strategic planning around events, and work with the CEO
on corporate and commercial business development.

 

Responsibilities:

 

		·	Collaborate with executive leadership to develop an aligned vision, strategy, and roadmap for Hagerty Media, Events, and Partnerships.

 

		·	Corporate development and business development for strategic growth in events, media, and digital businesses including

 

		o	M&A

 

		§	In partnership with the CFO and other executives, source and lead deal flow, analysis, and negotiation of potential strategic investments
and acquisitions related to the Media and Event business.

 

		o	Corporate partnerships and commercial business development

 

		§	Establish and grow revenue generating and marketing partnerships in for Hagerty Media, Events, entertainment licensing, and sponsorships.

 

		·	Responsible for all aspects of Hagerty Media strategy, team development, budget, and its day-to-day activity including

 

		o	Media Budget

 

		§	Audit existing media expenses and revenues, develop deep dive presentation for executive team

 

		§	Develop and manage Hagerty Media’s content production and talent expense, revenue goals and performance.

 

		o	Media production

 

		§	Manage the Hagerty media production and editorial teams.

 

		§	Editorial responsibility for all Hagerty media content across all formats (Magazine, video, photography, written, podcasts, etc.).

 

		§	Partner with Editorial to drive traffic and site metrics, strategy, and execution, as well as determine best course of action on increasing
content generation. Work with Hagerty data and analytics teams to establish content and audience performance metrics and KPIs.

 

		§	Supervise all content production activity and talent relationships.

 

		§	Collaborate with Member Products and Services teams on Unified General Content (UGC) strategy, integration of UGC with Hagerty premium
content.

 

		§	Establish a strategy for media content development tied to Hagerty events.

 

		o	Media distribution

 

    

     

    

 

		§	Oversee the Vice President of Media Operations and that team’s objectives, plans and programs including publishing and content
strategy, syndication, as well as platform and channel performance (including social media).

 

		§	Design and work closely with Membership team to develop content windowing strategy, paywall/registration wall strategy, 1st
party publishing activity, and 3rd party syndication activity.

 

		§	Be a key stakeholder and collaborator on Hagerty Media product strategy and roadmaps (website, mobile apps, connected TV apps).

 

		o	Media commercial monetization

 

		§	Define and implement a monetization approach that is consistent with the overall Brand strategy and membership objectives including
leveraging Automotive Intelligence.

 

		§	Develop Hagerty’s approach to native or sponsored content advertising sales.

 

		§	Oversee print and digital advertising sales including supporting media kit and sales collateral and pitch decks.

 

		§	Build and manage the advertising sales team including outside resources such as magazine rep companies, establishing sales targets
and managing performance.

 

		§	Grow and oversee a comprehensive partner strategy that delivers on member value and audience growth, enhancing the existing HDC partner
agreements and extending categories to include automotive, lifestyle and media partners.

 

		§	Lead business development and negotiation of commercial agreements with syndication and marketing partnerships
(e.g. YouTube, Facebook, Roku, etc.).

 

		§	Develop and implement an OEM strategy that aligns with enterprise and membership objectives.

 

		§	Partner with the Editorial team to create integrated cross platform content packages that can be monetized
to win new advertisers.

 

		§	Manage and build high profile relationships within with partner organizations and clubs including automotive, media, and lifestyle
partners.

 

		o	Media marketing

 

		§	Lead Hagerty Media’s audience development, SEO, paid search, social, advertising, and other forms of content marketing.

 

		§	Align with the Marketing team to develop and execute marketing support for the digital properties, partner programs, and activations.

 

Skills & Experience:

 

		·	A strong leader with proven track record of building a media business across platforms including video, social, print and forums.

 

		·	Demonstrated success in building value added partnerships between brands and companies for mutual success and to build long term relationships

 

    

     

    

 

		·	Expertise in monetizing media & content and valuable assets relevant to our brand

 

		·	A forward thinking, product mindset leader who understands the reality of execution

 

		·	Data and insights driven with a strong ability to make decision recommendations and gain support from multiple stakeholders.

 

		·	Demonstrated best in class approach as it pertains to publishing and media expertise and relationships

 

		·	Proven ability to work cross functionally, act entrepreneurially, and gain consensus and support across an organization.

 

		·	Outstanding relationship, influencing, executive presence and negotiation skills.

 

		·	Excellent written and verbal communication skills.

 

		·	Goal oriented with a strong ability to prioritize and lead teams to success

 

		·	Demonstrated initiative and drive with a passion for building new businesses.

 

[SIGNATURE PAGE FOLLOWS]

 

    

     

    

 

The parties have signed this Employment Agreement as of
the Effective Date in Section 1.

 

	 	THE HAGERTY GROUP, LLC
	 	 	 
	 	 	 
	 	Collette Champagne (Jul 23, 2021 17:08 EDT)
	 	 	 
	 	By:	Collette C. Champagne
	 	 	 
	 	Its:	Chief Operating Officer
	 	 	 
	 	EXECUTIVE
	 	 
	 	Paul Rehrig (Jul 23, 2021 15:01 MDT)
	 	Paul E. Rehrig

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