UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 8.01 Other Events.
On September 10, 2021, the Board of Directors (the “Board”) of Porch Group, Inc. (the “Company”) approved an equity award pool of $25.1 million (based on grant value) under the Porch Group, Inc. 2020 Stock Incentive Plan (the “2020 Plan”). The awards to be issued pursuant to the equity award pool relate to a special equity award program for all Company employees on the payroll as of August 1, 2021, referred to as the “Together We Win Program.” The Together We Win equity awards will consist of time-based restricted stock units, vesting quarterly over three years from the grant date, and will be granted by the end of 2021. The Company’s executive officers will not receive an equity award under the equity grant pool noted herein; however, the Board intends to grant equity awards to them in the future as part of their compensation.
The Together We Win program is designed to bridge the Company’s transition from a private company compensation model to a public company compensation model and address retention and incentive objectives critical to the Company, and it is not intended to be a continuing part of the Company’s annual compensation programs. The Board also intends to grant equity awards to specified employees under one or more annual long-term equity incentive programs beginning in 2022.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PORCH GROUP, INC. | |||
| By: | /s/ Martin L. Heimbigner | ||
| Name: | Martin L. Heimbigner | ||
| Title: | Chief Financial Officer | ||
Date: September 10, 2021