Form 4: Porch Group CEO Matt Ehrlichman Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Matt Ehrlichman, CEO, Chairman, and Founder of Porch Group, Inc., reports changes in beneficial ownership due to shares withheld for RSU vesting.
Summary
- On October 1, 2024, Matt Ehrlichman, CEO, Chairman, and Founder of Porch Group, Inc. (PRCH), had shares withheld to cover taxes related to the vesting of Restricted Stock Units (RSUs).
- 23,135 shares were withheld at a price of $1.37 per share related to the final quarterly vesting of the February 10, 2022 RSU grant.
- An additional 10,540 shares were withheld at a price of $1.37 per share related to the semi-annual vesting of the May 20, 2022 RSU grant.
- Following these transactions, Ehrlichman directly owns 13,564,667 shares of Porch Group, Inc.
- Ehrlichman also indirectly owns 6,416,712 shares through West Equities, LLC, over which he has sole voting and dispositive power.
Sentiment
Score: 5
Explanation: This is a neutral filing related to standard executive compensation practices; it doesn't inherently convey positive or negative sentiment.
Industry Context
This filing is a routine disclosure related to executive compensation and does not necessarily indicate a significant shift in the company's prospects or strategy.
Stakeholder Impact
- The transaction has a minor impact on the total number of shares outstanding.
Next Steps
- The RSUs will continue to vest ratably every 6 months over the remaining term of the 48-month vesting period which commenced on April 1, 2022, subject to the Reporting Person's continuous employment or service with the Issuer.
Key Dates
| Date | Description |
|---|---|
| February 10, 2022 | Date of the RSU grant for which shares were withheld on the final quarterly vesting. |
| April 1, 2022 | Commencement date of the 48-month vesting period for the May 20, 2022 RSU grant. |
| May 20, 2022 | Date of the RSU grant for which shares were withheld on the semi-annual vesting. |
| October 01, 2024 | Date of the transaction (shares withheld for RSU vesting). |
| October 03, 2024 | Date of signature for the Form 4 filing. |
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