Form 4: Porch Group CEO Matt Ehrlichman Reports Share Withholdings for RSU Vesting
SEC Form 4 Filing
Matt Ehrlichman, CEO of Porch Group, reports the withholding of shares to cover taxes upon the vesting of restricted stock units (RSUs).
Summary
- On April 1, 2024, Matt Ehrlichman, CEO, Chairman, and Founder of Porch Group, Inc. had shares withheld to cover taxes associated with the vesting of his restricted stock units (RSUs).
- A total of 3,612 shares were withheld at a price of $4.15 per share related to the quarterly vesting of RSUs granted on February 10, 2022, with a 30-month vesting period commencing on October 1, 2021.
- An additional 14,444 shares were withheld at $4.15 per share related to the quarterly vesting of RSUs granted on February 10, 2022, with a 36-month vesting period commencing on October 1, 2021.
- Furthermore, 6,581 shares were withheld at $4.15 per share related to the semi-annual vesting of RSUs granted on May 20, 2022, with a 48-month vesting period commencing on April 1, 2022.
- Following these transactions, Ehrlichman directly owns 13,146,307 shares of Porch Group, Inc. common stock and indirectly owns 6,416,712 shares through West Equities, LLC.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing related to executive compensation. It doesn't contain information that would significantly impact investor sentiment positively or negatively.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, such as executives and directors. This filing indicates routine RSU vesting and tax withholding, which is a common occurrence in publicly traded companies.
Comparison to Industry Standards
- RSU grants and vesting schedules are a common form of executive compensation in the tech industry, similar to companies like Zillow, Redfin, and Opendoor.
- The vesting schedules described (30, 36, and 48 months) are typical vesting periods for RSU grants.
- Tax withholding upon RSU vesting is a standard practice across publicly traded companies to cover the executive's tax obligations.
Key Dates
| Date | Description |
|---|---|
| October 1, 2021 | Commencement date for the 30-month vesting period of February 10, 2022 RSU grant. |
| October 1, 2021 | Commencement date for the 36-month vesting period of February 10, 2022 RSU grant. |
| February 10, 2022 | Date of RSU grant with a 30-month vesting period. |
| February 10, 2022 | Date of RSU grant with a 36-month vesting period. |
| April 1, 2022 | Commencement date for the 48-month vesting period of May 20, 2022 RSU grant. |
| May 20, 2022 | Date of RSU grant with a 48-month vesting period. |
| April 1, 2024 | Date of share withholding for RSU vesting. |
| April 3, 2024 | Date of signature on the Form 4 filing. |
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