Form 4: Porch Group Director Regi Vengalil Corrects RSU Grant with New Award and Cancellation

Director Regi Vengalil received a corrected grant of restricted stock units (RSUs) and had a previous grant cancelled to rectify an error in the 2023 annual grant under the Non-Employee Director Compensation Policy.

Summary

• Regi Vengalil, a director at Porch Group, Inc., received 70,113 shares of common stock on June 8, 2024, as an annual grant of fully vested restricted stock units (RSUs) for Board and Committee service.
• This grant was made to correct a previously reported June 8, 2023, annual grant of RSUs, where the Reporting Person was not granted the appropriate number of RSUs under the Policy.
• In addition, 89,548 shares from the previously reported 2023 annual grant were cancelled on June 8, 2024, without value to correct the error.
• Following these transactions, Vengalil beneficially owns 201,235 shares of common stock directly and 111,687 shares directly.
• Two-thirds of the common stock received from the corrected RSU grant will have resale restrictions until the first and second anniversaries of June 8, 2024.

Sentiment

Score: 7

Explanation: The document reflects a procedural correction in director compensation, indicating good governance practices. The sentiment is neutral to slightly positive as it resolves a previous error.

Positives

• The correction of the RSU grant ensures that the director's compensation aligns with the Non-Employee Director Compensation Policy.

Future Outlook

The document does not contain any specific forward-looking statements or guidance.

Industry Context

This filing is a routine disclosure related to director compensation, which is a common practice in publicly traded companies. It reflects the company's adherence to its compensation policies and regulatory requirements.

Comparison to Industry Standards

• Director compensation packages, including RSU grants, are standard practice among publicly traded companies to attract and retain qualified board members.
• The specific number of RSUs granted and the vesting schedules vary depending on the company's size, industry, and compensation policies.
• Companies like Zillow, Redfin, and Opendoor, which operate in similar technology-driven real estate sectors, also utilize RSU grants as part of their director compensation packages.

Stakeholder Impact

• The correction of the RSU grant ensures fair compensation for the director, which can positively influence investor confidence in the company's governance.

Key Dates