secwatch.observer — SEC 8-K summary
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Issuer:     Porch Group, Inc. (PRCH)
CIK:        0001784535
Form:       8-K
Filed at:   2022-05-23T23:59:59+00:00
Accession:  0001558370-22-009240
Event type: other_material
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Porch Group sets CEO target bonus at 100% of salary, grants $5M equity to CEO
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- CEO Matthew Ehrlichman granted PRSUs valued at $3.75M and RSUs valued at $1.25M.
- COO Matthew Neagle granted PRSUs and RSUs each valued at $1.25M.
- 2022 bonus target for CEO and COO is 100% of base salary; 85% based on revenue and Adjusted EBITDA (loss) as % of revenue, 15% discretionary.
- PRSUs vest over three-year performance period subject to absolute share price and trailing twelve-month revenue conditions.
- Bonus plan includes clawback provision and pro-rata calculation for new hires, death/disability, and involuntary termination without cause.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1784535/000155837022009240/0001558370-22-009240-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1784535/000155837022009240/prch-20220520x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-22-009240

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer