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style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Washington, D.C. 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:14pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FORM </b><ix:nonNumeric contextRef="Duration_5_20_2022_To_5_20_2022_XqsVAW6BkUq4hqyB3jnEZg" name="dei:DocumentType" id="Narr_AF9-4m01sk-BTeFB7Qu6zw"><b style="font-weight:bold;">8-K</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">CURRENT REPORT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Pursuant to Section 13 or 15(d)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">of the Securities Exchange Act of 1934</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-size:10pt;font-weight:bold;">Date of Report (Date of earliest event reported):</b><span style="font-size:10pt;"> </span><ix:nonNumeric 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Roman','Times','serif';font-size:10pt;margin:0pt;">Securities registered pursuant to Section 12(b) of the Act:</p><a id="_198fe756_aeed_47cc_b8e9_43b4bad9f05e"></a><div style="padding-left:0.25pt;"><a id="Tc_agNafuKCTk2D65_yjusIKQ_1_0"></a><a id="Tc_9S2nYH3yI0KpO6M7DZekhA_1_2"></a><a id="Tc_d0rTnrffT0uCdp8J3BrjXg_1_4"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:33.99%;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1%;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:31.99%;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:1%;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:31.99%;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.99%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Title of each class</b></p></td><td style="vertical-align:bottom;width:1%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"></td><td style="vertical-align:bottom;width:31.99%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trading</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Symbol(s)</b></p></td><td style="vertical-align:bottom;width:1%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"></td><td style="vertical-align:bottom;width:31.99%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of each exchange</b><b style="font-weight:bold;"><br /></b><b style="font-weight:bold;">on which registered</b></p></td></tr><tr><td style="vertical-align:top;width:33.99%;background:#ffffff;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_5_20_2022_To_5_20_2022_XqsVAW6BkUq4hqyB3jnEZg" name="dei:Security12bTitle" id="Tc_8yScvD5OoEGS7aYoaG9dOw_2_0"><b style="font-size:10pt;font-weight:bold;">Common stock, par value $0.0001</b></ix:nonNumeric></p></td><td style="vertical-align:bottom;width:1%;background:#ffffff;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:31.99%;background:#ffffff;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_5_20_2022_To_5_20_2022_XqsVAW6BkUq4hqyB3jnEZg" name="dei:TradingSymbol" id="Tc_v-7yyqb1M0uIqyvHz-9tKQ_2_2"><b style="font-size:10pt;font-weight:bold;">PRCH</b></ix:nonNumeric></p></td><td style="vertical-align:bottom;width:1%;background:#ffffff;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:31.99%;background:#ffffff;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_5_20_2022_To_5_20_2022_XqsVAW6BkUq4hqyB3jnEZg" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_Z1uXlKHCgkWTWy8VG1MXlQ_2_4"><b style="font-size:10pt;font-weight:bold;">The Nasdaq Stock Market LLC</b></ix:nonNumeric></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;"><span style="font-size:10pt;">Emerging growth company </span><ix:nonNumeric contextRef="Duration_5_20_2022_To_5_20_2022_XqsVAW6BkUq4hqyB3jnEZg" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_6OXEeDvNtUKXOx1fWHnGLQ"><span style="font-family:'Segoe UI Symbol';font-size:10pt;">&#9744;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family:'Segoe UI Symbol';">&#9744;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:76.47%;border:0;margin:30pt 11.76% 30pt 11.76%;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_94962c73_0f63_4dca_ab04_9c0c39cec3bc"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Senior Level Performance Bonus Plan</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">On May 20, 2022, the Compensation Committee (the &#8220;Compensation Committee&#8221;) of the Board of Directors (the &#8220;Board&#8221;) of Porch Group, Inc. (the &#8220;Company&#8221;) approved the Company&#8217;s Senior Level Performance Bonus Plan (the &#8220;Bonus Plan&#8221;) applicable to the Company&#8217;s executive officers and certain other key employees. The Bonus Plan is intended to reward certain senior-level employees for their performance in meeting corporate and/or individual goals. The Bonus Plan provides for flexibility in establishing and weighting performance goals and performance modifiers, if any, as well as establishing the length of performance periods. The foregoing description of the Bonus Plan does not purport to be complete and is qualified in its entirety by reference to the Bonus Plan, which is attached as Exhibit 10.1 to this report and is incorporated herein by reference.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">On May 20, 2022, the Compensation Committee also approved the 2022 bonus program for the continuing executive officers (Matthew Ehrlichman, Chief Executive Officer, and Matthew Neagle, Chief Operating Officer) and certain other members of senior management.  For each of Messrs. Ehrlichman and Neagle, the Compensation Committee approved a target bonus of 100% of actual base salary paid (as established in their respective February 2022 employment agreements and continued from 2021), which can be earned as follows:</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> <span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;white-space:pre-wrap;">85% of the target bonus is earned based upon the achievement of two objective Company performance goals, revenue and Adjusted EBTIDA (loss) as a percentage of revenue, for the annual performance period ending December 31, 2022 under the Bonus Plan. The performance goals at target are based upon the Company&#8217;s 2022 budget, subject to adjustments approved by the Compensation Committee.  This performance-based portion of the 2022 bonus program has a threshold and maximum bonus opportunity of 50% and 200% of the applicable target bonus based upon an approved performance grid; and </span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 36pt;"><span style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">15% of the target bonus is earned in the Compensation Committee&#8217;s discretion. This discretionary portion of the 2022 bonus program has a maximum bonus opportunity of 200% of the applicable target bonus.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Compensation Committee determined to maintain full discretion with respect to a portion of the 2022 bonus program as the Company transitions from a fully discretionary bonus program for executive officers to a program based on objective Company performance goals. </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"></span><span style="display:inline-block;width:36pt;"></span><span style="display:inline-block;width:36pt;"></span><span style="display:inline-block;width:36pt;"></span><span style="display:inline-block;width:36pt;"></span><span style="display:inline-block;width:36pt;"></span><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Form of PRSU Award Agreement and 2022 Long-Term Incentive Program</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">On May 20, 2022, the Compensation Committee approved a new form of Performance-Based Restricted Stock Unit Award Notice and Agreement (the &#8220;PRSU Award Agreement&#8221;) for grants of performance-based restricted stock units (&#8220;PRSUs&#8221;) under the Porch Group, Inc. 2020 Stock Incentive Plan (the &#8220;2020 Stock Plan&#8221;).  The form of PRSU Award Agreement is attached as Exhibit 10.2 to this report and is incorporated herein by reference.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">On May 20, 2022, the Compensation Committee also approved the 2022 long-term incentive program for Messrs. Ehrlichman and Neagle and certain other members of senior management.  As of such date, the Compensation Committee granted 2022 annual equity awards to:</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Mr. Ehrlichman in an aggregate grant value of $5.0 million, consisting of 633,446 PRSUs with a grant value of $3.75 million and 211,149 time-based restricted stock units (&#8220;RSUs&#8221;) with a grant value of $1.25 million.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 36pt;"><span style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Mr. Neagle in an aggregate grant value of $2.5 million, consisting of 211,149 PRSUs with a grant value of $1.25 million and 211,149 RSUs with a grant value of $1.25 million.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">Such aggregate grant values were substantially consistent with the 2021 long-term incentive program for such executive officers.  The grant values were denominated in RSU awards and PRSU awards based on the 30-day volume-weighted average price of a share of common stock of the Company (the &#8220;Common Stock&#8221;) ending on April 29, 2022 (the &#8220;VWAP Common Stock Price&#8221;).  The RSU and PRSU awards were granted subject to the RSU award </span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:76.47%;border:0;margin:30pt 11.76% 30pt 11.76%;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">agreement previously approved by the Compensation Committee (the &#8220;RSU Award Agreement&#8221;) and the PRSU Award Agreement, respectively, and the 2020 Stock Plan.  Each RSU and PRSU represents the right to receive, upon vesting and satisfaction of any performance conditions, one share of Common Stock.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">2022 RSU Awards</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"></span><span style="font-size:10pt;">The RSU awards will vest 25% on April 1, 2023, then 1/6th of the remaining RSUs shall vest every 6 months for the next 36 months, subject to the individual&#8217;s employment or service with the Company as contemplated in the RSU Award Agreement as well as the terms of their employment agreements.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">2022 PRSU Awards</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The PRSU awards are subject to two performance goals each year over a three-year performance period (each year, an &#8220;Achievement Period&#8221;):</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">absolute share price, based upon the closing price of a share of Common Stock being equal to or greater than the specified prices (which were calculated based upon compound growth rates of the VWAP Common Stock Price) set forth in the performance grid over any 20 trading days within any 30 consecutive trading-day period during the applicable Achievement Period (the &#8220;Absolute Share Price&#8221;), and </span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 36pt;"><span style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">trailing twelve-month revenue (the &#8220;TTM Revenue Condition&#8221;), based upon the Company&#8217;s actual annual revenue achieving at least 80% of the revenue as set forth in the Board-approved Company budget for the fiscal year that ends on December 31 of the applicable Achievement Period; provided that, if the TTM Revenue Condition was not achieved in the prior Achievement Period, the revenue set forth in the budget for the next fiscal year will be increased by the percentage difference between actual revenue and the TTM Revenue Condition for the prior Achievement Period prior to the application of the 80% calculation. </span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For the Achievement Periods in each of 2022, 2023 and 2024, the participant can earn 50% and 100% of one-third of the PRSUs (with straight-line interpolation between threshold and target) based upon the Absolute Share Price exceeding threshold and target amounts, provided that the TTM Revenue Condition target is also met for the applicable Achievement Period. For the Achievement Period in 2024, the participant can also earn up to 200% of the full PRSU award if the Absolute Share Price exceeds target and maximum amounts and the TTM Revenue Condition target is met for 2024; provided, that the maximum payout of the PRSU award is 200% of the target PRSUs for all Achievement Periods. </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Any earned PRSUs will vest as of the Compensation Committee&#8217;s determination of actual performance following the Achievement Period in 2024, subject to the individual&#8217;s employment or service with the Company as contemplated in the PRSU Award Agreement as well as the terms of their employment agreements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 9.01. Financial Statements and Exhibits.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(d) Exhibits.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><div style="padding-left:0.25pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:7.99%;margin:0pt;padding:0.25pt 0.25pt 1.25pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:1%;margin:0pt;padding:0.25pt 0.25pt 1.25pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:91%;margin:0pt;padding:0.25pt 0.25pt 1.25pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:7.99%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 1.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Exhibit No.</b></p></td><td style="vertical-align:top;width:1%;margin:0pt;padding:0.25pt 0.25pt 1.25pt 0.25pt;"></td><td style="vertical-align:top;width:91%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 1.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Description</b></p></td></tr><tr><td style="vertical-align:top;width:7.99%;background:#ffffff;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">10.1*</p></td><td style="vertical-align:top;width:1%;background:#ffffff;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:bottom;width:91%;background:#ffffff;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="prch-20220520xex10d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Form of Senior Level Performance Bonus Plan</span></a></p></td></tr><tr><td style="vertical-align:top;width:7.99%;background:#ffffff;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">10.2*</p></td><td style="vertical-align:top;width:1%;background:#ffffff;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:91%;background:#ffffff;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="prch-20220520xex10d2.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Form of Performance-Based Restricted Stock Unit Award Notice and Agreement (Initial Awards in 2022)</span></a></p></td></tr><tr><td style="vertical-align:top;width:7.99%;background:#ffffff;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">104</p></td><td style="vertical-align:top;width:1%;background:#ffffff;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:bottom;width:91%;background:#ffffff;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">*   Management contract or compensatory plan or arrangement.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:76.47%;border:0;margin:30pt 11.76% 30pt 11.76%;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_8384cfbf_805f_448f_9f39_6d1bffde58cc"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:12pt 0pt 0pt 0pt;"><b style="font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><div style="padding-left:0.25pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:48.99%;margin:0pt;padding:0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:3.19%;margin:0pt;padding:0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:5.81%;margin:0pt;padding:0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:41.99%;margin:0pt;padding:0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:48.99%;margin:0pt;padding:0.25pt;"></td><td colspan="3" style="vertical-align:top;width:51%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">PORCH GROUP, INC.</b></p></td></tr><tr><td style="vertical-align:top;width:48.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:middle;width:3.19%;margin:0pt;padding:0.25pt;"></td><td colspan="2" style="vertical-align:middle;width:47.8%;margin:0pt;padding:0.25pt;"></td></tr><tr><td style="vertical-align:top;width:48.99%;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"></td><td style="vertical-align:top;width:3.19%;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By: </p></td><td colspan="2" style="vertical-align:top;width:47.8%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;"> /s/ Matthew Cullen</span></p></td></tr><tr><td style="vertical-align:top;width:48.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:3.19%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:bottom;width:5.81%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name: </p></td><td style="vertical-align:bottom;width:41.99%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;"> Matthew Cullen</span></p></td></tr><tr><td style="vertical-align:top;width:48.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:3.19%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:bottom;width:5.81%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Title: </p></td><td style="vertical-align:bottom;width:41.99%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;"> General Counsel </span></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: May 20, 2022</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border:0;"></div></body></html>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
​
FORM
8-K
​
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
​
Date of Report (Date of earliest event reported):
May 20, 2022
​
PORCH GROUP, INC.
(Exact name of registrant as specified in its charter)
​
Delaware
001-39142
83-2587663
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
411 1st Avenue S.
,
Suite 501
Seattle
,
Washington
98104
(Address of principal executive offices)
(Zip Code)
​
(
855
)
767-2400
(Registrant's telephone number, including area code)
​
(Former name or former address, if changed since last report)
​
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
​
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
​
Securities registered pursuant to Section 12(b) of the Act:
​
​
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common stock, par value $0.0001
PRCH
The Nasdaq Stock Market LLC
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
​
Emerging growth company
☐
​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
​
Senior Level Performance Bonus Plan
​
On May 20, 2022, the Compensation Committee (the "Compensation Committee") of the Board of Directors (the "Board") of Porch Group, Inc. (the "Company") approved the Company's Senior Level Performance Bonus Plan (the "Bonus Plan") applicable to the Company's executive officers and certain other key employees. The Bonus Plan is intended to reward certain senior-level employees for their performance in meeting corporate and/or individual goals. The Bonus Plan provides for flexibility in establishing and weighting performance goals and performance modifiers, if any, as well as establishing the length of performance periods. The foregoing description of the Bonus Plan does not purport to be complete and is qualified in its entirety by reference to the Bonus Plan, which is attached as Exhibit 10.1 to this report and is incorporated herein by reference.
​
On May 20, 2022, the Compensation Committee also approved the 2022 bonus program for the continuing executive officers (Matthew Ehrlichman, Chief Executive Officer, and Matthew Neagle, Chief Operating Officer) and certain other members of senior management.  For each of Messrs. Ehrlichman and Neagle, the Compensation Committee approved a target bonus of 100% of actual base salary paid (as established in their respective February 2022 employment agreements and continued from 2021), which can be earned as follows:
​
●
85% of the target bonus is earned based upon the achievement of two objective Company performance goals, revenue and Adjusted EBTIDA (loss) as a percentage of revenue, for the annual performance period ending December 31, 2022 under the Bonus Plan. The performance goals at target are based upon the Company's 2022 budget, subject to adjustments approved by the Compensation Committee.  This performance-based portion of the 2022 bonus program has a threshold and maximum bonus opportunity of 50% and 200% of the applicable target bonus based upon an approved performance grid; and
​
●
15% of the target bonus is earned in the Compensation Committee's discretion. This discretionary portion of the 2022 bonus program has a maximum bonus opportunity of 200% of the applicable target bonus.
​
The Compensation Committee determined to maintain full discretion with respect to a portion of the 2022 bonus program as the Company transitions from a fully discretionary bonus program for executive officers to a program based on objective Company performance goals.
​
​
Form of PRSU Award Agreement and 2022 Long-Term Incentive Program
​
On May 20, 2022, the Compensation Committee approved a new form of Performance-Based Restricted Stock Unit Award Notice and Agreement (the "PRSU Award Agreement") for grants of performance-based restricted stock units ("PRSUs") under the Porch Group, Inc. 2020 Stock Incentive Plan (the "2020 Stock Plan").  The form of PRSU Award Agreement is attached as Exhibit 10.2 to this report and is incorporated herein by reference.
On May 20, 2022, the Compensation Committee also approved the 2022 long-term incentive program for Messrs. Ehrlichman and Neagle and certain other members of senior management.  As of such date, the Compensation Committee granted 2022 annual equity awards to:
​
●
Mr. Ehrlichman in an aggregate grant value of $5.0 million, consisting of 633,446 PRSUs with a grant value of $3.75 million and 211,149 time-based restricted stock units ("RSUs") with a grant value of $1.25 million.
​
●
Mr. Neagle in an aggregate grant value of $2.5 million, consisting of 211,149 PRSUs with a grant value of $1.25 million and 211,149 RSUs with a grant value of $1.25 million.
​
Such aggregate grant values were substantially consistent with the 2021 long-term incentive program for such executive officers.  The grant values were denominated in RSU awards and PRSU awards based on the 30-day volume-weighted average price of a share of common stock of the Company (the "Common Stock") ending on April 29, 2022 (the "VWAP Common Stock Price").  The RSU and PRSU awards were granted subject to the RSU award
agreement previously approved by the Compensation Committee (the "RSU Award Agreement") and the PRSU Award Agreement, respectively, and the 2020 Stock Plan.  Each RSU and PRSU represents the right to receive, upon vesting and satisfaction of any performance conditions, one share of Common Stock.
​
2022 RSU Awards
​
The RSU awards will vest 25% on April 1, 2023, then 1/6th of the remaining RSUs shall vest every 6 months for the next 36 months, subject to the individual's employment or service with the Company as contemplated in the RSU Award Agreement as well as the terms of their employment agreements.
​
2022 PRSU Awards
​
The PRSU awards are subject to two performance goals each year over a three-year performance period (each year, an "Achievement Period"):
​
●
absolute share price, based upon the closing price of a share of Common Stock being equal to or greater than the specified prices (which were calculated based upon compound growth rates of the VWAP Common Stock Price) set forth in the performance grid over any 20 trading days within any 30 consecutive trading-day period during the applicable Achievement Period (the "Absolute Share Price"), and
​
●
trailing twelve-month revenue (the "TTM Revenue Condition"), based upon the Company's actual annual revenue achieving at least 80% of the revenue as set forth in the Board-approved Company budget for the fiscal year that ends on December 31 of the applicable Achievement Period; provided that, if the TTM Revenue Condition was not achieved in the prior Achievement Period, the revenue set forth in the budget for the next fiscal year will be increased by the percentage difference between actual revenue and the TTM Revenue Condition for the prior Achievement Period prior to the application of the 80% calculation.
​
For the Achievement Periods in each of 2022, 2023 and 2024, the participant can earn 50% and 100% of one-third of the PRSUs (with straight-line interpolation between threshold and target) based upon the Absolute Share Price exceeding threshold and target amounts, provided that the TTM Revenue Condition target is also met for the applicable Achievement Period. For the Achievement Period in 2024, the participant can also earn up to 200% of the full PRSU award if the Absolute Share Price exceeds target and maximum amounts and the TTM Revenue Condition target is met for 2024; provided, that the maximum payout of the PRSU award is 200% of the target PRSUs for all Achievement Periods.
​
Any earned PRSUs will vest as of the Compensation Committee's determination of actual performance following the Achievement Period in 2024, subject to the individual's employment or service with the Company as contemplated in the PRSU Award Agreement as well as the terms of their employment agreements.
​
Item 9.01. Financial Statements and Exhibits.
​
(d) Exhibits.
​
Exhibit No.
Description
10.1*
Form of Senior Level Performance Bonus Plan
10.2*
​
Form of Performance-Based Restricted Stock Unit Award Notice and Agreement (Initial Awards in 2022)
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
​
​
​
​
​
​
*   Management contract or compensatory plan or arrangement.
​
​
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/ Matthew Cullen
Name:
Matthew Cullen
Title:
General Counsel
​
Date: May 20, 2022
​