Matt Ehrlichman - Apr 16, 2021 Form 4/A - Amendment Insider Report for Porch Group, Inc. (PRCH)

Role
CEO, Chairman and Founder, Director, 10%+ Owner
Signature
/s/ Matthew Cullen, as Attorney-in-fact
Stock symbol
PRCH
Transactions as of
Apr 16, 2021
Transactions value $
-$3,004,508
Form type
4/A - Amendment
Date filed
2/14/2022, 08:30 PM
Date Of Original Report
Apr 20, 2021
Next filing
Nov 19, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PRCH Common Stock Award $0 +2.47K +0.03% $0.00 8.67M Apr 16, 2021 Direct F1
transaction PRCH Common Stock Tax liability -$3M -156K -1.8% $19.30* 8.51M Apr 16, 2021 Direct F2, F3
transaction PRCH Common Stock Award $0 +1.61K +0.02% $0.00 6.77M Apr 16, 2021 See Footnote F1, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents additional restricted shares of common stock ("Earnout Shares") of Porch Group, Inc. (the "Issuer") issued pursuant to the Earnout Share adjustment mechanics in the Agreement and Plan of Merger, dated as of July 30, 2020, (as amended, the "Merger Agreement"), by and among the Issuer (f/k/a PropTech Acquisition Corporation), Porch.com, Inc. and the other parties thereto.
F2 The original Form 4, filed on April 20, 2021, is being amended by this Form 4 amendment solely to correct an administrative error, which inadvertently listed 227,154 Earnout Shares as having been forfeited to satisfy tax obligations in connection with the vesting of 345,891 Earnout Shares previously reported on Table I due to Issuer meeting the $18.00 common stock price hurdle set forth in the Merger Agreement (and the corresponding vesting of one-third (1/3) of all Earnout Shares issued under the Merger Agreement) and the vesting of 333,334 restricted shares of common stock previously reported on Table I which are subject to the same vesting hurdles.
F3 Instead, the Form 4 should have listed the forfeiture of 155,674 Earnout Shares in connection with such vesting events. As a result of the administrative error, the number of shares beneficially owned by the reporting person following the corrected transaction reflects an increase in the number of shares reported as beneficially owned by the reporting person by 71,480 shares. This underreporting error was corrected in the Form 4 filing made on November 17, 2021.
F4 These shares of Common Stock are held by West Equities, LLC over which the Reporting Person has sole voting and dispositive power.