Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.21.2
Subsequent Events
9 Months Ended
Sep. 30, 2021
Subsequent Events.  
Subsequent Events

14. Subsequent Events

In October 2021, the Company completed an acquisition of Floify, a company providing digital mortgage automation and point-of-sale software for mortgage companies and loan officers. The total purchase price was $86.5 million, comprised of $76.5 million of cash paid at closing and $10 million of Porch common stock. Porch is guaranteeing the Sellers that the $10 million of Porch common stock will double in value by the end of 2024 with respect to any such Porch shares retained by the Sellers throughout that period. The guarantee requires Porch to provide additional shares of common stock or cash to the seller if the stock does not double in value.

On September 10, 2021, the Companys Board of Directors (the Board) approved an equity award pool of $25.1 million (based on grant value) under the 2020 Plan. Approximately 1.2 million RSUs with the average grant date fair

value of $18.72 per share were issued in October and November 2021 pursuant to the equity award pool related to a special equity award program for all Company employees on the payroll as of August 1, 2021, referred to as the Together We Win Program. The Together We Win equity awards consists of time-based restricted stock units, vesting quarterly over three years from the grant date. An additional 0.1 million of Together We Win RSUs are expected to be granted by the end of 2021.

On November 5, 2021, the Company repaid the outstanding $4.0 million of HAHC’s borrowings on the RLOC. See Note 7.