Ehrlichman Matt 4

What Happened
Matt Ehrlichman, a 10% owner of Porch Group, Inc. (PRCH), was credited with approximately 1.75 million shares tied to a performance-based restricted stock unit (PRSU) award and recorded related derivative exercises/conversions on March 19, 2026. The filing shows: a PRSU award of 1,748,472 shares (reported as an award at $0.00) and exercise/conversion entries of 1,748,476 shares (acquired at $0.00) with a matching derivative disposal of 1,748,476 shares. No cash was paid for these transactions — they reflect earned/converted awards, not open-market purchases.

Key Details

• Transaction dates: primarily March 19, 2026; Form 4 filed March 20, 2026 (appears timely).
• Reported amounts/prices: Award 1,748,472 shares @ $0.00; Exercise/Conversion 1,748,476 shares @ $0.00 (acquired) and 1,748,476 shares @ $0.00 (disposed as derivative).
• Vesting/settlement: Earned PRSUs remain subject to a service-based vesting condition through April 7, 2026. The company plans to settle vested shares in multiple transactions between April 7 and May 21, 2026 to reduce market impact.
• Tax withholding: Company adopted a sell-to-cover method — shares may be sold by the issuer (at the issuer’s election, without reporting person discretion) to satisfy withholding on vesting.
• Performance triggers: PRSUs were earned following certification of performance achievement tied to share price, revenue, and Adjusted EBITDA (revenue and Adjusted EBITDA goals specifically noted).
• Ownership note: Ehrlichman is a 10% owner; F5 indicates common stock held by West Equities, LLC over which he has sole voting and dispositive power.
• No cash purchase: All entries show $0.00 per share — these are award/derivative settlement events, not purchases.

Context
These entries reflect performance-based equity settling and derivative conversions rather than open-market buying or a cash exercise. Because the award is subject to service vesting until April 7, 2026 and the company will use sell-to-cover for taxes and stagger settlements, some portion of shares may be sold by the issuer shortly after vesting to cover taxes — those sales are administrative and not necessarily a signal about Ehrlichman’s view of the stock.