Porch Group Enters Material Definitive Agreement

TL;DR

**Porch Group just signed a big new deal, details pending.**

AI Summary

Porch Group, Inc. filed an 8-K on January 25, 2024, reporting an "Entry into a Material Definitive Agreement" on January 19, 2024. This filing indicates a significant new contract or partnership that could impact the company's operations and financial outlook. While the specific details of the agreement are not disclosed in this summary, investors should be aware that such an agreement could lead to new revenue streams or strategic shifts, potentially affecting the stock's future performance.

Why It Matters

This filing signals a new, potentially impactful business deal for Porch Group, Inc., which could influence its growth trajectory and financial health. Investors should monitor for further disclosures to understand the agreement's full implications.

Risk Assessment

Risk Level: medium — The risk is medium because a material agreement has been entered into, but its specific terms and potential impact (positive or negative) are not yet disclosed, creating uncertainty.

Analyst Insight

A smart investor would await further disclosures from Porch Group, Inc. regarding the specifics of the 'Material Definitive Agreement' to assess its potential impact on revenue, costs, and strategic direction before making any investment decisions.

Key Numbers

• January 19, 2024 — Date of earliest event reported (This is when the material definitive agreement was entered into.)
• January 25, 2024 — Filing date (This is when the 8-K was publicly filed.)

Key Players & Entities

• Porch Group, Inc. (company) — the registrant filing the 8-K
• January 19, 2024 (date) — date of the earliest event reported (entry into material definitive agreement)
• January 25, 2024 (date) — date the 8-K was filed
• 001-39142 (other) — Commission File Number for Porch Group, Inc.
• $0.0001 (dollar_amount) — par value of common stock

Forward-Looking Statements

• Porch Group, Inc. will release further details about the material definitive agreement. (Porch Group, Inc.) — high confidence, target: Q1 2024

FAQ

Key Financial Figures

• $0.0001 — ch registered Common stock, par value $0.0001 PRCH The Nasdaq Stock Market LLC Indi
• $24.65 million — Under the Agreement, Aon will pay Porch $24.65 million in cash in January 2024, plus an additi

Filing Documents

• prch-20240119.htm (8-K) — 35KB
• prch-20240119xexx101.htm (EX-10.1) — 107KB
• prch-20240119xexx991.htm (EX-99.1) — 13KB
• logo.jpg (GRAPHIC) — 10KB
• 0001784535-24-000006.txt ( ) — 322KB
• prch-20240119.xsd (EX-101.SCH) — 2KB
• prch-20240119_lab.xml (EX-101.LAB) — 24KB
• prch-20240119_pre.xml (EX-101.PRE) — 13KB
• prch-20240119_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On, January 19, 2024, Porch Group, Inc., together with its subsidiary, Porch.com, Inc. (collectively, " Porch "), entered into a Business Collaboration Agreement (the " Agreement ") with Aon Corp. and Aon Re, Inc. (" Aon Re " and together with Aon Corp., " Aon "). Contemporaneously with the Agreement, the parties entered into a mutual release of claims related to matters associated with Vesttoo Ltd. and its affiliates (collectively, " Vestoo ") and related fraud. Porch retains the ability to pursue non-Aon parties for claims related to Vesttoo and the related fraud, including Vesttoo itself, its officers and directors and others. Under the Agreement, Aon will pay Porch $24.65 million in cash in January 2024, plus an additional cash payment in 2025, and will share with Porch's insurance carrier affiliates a percentage of the brokerage revenue received by Aon Re for the placement of reinsurance contracts on their behalf that incept or renew each calendar year from 2025 through 2028. Unless the Agreement is earlier terminated in accordance with its terms, it will remain in effect until December 31, 2028. The Agreement may be terminated by Porch upon material breach of Aon. If Porch breaches the Agreement, including by directly or indirectly placing reinsurance with brokers unaffiliated with Aon, Porch may be required to refund certain of the amounts paid by Aon to Porch (or to its affiliates) under the Agreement, subject to customary cure rights. The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the actual text of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure . On January 25, 2024, the Company issued a press release announcing it had entered into the Agreement, a copy of which is attached as Exhibit 99.1 hereto and incorporated by reference herein. The information contained in, or incorporated into, this Item 7.01 of this Current Report, is furnished under Item 7.01 of Form 8-K and shall not be deemed "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act or the Exchange Act regardless of any general incorporation language in such filings.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 *+ Business Collaboration Agreement, dated January 19 , 2024, among Porch Group, Inc., Porch.com, Inc., Aon Corp. and Aon Re, Inc. 99.1 Press release, dated January 25, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Portions of this exhibit were redacted pursuant to Item 601(b)(10) of Regulation S-K. The omitted information is not material and is the type that the Company treats as private or confidential. + The schedules to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule will be furnished to the SEC upon request.

SIGNATURES

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: January 25, 2024