FORM OF NOTES PURCHASE AGREEMENT
This NOTES PURCHASE AGREEMENT (this “Notes Purchase Agreement”) is entered into on April 17, 2023, by and among Porch Group, Inc., a Delaware corporation (the “Company”), Oppenheimer & Co. Inc. (“OpCo”), as agent for the Company and not as principal, and [●] (“Seller”).
WHEREAS, Seller holds 0.75% convertible senior notes due 2026 (the “Notes”) of the Company;
WHEREAS, Seller is concurrently entering into a subscription agreement with the Company to purchase from the Company the Company’s 6.75% convertible senior secured notes due October 2028 in the principal amount of $[●] (the “Concurrent Notes Offering”);
WHEREAS, the Company desires to purchase from Seller, concurrently with the consummation of the Concurrent Notes Offering, that aggregate principal amount of the Notes set forth on the signature page hereto (the “Purchased Notes”) for the Purchase Price (as defined below);
WHEREAS, concurrently with the execution of this Notes Purchase Agreement, the Company and OpCo, acting as the Company’s agent, will enter into other notes purchase agreements (each, an “Other Notes Purchase Agreements”) with certain other holders of Notes (each such holder, an “Other Holder”), which are on substantially the same terms as the terms of this Notes Purchase Agreement (other than the principal amount of Notes to be purchased and sold thereunder), pursuant to which OpCo, acting as the Company’s agent, shall agree to purchase, for the account of the Company, and such Other Holders shall agree to sell on the Closing Date (as defined below), such principal amount of the Notes as set forth therein; and
WHEREAS, pursuant to a separate engagement letter agreement dated March 27, 2023 between the Company and OpCo (the “Engagement Letter”), the Company authorized OpCo, as its agent, to enter this Notes Purchase Agreement on behalf of the Company.
NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:
1.Purchase. Subject to the terms and conditions hereof, at the Closing (as defined below), OpCo, as agent for the Company, hereby agrees to purchase from Seller, for the account of the Company, and Seller hereby agrees to sell to OpCo, for the account of the Company, the Purchased Notes in exchange for delivery of the Purchase Price. Such purchase and sale of the Purchased Notes is referred to herein as the “Purchase”.
2.Purchase Price. As consideration for the Purchase, the Company will deliver to Seller a wire transfer in the amount set forth on the signature page hereto as the purchase price (the “Purchase Price”) pursuant to wire instructions provided by Seller to OpCo prior to the Closing.
(a)The consummation of the Purchase contemplated hereby (the “Closing”) shall occur on April 17, 2023 (the “Closing Date”) substantially concurrently with the consummation of the Concurrent Notes Offering.
(b)The Closing shall be subject to the satisfaction of the conditions that, on the Closing Date, all conditions precedent to the closing of the Concurrent Notes Offering