Hippo Holdings Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$HIPO
Property-Casualty Insurers
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 9, 2024
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 8, 2024, in connection with Yuval Harry’s departure from Hippo Holdings Inc. (the “Company”), Hippo Employee Services Inc., a subsidiary of the Company, and Mr. Harry entered into a separation agreement (the “Separation Agreement”) under which Mr. Harry will cease being an executive officer and Chief Revenue Officer of the Company effective as of October 11, 2024, but will remain an at-will employee to provide such consultative services as requested by the Company through the earlier of (i) March 1, 2025 (the “Separation Date”) and (ii) such earlier date as determined by the Company or Mr. Harry.
Pursuant to the Separation Agreement, subject to Mr. Harry executing and not revoking a general release of claims, continued service through the Separation Date and continued compliance with certain covenants set forth in the Separation Agreement, the Company has agreed to provide Mr. Harry with the following payments and benefits: (i) continued salary payments payable in accordance with the Company’s normal payroll practices, (ii) continued vesting of Mr. Harry’s equity awards in accordance with their terms and (iii) a cash payment equal to six weeks and three days of Mr. Harry’s current annual base salary plus one month of health coverage premiums pursuant to COBRA, calculated based on his current elections (the “Separation Pay”). Mr. Harry will also be eligible to receive bonuses for calendar year 2024 in amounts determined by the board of directors of the Company based on actual performance of the Company for the year, or such other factors as the board may determine.
Additionally, pursuant to the Separation Agreement, in the event Mr. Harry resigns his employment prior to the Separation Date, then, subject to Mr. Harry executing and not revoking a general release of claims, the Company agrees to increase Mr. Harry’s Separation Pay by an amount equal to the number of days from the resignation date through the Separation Date plus COBRA premiums for such period less legally required withholdings and deductions.
The foregoing description of the Separation Agreement is qualified in its entirety by reference to the Separation Agreement, a copy of which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit Number | Exhibit Title or Description | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
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.
Date: October 9, 2024
| HIPPO HOLDINGS, INC. | ||||||||
| By: | /s/ STEWART ELLIS | |||||||
| Stewart Ellis | ||||||||
| Chief Financial Officer & Chief Strategy Officer | ||||||||