UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 2.05 Costs Associated with Exit or Disposal Activities.
To further drive efficiency and increase focus on the strategic priorities of Hippo Holdings Inc. (the “Company”), on August 31, 2022, the Company instituted an organizational realignment, including an involuntary workforce reduction affecting approximately 70 employees, which represents approximately 10% of the Company’s workforce. The Company expects the majority of the affected employees to be notified on August 31, 2022, with most job eliminations effective on September 1, 2022. In the third quarter of 2022, the Company expects to record charges of approximately $1.8 million to $2.0 million for severance, benefits, and related costs as a result of these actions, of which approximately $1.2 million to $1.4 million are expected to result in cash expenditures in the same period. The Company is continuing to review the potential impact of the reduction, including facility lease exits and additional employee related costs, and is unable to estimate any additional restructuring costs or charges at this time. If the Company subsequently determines that it will incur additional material restructuring costs or charges, it will amend this Current Report on Form 8-K with respect to such determination.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
Effective November 15, 2022, Ran Harpaz will depart from his position as Chief Operating Officer and Chief Technology Officer of the Company. Mr. Harpaz will be eligible for separation benefits based on his termination consisting of $250,000, which equals six months of Mr. Harpaz’s base salary.
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: August 31, 2022
| HIPPO HOLDINGS, INC. | ||
| By: | /s/ RICHARD MCCATHRON | |
| Richard McCathron | ||
| Chief Executive Officer | ||