Form 4: Procore Chairman Craig Courtemanche Receives RSU Grant

Procore Technologies Chairman Craig F. Courtemanche Jr. was granted 4,712 restricted stock units as part of his director compensation.

Summary

• Craig F. Courtemanche Jr., Chairman of the Board at Procore Technologies, Inc., acquired 4,712 restricted stock units (RSUs).
• The RSUs were granted at a price of $0 per share.
• The units are scheduled to vest on the date of the company's 2027 annual meeting of stockholders, subject to continued service.
• The reporting person has elected to defer receipt of the underlying common stock until 90 days after termination of service or a change in control.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a routine administrative filing regarding director compensation with no material impact on the company's financial outlook.

Positives

• The transaction reflects standard equity-based compensation for a board member, aligning the Chairman's interests with long-term shareholder value.

Negatives

• None identified.

Risks

• Vesting of the RSUs is contingent upon the reporting person's continued service as a director through the 2027 annual meeting.

Future Outlook

The RSUs are set to vest at the 2027 annual meeting of stockholders, with delivery of shares deferred until after the termination of service or a change in control.

Industry Context

StockSavvy.ai notes that equity grants to board members are a standard corporate governance practice in the software-as-a-service (SaaS) industry to ensure director alignment with long-term company performance.

Comparison to Industry Standards

• The use of RSUs for director compensation is consistent with standard practices for publicly traded technology companies.
• The deferral mechanism is a common tax and estate planning strategy utilized by high-net-worth executives.

Stakeholder Impact

• Minimal impact on shareholders as this is a standard equity grant to a director.

Next Steps

• Vesting of RSUs at the 2027 annual meeting of stockholders.

Key Dates

Keywords

Procore Technologies, PCOR, Form 4, Insider Trading, Director Compensation, Restricted Stock Units