Form 4: Procore Technologies CEO Craig Courtemanche Jr. Sells Shares Under 10b5-1 Plan

Procore Technologies CEO Craig Courtemanche Jr. executed multiple sales of common stock on March 1, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• On March 1, 2024, Craig F. Courtemanche Jr., CEO and President of Procore Technologies, sold shares of the company's common stock.
• The sales were executed under a 10b5-1 trading plan established on June 7, 2023.
• Courtemanche sold shares directly and indirectly through family trusts.
• The direct sales involved multiple transactions at weighted average prices ranging from $78.13 to $79.83.
• Indirect sales were made through the Craig F. Courtemanche and Hillary Courtemanche Family Trust, the Courtemanche 2021 Irrevocable Trust, and The Courtemanche 2016 Irrevocable Trust.
• Following the reported transactions, Courtemanche directly owns 748,247 shares of common stock.
• Courtemanche indirectly owns 2,856,608 shares through the Craig F. Courtemanche and Hillary Courtemanche Family Trust, 1,250,080 through the Courtemanche 2021 Irrevocable Trust, 535,749 through The Courtemanche 2016 Irrevocable Trust and 23,736 by spouse.

Sentiment

Score: 5

Explanation: The document itself is neutral as it simply reports transactions. The sentiment is moderately neutral as the sales are under a pre-arranged plan, which is generally viewed as less concerning than discretionary sales.

Risks

• Sales by insiders, even under 10b5-1 plans, can sometimes be perceived negatively by the market.

Industry Context

Insider sales are a common occurrence, especially when executives utilize 10b5-1 plans to diversify their holdings while avoiding accusations of trading on non-public information. The market typically focuses on the reasons behind such sales and the overall trend of insider activity.

Comparison to Industry Standards

• Comparing Courtemanche's transactions to those of executives at similar SaaS companies like Autodesk (ADSK) or Oracle (ORCL) could provide context.
• Analyzing the percentage of shares sold relative to his total holdings and comparing it to industry benchmarks for executive compensation and diversification strategies would be useful.
• For example, if other SaaS company CEOs are selling similar percentages of their holdings under 10b5-1 plans, it might be viewed as a normal practice.

Stakeholder Impact

• The stock sales could have a minor impact on shareholder sentiment, depending on how the market interprets the transactions.
• The impact on employees, customers, suppliers, and creditors is likely to be minimal.

Key Dates