Form 4: Procore Technologies CEO Craig Courtemanche Sells Shares to Cover Tax Obligations

Procore Technologies CEO Craig Courtemanche sold 22,993 shares of common stock on August 22, 2024, at an average price of $59.14 to cover tax withholding obligations related to vesting restricted stock units.

Summary

• On August 22, 2024, Craig F. Courtemanche Jr., CEO and President of Procore Technologies, sold 22,993 shares of common stock at a weighted average price of $59.14.
• The sale was executed to cover tax withholding obligations associated with the vesting of restricted stock units, as mandated by Procore's equity incentive plans.
• Following the transaction, Courtemanche directly owns 793,123 shares and indirectly owns 4,334,785 shares through various trusts and his spouse.
• The indirect holdings include 2,553,210 shares held by the Craig F. Courtemanche and Hillary Courtemanche Family Trust, 1,230,480 shares held by the Courtemanche 2021 Irrevocable Trust, 527,349 shares held by The Courtemanche 2016 Irrevocable Trust, and 23,736 shares held by his spouse.

Sentiment

Score: 6

Explanation: The document is neutral. It reports a routine stock sale to cover tax obligations, which is a common practice and doesn't necessarily indicate a positive or negative outlook for the company.

Industry Context

Executive stock sales are a common occurrence, often related to compensation and tax planning. The sale itself doesn't necessarily indicate a negative outlook for the company, especially when it's explicitly stated to cover tax obligations.

Comparison to Industry Standards

• Executive compensation packages often include stock options and restricted stock units, which vest over time.
• When these units vest, they are considered income and are subject to taxes.
• To cover these tax obligations, executives often sell a portion of their shares, a practice known as 'sell to cover'.
• This is a standard practice and doesn't necessarily reflect the executive's confidence in the company's future prospects.
• Comparing Courtemanche's transactions to those of executives at similar SaaS companies like Atlassian (TEAM) or Adobe (ADBE) would provide further context, but specific data on those transactions isn't provided in this document.

Stakeholder Impact

• The stock sale could have a minor, temporary impact on the stock price, but it's unlikely to be significant given the stated reason for the sale.
• The transaction doesn't directly impact employees, customers, suppliers, or creditors.

Key Dates