Form 4: Procore Technologies CEO Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Procore Technologies CEO Craig F. Courtemanche Jr. sold 22,665 shares of common stock to cover tax obligations related to vesting restricted stock units.
Summary
- Craig F. Courtemanche Jr., CEO and President of Procore Technologies, sold 22,665 shares of common stock on November 21, 2024.
- The sale was executed at a weighted average price of $71.36 per share, with prices ranging from $70.87 to $71.86.
- This transaction was to cover tax withholding obligations associated with the vesting of restricted stock units.
- The sale was not a discretionary trade but a mandated action by the company's equity incentive plans.
- Following the transaction, Courtemanche directly owns 770,458 shares of common stock.
- He also indirectly owns 2,553,210 shares through the Craig F. Courtemanche and Hillary Courtemanche Family Trust, 1,230,480 shares through the Courtemanche 2021 Irrevocable Trust, 527,349 shares through The Courtemanche 2016 Irrevocable Trust, and 23,736 shares through his spouse.
Sentiment
Score: 5
Explanation: The document reflects a routine transaction for tax purposes, with no indication of positive or negative sentiment.
Industry Context
This is a routine transaction for executives who receive stock-based compensation. It is common for executives to sell shares to cover tax obligations when restricted stock units vest.
Comparison to Industry Standards
- Executive stock sales to cover tax obligations are a common practice across publicly traded companies.
- The sale of 22,665 shares is not unusual for a CEO of a company of Procore's size.
- Similar transactions are regularly reported by executives at companies like Autodesk, Oracle, and Salesforce, which also utilize stock-based compensation.
Stakeholder Impact
- The sale of shares by the CEO may have a minor impact on the stock price, but it is not expected to be significant given the nature of the transaction.
Key Dates
| Date | Description |
|---|---|
| 11/21/2024 | Date of the stock sale transaction. |
| 11/22/2024 | Date the Form 4 was signed. |
Keywords
Procore Technologies, Craig F. Courtemanche Jr., stock sale, tax obligations, restricted stock units, insider trading, equity incentive plans
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