Form 4: Procore Technologies CFO Howard Fu Sells Shares to Cover Tax Obligations

CFO and Treasurer of Procore Technologies, Howard Fu, sold 7,922 shares of common stock on August 22, 2024, to cover tax withholding obligations related to vesting restricted stock units.

Summary

• On August 22, 2024, Howard Fu, the CFO & Treasurer of Procore Technologies, sold 7,922 shares of the company's common stock.
• The sale was executed at a weighted average price of $59.14 per share, with individual prices ranging from $58.65 to $59.64.
• The transaction was conducted to cover tax withholding obligations associated with the vesting of restricted stock units, as mandated by Procore's equity incentive plans.
• Following the transaction, Fu directly owns 173,497 shares of Procore Technologies.
• The sale was not a discretionary trade but a 'sell to cover' transaction required by the company's policy.

Sentiment

Score: 5

Explanation: The document describes a routine stock sale to cover tax obligations, which is neither particularly positive nor negative. It's a neutral event.

Industry Context

Sales of shares to cover tax obligations upon vesting of restricted stock units are a common practice among company executives. This transaction is not necessarily indicative of the executive's sentiment towards the company's future prospects.

Key Dates