Form 4: Procore Technologies CFO Howard Fu Sells Shares to Cover Tax Obligations and Under 10b5-1 Plan
SEC Form 4 Filing
Howard Fu, CFO & Treasurer of Procore Technologies, sold shares to cover tax withholding obligations and pursuant to a pre-arranged 10b5-1 trading plan.
Summary
- Howard Fu, the CFO & Treasurer of Procore Technologies, sold 7,748 shares of common stock on May 22, 2024, at a weighted average price of $70.17 per share.
- The sales were to cover tax withholding obligations related to the vesting of restricted stock units.
- These sales were mandated by Procore's equity incentive plans and don't represent a discretionary trade.
- Fu also sold 1,157 shares on May 23, 2024, at $70 per share pursuant to a 10b5-1 plan dated August 9, 2023.
- Following these transactions, Fu directly owns 183,718 shares of Procore Technologies.
- This includes 445 shares purchased through the Issuer's employee stock purchase plan on May 15, 2024.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the transactions are routine and related to tax obligations and a pre-existing trading plan. There is no indication of positive or negative implications for the company's performance.
Industry Context
Sales by company insiders are common and can be for a variety of reasons, including diversification, tax obligations, or pre-planned trading programs. The use of a 10b5-1 plan suggests the sales were pre-arranged.
Key Dates
| Date | Description |
|---|---|
| August 9, 2023 | Date of the 10b5-1 plan. |
| May 15, 2024 | Date of purchase of 445 shares through the Issuer's employee stock purchase plan. |
| May 22, 2024 | Date of sale of 7,748 shares to cover tax withholding obligations. |
| May 23, 2024 | Date of sale of 1,157 shares pursuant to a 10b5-1 plan. |
| May 24, 2024 | Date of signature of the Form 4 filing. |
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