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

Procore Technologies CFO, Howard Fu, sold 7,809 shares of common stock to cover tax obligations related to vesting restricted stock units.

Summary

• Howard Fu, the CFO and Treasurer of Procore Technologies, sold 7,809 shares of common stock on November 21, 2024.
• The sale was executed to cover tax withholding obligations associated with the vesting of restricted stock units.
• The shares were sold at a weighted average price of $71.36, with individual prices ranging from $70.87 to $71.86.
• Following the transaction, Fu directly owns 164,188 shares of Procore Technologies common stock.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction for tax purposes, not indicative of positive or negative sentiment towards the company's performance.

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 the technology industry.
• Many companies use 'sell to cover' mechanisms to manage tax liabilities for their employees.
• The sale by Howard Fu is consistent with standard practices for executives receiving equity compensation.

Stakeholder Impact

• The sale has a minimal impact on shareholders as it is a routine transaction for tax purposes.
• The sale does not indicate any change in the company's financial health or future prospects.

Key Dates

Keywords

Procore Technologies, Howard Fu, CFO, stock sale, tax obligations, restricted stock units, Form 4, insider trading