Form 4: Procore Technologies' Chief Legal Officer Benjamin Singer Executes Stock Sales Under 10b5-1 Plan

Benjamin Singer, Chief Legal Officer of Procore Technologies, sold shares of common stock under a pre-arranged 10b5-1 trading plan and had shares withheld to cover tax obligations upon vesting of restricted stock units.

Summary

• On February 20, 2025, Procore Technologies withheld 3,992 shares from Benjamin Singer to cover tax obligations related to vesting restricted stock units at a price of $86.48 per share.
• On February 21, 2025, Singer sold 5,195 shares at a weighted average price of $83.39, with prices ranging from $82.95 to $83.89.
• Additionally, on February 21, 2025, Singer sold 1,742 shares at a weighted average price of $84.22, with prices ranging from $84.00 to $84.44.
• These sales were executed under a 10b5-1 trading plan established on August 15, 2024.
• Following these transactions, Singer directly owns 72,110 shares of Procore Technologies' common stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports stock sales under a pre-existing 10b5-1 plan, which is a routine activity.

Positives

• The sales were conducted under a pre-arranged 10b5-1 trading plan, which is a legal and transparent way for insiders to sell shares.

Industry Context

Insider sales are a common occurrence in publicly traded companies, and the use of 10b5-1 plans is a standard practice to avoid accusations of trading on non-public information. The volume of shares sold is relatively small compared to the overall market capitalization of Procore Technologies.

Comparison to Industry Standards

• Comparing Procore Technologies to similar SaaS companies like Autodesk (ADSK) or Adobe (ADBE), insider selling activity is a normal part of executive compensation and portfolio management.
• The use of 10b5-1 plans is a common practice among executives in these companies to ensure compliance with insider trading regulations.
• The reported transactions are similar in nature to routine stock sales by executives at comparable firms.

Stakeholder Impact

• The stock sales may have a minor impact on shareholders due to the increased supply of shares in the market, but the effect is likely to be minimal given the relatively small volume of shares sold.

Key Dates

Keywords

Form 4, Procore Technologies, PCOR, Benjamin Singer, 10b5-1 plan, insider trading, stock sale, Chief Legal Officer, securities