Form 4: Procore Technologies' Chief Legal Officer Sells Shares to Cover Tax Obligations and Under 10b5-1 Plan

Benjamin C. Singer, Chief Legal Officer and Secretary of Procore Technologies, Inc., sold shares of common stock to cover tax withholding obligations and pursuant to a pre-arranged 10b5-1 trading plan.

Summary

• On August 22, 2024, Benjamin C. Singer, the Chief Legal Officer and Secretary of Procore Technologies, sold 5,674 shares of common stock at a weighted average price of $59.14.
• These shares were sold to cover tax withholding obligations related to the vesting of restricted stock units, as mandated by the company's equity incentive plans.
• On August 23, 2024, Singer sold an additional 4,219 shares at a weighted average price of $59.63.
• These shares were sold pursuant to a 10b5-1 trading plan established on September 8, 2023.
• Following these transactions, Singer directly owns 96,812 shares of Procore Technologies' common stock.

Sentiment

Score: 5

Explanation: The document reflects routine transactions (tax obligation coverage and pre-planned sales). It doesn't inherently indicate positive or negative sentiment regarding the company's performance.

Industry Context

Sales by company insiders are a common occurrence and are often related to personal financial planning or diversification strategies. The use of 10b5-1 plans allows insiders to sell shares over a period of time without being accused of trading on non-public information.

Stakeholder Impact

• The share sales by an executive could have a minor negative impact on shareholder sentiment, although the sales are explained as being for tax obligations and part of a pre-arranged trading plan.

Key Dates