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

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

Summary

• Benjamin C. Singer, the Chief Legal Officer and Secretary of Procore Technologies, Inc., reported the sale of company stock.
• On May 22, 2024, Singer sold 5,547 shares of common stock at a weighted average price of $70.17 per share to cover tax withholding obligations.
• On May 23, 2024, Singer sold 3,620 shares at a weighted average price of $68.77 and 699 shares at a weighted average price of $69.85, both pursuant to a 10b5-1 trading plan.
• Following these transactions, Singer directly owns 112,705 shares of Procore Technologies common stock.

Sentiment

Score: 5

Explanation: The document is a standard SEC Form 4 filing, indicating routine stock sales by an insider. It doesn't inherently convey positive or negative sentiment.

Industry Context

Sales by company insiders are a common occurrence and are often related to personal financial planning or diversification strategies. The use of a 10b5-1 plan suggests the sales were pre-planned.

Stakeholder Impact

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

Key Dates