Form 4: Procore Technologies Executive Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Steven Scott Davis, President of Product & Technology at Procore Technologies, sold 8,029 shares of common stock to cover tax withholding obligations related to vesting restricted stock units.
Summary
- On August 22, 2024, Steven Scott Davis, President of Product & Technology at Procore Technologies, sold 8,029 shares of common stock.
- 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 $59.14, with individual prices ranging from $58.65 to $59.64.
- Following the transaction, Davis directly owns 201,808 shares of Procore Technologies.
- The sale was mandated by Procore's equity incentive plans, which require tax withholding obligations to be funded through a 'sell to cover' transaction.
Sentiment
Score: 5
Explanation: This is a neutral event. It's a routine transaction for tax purposes and doesn't necessarily reflect a change in the executive's confidence in the company.
Industry Context
This is a routine transaction related to executive compensation and tax obligations. It is common for executives to sell shares to cover taxes when restricted stock units vest.
Key Dates
| Date | Description |
|---|---|
| 08/22/2024 | Date of stock sale transaction |
| 08/26/2024 | Date of signature on the Form 4 filing |
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