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

Steven Scott Davis, President of Product & Technology at Procore Technologies, sold 7,851 shares of common stock to cover tax withholding obligations related to vesting restricted stock units.

Summary

• On May 22, 2024, Steven Scott Davis, President of Product & Technology at Procore Technologies, sold 7,851 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 $70.17, with individual prices ranging from $69.67 to $70.67.
• Following the transaction, Davis directly owns 219,652 shares of Procore Technologies.
• The sale was mandated by Procore's equity incentive plans, requiring tax obligations to be funded through a 'sell to cover' transaction.

Sentiment

Score: 5

Explanation: This is a routine transaction related to tax obligations and doesn't necessarily reflect a positive or negative sentiment towards the company's prospects.

Industry Context

Executive stock sales are a common occurrence and are often related to compensation and tax planning. The 'sell to cover' mechanism is a standard practice to manage tax obligations associated with equity compensation.

Key Dates