Form 4: Procore Technologies Insider Transaction: Griffith's ICONIQ Affiliates Distribute Shares

William J.G. Griffith, a director and 10% owner of Procore Technologies, reported the distribution of shares by various ICONIQ Strategic Partners funds to their respective partners.

Summary

• William J.G. Griffith, a director and 10% owner of Procore Technologies, filed a Form 4 detailing transactions involving the distribution of Procore shares by various ICONIQ Strategic Partners funds.
• The distributions occurred on November 21, 2024, and involved multiple ICONIQ Strategic Partners entities, including ICONIQ Strategic Partners II, II-B, II Co-Invest, III, III-B, III Co-Invest, IV, IV-B, IV Co-Invest, V, V-B, VI, and VI-B.
• These distributions were made to the limited partners of each fund and to ICONIQ Strategic Partners GP entities, representing each partner's pro rata interest in the shares.
• The distributions were made for no consideration and were conducted in accordance with exemptions under Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934.
• Griffith disclaims beneficial ownership of the shares except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing share distributions, which is neither positive nor negative in itself. The sentiment is neutral.

Risks

• The distribution of a large number of shares could potentially increase the supply of shares in the market, which could exert downward pressure on the stock price.

Management Comments

• William J.G. Griffith disclaims beneficial ownership of the securities reported herein for purposes of Section 16 of the Exchange Act, except to the extent of his pecuniary interest therein, if any.

Industry Context

This filing is a routine disclosure of insider transactions, which is common in the technology sector where stock-based compensation and investment structures are prevalent. The distribution of shares by investment funds to their partners is a normal part of fund operations.

Comparison to Industry Standards

• Form 4 filings are standard practice for corporate insiders in the US, and the level of detail provided in this filing is consistent with SEC requirements.
• The distribution of shares by investment funds to their partners is a common practice, and the structure of the ICONIQ funds is similar to other private equity and venture capital firms.

Stakeholder Impact

• The distribution of shares could potentially impact the stock price, which would affect shareholders.
• The transactions do not directly impact employees, customers, suppliers, or creditors.

Key Dates

Keywords

Procore Technologies, Insider Trading, Form 4, Share Distribution, ICONIQ Strategic Partners, William J.G. Griffith, Beneficial Ownership