Procore (PCOR) Chairman Craig Courtemanche Exercises Options, Sells Shares

What Happened
Craig F. Courtemanche Jr., Director and Chairman of the Board of Procore Technologies (PCOR), exercised 56,122 stock options at $2.42 per share (cost = $135,815) on 2026-08-10 and sold those 56,122 shares in two open‑market transactions the same day. The two sales generated combined gross proceeds of approximately $3,205,313 (12,642 shares at a weighted avg ~$56.54; 43,480 shares at a weighted avg ~$57.28). After accounting for the exercise cost, the approximate net cash proceeds were about $3.07M.

Key Details

• Transaction date: 2026-08-10; Form 4 filed 2026-08-12 (timely).
• Option exercise: 56,122 shares exercised at $2.42 each (total cost $135,815).
• Open-market sales: 12,642 shares at weighted avg $56.54 (proceeds $714,779) and 43,480 shares at weighted avg $57.28 (proceeds $2,490,534). Combined sale proceeds ≈ $3,205,313.
• Footnotes: Sales were made under a 10b5‑1 plan dated Dec 9, 2025 (F1). Reported sale prices are weighted averages; ranges reported were $55.99–$56.90 and $57.055–$57.77 (F2, F3). Other footnotes describe certain shares held in family/trust vehicles and vesting history (F4–F8).
• Shares owned after the transactions: not specified in the provided excerpt of the filing.

Context

• This was effectively a cashless exercise: options were exercised and the resulting shares were sold the same day. Such transactions commonly reflect routine liquidity (covering exercise costs/taxes) rather than an independent investment decision.
• The use of a 10b5‑1 plan indicates the sales were pre‑arranged under an approved trading plan.