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

What Happened
Craig F. Courtemanche Jr., Chairman of the Board of Procore Technologies (PCOR), exercised 56,122 option shares at $2.42 per share and disposed of shares the same day. He sold 46,419 shares at a weighted avg. $53.41 and 9,703 shares at a weighted avg. $53.81 (total open‑market proceeds ≈ $3,001,357). The filing also shows 56,122 shares disposed in connection with the option exercise (reported at the $2.42 exercise price, $135,815), consistent with an exercise and immediate sell/cashless‑type transaction.

Key Details

• Transaction date: September 10, 2026; Form 4 filed Sept 14, 2026 (filed within the SEC two-business-day deadline).
• Option exercise: 56,122 shares exercised at $2.42 each (total reported $135,815).
• Open‑market sales: 46,419 shares @ $53.41 = $2,479,239 (weighted avg; see footnote F2 for price range $52.67–$53.665) and 9,703 shares @ $53.81 = $522,118 (weighted avg; see footnote F3 for price range $53.67–$53.96). Total open‑market proceeds ≈ $3,001,357.
• Derivative disposal: 56,122 shares reported disposed at $2.42 (reported $135,815) in connection with the exercise (likely to cover exercise cost/taxes).
• Sales pursuant to a pre‑arranged 10b5‑1 trading plan dated Dec 9, 2025 (footnote F1).
• Additional footnotes: includes 133 shares from a non‑reportable fund distribution (F4); several trust holdings referenced (F5–F7); option vesting schedule noted (F8).
• Shares owned after the transactions are not specified in the provided excerpt of the filing.

Context
This was primarily an exercise of long‑dated options at a low exercise price with most shares sold the same day. That pattern (exercise + same‑day sale, with some shares surrendered) is commonly an owner monetizing vested equity rather than an express bullish purchase. The presence of a 10b5‑1 plan indicates at least some sales were executed under a pre‑set trading program, which can limit inference about timing or intent.