Procore (NYSE: PCOR) chair reports 12,588-share tax withholding event
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
PROCORE TECHNOLOGIES, INC. Chairman of the Board Craig F. Courtemanche Jr. reported a routine tax-related share disposition. On the vesting of restricted stock units, 12,588 shares of common stock were withheld by the company at $47.37 per share to satisfy his tax obligation, a non-market transaction. After this withholding, he directly holds 914,992 common shares, with additional indirect holdings reported through his spouse and several family trusts.
Positive
- None.
Negative
- None.
Insights
Form 4 shows a routine tax withholding, not an open-market trade.
The filing reports 12,588 Procore common shares withheld at $47.37 per share to cover Chairman Craig Courtemanche Jr.’s tax obligation from vested restricted stock units. This F-code event is a non-discretionary mechanism rather than a buy or sell decision in the market.
Following the withholding, Courtemanche directly owns 914,992 shares and also reports indirect holdings via his spouse and several family trusts. Because there are no open-market purchases or sales and no derivative exercises, this filing is administratively important but not thesis-changing for investors.
Insider Trade Summary
5 transactions reported
Mixed
5 txns
Insider
Courtemanche Craig F. Jr.
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Tax Withholding | Common Stock | 12,588 | $47.37 | $596K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 914,992 shares (Direct, null);
Common Stock — 2,692,461 shares (Indirect, See Footnote)
Footnotes (1)
- Represents shares withheld by the Issuer to satisfy a tax obligation realized by the Reporting Person upon the vesting of restricted stock units. These shares are held by the Craig F. Courtemanche and Hillary Courtemanche Family Trust dated as of November 1, 2012. These shares are held by the Courtemanche 2021 Irrevocable Trust UA DTD 6/10/2021. These shares are held by The Courtemanche 2016 Irrevocable Trust.
Key Figures
Tax-withheld shares: 12,588 shares
Withholding price: $47.37/share
Direct holdings after event: 914,992 shares
+4 more
7 metrics
Tax-withheld shares
12,588 shares
Withheld to satisfy tax obligation on RSU vesting
Withholding price
$47.37/share
Value used for tax-withholding shares
Direct holdings after event
914,992 shares
Common stock held directly post-withholding
Spouse indirect holdings
23,736 shares
Common stock held indirectly via spouse
Family Trust holdings F2
527,349 shares
Craig & Hillary Courtemanche Family Trust
Irrevocable Trust holdings F3
1,155,480 shares
Courtemanche 2021 Irrevocable Trust
Irrevocable Trust holdings F4
2,692,461 shares
Courtemanche 2016 Irrevocable Trust
Key Terms
restricted stock units, tax obligation, Family Trust, Irrevocable Trust, +1 more
5 terms
restricted stock units financial
"tax obligation realized by the Reporting Person upon the vesting of restricted stock units"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
tax obligation financial
"shares withheld by the Issuer to satisfy a tax obligation realized"
Family Trust financial
"held by the Craig F. Courtemanche and Hillary Courtemanche Family Trust dated as of November 1, 2012"
Irrevocable Trust financial
"held by the Courtemanche 2021 Irrevocable Trust UA DTD 6/10/2021"
An irrevocable trust is a legal arrangement where an owner transfers assets into a separate entity managed by a trustee and gives up the power to modify or reclaim those assets. For investors it matters because putting stock or other holdings into such a trust can change who controls and benefits from the assets, affect taxes and creditor protection, and influence how easy it is to sell or value those holdings—like placing valuables in a locked safe overseen by someone else.
Form 4 regulatory
"He reported in this Form 4 that 12,588 Procore common shares were withheld"
Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.
FAQ
What did Procore (PCOR) chairman Craig Courtemanche report in this Form 4?
He reported that 12,588 Procore common shares were withheld to pay taxes on vested restricted stock units. This F-code transaction is a non-market, administrative disposition and does not represent an open-market purchase or sale of shares by the chairman.
Was Craig Courtemanche buying or selling Procore (PCOR) stock in the market?
No, he was not trading in the open market. The 12,588 shares were withheld by Procore to satisfy a tax obligation from restricted stock unit vesting, a standard F-code tax-withholding disposition rather than a voluntary buy or sell decision.
What indirect Procore (PCOR) holdings are reported for Craig Courtemanche?
The filing lists indirect ownership through his spouse and several trusts. These include 23,736 shares held by his spouse and additional blocks of 527,349, 1,155,480, and 2,692,461 shares held by family trusts, each reported as separate indirect positions associated with Courtemanche.
What does the F transaction code mean in this Procore (PCOR) Form 4?
The F code indicates shares were used to pay an exercise price or tax liability. Here, 12,588 Procore shares were withheld by the issuer to cover Craig Courtemanche’s tax obligation on restricted stock unit vesting, rather than being sold in the open market.