William Griffith (PCOR) Discloses Multiple Sales; ICONIQ Funds Hold Millions
Rhea-AI Filing Summary
William J.G. Griffith, a director and 10% owner affiliated with ICONIQ Capital, reported multiple sales of Procore Technologies (PCOR) common stock on 08/13/2025. The Form 4 shows sales of 17,001 and 28,161 shares at a weighted average price of $64.951 and additional sales of 384 and 644 shares at a weighted average price of $65.4133, with individual sale prices ranging from $64.39 to $65.43. After these transactions the report lists numerous indirect holdings across ICONIQ-affiliated funds and trusts, with aggregate beneficial ownership positions shown for each entity (examples include 5,074,915 shares by ICONIQ Strategic Partners III, L.P. and 5,422,617 shares by ICONIQ Strategic Partners III-B, L.P.). The reporting person disclaims direct beneficial ownership except to the extent of pecuniary interest and the report is signed 08/15/2025.
Positive
- Timely and detailed disclosure of insider sales with dates, prices and explanation of ownership structure
- Clear mapping of indirect holdings across ICONIQ-affiliated funds which supports transparency
Negative
- Insider sales occurred: sales on 08/13/2025 totaling 46,190 shares reported across transactions
- Substantial indirect holdings remain concentrated in ICONIQ funds, which may affect voting/control dynamics
Insights
TL;DR: Director and 10% owner disclosed routine multiple-sales by ICONIQ-affiliated vehicles totaling tens of thousands of PCOR shares.
The Form 4 documents discrete sales executed on 08/13/2025 at prices between $64.39 and $65.43. The filing shows substantial indirect holdings across several ICONIQ Strategic Partners funds, indicating the sales were executed from pooled investment vehicles rather than clear personal divestiture. The Reporting Person disclaims direct beneficial ownership except for any pecuniary interest. For investors, this is a transparent disclosure of insider selling activity without additional company-specific operational or financial information provided in the filing.
TL;DR: The filing is a standard Section 16 disclosure of sales by an affiliated director with layered fund ownership.
Form 4 clarifies ownership structure and notes the Reporting Person's roles at ICONIQ Capital and the GP relationships across multiple funds. The explanation identifies family and estate planning trusts and the Reporting Person's disclaimer of beneficial ownership for certain trust-held shares. This enhances governance transparency by mapping which entities hold shares and documenting the reported transactions' prices and dates. The filing contains no statements about motives or company operations.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 17,001 | $64.951 | $1.10M |
| Sale | Common Stock | 28,161 | $64.951 | $1.83M |
| Sale | Common Stock | 384 | $65.4133 | $25K |
| Sale | Common Stock | 644 | $65.4133 | $42K |
| holding | Common Stock | -- | -- | -- |
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| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
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Footnotes (1)
- The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $64.39 to $65.39. Full information regarding the number of shares sold at each separate price can be furnished to the SEC staff upon request. ICONIQ Strategic Partners III GP, L.P. ("ICONIQ III GP") is the sole general partner of each of ICONIQ Strategic Partners III, L.P. ("ICONIQ III"), ICONIQ Strategic Partners III-B, L.P. ("ICONIQ III-B") and ICONIQ Strategic Partners III Co-Invest, L.P., Series P ("ICONIQ III Co-Invest"). ICONIQ Strategic Partners III TT GP, Ltd. ("ICONIQ III Parent GP") is the sole general partner of ICONIQ III GP. ICONIQ Strategic Partners IV GP, L.P. ("ICONIQ IV GP") is the sole general partner of each of ICONIQ Strategic Partners IV, L.P. ("ICONIQ IV"), ICONIQ Strategic Partners IV-B, L.P. ("ICONIQ IV-B") and ICONIQ Strategic Partners IV Co-Invest, L.P., Series P ("ICONIQ IV Co-Invest"). ICONIQ Strategic Partners IV TT GP, Ltd. ("ICONIQ IV Parent GP") is the sole general partner of ICONIQ IV GP. (continued) ICONIQ Strategic Partners V GP, L.P. ("ICONIQ V GP") is the sole general partner of each of ICONIQ Strategic Partners V, L.P. ("ICONIQ V") and ICONIQ Strategic Partners V-B, L.P. ("ICONIQ V-B"). ICONIQ Strategic Partners V TT GP, Ltd. ("ICONIQ V Parent GP") is the sole general partner of ICONIQ V GP. ICONIQ Strategic Partners VI GP, L.P. ("ICONIQ VI GP") is the sole general partner of each of ICONIQ Strategic Partners VI, L.P. ("ICONIQ VI") and ICONIQ Strategic Partners VI-B, L.P. ("ICONIQ VI-B"). ICONIQ Strategic Partners VI TT GP, Ltd. ("ICONIQ VI Parent GP") is the sole general partner of ICONIQ VI GP. (continued) Divesh Makan ("Makan") and the Reporting Person are the sole equity holders of ICONIQ III Parent GP. Makan, the Reporting Person and Matthew Jacobson ("Jacobson") are the sole equity holders of each of ICONIQ IV Parent GP, ICONIQ V Parent GP and ICONIQ VI Parent GP. The Reporting Person is a General Partner and a Managing Director at ICONIQ Capital. The Reporting Person disclaims beneficial ownership of the securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), except to the extent of his pecuniary interest therein, if any. This report shall not be deemed an admission that the Reporting Person is a beneficial owner of such securities for the purpose of Section 16 of the Exchange Act, or for any other purpose. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $65.40 to $65.43. Full information regarding the number of shares sold at each separate price can be furnished to the SEC staff upon request. The shares are held by the Reporting Person through his family trust of which he is a trustee and another estate planning trust having an independent trustee. The Reporting Person disclaims beneficial ownership of the shares held by such trusts for purposes of Section 16 of the Exchange Act, except to the extent of his pecuniary interest therein, if any. This report shall not be deemed an admission that the Reporting Person is a beneficial owner of such securities for the purpose of Section 16 of the Exchange Act, or for any other purpose.
