Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 5

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part II, Item 2
Chunk 5
---
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

On October 29, 2024, our Board authorized a stock repurchase program to repurchase up to $300.0 million of our outstanding common stock.

The following table summarizes the stock repurchase activity and the approximate dollar value of shares that may yet be purchased pursuant to our authorized stock repurchase program for the three months ended March 31, 2025:

PeriodTotal Number of Shares PurchasedAverage Price Paid Per Share(1)Total Number of Shares Purchased Under Publicly Announced ProgramsApproximate Dollar Value of Shares that May Yet be Purchased Under the Program (in thousands)January 1 - January 310$— 0$300,000 February 1 - February 280$— 0300,000 March 1 - March 311,450,591$68.96 1,450,591200,000 Total1,450,5911,450,591$200,000 

(1) The average price paid per share includes transaction costs associated with the stock repurchase and excludes the 1% excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022. 

Items 3 and 4 are not applicable and have been omitted.

47

Table of Contents

Item 5. Other Information.

Compensatory Arrangements of Certain Officers

On May 2, 2025, the Company entered into amended and restated severance agreements (each, an “Executive Severance Agreement”) with each of Howard Fu, the Company’s Chief Financial Officer and Treasurer, Benjamin C. Singer, the Company’s Chief Legal Officer and Corporate Secretary, Lawrence J. Stack, the Company’s Chief Revenue Officer, and Steven S. Davis, the Company’s President, Product and Technology (each, a “Non-CEO Executive Officer”), which provide certain enhanced severance benefits designed to promote continuity and retain each Non-CEO Executive Officer through the Company’s Chief Executive Officer succession process, which was announced earlier this year. Each Executive Severance Agreement provides that, if a Non-CEO Executive Officer is terminated without “Cause” (as defined in the Executive Severance Agreement) during the 12-month period following the appointment of the Company’s next Chief Executive Officer, such Non-CEO Executive Officer will receive 12 months of accelerated equity vesting with respect to all time-based equity