Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 80

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 80
---
 PSUs that became eligible to vest vested on February 20, 2025. The remaining 2024 CEO PSUs that became eligible to vest will vest in substantially equal installments quarterly over the two years following February 20, 2025.

21

Table of Contents Procore Technologies, Inc.Notes to Condensed Consolidated Financial Statements (unaudited)

The Company recognizes compensation expense for PSUs in the period in which it becomes probable that the underlying performance target will be achieved. Compensation expense for awards that contain performance conditions is calculated using the graded vesting method and the portion of expense recognized in any period may fluctuate depending on changing estimates of the achievement of the performance conditions.The following table summarizes the PSU activity during the three months ended March 31, 2025:Number ofSharesWeighted-Average GrantDate Fair ValueOutstanding at December 31, 2024155,791$67.63 Granted (1)93,43866.80 Vested(8,016)76.64 Canceled/Forfeited(86,406)64.68 Outstanding at March 31, 2025154,807$68.31 (1) This represents awards granted at 100% attainment of the performance conditions.As of March 31, 2025, the total unrecognized stock‑based compensation cost for all PSUs outstanding was $8.1 million, which is expected to be recognized over a weighted‑average vesting period of 1.3 years.Employee Stock Purchase PlanIn May 2021, the Board adopted, and the stockholders approved, the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective immediately prior to the effective date of the Company’s IPO. As of December 31, 2024, a total of 6,780,128 shares of common stock had been reserved for issuance under the ESPP. The number of shares of the Company’s common stock reserved for issuance under the ESPP automatically increases on January 1 of each year for a period of 10 years, beginning on January 1, 2022 and continuing through January 1, 2031, by the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year; and (ii) 3,900,000 shares, except before the date of any such increase, the Board may determine that such increase will be less than the amount set forth