Company: PCOR
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001611052-25-000007
Chunk: 95

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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 number of 2024 CEO PSUs that became eligible to vest was determined based on the attainment level of the applicable performance goal, as certified by the Compensation Committee. As of December 31, 2024, the non-GAAP operating margin performance goal was achieved and the revenue performance goal was not achieved, which was certified by the Compensation Committee in February 2025. As a result, one-third of the 2024 CEO 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.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 six months ended June 30, 2025:Number ofSharesWeighted-Average GrantDate Fair ValueOutstanding at December 31, 2024155,791$67.63 Granted (1)93,43866.80 Vested(13,823)75.75 Canceled/Forfeited(86,406)64.68 Outstanding at June 30, 2025149,000$68.06 (1) This represents awards granted at 100% attainment of the performance conditions.As of June 30, 2025, the total unrecognized stock‑based compensation cost for all PSUs outstanding was $6.5 million, which is expected to be recognized over a weighted‑average vesting period of 1.1 years.

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

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