Form 4: Okta CFO Brett Tighe Reports Stock Awards and Vesting
SEC Form 4 Filing
Okta's Chief Financial Officer, Brett Tighe, reports the vesting of performance stock units (PSUs) and restricted stock units (RSUs) and transactions related to Class A and Class B Common Stock.
Summary
- Brett Tighe, Okta's CFO, reported transactions related to Okta's Class A and Class B Common Stock.
- On March 11, 2024, the Compensation Committee determined that 5,049 shares were earned from PSUs granted on March 22, 2022, and 12,407 shares were earned from PSUs granted on March 21, 2023, based on performance criteria achievement.
- These shares will vest on March 15, 2024, subject to service-based vesting criteria.
- Tighe directly owns 87,839 shares of Class A Common Stock after the reported transactions.
- Tighe also indirectly owns 1,250 shares of Class A Common Stock through a trust.
- He also owns various Restricted Stock Units (RSUs) that vest over time, subject to continuous employment.
- Additionally, Tighe indirectly owns 69,046 shares of Class B Common Stock through a trust, which are convertible to Class A Common Stock.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing. The sentiment is neutral as it simply reports transactions.
Positives
- The vesting of PSUs indicates that performance criteria were met, which could be seen as a positive signal about the company's performance.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. Investors monitor these filings to gain insights into management's perspective on the company's stock.
Stakeholder Impact
- Shareholders may be interested in the vesting of PSUs as it reflects the achievement of performance criteria.
Key Dates
| Date | Description |
|---|---|
| 2020-09-15 | 6.25% of shares underlying one RSU vested. |
| 2021-03-15 | 6.25% of shares underlying one RSU vested. |
| 2021-06-15 | 6.25% of shares underlying one RSU vested. |
| 2022-03-22 | Reporting Person was granted Performance Stock Units (PSUs). |
| 2022-06-15 | 6.25% of shares underlying one RSU vested. |
| 2023-03-21 | Reporting Person was granted Performance Stock Units (PSUs). |
| 2023-06-15 | 8.33% of shares underlying one RSU vested. |
| 2024-03-11 | Compensation Committee determined PSU shares were earned. |
| 2024-03-13 | Date of signature for the Form 4 filing. |
| 2024-03-15 | PSU shares vesting date. |
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