Form 4: Okta's Chief Accounting Officer, Shibu Ninan, Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Shibu Ninan, Okta's Chief Accounting Officer, filed a Form 4 detailing transactions involving Class A Common Stock and Restricted Stock Units on June 15, 2024.
Summary
- On June 18, 2024, Shibu Ninan, Chief Accounting Officer of Okta, Inc., reported changes in beneficial ownership to the SEC.
- The transactions, which occurred on June 15, 2024, involved the vesting of Restricted Stock Units (RSUs) and the subsequent withholding of shares to cover tax obligations.
- Ninan acquired 3,236 shares of Class A Common Stock through the vesting of RSUs.
- A total of 1,641 shares of Class A Common Stock were disposed of to satisfy tax obligations related to the vesting of RSUs.
- Following these transactions, Ninan directly owns 5,706 shares of Class A Common Stock and holds 29,979 Restricted Stock Units.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing reflecting standard compensation practices. It doesn't indicate any particularly positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates standard compensation practices involving stock-based compensation.
Comparison to Industry Standards
- Stock-based compensation is a common practice among publicly traded technology companies like Okta.
- Companies such as Salesforce, Workday, and ServiceNow also utilize RSUs as part of their compensation packages.
- The vesting schedules described in the document (quarterly installments after an initial vesting date) are typical for RSU grants in the tech industry.
- The withholding of shares to cover tax obligations is a standard procedure when RSUs vest.
Stakeholder Impact
- The transactions have a minimal direct impact on shareholders, as they primarily reflect internal compensation adjustments.
- Employees holding RSUs are affected by the vesting schedules and tax implications.
Key Dates
| Date | Description |
|---|---|
| 06/15/2023 | 8.33% of the shares underlying one set of RSUs vested. |
| 09/15/2023 | 25% of the shares underlying one set of RSUs vested. |
| 06/15/2024 | Date of transactions involving Class A Common Stock and Restricted Stock Units. |
| 06/18/2024 | Date of Form 4 filing. |
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