Form 4: Okta's Chief Legal Officer, Larissa Schwartz, Reports Stock Transactions
SEC Form 4 Filing
Larissa Schwartz, Okta's Chief Legal Officer, reports the acquisition and disposal of Class A Common Stock and the vesting of Restricted Stock Units.
Summary
- Larissa Schwartz, Chief Legal Officer and Corporate Secretary of Okta, Inc., filed a Form 4 detailing changes in beneficial ownership.
- On September 15, 2024, Schwartz acquired and disposed of Class A Common Stock related to the vesting of Restricted Stock Units (RSUs).
- Specifically, the transactions involved the vesting of RSUs and the subsequent acquisition of shares, followed by the disposal of shares to cover tax obligations.
- On September 16, 2024, Schwartz sold 2,790 shares of Class A Common Stock at a price of $74.01 per share.
- Following these transactions, Schwartz directly owns 30,503 shares of Class A Common Stock.
- Schwartz also holds derivative securities, including vested employee stock options for Class B Common Stock and unvested Restricted Stock Units.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing, so the sentiment is neutral. It reflects standard insider trading activity related to stock options and RSUs.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Monitoring insider transactions is a standard practice in corporate governance.
- Companies like CrowdStrike, Zscaler, and Palo Alto Networks also have regular Form 4 filings from their executives.
- The volume and frequency of these transactions are typical for executives with stock-based compensation.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the sale of shares in the open market.
- Employees holding RSUs may be impacted by the vesting schedule and associated tax implications.
Key Dates
| Date | Description |
|---|---|
| 03/15/2021 | Initial vesting date for some Restricted Stock Units. |
| 06/15/2021 | Initial vesting date for some Restricted Stock Units. |
| 03/15/2022 | Initial vesting date for some Restricted Stock Units. |
| 06/15/2022 | Initial vesting date for some Restricted Stock Units. |
| 06/15/2023 | Initial vesting date for some Restricted Stock Units. |
| 06/15/2024 | Initial vesting date for some Restricted Stock Units. |
| 04/11/2024 | Date of adoption of Rule 10b5-1 trading plan. |
| 09/15/2024 | Date of RSU vesting and related stock transactions. |
| 09/16/2024 | Date of sale of Class A Common Stock. |
| 09/17/2024 | Date of Form 4 filing. |
| 12/16/2025 | Expiration date for some Employee Stock Options. |
| 06/01/2026 | Expiration date for some Employee Stock Options. |
| 03/05/2027 | Expiration date for some Employee Stock Options. |
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