Form 4: Okta's Chief Legal Officer Sells Shares Under 10b5-1 Trading Plan
SEC Form 4 Filing
Larissa Schwartz, Okta's Chief Legal Officer, sold 2,791 shares of Class A Common Stock at $71.50 per share under a pre-arranged 10b5-1 trading plan.
Summary
- On November 4, 2024, Larissa Schwartz, the Chief Legal Officer and Corporate Secretary of Okta, Inc., sold 2,791 shares of Class A Common Stock.
- The sale was executed at a price of $71.50 per share.
- Following the transaction, Schwartz directly owns 22,125 shares of Okta's Class A Common Stock.
- The sale was conducted under a Rule 10b5-1 trading plan adopted on April 11, 2024.
- Schwartz also holds various Restricted Stock Units (RSUs) and employee stock options that are exercisable for Class A and Class B Common Stock.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing an insider stock sale. It doesn't inherently convey positive or negative sentiment, as it's simply a report of a transaction.
Industry Context
This Form 4 filing is a routine disclosure of insider trading activity. It is common for executives to utilize 10b5-1 trading plans to sell shares over time to avoid accusations of trading on inside information.
Stakeholder Impact
- The sale of shares by an executive could be perceived negatively by some shareholders, but the existence of a 10b5-1 plan mitigates this concern.
Key Dates
| Date | Description |
|---|---|
| March 15, 2021 | Initial vesting date for some Restricted Stock Units. |
| June 15, 2021 | Initial vesting date for some Restricted Stock Units. |
| March 15, 2022 | Initial vesting date for some Restricted Stock Units. |
| June 15, 2022 | Initial vesting date for some Restricted Stock Units. |
| June 15, 2023 | Initial vesting date for some Restricted Stock Units. |
| June 15, 2024 | Initial vesting date for some Restricted Stock Units. |
| April 11, 2024 | Date the Rule 10b5-1 trading plan was adopted. |
| November 04, 2024 | Date of the reported transaction (sale of shares). |
| December 16, 2025 | Expiration date for some employee stock options. |
| June 01, 2026 | Expiration date for some employee stock options. |
| March 05, 2027 | Expiration date for some employee stock options. |
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