Form 4: Okta's Chief Revenue Officer, Jonathan James Addison, Reports Changes in Beneficial Ownership
SEC Form 4
Jonathan James Addison, Chief Revenue Officer of Okta, Inc., filed a Form 4 detailing changes in his beneficial ownership of Okta's Class A Common Stock and Restricted Stock Units due to vesting.
Summary
- On June 15, 2024, Jonathan James Addison, the Chief Revenue Officer of Okta, Inc., reported changes in his beneficial ownership of the company's securities.
- These changes involve the vesting of Restricted Stock Units (RSUs) and the subsequent withholding of shares to cover tax obligations.
- The transactions resulted in an increase in the number of Class A Common Stock shares and derivative securities (RSUs) beneficially owned by Addison.
- An administrative error in previous filings (Form 3 and subsequent Forms 4) led to an understatement of Class A common stock by 60 shares, which has been corrected in this filing.
Sentiment
Score: 7
Explanation: The document is a standard regulatory filing detailing changes in beneficial ownership, which is a neutral event. The correction of a previous error adds a slightly positive element as it indicates attention to detail and compliance.
Industry Context
This filing is a routine disclosure related to executive compensation and equity ownership, common in publicly traded companies. It reflects part of Okta's compensation strategy to align executive interests with shareholder value.
Comparison to Industry Standards
- Equity compensation, including RSUs, is a standard practice among publicly traded technology companies like Okta to attract and retain talent.
- Companies such as Salesforce, Workday, and ServiceNow also utilize RSUs as part of their executive compensation packages.
- The vesting schedules and terms of these RSUs are generally comparable to industry norms, with vesting occurring over several years contingent upon continued employment.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive compensation and ownership.
- It assures stakeholders that the company is adhering to regulatory requirements for disclosing insider transactions.
Key Dates
| Date | Description |
|---|---|
| 02/07/2024 | Date of original Form 3 filing which contained an administrative error. |
| 06/15/2022 | Initial vesting date for some of the Restricted Stock Units. |
| 12/15/2022 | Initial vesting date for some of the Restricted Stock Units. |
| 03/15/2024 | Vesting date for some of the Restricted Stock Units. |
| 06/15/2023 | Vesting date for some of the Restricted Stock Units. |
| 06/15/2024 | Date of the transactions reported in this Form 4, including RSU vesting and tax withholding. |
| 06/18/2024 | Date of signature for the Form 4 filing. |
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