Form 4: Rubrik Director Asheem Chandna Restructures Shareholdings Through Greylock Fund Distributions

Rubrik, Inc. Director and 10% owner Asheem Chandna reported a significant restructuring of his beneficial ownership in the company, converting Class B shares to Class A and receiving Class A shares through in-kind distributions from affiliated Greylock investment funds.

Summary

• Asheem Chandna, a Director and 10% owner of Rubrik, Inc., filed a Form 4 detailing changes in his beneficial ownership.
• On June 13, 2025, Greylock XIV Limited Partnership, Greylock XIV-A Limited Partnership, and Greylock XIV Principals LLC, entities with which Mr. Chandna is affiliated, converted a total of 2,486,913 Class B Common Stock shares into an equal number of Class A Common Stock shares.
• Following these conversions, Greylock XIV Limited Partnership held 4,476,447 Class A shares, Greylock XIV-A Limited Partnership held 248,691 Class A shares, and Greylock XIV Principals LLC held 248,691 Class A shares.
• On June 17, 2025, these Greylock entities distributed all their Class A Common Stock holdings (totaling 4,973,829 shares) pro-rata and in-kind to their respective partners, members, and/or assigns for no additional consideration.
• As a result of these distributions, Asheem Chandna directly acquired 281,673 Class A Common Stock shares, bringing his direct beneficial ownership to 846,187 Class A shares.
• Additionally, two trusts associated with Mr. Chandna, the Chandna Children's Trust and The Revocable Trust of Asheem Chandna and Aarti Chandna, indirectly acquired 2,324 and 11,621 Class A Common Stock shares, respectively, through these distributions.
• After these transactions, the Greylock entities no longer hold Class A Common Stock in Rubrik, Inc., as their holdings were fully distributed.

Sentiment

Score: 5

Explanation: The document reports a routine restructuring of beneficial ownership by an insider, involving conversions and distributions from affiliated funds. It does not indicate positive or negative operational performance or strategic shifts for the company, hence a neutral sentiment.

Positives

• Asheem Chandna's direct beneficial ownership of Rubrik Class A Common Stock increased by 281,673 shares, indicating continued personal stake.
• Associated trusts also increased their indirect holdings, further aligning the director's family interests with the company's performance.

Negatives

• The Greylock investment funds, previously significant indirect holders, no longer hold Class A Common Stock in Rubrik, Inc., as their entire holdings were distributed.

Future Outlook

N/A

Industry Context

This filing is a routine insider ownership report and does not provide information related to broader industry trends or competitive landscape. It reflects internal portfolio management decisions by an affiliated investment firm.

Related Party Transactions

• Distributions of Class A Common Stock from Greylock XIV Limited Partnership, Greylock XIV-A Limited Partnership, and Greylock XIV Principals LLC to Asheem Chandna (a managing member of Greylock XIV GP, the general partner/manager of these entities) and his affiliated trusts, for no consideration.

Stakeholder Impact

• Shareholders: The overall number of outstanding shares remains unchanged. The beneficial ownership structure for a key insider has been reorganized, with shares moving from investment funds to direct and trust holdings of the director.
• Employees, Customers, Suppliers, Creditors: No direct impact from this ownership restructuring.

Key Dates

Keywords

Rubrik, RBRK, SEC Form 4, Insider Trading, Beneficial Ownership, Share Distribution, Asheem Chandna, Greylock Partners, Class A Common Stock, Class B Common Stock, Conversion