Form 4: Rubrik Director Enrique Salem Reports Significant Stock Sales and Conversions

Rubrik, Inc. Director Enrique T. Salem, associated with Bain Capital Venture Entities, reported conversions of Class B to Class A common stock and subsequent sales of Class A shares totaling over 21,900 shares at prices ranging from $89.10 to $91.5394.

Summary

• Enrique T. Salem, a Director of Rubrik, Inc. and a Partner at Bain Capital Venture Investors, LLC, filed a Form 4 detailing changes in his beneficial ownership.
• On June 24, 2025, 679,577 shares of Class B Common Stock were converted into an equal number of Class A Common Stock.
• Also on June 24, 2025, Bain Capital Venture Entities distributed 678,076 shares of Class A Common Stock pro-rata to partners without consideration, with Mr. Salem directly receiving 6,861 of these shares.
• On June 26, 2025, an additional 20,423 shares of Class B Common Stock were converted into Class A Common Stock.
• Following these conversions, Mr. Salem reported sales of Class A Common Stock on June 26, 2025, totaling 21,924 shares.
• The sales included 18,179 shares at a weighted average price of $89.6019 (ranging from $89.10 to $90.10).
• An additional 2,704 shares were sold at a weighted average price of $90.3508 (ranging from $90.13 to $91.02).
• A final block of 1,041 shares was sold at a weighted average price of $91.3608 (ranging from $91.20 to $91.5394).
• After these transactions, Mr. Salem's indirect beneficial ownership of Class A Common Stock through Bain Capital Venture Entities became 0, while his direct ownership of Class A Common Stock is 6,937 shares.
• The Bain Capital Venture Entities still indirectly beneficially own 1,359,640 shares of Class B Common Stock convertible into Class A Common Stock.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the reported sales of Class A Common Stock by a director. While the conversions facilitate liquidity, the subsequent sales by an insider are generally viewed with caution by investors, even if they represent a small portion of the overall indirect holdings.

Negatives

• A director and associated entities sold a significant number of Class A Common Stock shares, which can be perceived negatively by investors as it may signal a lack of confidence or a move to reduce exposure.

Future Outlook

No forward-looking statements or guidance are provided in this Form 4 filing.

Industry Context

This Form 4 filing reports an insider transaction and does not provide broader industry context or trends. It reflects specific share movements by a director associated with a venture capital firm.

Related Party Transactions

• The distribution of 678,076 shares of Class A Common Stock by Bain Capital Venture Entities to their partners, including Mr. Salem, is a related party transaction as these entities are associated with the reporting person.

Stakeholder Impact

• Shareholders may view the insider sales as a negative signal, potentially influencing investor sentiment and the company's stock price.
• The transactions primarily affect the beneficial ownership structure of the reporting person and the Bain Capital Venture Entities.

Key Dates

Recommendation

Keywords

Rubrik, RBRK, SEC Form 4, Insider Trading, Stock Sale, Director, Beneficial Ownership, Bain Capital, Equity Conversion