Form 4: Rubrik Director Ravi Mhatre Details Complex Share Transfers and Conversions in Latest SEC Filing

Ravi Mhatre, a Director and 10% owner of Rubrik, Inc., filed a Form 4 detailing a series of in-kind distributions and conversions of Class A and Class B Common Stock among various Lightspeed Venture Partners entities and his related investment vehicles.

Summary

• Ravi Mhatre, a Director and 10% owner of Rubrik, Inc. (RBRK), filed a Form 4 detailing changes in his beneficial ownership.
• The transactions occurred on June 26, 2025, and primarily involved in-kind distributions and conversions of Class A and Class B Common Stock.
• Multiple Lightspeed Venture Partners entities, including Lightspeed IX, Lightspeed Select II, Lightspeed SPV I, I-B, I-C, Lightspeed General Partner IX, Lightspeed General Partner Select II, LS SPV Management, Lightspeed Management Company, and Lightspeed X, were involved in the transfers.
• Transactions included the conversion of Class B Common Stock into Class A Common Stock and various in-kind distributions without consideration.
• For example, 4,440,000 shares of Class A Common Stock were acquired by Lightspeed Venture Partners IX, L.P. via conversion, and subsequently, 4,440,000 shares were disposed of by Lightspeed Venture Partners IX, L.P. and received by Lightspeed General Partner IX, L.P. as an in-kind distribution.
• Similar in-kind distributions and receipts occurred across other Lightspeed entities and Mhatre's personal investment funds, including Mhatre Investments LP Fund 2, Mhatre Investments LP Fund 3, and the Mhatre 2011 Irrevocable Children's Trust.
• The reported price for all transactions was $0, indicating non-cash transfers or conversions.
• Following these transactions, Ravi Mhatre indirectly beneficially owns significant shares through various Lightspeed entities and his personal trusts/funds, including over 5.5 million Class B shares via Lightspeed Venture Partners IX, L.P. and over 1.2 million Class B shares via Lightspeed Venture Partners Select II, L.P.

Sentiment

Score: 5

Explanation: Neutral. The document is a routine insider ownership disclosure detailing complex internal transfers and conversions, not indicative of positive or negative company performance or strategic shifts.

Positives

• The filing provides transparency regarding the beneficial ownership structure of a significant insider and associated venture capital funds, clarifying the distribution of shares within the Lightspeed ecosystem.

Negatives

• The intricate nature of the in-kind distributions and transfers requires careful review to fully understand the resulting beneficial ownership structure, which may be complex for general investors.

Risks

• NA

Future Outlook

NA

Management Comments

• Ravi Mhatre disclaims beneficial ownership of shares held by various Lightspeed entities except to the extent of his pecuniary interest therein, as is standard for such filings.

Industry Context

NA

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• The entire filing details transactions between Ravi Mhatre, a Director and 10% owner of Rubrik, and various Lightspeed Venture Partners entities and personal investment vehicles with which he is associated or controls.
• Ravi Mhatre, as a director of Lightspeed Ultimate General Partner IX, Ltd. and Lightspeed Ultimate General Partner Select II, Ltd., and a managing member of LS SPV Management, LLC and Lightspeed Management Company, L.L.C., shares voting and dispositive power over the shares held by these Lightspeed entities.
• Mhatre also serves as trustee of the general partner of Mhatre Investments LP Fund 2 and Fund 3, and trustee of the Mhatre 2011 Irrevocable Children's Trust, which hold Rubrik shares, indicating a complex web of related party beneficial ownership.

Stakeholder Impact

• Shareholders: Provides transparency on the beneficial ownership structure of a significant insider and associated venture capital funds, clarifying how shares are held and distributed within the Lightspeed ecosystem. This type of filing does not typically indicate a change in the company's operational performance or strategy.

Next Steps

• NA

Key Dates

Keywords

Rubrik, RBRK, SEC Form 4, beneficial ownership, insider ownership, Ravi Mhatre, Lightspeed Venture Partners, Class A Common Stock, Class B Common Stock, stock conversion, in-kind distribution, corporate governance