Form 4: Rubrik Director Ravi Mhatre Reports Significant Share Transactions

Rubrik Director Ravi Mhatre reported extensive indirect share distributions and sales of Class A Common Stock through various Lightspeed entities and personal trusts.

Summary

• Ravi Mhatre, a Director of Rubrik, Inc. (RBRK), reported changes in his indirect beneficial ownership of the company's Class A and Class B Common Stock.
• On December 11, 2025, numerous in-kind distributions of Class A Common Stock occurred from various Lightspeed Venture Partners entities (IX, Select II, SPV I, SPV I-B, SPV I-C, X) to their respective partners/members without consideration.
• These distributions involved the conversion of Class B Common Stock into Class A Common Stock, with each Class B share converting into one Class A share.
• Mhatre indirectly acquired shares through these distributions via Lightspeed General Partner IX, L.P. (362,473 shares), Lightspeed General Partner Select II, L.P. (68,285 shares), LS SPV Management, LLC (125,373 shares), Lightspeed Management Company, L.L.C. (5,307 shares), Mhatre Investments LP Fund 2 (45,865 shares), and Mhatre Investments LP Fund 3 (8,410 shares).
• On December 12, 2025, Lightspeed Venture Partners X, L.P. sold 97,658 shares of Class A Common Stock at a weighted average price of $81.67 per share.
• Additionally, Lightspeed Venture Partners X, L.P. sold another 4,001 shares of Class A Common Stock at a weighted average price of $85.50 per share on the same date.
• Mhatre disclaims beneficial ownership of shares held by Lightspeed entities except to the extent of his pecuniary interest therein, due to his roles as a director or managing member of the general partners/managers of these entities.

Sentiment

Score: 5

Explanation: The filing is a factual report of insider transactions, including routine in-kind distributions and sales. While sales can sometimes be viewed negatively, the context of venture capital fund distributions makes the overall sentiment neutral without further information.

Negatives

• Lightspeed Venture Partners X, L.P., an entity where Ravi Mhatre is a director of the ultimate general partner, sold a total of 101,659 shares of Class A Common Stock on December 12, 2025, which could be perceived negatively by the market.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding Rubrik's future performance or outlook.

Industry Context

This Form 4 filing details specific insider transactions and does not provide broader industry context or trends. It reflects a change in beneficial ownership and portfolio management decisions by a venture capital firm associated with a company director.

Related Party Transactions

• The in-kind distributions of shares were made by various Lightspeed entities to their partners/members, where Ravi Mhatre holds roles as a director or managing member of the general partners/managers. These are considered related party transactions as they involve entities under common influence or management.

Stakeholder Impact

• Shareholders may note the sales of over 100,000 shares by an entity associated with a director, which could lead to minor shifts in market sentiment regarding insider confidence.

Key Dates

Keywords

Rubrik, RBRK, Form 4, Insider Transaction, Beneficial Ownership, Share Sale, Director, Lightspeed Venture Partners, Class A Common Stock, Class B Common Stock