Okta, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Okta, Inc. on August 19, 2022. The report discloses corporate governance changes effective as of the filing date.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the appointment of a new director and associated compensation.
Material Changes
The Board of Directors expanded its size to ten members and appointed Emilie Choi as a Class I director. Ms. Choi's term will last until the 2024 Annual Meeting of Stockholders or until her successor is elected.
Management Commentary and Compensation
Ms. Choi will participate in the Company's standard non-employee director compensation arrangements, which include:
- Annual cash compensation of $30,000 for Board service.
- An initial grant of 3,638 restricted stock units (RSUs) vesting annually over three years, subject to continuous service.
- A standard form of indemnification agreement.
The filing states there are no transactions between Ms. Choi and the Company requiring reporting under Item 404(a) of Regulation S-K.
Key Facts for Investor Verification
- Confirmation of Emilie Choi's appointment to the Board effective August 19, 2022.
- Details of the compensation package: $30,000 annual fee and 3,638 RSUs.
- Verification that the Board size has increased to ten members.
- Review of the attached press release (Exhibit 99.1) for additional context on the appointment.