Okta, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Okta, Inc. on January 28, 2022. The report discloses a material corporate governance event regarding the appointment of a permanent Chief Financial Officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. This report focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change is the transition of Brett Tighe from Interim Chief Financial Officer to permanent Chief Financial Officer, effective January 28, 2022. Mr. Tighe had served in the interim capacity since June 1, 2021.
Management Commentary and Compensation
- Appointment: Brett Tighe, age 42, was appointed permanent CFO. He previously served as Senior Vice President of Finance and Treasurer since May 2017.
- Compensation: In connection with the appointment, the Compensation Committee will grant equity awards valued at $18 million. These awards cover shares of Class A common stock and will vest subject to continued employment.
- Additional Terms: Mr. Tighe received no additional cash compensation for this appointment. There are no undisclosed arrangements or family relationships with other directors or officers.
Investor Verification Checklist
- Verify the vesting schedule and specific terms of the $18 million equity grant in the upcoming executive officer merit cycle.
- Review Mr. Tighe's prior performance as Interim CFO since June 2021 to assess financial leadership continuity.
- Confirm the absence of any undisclosed side agreements or understandings regarding the appointment.