Okta, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Okta, Inc. on December 13, 2018. The report discloses a corporate governance event regarding the expansion of the Board of Directors.
Key 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 arrangements.
Material Changes
The Board of Directors expanded its size to eight members. Shellye Archambeau was appointed as a Class III director, effective December 13, 2018. Her term will last until the 2020 annual meeting of stockholders or until a successor is elected.
Guidance, Outlook, and Compensation
Ms. Archambeau will participate in Okta's standard non-employee director compensation arrangements. Her compensation package includes:
- Annual cash compensation of $30,000 for Board service.
- An initial grant of 5,203 restricted stock units (RSUs) vesting annually over three years.
- Execution of a standard form of indemnification agreement.
The Board expects to appoint Ms. Archambeau to one or more Board committees. No other transactions requiring reporting under Item 404(a) of Regulation S-K exist between Ms. Archambeau and Okta.
Key Facts for Investor Verification
- Confirmation of the Board size increase to eight members.
- Verification of Shellye Archambeau's tenure as a Class III director through the 2020 annual meeting.
- Details of the 5,203 RSU grant and its three-year vesting schedule.
- Review of the attached press release (Exhibit 99.1) for additional context on the appointment.