Okta, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Okta, Inc. on February 10, 2025. The report discloses a significant executive leadership change within the company's senior management team.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.
Material Changes
On February 1, 2025, Eric Kelleher was appointed as President and Chief Operating Officer (COO), serving as the Company's principal operating officer. Mr. Kelleher previously held the role of President, Customer Experience and Communication at Okta from February 2024 to January 2025.
Management Commentary and Compensation
In connection with his appointment, the Compensation Committee established the following compensation package for Mr. Kelleher:
- Base Salary: $500,000 annually.
- Annual Bonus: Target of 65% of base salary under the Senior Executive Incentive Bonus Plan.
- Equity Awards: Time-based and performance-based restricted stock units valued at $12 million, to be granted during the upcoming executive officer merit cycle.
- Severance: Participation in the Company's Executive Severance Plan.
No additional compensation was received specifically for the appointment itself. The filing notes no family relationships between Mr. Kelleher and other directors or officers.
Investor Verification Checklist
- Verify the vesting schedule and performance metrics for the $12 million equity grant.
- Review the attached press release (Exhibit 99.1) for strategic context regarding the COO appointment.
- Confirm the effective date of the role transition from President, Customer Experience to COO.
- Check subsequent filings for any updates to the executive compensation plan or equity grant details.