Workday, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Workday, Inc. on August 30, 2016. The report discloses a corporate governance event regarding the election of a new director to the Board of Directors.
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 personnel changes and does not contain financial performance data.
Material Changes
The primary material change reported is the election of Lee J. Styslinger, III as a Class III director, effective August 30, 2016. Mr. Styslinger will serve until the 2018 annual meeting of stockholders or until his successor is duly elected. He brings extensive experience managing large global companies and financial expertise, having previously served as CEO of Altec, Inc. and as a member of Workday's CEO Advisory Board since 2015.
Compensation and Governance Details
- Equity Grant: Mr. Styslinger received a one-time grant of 15,000 restricted stock units (RSUs).
- Vesting Schedule: One-fourth of the RSUs vest on September 15, 2017. The remainder vests in increments of 1/16th upon completion of each three-month period of continuous service thereafter.
- Committee Assignments: Mr. Styslinger has not yet been named to serve on any committee of the Board of Directors.
- Agreements: He has entered into Workday's customary indemnification agreement for directors. There are no undisclosed arrangements or transactions requiring disclosure under Item 404(a) of Regulation S-K.
Key Facts for Investor Verification
- Confirmation of Lee J. Styslinger, III's official appointment as a Class III director.
- Verification of the 15,000 RSU grant and its specific vesting schedule.
- Future announcements regarding his assignment to specific Board committees.
- Review of his prior service on the CEO Advisory Board and external board memberships (Vulcan Materials Company, Regions Financial Corporation).