Business Context and Reporting Period
This Form 8-K Current Report was filed by DigitalOcean Holdings, Inc. on December 6, 2023, covering the event date of December 4, 2023. The filing addresses Item 5.02 regarding the appointment of a new executive officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation details for the new appointee:
- Annual Base Salary: $340,000
- Target Performance Bonus: Up to 50% of annual base salary
- Restricted Stock Unit (RSU) Award: Valued at $2.5 million
Material Changes
On December 4, 2023, Cherie Barrett was appointed as Senior Vice President and Chief Accounting Officer. She succeeds W. Matthew Steinfort, who served as Interim Chief Accounting Officer and will continue in his role as Chief Financial Officer.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of risks and contingencies. The RSU award vests 25% after one year, with the remainder vesting in 12 equal quarterly installments, subject to continued service. The employment agreement is at-will with no specific term.
Investor Verification Checklist
- Confirm the vesting schedule and performance conditions for the $2.5 million RSU grant.
- Verify the transition of duties from the Interim Chief Accounting Officer to the new appointee.
- Review the standard indemnification agreement referenced in the filing (Exhibit 10.6 to Form S-1).