Okta, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Okta, Inc. on July 18, 2022. The filing reports a corporate governance event regarding the appointment of a new Principal Accounting Officer.
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 personnel changes.
Material Changes
On July 18, 2022, Okta, Inc. announced the appointment of Shibu Ninan as Chief Accounting Officer, effective August 15, 2022. Christopher Kramer will cease serving as the principal accounting officer on that date and will transition to a role within the Financial Planning & Analysis team.
Management Commentary and Compensation
In connection with his appointment, Mr. Ninan's compensation package includes:
- Annual base salary of $380,000.
- Participation in the Senior Executive Incentive Bonus Plan with a target of 45% of base salary.
- Participation in the Executive Severance Plan.
- Restricted stock units (RSUs) valued at $3.5 million, subject to vesting based on continued employment.
Mr. Ninan brings prior experience as Chief Accounting Officer at Veritas Technologies LLC and Saba Software, Inc., and holds a CPA and Chartered Accountancy designation.
Investor Verification Checklist
- Verify the effective date of the leadership transition (August 15, 2022).
- Confirm the total value of the equity grant ($3.5 million) and its vesting schedule details in the full agreement.
- Review the attached press release (Exhibit 99.1) for additional context on the strategic rationale for the appointment.