8x8 Inc. Appoints New Directors, Board Shakeup
Ticker: EGHT · Form: 8-K · Filed: Jun 18, 2024 · CIK: 1023731
| Field | Detail |
|---|---|
| Company | 8x8 Inc /De/ (EGHT) |
| Form Type | 8-K |
| Filed Date | Jun 18, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $40,000, $100,000, $175,000, $175,000 b |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-composition, director-appointment, governance
Related Tickers: EGHT
TL;DR
8x8 board adds Michelle Wilson & Steven Ross, Kevin Diamond out. New directors appointed.
AI Summary
8x8 Inc. announced on June 17, 2024, the appointment of Michelle L. Wilson and Steven G. K. Ross as Class II directors to its Board of Directors, effective immediately. This change coincides with the departure of director Kevin L. Diamond. The company also disclosed compensatory arrangements for certain officers.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Board changes can introduce uncertainty regarding strategic direction and management stability.
Key Players & Entities
- 8x8 Inc. (company) — Registrant
- Michelle L. Wilson (person) — Newly appointed Class II director
- Steven G. K. Ross (person) — Newly appointed Class II director
- Kevin L. Diamond (person) — Departing director
- June 17, 2024 (date) — Effective date of director appointments
FAQ
Who were the new directors appointed to the 8x8 Inc. Board?
Michelle L. Wilson and Steven G. K. Ross were appointed as Class II directors.
When were the new directors appointed?
The appointments were effective as of June 17, 2024.
Who departed from the 8x8 Inc. Board of Directors?
Kevin L. Diamond departed from the Board of Directors.
What type of directors were appointed?
Michelle L. Wilson and Steven G. K. Ross were appointed as Class II directors.
What other information was disclosed in the filing?
The filing also mentioned compensatory arrangements of certain officers.
Filing Stats: 802 words · 3 min read · ~3 pages · Grade level 10 · Accepted 2024-06-18 17:03:09
Key Financial Figures
- $0.001 — ch registered COMMON STOCK, PAR VALUE $0.001 PER SHARE EGHT Nasdaq Global Select M
- $40,000 — (a) an annual board service retainer of $40,000 on a pro-rated basis to reflect the len
- $100,000 — b) an initial RSU award with a value of $100,000, vesting in two equal installments on t
- $175,000 — (c) an award of RSUs equal in value to $175,000 (with the actual number of RSUs granted
- $175,000 b — of RSUs granted determined by dividing $175,000 by the greater of $5 or the trailing 20-t
- $5 — by dividing $175,000 by the greater of $5 or the trailing 20-trading-day average
- $150,000 — Rapid7 in fiscal 2024 and a payment of $150,000 in fiscal 2025, prior to Mr. Burton joi
Filing Documents
- eght-20240617.htm (8-K) — 29KB
- a8x8_fy25q1xex991xbodmember.htm (EX-99.1) — 6KB
- a8x8_redsquarexlogoxrgbx13.jpg (GRAPHIC) — 8KB
- eght-20240617_g1.jpg (GRAPHIC) — 8KB
- 0001023731-24-000043.txt ( ) — 193KB
- eght-20240617.xsd (EX-101.SCH) — 2KB
- eght-20240617_lab.xml (EX-101.LAB) — 21KB
- eght-20240617_pre.xml (EX-101.PRE) — 12KB
- eght-20240617_htm.xml (XML) — 3KB
02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 17, 2024, the Board of Directors (the " Board ") of 8x8, Inc. (the " Company ") appointed Andrew Burton to the Board. Mr. Burton's initial term will expire at the 2024 Annual Meeting of Stockholders (the " 2024 Annual Meeting "), concurrently with the terms of the other members of the Board. In connection with his appointment to the Board, Mr. Burton will be granted two awards of restricted stock units (" RSUs "), in accordance with the Company's non-employee director compensation policy. Under that policy, Mr. Burton, as a new non-employee director of the Board, received on June 17, 2024: (a) an annual board service retainer of $40,000 on a pro-rated basis to reflect the length of Mr. Burton's term of service until the 2024 Annual Meeting; (b) an initial RSU award with a value of $100,000, vesting in two equal installments on the first and second anniversaries of the date of grant, subject to his continued service on the Board; and (c) an award of RSUs equal in value to $175,000 (with the actual number of RSUs granted determined by dividing $175,000 by the greater of $5 or the trailing 20-trading-day average of our closing stock price prior to the grant date) (on a pro-rated basis, based on the length of the remaining term of service, in the event the director is appointed on a date other than the annual meeting), vesting in full on the date of the 2024 Annual Meeting, subject to his continued service on the Board. In addition, the Company intends to enter into its standard form indemnification agreement with Mr. Burton. Mr. Burton is the current President and Chief Operating Officer of Rapid7, Inc. ("Rapid7"), which is a current vendor to the Company. The Company made no payments to Rapid7 in fiscal 2024 and a payment of $150,000 in fiscal 2025, prior to Mr. Burton joining the Board. Due to the
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit Description 99.1 Press release dated June 18, 2024, of 8x8, Inc. 104 Cover Page Interactive Data File, formatted in Inline XBRL.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: June 18, 2024 8x8, Inc. By: /s/ LAURENCE DENNY Laurence Denny Chief Legal Officer