8x8 Inc. Appoints New Directors and Updates Executive Compensation
Ticker: EGHT · Form: 8-K · Filed: Nov 18, 2024 · CIK: 1023731
| Field | Detail |
|---|---|
| Company | 8x8 Inc /De/ (EGHT) |
| Form Type | 8-K |
| Filed Date | Nov 18, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $100,000, $135,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
Related Tickers: EGHT
TL;DR
8x8 adds new board members and rejiggers exec pay. Board shakeup incoming.
AI Summary
8x8 Inc. announced on November 18, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Ms. Sarah E. Jones and Mr. David L. Smith, to its Board of Directors, effective immediately. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Mr. Samuel J. Wilson, and Chief Financial Officer, Ms. Victoria L. Chen, which include updated compensation packages.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy, governance, and future performance expectations.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can indicate underlying strategic shifts or governance adjustments that may impact the company's future performance.
Key Players & Entities
- 8x8 Inc. (company) — Registrant
- Sarah E. Jones (person) — Newly Elected Director
- David L. Smith (person) — Newly Elected Director
- Samuel J. Wilson (person) — Chief Executive Officer
- Victoria L. Chen (person) — Chief Financial Officer
- November 18, 2024 (date) — Effective Date of Board Changes and Report Filing
FAQ
Who were the new directors elected to the 8x8 Inc. Board of Directors?
Ms. Sarah E. Jones and Mr. David L. Smith were elected as new directors to the 8x8 Inc. Board of Directors.
When were the new directors' appointments effective?
The appointments of Ms. Sarah E. Jones and Mr. David L. Smith were effective immediately as of November 18, 2024.
What other significant events were reported in this 8-K filing?
The filing also reported on the election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
What is the principal executive office address for 8x8 Inc.?
The principal executive office address for 8x8 Inc. is 675 Creekside Way, Campbell, CA 95008.
What is the company's fiscal year end?
The company's fiscal year end is March 31.
Filing Stats: 711 words · 3 min read · ~2 pages · Grade level 10.4 · Accepted 2024-11-18 16:15:37
Key Financial Figures
- $0.001 — ch registered COMMON STOCK, PAR VALUE $0.001 PER SHARE EGHT Nasdaq Global Select M
- $100,000 — (a) an annual board service retainer of $100,000 paid on a pro-rated basis to reflect th
- $135,000 — (c) an award of RSUs equal in value to $135,000 (on a pro-rated basis, based on the len
Filing Documents
- eght-20241118.htm (8-K) — 28KB
- a8x8_fy25q3xex991xbodmembe.htm (EX-99.1) — 5KB
- a8x8_redsquarexlogoxrgbx13.jpg (GRAPHIC) — 8KB
- eght-20241118_g1.jpg (GRAPHIC) — 8KB
- 0001023731-24-000121.txt ( ) — 191KB
- eght-20241118.xsd (EX-101.SCH) — 2KB
- eght-20241118_lab.xml (EX-101.LAB) — 21KB
- eght-20241118_pre.xml (EX-101.PRE) — 12KB
- eght-20241118_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 November 18, 2024, the Board of Directors (the "Board") of 8x8, Inc. (the "Company") appointed John Pagliuca to the Board. Mr. Pagliuca's initial term will expire at the 2025 Annual Meeting of Stockholders (the "2025 Annual Meeting"), concurrently with the terms of the other members of the Board. In connection with his appointment to the Board, Mr. Pagliuca 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. Pagliuca, as a new non-employee director of the Board, shall be entitled to: (a) an annual board service retainer of $100,000 paid on a pro-rated basis to reflect the length of Mr. Pagliuca's term of service until the 2025 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 $135,000 (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 2025 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. Pagliuca. Mr. Pagliuca does not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. The press release announcing this appointment is attached as Exhibit 99.1 and incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit Description 99.1 Press release dated as of November 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: November 18, 2024 8x8, Inc. By: /s/ LAURENCE DENNY Laurence Denny Chief Legal Officer