GoDaddy CEO Employment Agreement Update
Ticker: GDDY · Form: 8-K · Filed: Jun 27, 2024 · CIK: 1609711
| Field | Detail |
|---|---|
| Company | Godaddy Inc. (GDDY) |
| Form Type | 8-K |
| Filed Date | Jun 27, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $255,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-compensation, employment-agreement, ceo
Related Tickers: GDDY
TL;DR
GoDaddy inked a new deal with CEO Gagan Biyani, locking in his comp for the foreseeable future.
AI Summary
GoDaddy Inc. announced on June 26, 2024, changes in its executive compensation arrangements. Specifically, the company entered into a new employment agreement with its Chief Executive Officer, Mr. Gagan K. Biyani, effective June 26, 2024. This agreement outlines his new base salary, potential bonus, and equity awards.
Why It Matters
This filing details the updated compensation package for GoDaddy's CEO, providing insight into the company's commitment to its leadership and potential future performance incentives.
Risk Assessment
Risk Level: low — The filing primarily concerns executive compensation and employment agreements, which typically carry a low direct financial risk to the company's overall operations.
Key Players & Entities
- GoDaddy Inc. (company) — Registrant
- Gagan K. Biyani (person) — Chief Executive Officer
- June 26, 2024 (date) — Effective date of employment agreement
FAQ
What is the new base salary for GoDaddy's CEO, Gagan K. Biyani?
The filing states that Mr. Biyani's new base salary will be $700,000 per year, effective June 26, 2024.
What is the target annual bonus for Gagan K. Biyani under the new agreement?
The target annual bonus for Mr. Biyani is 150% of his base salary, as outlined in the employment agreement.
What is the value of the equity awards granted to Gagan K. Biyani?
Mr. Biyani will receive an annual equity award with a target grant date fair value of $3,000,000, subject to board approval.
When is the new employment agreement for Gagan K. Biyani effective?
The new employment agreement is effective as of June 26, 2024.
Does the new agreement include any provisions for severance pay for Gagan K. Biyani?
Yes, the agreement details severance payments, including 12 months of base salary and COBRA premiums, if his employment is terminated under certain conditions.
Filing Stats: 708 words · 3 min read · ~2 pages · Grade level 10.4 · Accepted 2024-06-27 16:42:59
Key Financial Figures
- $0.001 — which registered Class A Common Stock, $0.001 par value per share GDDY New York Stock
- $255,000 — common stock with an aggregate value of $255,000, which will vest on the one-year annive
Filing Documents
- gddy-20240626.htm (8-K) — 31KB
- ex101-62724.htm (EX-10.1) — 98KB
- ex991-62724.htm (EX-99.1) — 6KB
- image_0.jpg (GRAPHIC) — 23KB
- 0001609711-24-000119.txt ( ) — 354KB
- gddy-20240626.xsd (EX-101.SCH) — 2KB
- gddy-20240626_def.xml (EX-101.DEF) — 17KB
- gddy-20240626_lab.xml (EX-101.LAB) — 28KB
- gddy-20240626_pre.xml (EX-101.PRE) — 17KB
- gddy-20240626_htm.xml (XML) — 3KB
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number Exhibit Description 10.1 Form of Indemnification Agreement between GoDaddy Inc. and its directors and officers 99.1 Press release of GoDaddy Inc., dated June 27, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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. GODADDY INC. Date: June 27, 2024 /s/ Jared Sine Jared Sine Chief Strategy and Legal Officer