GoPro’s Billionaire CEO Recently Made Good On A $229 Million Promise To His College Roommate

05.16.15 3 years ago 6 Comments
TechCrunch Disrupt SF 2013 - Day 3

Getty Image / Steve Jennings

GoPro CEO Nick Woodman was the highest paid executive in 2014, walking away with $285 million in compensation for the year and keeping a net worth in the billions. It’s going to be a little lower in 2015.

Woodman just made good with his old college roommate, Neil Dana, over a promise he made a decade ago. A promise that’s worth $229 million. Dana is GoPro employee number one according to Bloomberg, and Woodman agreed to repay the company for shares granted to his former roommate:

Woodman, 39, vowed in the development phase of the 10-year-old company to give Dana 10 percent of any proceeds he received from the sale of the company’s shares, according to the company’s 2014 prospectus. To cancel this agreement, GoPro issued Dana more than 6 million fully-vested options in June 2011 and 270,000 restricted stock units six months later. Woodman agreed to reimburse the company when the options were exercised.

Dana, who is GoPro’s director of music and specialty sales, spent $3.6 million to exercise his options, according to data compiled by Bloomberg. They were valued at $229 million at the close of trading on Monday.

Not bad for a couple of guys in their late thirties. It always feels good to have a little walking around money. Buys a whole lot of bologna sandwiches.

(Via Bloomberg / Business Insider / Bro Bible)

And for anything else you may have missed on the web today…

Around The Web