Okta announced that at its 2026 annual meeting on June 18, 2026, stockholders approved an amendment to the company's 2017 Equity Incentive Plan. The amendment, previously approved by the Board of Directors, became effective immediately and introduces several key governance changes to the plan.
Key Details
- Evergreen Provision Removed: The amendment eliminates the "evergreen" provision, which previously allowed for automatic annual increases to the number of shares reserved for issuance under the plan.
- Termination Date Removed: The plan's fixed termination date has been removed, allowing the plan to continue until terminated by the Board of Directors.
- Share Recycling Modified: The amendment removes provisions for liberal share recycling for stock options and stock appreciation rights.
- Effective Date: The changes became effective on June 18, 2026, immediately upon receiving stockholder approval.