GoPro’s CEO Nick Woodman Fulfills A Promise To His College Roommate To The Tune Of $229 Million!
In what might be the greatest Bromance story ever told, GoPro's founder and CEO Nick Woodman has just made good on a promise he made his College roommate. A promise he made over 10 years ago I'm sure he never dreamed would work it's self out to be a $229 MILLION make good!
10 years ago, Neil Dana was Woodman's College roommate at the University of California at San Diego, and also GoPro's very first employee. Woodman promised Dana he would give him 10 percent of any proceeds he received from the sale of the company’s shares.
I'm no wall street wizard, but after reading the agreement a few times, this is how it all shook out to my understanding. In 2011, Woodman agreed to repay GoPro for any and all shares it gave to Neil Dana. The shares given to Dana at that time were 6 million fully-vested options in June 2011 and 270,000 restricted stock units six months later. I assume the number of shares were based on the companies worth in 2011. Dana decided last week to exercise his stock options that were given to him. In other words, he sold his stock. The shares were worth $229 million at the time of sale last week!
Woodman kept his promise and wrote a check to GoPro for the amount of his old college roomate's cash-out.