GoPro founder and multi-billionaire Nick Woodman has fulfilled a promise he made to his college roommate and first employee more than a decade ago.
According to reports Woodman made a promise to Neil Dana back in 2011 that he would give him 10% of any proceeds he received from sale of GoPro’s shares.
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.
On Monday Woodman returned 4.7 million shares of GoPro to repay the company shares it had given to his University of California at San Diego roommate in 2011.
Woodman’s net worth will fall to $2.3 billion, according to the Bloomberg Billionaires Index. But don’t feel too badly for him, in 2014 Woodman’s compensation was $285.3 million making him the highest-paid U.S. executive.
GoPro went public on June 26, 2014. According to documents filed with the SEC, Woodman’s mom, dad, and two sisters all became millionaires, and Woodman became a billionaire.