secwatch.observer — SEC 8-K summary
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Issuer:     Okta, Inc. (OKTA)
CIK:        0001660134
Form:       8-K
Filed at:   2023-02-02T23:59:59+00:00
Accession:  0001193125-23-022188
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Okta cuts 300 jobs (5% workforce), expects $15M restructuring charge in Q4 FY23
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- Workforce reduction of ~300 employees (5% of global staff) announced Feb 2, 2023.
- Estimated $15M restructuring charge in Q4 FY23 for severance and benefits, paid mostly in Q1 FY24.
- Charges will be excluded from non-GAAP measures; stock-based comp impact expected to be insignificant.
- CEO cites overhiring and execution challenges; aims to improve profitability and focus on efficiency.
- US employees get min 13 weeks pay, healthcare through June 30, FY23 bonus eligibility, and RSU vesting through March 15.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1660134/000119312523022188/0001193125-23-022188-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1660134/000119312523022188/d443969d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-022188

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