GoPro Founder Pays His Old College Roommate $229 Million as Promised 10 Years Ago

Self-made billionaire founder and CEO of GoPro has granted his old college roommate, this time not to share a room but to give the promise he made 10 years ago.

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GoPro Founder. Getty Image

Nick Woodman, named as Business Insider highest-paid CEO in America, has returned 4.7 million shares to GoPro so that his college roommate, Neil Dana, could cash in $229 million.

He agreed in 2011 to repay the company for stock options it granted to Neil Dana.

The development phase of the company will give Dana 10 percent of any proceeds he received from the sale of the company’s shares.

To cancel the agreement, GoPro issued Dana more than six million fully-vested options in June 2011 and 270, 000 restricted stock units six months later.

As to prospectus, Woodman agreed to reimburse the company when the options were exercised.

Dana, spent $3.6 million to exercise his options, according to the reported data by Bloomberg.

At the close of trading on Monday, they were valued $229 million.

H/T: BroBible; and Photo

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