GoPro CEO’s promise to a college friend just cost him $229 million

What is your “word” worth? This is what it looks like when you do the right thing.

Fortune

GoPro’s top executive Nick Woodman, the highest paid CEO in the U.S., is generating headlines for keeping his word — even if it costs him millions of dollars.

Woodman, who steers camera maker GoPro [fortune-stock symbol=”GPRO”], saw his fortune drop by $229 million this week after he returned 4.7 million shares to the company, according to a Bloomberg report. He was handing back the shares as part of an agreement he struck with the company for stock options that were granted to Woodman’s college roommate Neil Dana, who attended the University of California at San Diego with Woodman.

Why was Woodman so generous? Well, he was making good on a verbal agreement he struck with Dana more than a decade ago, when he agreed to share 10% of any proceeds he received from the sale of GoPro shares held by Woodman. The terms of this promise were even disclosed…

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