Form 4: Veeva Systems Director Hedley Receives Restricted Stock Units

Director Mary Lynne Hedley of Veeva Systems Inc. reports the acquisition of restricted stock units (RSUs) representing a contingent right to receive Class A Common Stock.

Summary

• On June 19, 2024, Mary Lynne Hedley, a director of Veeva Systems Inc., was granted 1,371 Restricted Stock Units (RSUs).
• Each RSU represents a contingent right to receive one share of Class A Common Stock of Veeva Systems Inc.
• The RSUs were granted under the company's Amended & Restated 2013 Equity Incentive Plan.
• The RSUs vest over one year, with 1/4 vesting on September 1, 2024, and the remaining vesting quarterly thereafter, contingent upon continued service to the Issuer.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, indicating stability and alignment of interests. It's a neutral to slightly positive event.

Positives

• The grant of RSUs aligns the director's interests with those of the shareholders, incentivizing continued service and contribution to the company's success.

Industry Context

This type of equity compensation is common in the technology industry to attract and retain key personnel, aligning their interests with the long-term performance of the company.

Comparison to Industry Standards

• Granting restricted stock units to directors is a common practice among publicly traded companies, particularly in the tech sector, to incentivize performance and align interests with shareholders.
• Companies like Salesforce and Workday also utilize similar equity compensation plans for their directors and executives.

Stakeholder Impact

• Shareholders may view the RSU grant positively as it incentivizes the director to contribute to the company's long-term success.
• Employees may see this as a positive sign of the company's commitment to its leadership.

Key Dates