Form 4: Veeva Systems Former CFO Brent Bowman Reports Stock Transactions
SEC Form 4 Filing
Former Veeva Systems CFO Brent Bowman reports the vesting of restricted stock units and associated tax withholding.
Summary
- Brent Bowman, former Chief Financial Officer of Veeva Systems Inc., reported changes in beneficial ownership of the company's Class A Common Stock.
- On April 1, 2024, 1,296 Restricted Stock Units (RSUs) vested, converting into 1,296 shares of Class A Common Stock.
- Bowman also disposed of 463 shares to cover tax withholding obligations at a price of $230.39 per share.
- Following these transactions, Bowman directly owns 8,824 shares of Class A Common Stock.
- The RSUs were granted under Veeva's Amended & Restated 2013 Equity Incentive Plan and vest over one year, with 25% vesting on July 1, 2023, and 25% vesting quarterly thereafter, contingent upon continued service.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing related to executive compensation, with no inherent positive or negative sentiment.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies like Veeva Systems.
Comparison to Industry Standards
- Stock-based compensation is a common practice in the technology industry, used to attract and retain talent.
- Vesting schedules, like the one described for Bowman's RSUs, are standard in equity compensation plans.
- Companies like Salesforce, Workday, and Oracle also utilize RSUs as part of their compensation packages.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they relate to executive compensation and do not represent a significant change in the company's financial position.
Key Dates
| Date | Description |
|---|---|
| July 1, 2023 | Initial 25% vesting date for the Restricted Stock Units. |
| April 1, 2024 | Date of RSU vesting and tax withholding. |
| April 2, 2024 | Date of signature for the Form 4 filing. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.