Form 4: Veeva Systems Interim CFO Timothy Cabral Reports Acquisition of Restricted Stock Units

Interim CFO of Veeva Systems, Timothy Cabral, reports the acquisition of restricted stock units and updates to beneficial ownership of Class A Common Stock.

Summary

• On June 19, 2024, Timothy S. Cabral, Interim CFO of Veeva Systems Inc., reported changes in beneficial ownership to the SEC.
• Cabral acquired 1,259 Restricted Stock Units (RSUs) under the company's Amended & Restated 2013 Equity Incentive Plan.
• These RSUs represent a contingent right to receive one share of Class A Common Stock each.
• The RSUs vest over one year, with 1/4 vesting on September 1, 2024, and the remainder vesting quarterly thereafter, contingent upon continued service.
• Cabral directly owns 1,111 shares of Class A Common Stock.
• Cabral indirectly owns 8,391 shares of Class A Common Stock through the Cabral Family Trust, dated April 17, 2001, where he is a trustee and beneficiary.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects standard executive compensation practices and alignment of interests, with no immediate negative implications.

Positives

• The acquisition of RSUs aligns the Interim CFO's interests with the company's performance.
• The vesting schedule incentivizes continued service to the Issuer by the Reporting Person.

Future Outlook

The vesting of the RSUs is contingent upon continued service to the Issuer by the Reporting Person.

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

• Equity compensation, including RSUs, is a standard practice among publicly traded companies to align executive interests with shareholder value.
• Vesting schedules, such as the quarterly vesting described, are common to incentivize long-term commitment.
• Similar companies like Salesforce and Workday also utilize equity compensation as part of their executive pay packages.

Stakeholder Impact

• The acquisition of RSUs by the Interim CFO can positively influence shareholder confidence by aligning management's interests with the company's long-term success.
• Employees may view this as a positive sign of the company's commitment to its leadership.

Key Dates