Form 4: Workiva EVP Brandon Ziegler Reports Stock Transactions Following PSU Vesting

EVP, CLO, CAO & Corp Secretary of Workiva Inc., Brandon Ziegler, reports acquisition of shares through performance restricted stock units (PSUs) and disposition of shares for tax obligations.

Summary

• Brandon Ziegler, EVP, CLO, CAO & Corp Secretary of Workiva Inc., filed a Form 4 detailing changes in beneficial ownership.
• On February 20, 2025, Ziegler acquired 1,188 shares of Class A Common Stock related to PSUs granted on February 1, 2022, which vested at 65% of the target.
• He also acquired 4,442 shares related to PSUs granted on February 1, 2023, vesting at 121.2% of the target.
• An additional 6,834 shares were acquired related to PSUs granted on February 1, 2024, vesting at 186.2% of the target.
• Ziegler disposed of 6,364 shares to cover withholding taxes at a price of $86.55 per share.
• Following these transactions, Ziegler beneficially owns 108,410 shares of Workiva Inc. Class A Common Stock.

Sentiment

Score: 7

Explanation: The document indicates positive performance through the vesting of PSUs above target levels, but also includes a sale of shares for tax obligations, resulting in a moderately positive sentiment.

Positives

• The vesting of PSUs indicates that performance targets were met, suggesting positive performance for Workiva.
• The high vesting percentage (186.2%) for the 2024 PSUs suggests strong performance in that period.

Negatives

• The sale of shares to cover tax obligations, while normal, slightly reduces Ziegler's stake in the company.

Future Outlook

Additional PSUs will vest following the completion of the remaining calendar years in the three-year performance periods, subject to continued employment and achievement of revenue growth rate goals.

Industry Context

Form 4 filings are standard practice and provide transparency into the transactions of company insiders. The vesting of PSUs is a common form of executive compensation in the software industry, aligning executive incentives with company performance.

Comparison to Industry Standards

• Workiva's executive compensation practices, including the use of PSUs, are similar to those of other publicly traded software companies such as Salesforce (CRM), Adobe (ADBE), and ServiceNow (NOW).
• These companies also use a mix of salary, stock options, and performance-based equity awards to incentivize their executives.
• The vesting percentages of the PSUs are dependent on the company's performance against pre-defined targets, which is a standard practice in the industry.

Stakeholder Impact

• Shareholders may view the vesting of PSUs as a positive sign, indicating that management is incentivized to drive company performance.
• Employees may be motivated by the potential for their own performance-based compensation.

Key Dates

Keywords

Form 4, Beneficial Ownership, Workiva, Ziegler, PSU, Stock, Vesting, Shares