On June 19, 2024, Veeva Systems Inc., a Delaware-incorporated company listed on the New York Stock Exchange under the symbol VEEV, reported a significant event in a Form 8-K filing with the SEC. The company's Board of Directors, following recommendations from a special subcommittee and consultation with an independent compensation consultant, approved a substantial stock option grant for CEO and founder Peter P. Gassner. Gassner was granted options to purchase 2,650,000 shares at an exercise price of $236.90, contingent on continuous service and the company's stock price performance. The options will vest over five years starting February 1, 2025, and are subject to a two-year post-exercise holding period. This grant, valued at approximately $172 million, is part of a long-term compensation...Show More

On June 19, 2024, Veeva Systems Inc., a Delaware-incorporated company listed on the New York Stock Exchange under the symbol VEEV, reported a significant event in a Form 8-K filing with the SEC. The company's Board of Directors, following recommendations from a special subcommittee and consultation with an independent compensation consultant, approved a substantial stock option grant for CEO and founder Peter P. Gassner. Gassner was granted options to purchase 2,650,000 shares at an exercise price of $236.90, contingent on continuous service and the company's stock price performance. The options will vest over five years starting February 1, 2025, and are subject to a two-year post-exercise holding period. This grant, valued at approximately $172 million, is part of a long-term compensation strategy emphasizing stock over cash to align the CEO's interests with those of shareholders and stakeholders. Additionally, the Board decided not to accept the resignation of director Paul Sekhri, valuing his contributions and experience despite ISS's overboarding concerns. The company also highlighted potential risks that could impact financial performance in its forward-looking statements.