Company: VEEV
Filing Date: 2025-06-04
Form Type: DEFA14A
Source: 0001393052-25-000047
Chunk: 3

Company: VEEVA SYSTEMS INC
Filing Date: 2025-06-04
Form: DEFA14A
Chunk 3
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 incentive compensation program and, apart from a below-market annual base salary of $450,000 for fiscal year 2025, Mr. Gassner has not been paid any cash compensation since our IPO. Our board considered that with the use of premium priced options, the grant only has value if Veeva’s stock performs above the premium exercise price, which effectively aligns CEO incentives with that of our shareholders. CEO pay at most of our peer companies incorporated fixed and full-value compensation elements of significantly higher—often orders of magnitude higher—value than Mr. Gassner’s fixed compensation. In our view, those elements do not provide the same built-in incentive and alignment with shareholder interests. In addition, the 2024 Performance Options are not subject to any contractual vesting acceleration provisions, including on an involuntary termination of employment by the company or in connection with a change in control of the company.

The board believes that the 2024 Performance Options are a strongly motivating, performance-based incentive compensation vehicle appropriately structured to retain Mr. Gassner and motivate him to continue growing the company on a continuous trajectory through 2030 and beyond.

Since the 2024 Performance Options were announced, we have met with shareholders holding approximately 40% of our outstanding shares of common stock. At these meetings, shareholders had the opportunity to ask questions of management, including in connection with the 2024 Performance Options. The design and framework of our unique executive compensation program were discussed at certain meetings and certain shareholders shared positive feedback regarding the 2024 Performance Options. No shareholders expressed concerns that Mr. Gassner’s compensation was excessive in comparison to our peer group.

Our board strongly encourages you to vote FOR Mr. Carges and Mr. Ritter on Proposal One.

#### Re-election of Mr. Wallach
ISS appears to recommend a vote against Mr. Wallach, suggesting he is not independent because of his honorific title as one of our founders. Our board, however, has determined that Mr. Wallach meets the independence standards of the New York Stock Exchange (the “NYSE”), the exchange on which our stock is listed, including for the purpose of serving on our Nominating and Governance Committee. Mr. Wallach has not been employed by Veeva since June 2019, and between June 2019 and his election as a director on January 1, 2020, Mr. Wallach was not involved with the business or operations of Veeva. Contrary to ISS’ position, Mr. Wallach’s co-founder