Company: VEEV
Filing Date: 2025-05-05
Form Type: DEF 14A
Source: 0001140361-25-017353
Chunk: 61

Company: VEEVA SYSTEMS INC
Filing Date: 2025-05-05
Form: DEF 14A
Chunk 61
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 companies may not be comparable to the pay ratio reported above, as other companies have different employee populations and compensation practices and may utilize different methodologies, exclusions, estimates, and assumptions in calculating their own pay ratios. Moreover, our median employee may differ every year due to fluctuations in currency exchange rates, changes in our employee demographics, and shifts in our hiring practices across different geographies.

| Veeva Systems Inc. | 2025 Proxy Statement57 |

TABLE OF CONTENTS

Our Pay For purposes of identifying our “median employee,” we used our worldwide employee population as of November 1, 2024, which consisted of 7,336 part-time and full-time employees, of which 3,983 employees were employed in the United States and 3,353 employees were employed outside of the United States. To identify the median employee, we used the following methodology and consistently applied material assumptions, adjustments, and estimates:

| • | We calculated the annual total compensation of our employee population, excluding Mr. Gassner, as the sum of (1) annual base salary for permanent salaried employees or hourly rate multiplied by expected annual work schedule for hourly employees as of November 1, 2024; (2) variable compensation during the 12 months ended October 31, 2024, if applicable; (3) grant date fair value of equity awards granted during the 12 months ended October 31, 2024; and (4) Veeva’s matching contributions to each employee’s 401(k) tax-deferred savings plan or registered retirement savings plan account. |

| • | We did not make any cost-of-living adjustments in identifying the median employee nor did we use thede minimisexemption allowed by SEC rules to exclude any of our employee population. |

We calculated the annual total compensation for fiscal 2025 for such employee using the same methodology we used for our NEOs as set forth in the Summary Compensation Table above. The pay ratio above is not representative of what we expect the ratio to be in other fiscal years. Under SEC rules, Mr. Gassner’s total compensation in fiscal 2025 includes the entire grant date fair value of the 2024 CEO Options (a value of $171,990,300) even though our Board intends that the 2024 CEO Options will be Mr. Gassner’s only equity-based compensation until at least 2030 (see the discussion in “Compensation Discussion and Analysis—Principal Elements of Compensation—Equity Awards—CEO