Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 202

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1A
Chunk 202
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 commencing in 2014, by a number equal to the least of (a) 2.2 million shares, (b) 1% of the shares of our common stock outstanding on the last business day of the prior fiscal year or (c) the number of shares determined by our board of directors. During our fiscal year ended January 31, 2025, our board of directors determined no additional shares were to be made available for issuance under the ESPP.During active offering periods, our ESPP permits eligible employees to acquire shares of our common stock at 85% of the lower of the fair market value of our common stock on the first day of the applicable offering period or the fair market value of our common stock on the purchase date. Participants may purchase shares of common stock through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The initial offering period for our ESPP commenced on the date of our initial public offering and ended on June 15, 2014. We have not had any open offering periods subsequent to the initial offering period.

Stock Option Activity

The 2013 EIP provides for the issuance of incentive and nonstatutory options to employees, consultants and non-employee directors. Options issued under the 2013 EIP generally are exercisable for periods not to exceed ten years and generally vest over four years, with certain options vesting over five to seven years.

70Veeva Systems Inc. | Form 10-K

Table of Contents

 A summary of stock option activity for the fiscal year ended January 31, 2025 is as follows: 

Numberof sharesWeightedaverageexercisepriceWeightedaverageremainingcontractualterm (in years)Aggregateintrinsicvalue (in millions)Options outstanding at January 31, 202411,147,810 $157.20 6.7$626 Options granted4,759,152 $226.45 Options exercised(673,079)$156.79 Options forfeited/cancelled(599,962)$208.88 Options outstanding at January 31, 202514,633,921 $177.65 6.8$860 Options vested and exercisable at January 31, 20256,331,044 $130.97 4.5$676 Options vested and exercisable at January 31, 2025 and expected to vest thereafter14,633,921 $177.