Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 280

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 3
Chunk 280
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The total intrinsic value of options exercised was approximately $45 million for the fiscal year ended January 31, 2025.Stock Option Valuation AssumptionsThe following table presents the weighted-average assumptions used to estimate the grant date fair value of options granted during the periods presented:Fiscal year ended January 31,202520242023Volatility39%-41%39%-41%37%-40%Expected term (in years)5.5-7.66.3-7.06.0-7.0Risk-free interest rate3.46%-4.65%3.34%-4.73%1.90%-4.20%Dividend yield—%—%—%During the fiscal year ended January 31, 2025, we granted our Chief Executive Officer options to purchase an aggregate of 2,650,000 shares of our common stock at an exercise price of $236.90 per share, which was equal to the Company’s 52-week high trading price at the time of grant. The stock option will vest in five equal increments on February 1 of 2026 through 2030, subject to Mr. Gassner’s continuous service as Chief Executive Officer through each annual vesting date. In addition, no portion of the stock option will be exercisable unless the closing price of the Company’s common stock is sustained at or above $236.90 per share for a period of sixty consecutive trading days during the vesting period between February 1, 2025 and February 1, 2030. The grant date fair value of the stock option of approximately $172 million was calculated using a Monte Carlo simulation model and the following table provides the assumptions used in the simulation:Volatility39%Expected term (in years)7.6Risk-free interest rate4.18%Dividend yield—%Restricted Stock Units

The 2013 EIP provides for the issuance of restricted stock unit (RSUs) to employees. RSUs issued under the 2013 EIP generally vest over a period of one year. 

Veeva Systems Inc. | Form 10-K71

Table of Contents

A summary of RSU activity for the fiscal year ended January 31, 2025 is as follows:Unreleased restrictedstock unitsWeighted average grantdate fair valueBalance at January 31, 20241,011,731 $192.77 RSUs granted989,174 $213.04 RSUs vested