Company: VEEV
Filing Date: 2025-06-04
Form Type: DEFA14A
Source: 0001393052-25-000047
Chunk: 1

Company: VEEVA SYSTEMS INC
Filing Date: 2025-06-04
Form: DEFA14A
Chunk 1
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We strongly disagree with each of ISS and Glass Lewis’ recommendations and have prepared this supplement to augment our 2025 proxy disclosures and further support the re-election of Mr. Mark Carges, Mr. Gordon Ritter, and Mr. Matt Wallach.

#### Re-election of Mr. Ritter and Mr. Carges
ISS and Glass Lewis characterized the 2024 option grant to our CEO as outsized and recommended that shareholders vote against the re-election of Mr. Ritter (in the case of ISS and Glass Lewis) and Mr. Carges (in the case of ISS) to the board due to their role on Veeva’s Compensation Committee.

As background, in June 2024, on the recommendation of a special committee of independent directors, our board (except Mr. Gassner) approved a grant to Mr. Peter Gassner, our founder and CEO, of options to purchase an aggregate of 2,650,000 shares of our common stock (the “2024 Performance Options”) with a premium exercise price of $236.90 per share, which was equal to the 52-week high trading price at the time of grant and significantly higher than the closing price of our stock as of the trading date immediately prior to the grant date. The following features of the 2024 Performance Options were intended to strongly align Mr. Gassner’s interests with those of our shareholders, other key stakeholders, and pursuit of our public benefit purpose: (i) service-based vesting through February 1, 2030 only so long as Mr. Gassner continues to serve as CEO, (ii) the additional vesting condition requiring that the our stock price meet or exceed the 52-week high for a period of 60 consecutive trading days, (iii) the two-year post-exercise holding period requirement through February 1, 2032, and (iv) the option exercise price set at the 52-week stock price high. The 2024 Performance Options are consistent with the board’s practice, which began prior to our initial public offering, of implementing five-year long-term incentive compensation programs for Mr. Gassner, and our board intends that the 2024 Performance Options will be Mr. Gassner’s only equity-based compensation until at least 2030.

Mr. Gassner has led the company as CEO since its founding in 2007 and through its initial public offering in 2013. From the initial public offering through January 31, 2025, under Mr