Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 343

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 3
Chunk 343
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 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 $177.65 6.8$860 The options granted during the fiscal year ended January 31, 2025 consisted primarily of a grant made to our Chief Executive Officer and grants made in connection with our annual performance review cycle. The weighted average grant-date fair value of options granted was $80.69, $81.17, and $88.25 per option for the fiscal years ended January 31, 2025, 2024, and 2023, respectively.As of January 31, 2025, there was $466 million in unrecognized compensation cost related to unvested stock options granted under the 2013 Equity Incentive Plan. This cost is expected to be recognized over a weighted average period of 2.4 years