Our Pay
Annual Stock Bonus Grants. The structure and purpose of our stock bonus program is described in the Executive Summary above. In fiscal 2023,2024, based on the methodology described in the Executive Summary above, each of Ms. Zuppas and Messrs. Bowman, Faddis,Mateo, and Schwenger received an RSU grant of 5,295, 4,706, 4,706,6,479, 5,183, 7,775, and 7,0599,071 RSUs, respectively, that vest quarterly over a one-year period.
Annual Stock Option Grants. The structure and purpose of our stock option program is described in the Executive Summary above. In fiscal 2023,2024, based on the methodology described in the Executive Summary above, each of Ms. Zuppas and Messrs. Bowman, Faddis,Mateo, and Schwenger received a stock option grant to purchase 21,180, 18,824, 18,824,25,916, 20,732, 23,325, and 35,29536,284 shares of our Class A common stock, respectively. These stock option grants vest annually over a four-year period and have an exercise price equal to $207.48,$180.02, the closing market price on the date of grant.
Fiscal 2023 Special Equity Retention Grants. The structure and purpose of our fiscal 2023 special equity retention program is described in the Executive Summary above. In fiscal 2023, in addition to the annual grants described above, each of Ms. Zuppas and Messrs. Bowman, Faddis,Mateo, and Schwenger received a one-time RSU grant of 7,500, 10,000, 7,500,5,000, and 15,000 shares of our Class A common stock, respectively, as well as a one-time stock option grant to purchase 15,000, 20,000, 15,000,10,000, and 30,000 shares of our Class A common stock, respectively. One hundred percent of the special equity retention grants awarded to Mr. Mateo vested on April 1, 2024, 9/16th of the special equity retention grants awarded to Mr. Bowman will vest on July 1, 2024, one hundred percent of the special equity retention grants awarded to Ms. Zuppas and Messrs. Bowman and Faddis will vest on April 1, 2026, and one hundred percent of the special equity retention grants awarded to Mr. Schwenger will vest on October 1, 2027, all subject to continued service. The stock option grants that are a part of the fiscal 2023 special equity retention program have an exercise price equal to $207.48, the closing market price on the date of grant.
CEO Equity Compensation. With respect to our CEO, Mr. Gassner, our Compensation Committee has purposefully placed strong emphasis on long-term incentive compensation in the form of stock options to effectively align his long-term interests with those of our shareholders.
On January 10, 2018, upon the recommendation of our Compensation Committee, our Board approved a grant to Mr. Gassner of options to purchase an aggregate of 2,838,635 shares of our Class A common stock (the “CEO Options”) with an exercise price above the closing market price on the grant date. The CEO Options were the first equity compensation Mr. Gassner had received since March 2013, several months prior to completing our IPO. The CEO Options have an exercise price of $60.00 per share, which approximated the 60-day average of closing market prices around our all-time high closing market price prior to January 10, 2018.
The table below summarizes the service-based vesting schedule and stock price target conditions upon which Mr. Gassner’s CEO Options vest and become exercisable:
| 2,128,975 | | | Continued service as CEO through February 1, 2025, with vesting in monthly increments beginning February 1, 2020 | | | N/A | | | First monthly increment (1/60th of total) became vested and exercisable on March 1, 2020, with additional monthly increments becoming exercisable thereafter through February 1, 2025 | | | January 9, 2028 | |
| 177,415 | | | Same as above | | | $ 90.00 | | | Same as above now that the applicable Stock Price Target has been achieved | | | January 9, 2028 | |
| 177,415 | | | Same as above | | | $ 100.00 | | | Same as above now that the applicable Stock Price Target has been achieved | | | January 9, 2028 | |
| 177,415 | | | Same as above | | | $ 110.00 | | | Same as above now that the applicable Stock Price Target has been achieved | | | January 9, 2028 | |
| 177,415 | | | Same as above | | | $ 120.00 | | | Same as above now that the applicable Stock Price Target has been achieved | | | January 9, 2028 | |
| 2,128,975 | | | Continued service as CEO through February 1, 2025, with vesting in monthly increments beginning February 1, 2020 | | | N/A | | | First monthly increment (1/60th of total) became vested and exercisable on March 1, 2020, with additional monthly increments becoming exercisable thereafter through February 1, 2025 | | | January 9, 2028 | |
| 177,415 | | | Same as above | | | $ 90.00 | | | Same as above now that the applicable Stock Price Target has been achieved | | | January 9, 2028 | |
| 177,415 | | | Same as above | | | $ 100.00 | | | Same as above now that the applicable Stock Price Target has been achieved | | | January 9, 2028 | |
| 177,415 | | | Same as above | | | $ 110.00 | | | Same as above now that the applicable Stock Price Target has been achieved | | | January 9, 2028 | |
| 177,415 | | | Same as above | | | $ 120.00 | | | Same as above now that the applicable Stock Price Target has been achieved | | | January 9, 2028 | |
To achieve each of the above Stock Price Target Vesting Conditions, Veeva’s Class A common stock had to sustain the specified Stock Price Target for at least 60 consecutive trading days, and each Stock Price