Hedley Mary Lynne 4

What Happened

• Mary Lynne Hedley, a director of Veeva Systems (VEEV), reported the conversion/exercise of a derivative on March 1, 2026. The filing shows 262 shares acquired upon conversion at $0.00 and a simultaneous disposition of 262 derivative shares at $0.00. This reflects the conversion/settlement of equity awards (not an open-market buy or sale).

Key Details

• Transaction date: 2026-03-01 (reported on Form 4 filed 2026-03-03 — timely filing).
• Transaction code: M (exercise or conversion of a derivative instrument).
• Shares involved: 262 shares acquired and 262 shares disposed; price reported $0.00 for both lines.
• Shares owned after transaction: not specified in the filing.
• Footnotes of note:
  • F1: Transaction exempt from Section 16(b) under Rule 16b-6(b).
  • F2: Each RSU represents a contingent right to one share of Class A common stock.
  • F3: These RSUs were part of a June 18, 2025 grant of 1,049 RSUs with a staggered vesting schedule (1/4 vested Sept 1, 2025; remaining vest quarterly thereafter subject to board service).
• The filing does not explain the reason for the simultaneous disposition (the report simply shows conversion and a derivative disposition).

Context

• This was a conversion/settlement of equity awards (RSUs), not a cash purchase or open-market sale by the director. Such conversions are typically administrative (vesting/settlement) and do not by themselves signal a buy/sell decision.
• Rule 16b-6(b) exemption noted in the filing is commonly used for certain board-member equity transactions and means short-swing profit rules do not apply to this settlement as described.