Veeva (VEEV) Director Matt Wallach Converts 460 RSUs

What Happened

• Matt Wallach, a Veeva Systems (VEEV) director, had 460 restricted stock units (RSUs) vest on September 1, 2026. The Form 4 reports the conversion/exercise of 460 derivative units into 460 shares (code M) at $0.00 and a simultaneous disposition of 460 shares at $0.00. The transactions report $0 cash proceeds/consideration.
• Net effect reported on the Form 4: 460 shares acquired and 460 shares disposed, i.e., no net increase in shares held. The conversion is tied to a June 17, 2026 RSU grant of 1,841 RSUs, of which one-quarter vested on Sept 1, 2026 (footnote F6).

Key Details

• Transaction date: 2026-09-01; Form filed: 2026-09-03 (timely filing).
• Transaction type/codes: M = exercise/conversion of derivative; both acquisition and disposition shown at $0.00 for 460 shares.
• Footnotes: F1 — transaction exempt from Section 16(b) under Rule 16b-6(b); F5 — each RSU equals one share; F6 — 1,841 RSUs granted June 17, 2026 with 1/4 vesting Sept 1, 2026. F2–F4 note certain shares are held in trusts for which Mr. Wallach may share voting/dispositive power.
• Shares owned after transaction: Form reports no net change (460 acquired / 460 disposed). The filing does not show an increase in Mr. Wallach’s beneficial ownership from these vested RSUs.

Context

• This pattern (conversion immediately followed by a zero‑price disposition) is commonly used to satisfy tax withholding obligations when RSUs vest; the Form 4 itself shows $0 proceeds and does not list cash paid or received.
• The filing is exempt under Rule 16b-6(b), which often covers director awards and related conversions; nothing in the filing indicates open-market buying or selling for investment purposes.