DEF 14A of Workiva Inc
Filed Apr 17, 2026 · FY20250001445305-26-000030
How do I recommend a director nominee?
How do I recommend a director nominee? If you wish to nominate an individual for election as director at the 2027 annual meeting of stockholders, we must receive your written nomination on or after January 28, 2027, but no later than February 27, 2027. You should send your proposal to: Workiva Inc., 2900 University Boulevard, Ames, Iowa 50010, Attention: Corporate Secretary. As detailed in our Bylaws, for a nomination to be properly brought before an annual meeting, your notice of nomination must include: (i) the name, age, business address and residence address of each nominee proposed in such notice; (ii) the principal occupation or employment of each such nominee; (iii) the number of shares of Workiva capital stock that are owned of record and beneficially by each such nominee (if any); (iv) such other information concerning each such nominee as would be required to be disclosed in a proxy statement soliciting proxies for the election of each such nominee as a director in an election contest (even if an election contest is not involved) or that is otherwise required to be disclosed under Section 14(a) of the Exchange Act, and the rules and regulations promulgated thereunder; (v) a fully completed written questionnaire with respect to the background and qualification of each such nominee and the background of the Proposing Stockholder and any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary of the Company upon written request) and a written statement and agreement executed by each such nominee acknowledging that such person: (A) consents to being named in any proxy materials as
ELECTION OF DIRECTORS
ELECTION OF DIRECTORS Our Certificate of Incorporation provides that our Board must consist of two or more directors, and the number of directors to hold office at any time may be determined from time to time by resolution of our Board. Our Board currently consists of seven members. On January 27, 2026, on the recommendation of the Nominating and Governance Committee, the Board resolved to increase the size of the Board to eight members as of June 1, 2026, with an additional director appointed effective as of that date. Our Board is divided into three classes, designated as Class I, Class II and Class III. Upon the expiration of the initial term of office for each class of directors, each director in that class will be elected for a three-year term and serve until a successor is duly elected and qualified or until his or her earlier death, resignation or removal. The table below sets forth information with respect to our current and incoming directors as of March 31, 2026:
Name
Name
Class III Directors —
Class III Directors —
Class I Directors —
Class I Directors —
Class II Directors —
Class II Directors —
DIRECTOR COMPENSATION
DIRECTOR COMPENSATION Our non-employee directors receive equity and cash compensation for their service as directors. In fiscal 2025, non-employee directors received annual compensation of $50,000 for service on our Board. The Non-Executive Chair of the Board receives an additional $77,500 per year, the Lead Independent Director receives an additional $37,500 per year, and additional compensation for committee service is as follows:
DIRECTOR COMPENSATION
| | Audit Committee | Compensation Committee | Nominating and Governance Committee | | Chair | $20,000 | $15,000 | $10,000 | | Each other member | $10,000 | $7,500 | $5,000 |
DIRECTOR COMPENSATION
Each non-employee director also receives a grant of restricted stock units at each annual meeting with a grant date fair value of $215,000. In addition, each newly elected or appointed non-employee director will receive a grant of restricted stock units with a grant date fair value of $215,000 upon the date the non-employee director joins the Board, pro rated to reflect their start date. All restricted stock units granted to non-employee directors will vest fully on the first anniversary of the grant date. Restricted stock units are settled in shares of Class A common stock. Directors may defer settlement of restricted stock units pursuant to the Workiva Inc. Nonqualified Deferred Compensation Plan. Directors who are Workiva employees receive no compensation for their service as directors. Our directors may be reimbursed for approved director education courses and out- of-pocket travel expenses incurred in connection with attendance at Board and Board committee meetings and other Board-related activities. Our non-employee directors are subject to stock ownership guidelines as described below under the “Stock Ownership Guidelines” section of the Compensation Discussion and Analysis.
Director Compensation Table
Director Compensation Table The following table summarizes the compensation of our non-employee directors who served during 2025. Ms. Iskow, our President and CEO, received no compensation in connection with her service as director and, accordingly, she is omitted from this table.
Director Compensation Table
| Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | All Other Compensation ($) | Total ($) | | Brigid A. Bonner(2) | 28,846 | — | — | 28,846 | | Michael M. Crow, Ph.D. | 60,000 | 215,000 | — | 275,000 | | Robert H. Herz(3) | 70,920 | 215,000 | — | 285,920 | | Astha Malik(4) | 36,916 | 215,000 | — | 251,916 | | David S. Mulcahy(5) | 103,544 | 215,000 | — | 318,544 | | Suku Radia | 77,500 | 215,000 | — | 292,500 | | Martin J. Vanderploeg, Ph.D. | 127,500 | 215,000 | — | 342,500 |
Director Compensation Table
(1)Represents the aggregate grant date fair value of 3,218 shares of restricted stock units granted to each non-employee director on May 29, 2025, calculated in accordance with ASC Topic 718. Restricted stock units vest fully on the first anniversary of the grant date. The grant date fair value is based on $66.82 per share, the closing price of our Class A common stock on the grant date. The assumptions used in calculating the grant date fair value of the awards reported in this column are set forth in Note 10 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. (2)Ms. Bonner stepped down from our Board on May 29, 2025. The amount reported reflects the prorated compensation earned for her period of service during fiscal year 2025. (3)Mr. Herz was appointed chair of the Compensation Committee, and stepped down from the Nominating and Governance Committee, on May 29, 2025. The amount reported reflects the prorated compensation earned for his period of service on those Committees during fiscal year 2025. (4)Ms. Malik was appointed to the Board on May 29, 2025. The amount reported reflects the prorated compensation earned for her period of service during fiscal year 2025. (5)Mr. Mulcahy was appointed to the Nominating and Governance Committee, and stepped down from the Compensation Committee, on May 29, 2025. The amount reported reflects the prorated compensation earned for his period of service on those Committees during fiscal year 2025. As of December 31, 2025, no non-employee director listed in the table above held options other than Mr. Vanderploeg, who held options to purchase 200,204 shares, which were fully vested as of that date. As of December 31, 2025, the aggregate number of unvested restricted stock units of Class A common stock for each non-employee director was 3,218 shares except for Mr. Vanderploeg, who held 25,670 shares of unvested restricted stock units. Mr. Mulcahy forfeited his unvested restricted stock units when he resigned from the Board on January 27, 2026. Mr. Radia has elected to defer the receipt of all of these shares.
What We Don't Do
What We Don't Do Anti-hedging and anti-pledging policy Guaranteed bonuses Golden parachute policy Discounted stock options or SARs Compensation recoupment ("clawback") policy Pension plans or Supplemental Executive Retirement Plans Strong emphasis on performance-based compensation Tax gross-ups on severance or change of control payments Regular reviews of executive compensation and peer group data Option repricing without stockholder consent A work culture that fosters a focus on long-term value creation supported by tools that help executives to reach and maintain meaningful levels of individual share ownership Dividend or dividend equivalents on full value awards prior to vesting Annual risk assessments Limited perquisites for executives Minimum vesting periods for equity awards Compliance with stock ownership guidelines
Short-Term
Short-Term
Long-Term
Long-Term
Design
Design Our executive compensation program has historically emphasized equity as a key component of our total compensation offering, which is consistent with practices in the SaaS industry. The Committee believes that compensation in the form of equity helps align the interests of our executive officers with the long-term interests of our stockholders by driving achievement of our strategic and financial goals. It also supports our ownership culture, which encourages our executives to take initiative, demonstrate leadership and effectively work across business lines to achieve results that are in the best interests of the Company and its stockholders. We use restricted stock units ("RSUs") and performance restricted stock units ("PSUs") as our primary equity vehicles for our executive officers, including our NEOs. We believe that RSU awards both align the interests of employees with stockholders and provide a longer-term focus through a multi-year vesting schedule, while managing dilution to existing investors and providing greater predictability to our executive officers in the value of their compensation. PSUs are earned only upon the achievement of certain financial goals, which motivates our executive officers to achieve our long term annual business objectives over a three-year time horizon. To maintain a competitive compensation program, we also offer cash compensation in the form of base salaries and short-term incentives in the form of annual performance-based cash payments linked to annual strategic financial objectives, resulting in total cash compensation for our executive officers that is aligned with market practices in our competitive markets. We do not benchmark to specific percentiles for any element of our compensation program, but instead use competitive market information for general guidance. During fiscal 2025, the Committee, with the assistance of the Committee's compensation consultants, reviewed our executive compensation, including base salaries, short-term incentives, equity awards, and benefit programs to confirm the continued alignment of our compensation program with stockholder interests and appropriate rewards and incentives for our executive officers.
The Role of Compensation Consultant and Use of Market Data
The Role of Compensation Consultant and Use of Market Data The Committee has the authority to engage its own advisors to assist in carrying out its responsibilities. For fiscal year 2025, Alpine Rewards LLC ("Alpine") served as executive compensation consultant to the Committee to review and provide advice on the principal aspects of the Company’s executive compensation program. Alpine coordinated all work with the Committee and with management. Alpine believes that by coordinating their work in this manner, they can best understand and address the needs of all key constituencies: the stockholders, the company, and the executives. Based on a consideration of various factors, the Committee does not believe that its relationship with Alpine, and the work of Alpine, on behalf of the Committee and management have raised any conflict of interest. The Committee reviews these factors and receives written confirmation from Alpine stating their belief that they remain an independent compensation consultant to the Committee. The compensation consultant provides the Committee with guidance regarding the amount and types of compensation we provide to our executives and how these compare to peer company compensation practices, as well as other compensation-related matters. The compensation consultant also advises the Committee with respect to our equity plans and provides the Committee with data that helps them develop our executive compensation program. The compensation consultant attends meetings of the Committee as requested and also communicates with the Committee outside of meetings. The Committee may replace its compensation consultant or hire additional advisors at any time. During fiscal year 2025, Alpine provided the following services as requested by the Committee: •Assisted in the development of the compensation market data we used to understand market competitive compensation practices; •Reviewed and assessed our compensation practices and the cash and equity compensation levels of our executive officers (including equity- based incentive arrangements, stock ownership guidelines and change in control practices), including our NEOs, and also for members of our Board of Directors; •Reviewed and assessed our current compensation programs to determine any changes that may need to be implemented in order to remain competitive with the market, as well as conducting an equity burn rate and overhang analysis; •Reviewed and assessed a broad range of compensation practices against peer companies to ensure alignment with market practices; •Advised on regulatory developments relating to executive compensation; and •Collaborated on the risk assessment relating to employee compensation, including all performance-based incentive arrangements. Other than this work, Alpine has not performed any other services for the Company. In electing to engage Alpine, the Committee took into consideration all factors relevant to Alpine's interactions with the Company’s management and concluded that no conflict of interests existed that would prevent Alpine from independently advising the Committee.
Peer Group
Peer Group With the assistance of Alpine, the Committee utilized market data to better inform its determination of the key elements of our compensation program in order to develop a compensation program that the Committee believes will enable us to compete effectively for new employees and retain existing employees. In general, this market data consists of compensation information from publicly available sources including proxy statements and third-party compensation surveys. Our compensation consultants review our competitive markets annually to determine the appropriateness of various sources of market data based on a variety of factors including: similarities in revenue levels and size of market capitalization and enterprise value, similarities to the industries in which we operate, the overlapping labor market for top management talent, our status as a publicly traded, U.S.-based SaaS company and various other characteristics. For the determination of compensation of our NEOs for fiscal year 2025, the Committee analyzed total compensation practices for executives in a peer group of companies, with a focus on SaaS companies, to serve as the basis for our compensation review process in 2025. The Committee believes that this data is representative of companies that compete with us for executive talent and are similar to us in revenue, revenue growth rate, market capitalization, industry, and size. The Committee also determined that the companies in the peer group generally have executive officer positions that are comparable to ours in terms of breadth, complexity, and scope of responsibilities. The Committee selected peer companies generally falling within the following criteria: revenue between $450 million and $2.2 billion; market capitalization between $1 billion and $12 billion, and similar levels of revenue growth, with flexibility outside these ranges for select companies viewed as talent peers.
Executive Compensation Program Elements
Executive Compensation Program Elements The key elements of our executive compensation program include base salary, annual cash bonuses, and equity-based awards. Each executive officer’s compensation has been designed to provide a combination of pay elements that are tied to achievement of our short-term and long-term financial and operational objectives. All of these elements are intended to work in aggregate to provide an overall competitive compensation opportunity. In particular, we believe our use of RSU and PSU awards promotes a culture of long-term value creation, while cash bonuses payable based upon annual performance drive achievement of near-term objectives.
Short-Term Incentive Plan Compensation
Short-Term Incentive Plan Compensation We adopted our 2025 Short-Term Incentive Plan ("STIP") as a non-equity incentive compensation plan to provide our NEOs the opportunity to earn a performance-based cash bonus based on the achievement of a combination of financial and non-financial objectives that are tied to our strategic plan. In developing our 2025 STIP, we benchmarked best practices within our competitive markets with regard to pay levels, plan design and performance metrics. We also conducted a comprehensive review of the critical financial and strategic success factors of our business plan to determine the factors that will contribute most to our success. The Committee's objective was to construct a plan that motivates executives to achieve high levels of performance by recognizing and rewarding the results and behaviors that contribute to sustained success. Performance measurement under our 2025 STIP is based on three metrics we have identified as key success factors in achieving our growth strategies: •Revenue growth •Non-GAAP operating income •Operating cash flow For purposes of our 2025 STIP, we defined (i) "revenue growth" as the percentage growth in revenue determined in accordance with generally accepted accounting principles ("GAAP"); (ii) "non-GAAP operating income" as GAAP operating income adjusted to exclude expenses related to stock-based compensation and amortization of acquisition-related intangibles; and (iii) "operating cash flow" as our GAAP operating cash flow. Of the three performance metrics under the 2025 STIP, the Committee considered revenue growth to be most critical to maximizing value creation for stockholders. While the Committee believes that it is desirable to maximize non-GAAP operating income and keep operating cash flow positive, high levels of revenue growth have a disproportionate impact on market perceptions of Workiva, and provide a foundation for increased non-GAAP operating income and operating cash flow growth. Accordingly, the Committee assigned the heaviest weight among these metrics to revenue growth under the 2025 STIP.
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| Named Executive Officer | 2025 Target Bonus | | Julie Iskow | 125% | | Jill Klindt | 75% | | Brandon Ziegler | 75% | | Michael Hawkins | 90% |
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| | | Threshold | Target | Maximum | | Performance | <80% | 80% | 100% | >120% | | Payout | —% | 50% | 100% | 150% |
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| Executive (1) | 2025 Base Salary ($) | 2025 Target Bonus ($) | 2025 Target Bonus (%) | 2025 Calculated Bonus ($) | 2025 Approved Bonus Payout ($) | Approved Bonus Payout as a % of Base Salary | | Julie Iskow | 625,000 | 781,250 | 125% | 937,500 | 937,500 | 150.0% | | Brandon Ziegler | 430,000 | 322,500 | 75% | 387,000 | 387,000 | 90.0% | | Jill Klindt | 430,000 | 322,500 | 75% | N/A | N/A | N/A | | Michael Hawkins | 442,000 | 397,800 | 90% | N/A | N/A | N/A |
Equity Incentives
Equity Incentives We believe that providing long-term incentives in the form of equity awards encourages our NEOs to take a long-term outlook and provides our NEOs with an incentive to manage our business from the perspective of an owner with an equity stake in the business. By providing opportunities for our NEOs to benefit from future successes in our business through the appreciation of the value of their equity awards, the Committee believes that equity awards align our NEOs’ interests and contributions with the long-term interests of our stockholders. In addition, the Committee believes that offering meaningful equity ownership in the Company assists us in retaining our NEOs. The Committee periodically reviews our equity compensation program from a market perspective, as well as in the context of our overall compensation philosophy. The Committee also considers the appropriateness of various equity vehicles, as well as overall program costs (which include both stockholder dilution and compensation expense), when evaluating long-term incentive compensation. Further, the Committee considers competitive market data and competitive positioning analysis, as well as our recruitment and retention strategies. Finally, the Committee considers each NEO's individual performance, as well as the size and vesting schedule of previous equity awards granted to each NEO. The annual equity awards granted to our NEOs are in the form of RSUs and PSUs. The Committee believes that RSUs and PSUs provide the following benefits: •RSUs help us better manage potential dilution to stockholders since they require fewer shares to provide the same date of grant value to employees. •RSUs are more consistent with the ownership culture we have created at Workiva. •RSUs more closely align management with the downside risk associated with full stock ownership similar to investors. •PSUs encourage our NEOs to attain key corporate objectives over time. •PSUs are aligned with our pay-for-performance philosophy by providing rewards based on two aspects of performance: the number of shares earned based on performance and the value of the shares when they vest. •PSUs can provide significantly higher value than RSUs, but are less risky and less dilutive than stock options. Our RSUs typically vest over time, and our PSUs are earned based on the attainment of certain performance metrics. We believe both RSUs and PSUs help incentivize our executives to build value that can be sustained over the longer term. Because RSUs have value to the recipient as of the date of grant, and PSUs provide the opportunity for substantial upside based on performance, RSUs and PSUs help us retain and incentivize employees during their vesting periods by providing a high reciprocal value and also result in us granting awards with fewer underlying shares of our common stock as compared to stock options with an equivalent grant date fair value.
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| Performance Period | Average Annual Revenue Growth Rate Target | Average Annual Revenue Growth Rate Achieved | Payout as a % of Target | | Fiscal Years 2023 - 2025 | 16.0% | 18.0% | 162.5% | | Fiscal Years 2024 - 2025 | 14.5% | 18.5% | 200.0% | | Fiscal Year 2025 * | 19.7% | 19.7% | 100.0% |
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| | Fiscal Years 2023 - 2025 (Third Tranche) | | Fiscal Years 2024 - 2025 (Second Tranche) | | Fiscal Year 2025 (First Tranche) | | | NEO | PSU Target (#) | Actual PSUs earned (#) | PSU Target (#) | Actual PSUs earned (#) | PSU Target (#) | Actual PSUs earned (#) | | Iskow | 8,083 | 13,135 | 12,532 * | 25,064 * | 14,390 | 14,390 | | Ziegler | 3,664 | 5,954 | 3,670 | 7,340 | 3,803 | 3,803 |
Employment Arrangements
Employment Arrangements We have entered into employment agreements with all of our NEOs. All of these agreements provide for at-will employment and generally include an initial base salary, an annual cash incentive award opportunity, and annual equity awards at the discretion of our Board. These agreements also contain restrictions on non-competition and non-solicitation for the six-month period following termination, to the extent permitted under applicable law. In addition, each of our executive officers, including our NEOs, has executed our standard confidential information and invention assignment agreement. Our employment agreements with our NEOs also require us to make specific payments and benefits in connection with the termination of each NEO's employment under certain circumstances. For a description of these payments and other benefits, see "Executive Compensation - Potential Payments upon Termination or Change in Control." We believe that these severance arrangements help us to attract and retain key management talent in an industry where there is significant competition for management talent. We also believe that these agreements provide retention value by encouraging our NEOs to continue service with us and increase stockholder value by reducing any potential distractions caused by the possibility of an involuntary termination of employment or a potential change in control, allowing our NEOs to focus on their duties and responsibilities.
Executive Transitions
Executive Transitions Ms. Klindt transitioned out of her position as Executive Vice President, CFO and Treasurer effective December 26, 2025. Pursuant to the terms of her severance agreement, Ms. Klindt received certain payments and benefits in connection with her departure. For a description of these payments and other benefits, see "Executive Compensation - Potential Payments upon Termination or Change in Control." Mr. Hawkins transitioned out of his position as Executive Vice President, Chief Sales Officer effective November 5, 2025. Pursuant to the terms of his severance agreement, Mr. Hawkins received certain payments and benefits in connection with his departure. For a description of these payments and other benefits, see "Executive Compensation - Potential Payments upon Termination or Change in Control." Ms. Larson was appointed to her current position of Executive Vice President, Chief Financial Officer and Treasurer on January 20, 2026, and signed an employment agreement in connection with that appointment. Ms. Larson's employment agreement provides for a base salary of $485,000 and initial equity grants of RSUs with a grant date value of $8,000,000, which was intended, in part, to replace forfeited compensation from her prior employer. Ms. Larson is also eligible for an annual bonus, targeted at 85% of her base salary.
Other Compensation Policies
Executive Officers have five years, and non-employee members of our Board of Directors have three years from the commencement of their service as an executive officer or non-employee member of our Board of Directors, to achieve compliance with the applicable guideline. Thereafter, compliance is assessed on an annual basis. As of March 31, 2026, all NEOs, and non-employee members of our Board of Directors serving as of that date, were in compliance with these guidelines. If, at the applicable compliance measurement date, a covered individual does not meet the applicable guideline, then, until he or she is in compliance with the guidelines, he or she will be expected to hold 50% of the net shares acquired thereafter as a result of the exercise, vesting or settlement of any equity award received from us.
Summary Compensation Table
Summary Compensation Table The table below sets forth the annual compensation earned by our NEOs for the years ended December 31, 2025, 2024 and 2023.
Summary Compensation Table
| Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | All Other Compensation ($) | Total ($) | | Julie Iskow | 2025 | 625,000 | — | 14,000,031 | — | 937,500 | 77,689(3) | 15,640,220 | | President, Chief Executive Officer and Director and Former Interim Chief Financial Officer(2) | 2024 | 610,000 | — | 11,710,220 | — | 1,059,113 | 145,110 | 13,524,443 | | | 2023 | 601,250 | — | 11,639,648 | — | 915,000 | 94,065 | 13,249,963 | | Jill Klindt | 2025 | 425,521 | — | 4,450,045 | — | — | 2,032,592(5) | 6,908,158 | | Former Executive Vice President, Chief Financial Officer and Treasurer(4) | 2024 | 412,000 | — | 4,206,246 | — | 429,201 | 44,826 | 5,092,273 | | | 2023 | 400,000 | — | 4,039,704 | — | 360,000 | 25,139 | 4,824,843 | | Brandon Ziegler | 2025 | 430,000 | — | 3,699,939 | — | 387,000 | 33,112(6) | 4,550,051 | | Executive Vice President, Chief Legal and Administrative Officer and Corporate Secretary | 2024 | 412,000 | — | 3,486,111 | — | 429,201 | 27,422 | 4,354,734 | | | 2023 | 400,000 | — | 3,349,993 | — | 360,000 | 37,395 | 4,147,388 | | Michael Hawkins | 2025 | 373,858 | — | 3,999,981 | — | — | 2,275,643(8) | 6,649,482 | | Former Executive Vice President, Chief Sales Officer(7) | 2024 | 420,000 | — | 3,189,262 | — | 525,042 | 72,209 | 4,206,513 | | | 2023 | 400,000 | — | 3,079,013 | — | 432,000 | 48,620 | 3,959,633 |
Summary Compensation Table
(1)The amounts reported for RSUs are computed in accordance with FASB ASC Topic 718 based on the closing price of our Class A common stock on the date of grant. The grant date fair value of each PSU award reflects the closing stock price on the date a mutual understanding of key terms and conditions of the awards was reached, with performance achievement at target level. The aggregate grant date value of a PSU award in the event of maximum achievement would be 200% of the grant date fair value presented. These amounts do not reflect the actual economic value that may ultimately be realized by the NEOs. (2)Ms. Iskow served as our Interim CFO from December 27, 2025 to January 20, 2026. She did not receive any additional compensation for her Interim CFO Role. (3)Includes $52,902 of premiums paid for supplemental disability insurance, as well as an employer match on 401(k) contributions of $3,000, an annual service award payable to all employees, and earnings related to an annual sales event of $20,647 (which includes a tax-gross up of $10,924). (4)Ms. Klindt transitioned out of her position as CFO on December 26, 2025. Amounts reflected in the Summary Compensation Table for Ms. Klindt include pro-rated salary and severance associated with her departure. (5)Includes $18,414 of premiums paid for supplemental disability insurance, as well as an employer match on 401(k) contributions of $3,000, an annual service award payable to all employees, a payout of accrued paid time off ("PTO") of $36,385, a severance payout of $1,928,322 (which includes a payment of $423,322, representing prorated bonus through December 26, 2025), and an estimated payment of COBRA premium continuation for a period of eighteen months following the date of termination of $45,464. (6)Includes $25,515 of premiums paid for supplemental disability insurance, as well as an employer match on 401(k) contributions of $3,000, an annual service award payable to all employees, and earnings related to an annual sales event of $3,507 (which includes a tax gross-up of $1,638). (7)Mr. Hawkins transitioned out of his position as Executive Vice President, Chief Sales Officer on November 5, 2025. Amounts reflected in the Summary Compensation Table for Mr. Hawkins include pro-rated salary and severance associated with his departure.
Grants of Plan-Based Awards
Grants of Plan-Based Awards The following table sets forth information relating to plan-based incentive awards granted to our NEOs during 2025.
Grants of Plan-Based Awards
| | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Possible Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(4) | Grant Date Fair Value of Stock Awards ($)(5) | | Name | Grant Date(3) | Award Date(3) | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | | | | Julie Iskow | 02/03/2025(6) | 01/13/2025 | — | — | — | — | — | — | 100,730 | 9,800,022 | | | 02/03/2025(7) | 01/13/2025 | — | — | — | 21,585 | 43,170 | 86,340 | — | 4,200,009 | | | 02/20/2025 | | 390,625 | 781,250 | 1,171,875 | — | — | — | — | — | | Jill Klindt | 02/03/2025(6) | 01/13/2025 | — | — | — | — | — | — | 32,018 | 3,115,031 | | | 02/03/2025(7) | 01/13/2025 | — | — | — | 6,862 | 13,722 | 27,444 | — | 1,335,013 | | | 02/20/2025 | | 161,250 | 322,500 | 483,750 | — | — | — | — | — | | Brandon Ziegler | 02/03/2025(6) | 01/13/2025 | — | — | — | — | — | — | 26,621 | 2,589,957 | | | 02/03/2025(7) | 01/13/2025 | — | — | — | 5,705 | 11,409 | 22,818 | — | 1,109,982 | | | 02/20/2025 | | 161,250 | 322,500 | 483,750 | — | — | — | — | — | | Michael Hawkins | 02/03/2025(6) | 01/13/2025 | — | — | — | — | — | — | 28,780 | 2,800,006 | | | 02/03/2025(7) | 01/13/2025 | — | — | — | 6,168 | 12,334 | 24,668 | — | 1,199,975 | | | 02/20/2025 | | 198,900 | 397,800 | 596,700 | — | — | — | — | — |
Grants of Plan-Based Awards
(1)Represents awards made pursuant to our 2025 STIP. Actual payouts under this plan were determined by the Compensation Committee based on our 2025 performance. See "Compensation Discussion and Analysis - Executive Compensation Program Elements - Short-Term Incentive Plan Compensation" for further discussion of our 2025 STIP and the payouts thereunder. (2)Represents awards of PSUs granted pursuant to our 2014 Equity Incentive Plan. (3)The Compensation Committee approved annual equity awards at the January 2025 Compensation Committee meeting for our NEOs. (4)Represents awards of restricted stock units granted pursuant to our 2014 Equity Incentive Plan. (5)Reflects the aggregate grant date fair value determined in accordance with FASB ASC Topic 718 based on the closing price of our Class A common stock on the date of grant. With respect to the PSU awards, amounts are based on the date a mutual understanding of key terms and conditions was reached and probable outcome of the applicable performance conditions at the time of grant, which is target level performance, calculated in accordance with ASC 718. (6)Vests in three equal annual installments commencing on the first anniversary of the grant date subject to the individual’s continued service with us through each vesting date. (7)Vests in three equal annual installments commencing on the first anniversary of the grant date, subject to performance conditions. The performance period for these PSUs, which contain performance conditions related to our 2025-2027 revenue growth rates, ends on December 31, 2027.
Outstanding Equity Awards at Fiscal Year-End
Outstanding Equity Awards at Fiscal Year-End The table below sets forth the outstanding equity awards held by the NEOs as of December 31, 2025.
Outstanding Equity Awards at Fiscal Year-End
| | Option Awards | | | | | Stock Awards | | | | | Name* | Option/ Stock Award Grant Date | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | Number of Unearned Shares or Units of Stock That Have Not Vested (#) | Market Value of Unearned Shares or Units of Stock That Have Not Vested ($)(1) | | Julie Iskow | 02/01/2023(3) | — | — | — | — | — | — | 16,166 | 1,394,318 | | | 02/01/2023(2) | — | — | — | — | 18,860 | 1,626,675 | — | — | | | 04/03/2023(2) | — | — | — | — | 14,046 | 1,211,468 | — | — | | | 02/01/2024(3) | — | — | — | — | — | — | 41,942 | 3,617,498 | | | 02/01/2024(2) | — | — | — | — | 48,932 | 4,220,385 | — | — | | | 03/01/2024(3) | — | — | — | — | — | — | 8,186 | 706,043 | | | 03/01/2024(2) | — | — | — | — | 9,551 | 823,774 | — | — | | | 02/03/2025(4) | — | — | — | — | — | — | 21,585 | 1,861,706 | | | 02/03/2025(2) | — | — | — | — | 100,730 | 8,687,963 | — | — | | Jill Klindt(5) | 07/03/2017 | 25,000 | — | 18.60 | 03/26/2026 | — | — | — | — | | Brandon Ziegler | 02/01/2023(3) | — | — | — | — | — | — | 7,328 | 632,040 | | | 02/01/2023(2) | — | — | — | — | 8,550 | 737,438 | — | — | | | 02/01/2024(3) | — | — | — | — | — | — | 14,680 | 1,266,150 | | | 02/01/2024(2) | — | — | — | — | 17,126 | 1,477,118 | — | — | | | 02/03/2025(4) | — | — | — | — | — | — | 5,705 | 492,013 | | | 02/03/2025(2) | — | — | — | — | 26,621 | 2,296,061 | — | — |
Outstanding Equity Awards at Fiscal Year-End
*Mr. Hawkins transitioned out of his position as Executive Vice President, Chief Sales Officer on November 5, 2025, at which time all his outstanding equity awards were forfeited or accelerated. More information can be found in the section of this proxy statement entitled “Executive Compensation - Potential Payments upon Termination or Change in Control.” (1)The market value of unvested stock awards is based on the closing market price of our Class A common stock on December 31, 2025 of $86.25. (2)Vests in three equal annual installments commencing on the first anniversary of the grant date. (3)Vests in three equal annual installments commencing on the first anniversary of the grant date, subject to performance conditions which are reflected in the table as earned at 200% of target. (4)Vests in three equal annual installments commencing on the first anniversary of the grant date, subject to performance conditions which are reflected in the table as earned at 50% of target. (5)Ms. Klindt transitioned out of her position as CFO on December 26, 2025, at which time all outstanding RSU and PSU awards were forfeited or accelerated. More information can be found in the section of this proxy statement entitled “Executive Compensation - Potential Payments upon Termination or Change in Control.”
Option Exercises and Stock Vested
Option Exercises and Stock Vested
The following table sets forth information regarding stock option exercises and the value realized upon exercise, as well as all stock
The following table sets forth information regarding stock option exercises and the value realized upon exercise, as well as all stock awards vested and the value realized upon vesting by our NEOs during the year ended December 31, 2025.
The following table sets forth information regarding stock option exercises and the value realized upon exercise, as well as all stock
| | Stock Awards | | | Name(1) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(2) | | Julie Iskow | 110,587 | 9,958,433 | | Jill Klindt | 133,627 | 11,977,427 | | Brandon Ziegler | 36,597 | 3,432,646 | | Michael Hawkins | 112,604 | 10,236,580 |
The following table sets forth information regarding stock option exercises and the value realized upon exercise, as well as all stock
(1)No NEO exercised any option awards during FY 2025. (2)The value realized upon vesting is equal to the number of shares vesting multiplied by the closing market price of our Class A common stock on the vesting date.
Pension Benefits & Nonqualified Deferred Compensation
Pension Benefits & Nonqualified Deferred Compensation We do not provide any defined benefit pension plans to our NEOs. Our Nonqualified Deferred Compensation Plan allows our executive officers to elect to defer settlement of vested restricted stock units. Workiva does not make any contributions for executive officers under the Nonqualified Deferred Compensation Plan. None of our current NEOs have deferred RSUs, or otherwise participate in or have any balances or activity related to the Nonqualified Deferred Compensation Plan.
Potential Payments upon Termination or Change in Control
Potential Payments upon Termination or Change in Control We have an employment agreement with each of our NEOs. These employment agreements require us to make specific payments and benefits in connection with the termination of that NEO's employment under certain circumstances. We believe that having in place reasonable and competitive severance arrangements are essential to attracting and retaining highly qualified executive officers. We monitor competitive practices in the market and we believe that our severance arrangements are well aligned with those of our peers. More importantly, the Committee believes that our arrangements foster stability within executive management by helping our executives maintain continued focus and dedication to their responsibility to maximize stockholder value, including in the event of a transaction that could result in a change in control of our Company. Our ability to build the exceptional leadership team we have in place today was due in large part to our having a full complement of compensation tools available to us and the flexibility to use them. This includes the ability to leverage our severance arrangements, which include protections in the event of a change in control. We do not provide any contractual tax reimbursement payments (including “gross-ups”) on any severance or change- in-control payments or benefits. Further, we seek to mitigate any potential employer liability and avoid future disputes or litigation by requiring a departing executive officer to sign a release of claims in favor of the Company as a condition to receiving severance payments or benefits. The Committee strongly believes that our severance arrangements, which are guided by our compensation philosophy and governance practices and policies, is both reasonable and competitive. The severance benefits described below apply to each NEO with an employment agreement. If the employment of any NEO is terminated by us for "cause" (as generally defined below) or by the NEO without "good reason" (as generally defined below), the NEO's employment agreement requires that we pay the NEO (i) accrued but unpaid salary and benefits and (ii) any earned but unpaid bonus from the prior year (the “Accrued Benefits”). If the employment of any NEO is terminated due to their death or disability, the NEO's employment agreement requires that we pay to them (i) the Accrued Benefits, (ii) a pro-rated bonus for the current year and (iii) a lump-sum payment equal to the NEO's annual base salary plus their target bonus for the current year. In addition, the employment agreements provide that the vesting of the officer's outstanding equity awards will be accelerated in the event of termination for death or disability. If the employment of any NEO is terminated by us without cause or by the NEO for good reason, the NEO's employment agreement requires that we pay the NEO (i) Accrued Benefits, (ii) a pro-rated bonus for the current year and (iii) a severance payment equal to two times the sum of the NEO's annual base salary plus their target bonus for the current year. In addition, in the event of termination by us without cause or by the NEO for good reason, the employment agreement provides that the vesting of the NEO's outstanding equity awards will be accelerated and that they will be released from their non-competition and non-solicitation restrictions. If the employment of any NEO is terminated by us without cause or by the NEO for good reason in the three months prior to, or two years following, a change in control, the NEO's employment agreement requires that we pay (i) accrued but unpaid salary and benefits, (ii) any earned but unpaid bonus from the prior year, (iii) the NEO's target bonus for the year in which the termination occurs (or if greater, the year in which the change in control occurs) and (iv) a severance payment equal to three times the sum of the NEO's annual base salary plus target bonus. In addition, in the event of termination by us without cause or by the NEO for good reason in the three months prior to or two years following a change in control, the employment agreement provides that the vesting of the NEO's outstanding equity awards will be accelerated and that the NEO will be released from his or her non-competition and non-solicitation restrictions. Under the NEOs' employment agreements, a change in control would not, by itself, be deemed "good reason" or result in the accelerated vesting of outstanding equity awards except as set forth in the applicable award agreement.
CEO PAY RATIO
CEO PAY RATIO The fiscal year 2025 total compensation of the median employee was $196,950, with the median employee determined based on compensation of all employees who were employed as of December 31, 2025, "the determination date", other than our CEO Julie Iskow. In accordance with applicable SEC rules, we annualized her salary and bonus for her service as our CEO, and added it to the other components of her pay disclosed in the Summary Compensation Table, to arrive at a value of $15,640,220. Therefore, the ratio of these amounts (our "pay ratio") in fiscal year 2025 was approximately 1-to-79. We believe this ratio is a reasonable estimate calculated in a manner consistent with SEC rules based on our payroll and employment records, using the methodology described below: •We selected December 31, 2025 as the effective date for identifying our median employee in accordance with applicable SEC rules. •IRS Form W-2 or W-2 equivalent earnings is our consistently applied compensation measure used to identify the median employee. •We extracted the compensation data above for each employee active as of December 31, 2025 classified as full-time, part-time or intern for the 12-month period beginning January 1, 2025 and ending December 31, 2025. •We annualized compensation of all newly hired employees based on the compensation they earned from their hire date through December 31, 2025. •We converted earnings of our non-U.S. employees to U.S. dollars using the average currency exchange rates in effect during the period. •We did not make any cost of living adjustments. •We computed the median employee's pay based on the standard criteria used for determining Ms. Iskow's compensation in the Summary Compensation Table. The SEC's rules for identifying the median employee and calculating the pay ratio allow companies to adopt a variety of methodologies. Therefore, the pay ratio reported by other companies may not be comparable to the pay ratio reported above, as each company's pay ratio is based on its unique employee population, compensation practices and calculation methodology.
PAY VERSUS PERFORMANCE
PAY VERSUS PERFORMANCE The following table sets forth additional information required by the SEC pursuant to Item 402(v) regarding total compensation paid to our principal executive officer ("PEO") and our non-PEO NEOs (averaged), each as calculated in accordance with SEC rules, and certain Company and peer group shareholder return, net income, and revenue growth performance measures for the periods indicated:
PAY VERSUS PERFORMANCE
| | Summary Compensation Table Total for PEOs ($) (1) | | Compensation Actually Paid to PEOs ($) (1)(2)(5)(6) | | | | Value of Initial Fixed $100 Investment Based on: | | | | | Year | Iskow | Vanderploeg | Iskow | Vanderploeg | Average Summary Compensation Table Total for non-PEO NEOs ($) (3) | Average Compensation Actually Paid to non- PEO NEOs ($) (2)(5)(6) | Company Total Stockholder Return ($) (4) | Peer Group Total Stockholder Return ($) (4) | Net Loss (in thousands) ($) | Revenue Growth(7) | | 2025 | 15,640,220 | N/A | 9,165,246 | N/A | 6,035,897 | 3,617,607 | 94 | 265 | (26,169) | 19.7% | | 2024 | 13,524,443 | N/A | 20,130,342 | N/A | 4,551,173 | 6,447,950 | 120 | 205 | (55,042) | 17.2% | | 2023 | 13,249,963 | 8,238,648 | 15,379,996 | 8,178,525 | 3,260,772 | 4,304,492 | 111 | 150 | (127,525) | 17.1% | | 2022 | N/A | 7,713,897 | N/A | 1,647,345 | 5,003,281 | 533,679 | 92 | 90 | (90,947) | 21.3% | | 2021 | N/A | 9,791,270 | N/A | 13,767,528 | 5,034,966 | 6,797,466 | 142 | 138 | (37,730) | 26.1% |
PAY VERSUS PERFORMANCE
(1)Mr. Vanderploeg was the PEO through March 2023. Ms. Iskow was the PEO from April 2023 through December 2025. (2)The following table details the additions to and deductions from the Summary Compensation Table ("SCT") totals to calculate the Compensation Actually Paid amounts for 2025:
PAY VERSUS PERFORMANCE
| Executives | SCT Total ($) | Deduct SCT Equity Awards ($) | Add Year-End Fair Value of Unvested Equity Granted in Year ($) | Add Change in Fair Value from Prior Year- End to Current Year- End of Unvested Awards Granted in Prior Years ($) | Add FV at Vesting of Awards Granted and Vested in Same Year ($) | Add Change in Value from Prior Year-End to Vesting Date of Equity Granted in Prior Years that Vested in Current Year ($) | Deduct Fair Value as of the End of Prior Year of Awards Forfeited in Year ($) | | PEO - Iskow | 15,640,220 | (14,000,031) | 13,275,207 | (3,595,656) | — | (2,154,494) | — | | Other NEOs (Averaged) | 6,035,897 | (4,049,988) | 1,169,461 | (358,903) | 2,553,036 | (1,731,896) | — |
PAY VERSUS PERFORMANCE
(3)The 2025 non-PEO NEOs are comprised of: Ms. Klindt and Messrs. Hawkins and Ziegler; 2024 - Ms. Klindt and Messrs. Hawkins and Ziegler; 2023 - Ms. Klindt and Messrs. Hawkins, Trom and Ziegler; 2022 - Mses. Iskow and Klindt and Messrs. Trom and Ziegler; 2021 - Mses. Iskow and Klindt and Messrs. Trom, Banarjee and Miller. (4)Total stockholder return ("TSR") is calculated assuming a fixed investment of $100, including reinvestment of dividends (as applicable) measured from the market close on December 31, 2020 through and including the end of the fiscal year for each year reported in the table. The peer group is the Nasdaq Computer Index, which is the same peer group the Company uses for its Item 201(e) of Regulation S-K disclosure. (5)In calculating Compensation Actually Paid, we determined the fair value of outstanding, vested and forfeited equity awards in the applicable year in a manner consistent with the ASC 718 fair valuation methodology used to account for stock-based payments for financial accounting purposes consistent with GAAP. Restricted stock units are valued based on the stock price on the relevant measurement date. Performance based restricted stock units are valued based on the stock price on the relevant measurement date multiplied by the estimated probability of achievement as of the measurement date. The PSUs may be earned between 0% and 200% based on achievement of the applicable annual revenue growth rate. For more information about the achievement of the performance conditions for outstanding PSUs, see the "Outstanding Equity Awards at Fiscal Year-End" table. The assumptions used are consistent with those used for the grant date fair value purposes. (6)Compensation actually paid to Ms. Klindt and Messrs. Hawkins, Vanderploeg and Trom includes consideration related to their respective transition agreements with the Company. Pursuant to the terms of Mr. Vanderploeg's agreement, the outstanding restricted stock units granted to him during his tenure as an executive continued to vest. Pursuant to the terms of Ms. Klindt's, and Messers Hawkins and Trom's agreements, the outstanding restricted stock units granted to them during their tenure as executives vested in full as of their respective termination dates. In calculating Compensation Actually Paid, these awards were considered vested upon each of their respective transition dates. (7)Revenue growth is the year-over-year percentage growth in revenue determined in accordance with GAAP as reflected in our annual financial statements.
Relationship Between Compensation Actually Paid (CAP) and Company Performance
Relationship Between Compensation Actually Paid (CAP) and Company Performance The following charts provide a clear, visual description of the relationships between “Compensation Actually Paid” to our PEO, and the average for our non-PEO NEOs, as set forth in the Pay Versus Performance table above to the following performance measures: Company TSR, peer group TSR, net loss and revenue growth. The first chart also provides a comparison of the Company's TSR to the peer group TSR.
Indemnification Agreements with our Directors and Officers
Indemnification Agreements with our Directors and Officers We have entered into indemnification agreements with each of our directors and our NEOs. The indemnification agreements and our Bylaws require us to indemnify our directors and officers to the fullest extent permitted by Delaware law. Subject to certain limitations, the indemnification agreements and our Bylaws also require us to advance expenses incurred by our directors and officers.