Velarion · Company Intelligence
Compensation Brief
Fiscal year 2021 · Filings through 2026-07-10

Zendesk (ZEN)

Fiscal year 2021 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$9,558,921
Shelagh Glaser total, FY2021
Chief Financial Officerhighest-paid officer; CEO Mikkel Svane: $8,678,140
35th
CEO (Mikkel Svane) pay percentile vs peers
54:1
CEO-to-median pay ratio
91.39%
Say-on-pay support, latest vote
Companies that benchmark against ZEN
No companies currently name ZEN as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2021

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Shelagh Glaser$285,000$500,000$4,851,703$3,467,289$448,875$0$6,053$9,558,921
Chief Financial Officer
Mikkel Svane501,92304,419,0983,124,082630,00003,0378,678,140
Chief Executive Officer and Chairman of the Board
Alex Constantinople261,539500,0003,225,2932,304,987201,60005,8766,499,294
Chief Marketing Officer
Adrian McDermott421,61502,742,1841,948,378396,90008,8175,517,894
Chief Technology Officer
Norman Gennaro401,53802,209,6271,562,096552,00008,7804,734,041
President, Worldwide Sales
Elena Gomez154,03902,209,6271,562,096006,5363,932,297
Former Chief Financial Officer
Marc Cabi272,00001,481,858127,467002,6361,883,961
Former Deputy Chief Financial Officer and Interim Principal Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2021 totalFY2020 totalFY2019 totalΔ FY20202021
Shelagh Glaser$9,558,921
Mikkel Svane8,678,140
Alex Constantinople6,499,294
Adrian McDermott5,517,894
Norman Gennaro4,734,041
Elena Gomez3,932,297
Marc Cabi1,883,961

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2021

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Alex ConstantinopleRSU24,447$2,549,578
Norman GennaroOption2,39835.47
Marc CabiOption2,66671.91
Mikkel SvaneRSU22,4312,339,329
Mikkel SvaneRSU21,2042,211,365
Norman GennaroRSU14,9411,558,197
Norman GennaroRSU11,2161,169,717
Norman GennaroRSU10,6031,105,787
Norman GennaroRSU4,226440,730
Adrian McDermottRSU3,696385,456
Norman GennaroRSU2,398250,087
Mikkel SvaneRSU67670,500
Adrian McDermottRSU45947,869
Mikkel SvaneOption75,00023.44
Mikkel SvaneOption42,40889.2
Mikkel SvaneOption2,70138.5
Mikkel SvaneOption15,10973.27
Adrian McDermottOption144,6989.52
Adrian McDermottOption125,00024.77
Norman GennaroOption22,432155.97
Adrian McDermottOption32,50023.44
Adrian McDermottOption33,60027.06
Adrian McDermottOption21,20589.2
Adrian McDermottOption7,391144.09
Marc CabiOption3,75123.44
Marc CabiOption363142.5
Mikkel SvaneRSU7,015731,594
Shelagh GlaserOption71,003136.66
Alex ConstantinopleOption48,893131.93
Adrian McDermottOption14,11873.27
Marc CabiOption11,25048.75
Adrian McDermottRSU11,2161,169,717
Mikkel SvaneOption44,861155.97
Mikkel SvaneOption1,096,8869.52
Adrian McDermottRSU6,555683,621
Adrian McDermottOption1,83538.5
Adrian McDermottOption22,432155.97
Mikkel SvaneOption232,90024.77
Norman GennaroOption9,10173.27
Adrian McDermottOption7246.24
Mikkel SvaneOption75,60027.06
Adrian McDermottRSU10,6031,105,787
Shelagh GlaserRSU35,5023,702,504
05

Incentive-plan design — the Compensation Discussion & Analysis

At the core of our Company-wide compensation philosophy, we aim to provide compensation that is both externally competitive to the outside market and internally equitable in order to attract, motivate, and retain highly skilled and talented employees.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantCompensia, Inc.
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20212021-05-1890,712,5668,543,398275,85891.39%Passed
20202020-05-1991,884,4654,756,120517,21295.08%Passed
20192019-05-2988,317,1332,233,24471,85197.53%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20212021-05-1891.39%a
20202020-05-1995.08%b
20192019-05-2997.53%c

a. Approved under the standard stated in the filing — “Abstentions are not considered votes cast for Proposal One, Proposal Two or Proposal Three, and will have no effect on the votes for these proposals.”.

b. Approved under the standard stated in the filing — “Abstentions are not considered votes cast for Proposal One, Proposal Two or Proposal Three, and will have no effect on the votes for these proposals.”.

c. Approved under the standard stated in the filing — “Abstentions are not considered votes cast for Proposal One, Proposal Two or Proposal Three, and will have no effect on the votes for these proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)54 : 1
CEO total compensation$8,678,140
Median employee compensation$160,658
08

Director compensation — fiscal year 2021

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Brandon GayleIndependent · Audit$0$272,282$0$0$0$272,282
Steve JohnsonIndependent · Compensation0270,865000270,865
Carl BassIndependent · Lead Independent Director · Compensation (Chair)0262,189000262,189
Thomas SzkutakIndependent · Audit (Chair) · Nominating/Corporate Governance0254,013000254,013
Michelle WilsonIndependent · Audit · Nominating/Corporate Governance · Departed during FY62,500186,799000249,299
Michael FrandsenIndependent · Audit52,500186,799000239,299
Archana AgrawalIndependent · Nominating/Corporate Governance (Chair)47,500186,799000234,299
Michael CurtisEmployee director0234,15100234,151
Hilarie Koplow-McAdamsIndependent · Compensation0234,151000234,151
Mikkel SvaneEmployee director · Board Chair00000
Ronald PasekIndependent · Audit · Newly elected000000
09

Board fee structure and ownership guideline

Annual cash retainer$45,000
Annual equity retainer$200,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 18,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2021
Cash retainers and fees$162,500
Equity awards (grant-date value)$2,088,048
All other compensation$0
Total cost of the board$2,250,548

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2021

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Zendesk names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Zendesk.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Okta, Inc.2026Todd McKinnon$595,233$35,684,266$0$561,719$36,843,718
2Fair Isaac Corporation2025William Lansing750,00034,091,86001,100,00036,045,267
3The Trade Desk, Inc.2025Jeff Green1,350,00011,589,47111,590,8642,804,77527,431,583
4DocuSign, Inc.2026Allan Thygesen1,000,00023,600,13601,019,00025,650,100
5Twilio Inc.2025Khozema Shipchandler1,100,00021,398,53901,507,00024,291,917
6New Relic, Inc.2023William Staples585,00022,261,1240367,08823,214,892
7Paycom Software, Inc.2025Chad Richison858,88018,386,22601,730,56022,837,152
8Dynatrace, Inc.2026Rick McConnell695,00019,790,7640713,76521,234,453
9Paylocity Holding Corporation2025Toby Williams680,96016,319,5300951,47118,044,482
10RingCentral, Inc.2024Vladimir Shmunis376,36714,565,1460533,31115,491,096
11Aspen Technology, Inc.2024Antonio Pietri750,00010,115,5480664,63911,541,446
12Zendesk2021Mikkel Svane501,9234,419,0983,124,082630,0008,678,140
13SolarWinds Corporation2023Sudhakar Ramakrishna750,0006,772,65301,035,0008,570,853
14Pegasystems Inc.2025Alan Trefler600,00007,001,532720,0008,332,032
15Snap Inc.2025Evan Spiegel10004,250,450
16Dropbox, Inc.2025Andrew Houston800,00000750,4002,166,622
Proofpoint, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Zendesk126%RSU 50 · Options 50not disclosedCompensia, Inc.
Aspen Technology, Inc.Varied by NEO (e.g., Pietri earned $664,339 against $900,000 target, ~74%; Stagno earned $122,234 against $125,528 target, ~97%; Mouritsen earned $251,922 against $325,000 target, ~78%; Breithaupt earned $38,710 against $375,000 target, ~10%)%RSUs 50 · PSUs 50NoWillis Towers Watson (WTW)
DocuSign, Inc.101.9%PSU 60 · RSU 40Yes — TSRCompensia
Dropbox, Inc.107.3%RSU 100not disclosedCompensia
Dynatrace, Inc.102.7%PSU 50 · RSU 50Yes — rTSR (relative Total Shareholder Return)Compensia, Inc.
Fair Isaac Corporation147%PSU 33 · RSU 33 · Other 33NoCompensia, Inc.
New Relic, Inc.62.8%RSU 50 · PSU 50NoCompensia
Okta, Inc.98.7%PSU 60 · RSU 40Yes — TSR relative to the TSR of the IndexCompensia
Paycom Software, Inc.200%PSU 50 · RSU 50NoMeridian Compensation Partners, LLC
Paylocity Holding Corporation138%RSU 50 · PSU 33 · MSU 17NoCompensia
Pegasystems Inc.120%Options 100Nonot disclosed
Proofpoint, Inc.not disclosednot disclosednot disclosednot disclosed
RingCentral, Inc.102.3%not disclosedNoCompensia
Snap Inc.not disclosednot disclosednot disclosednot disclosed
SolarWinds Corporation138%PSU 50 · RSU 50NoCompensia
The Trade Desk, Inc.not disclosedRSU 50 · Options 50not disclosedCompensia, Inc.
Twilio Inc.137.0%PSU 60 · RSU 40YesCompensia

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Shelagh GlaserDEF 14A2022-07-110001206774-22-001660Section “Summary compensation table”. As printed: 9,558,921. Filing ↗machine: t147 · r5 · c18 · span 607068–607077
2Section 01, Mikkel SvaneDEF 14A2022-07-110001206774-22-001660Section “Summary compensation table”. As printed: 8,678,140. Filing ↗machine: t147 · r2 · c18 · span 601767–601776
3Section 01, Alex ConstantinopleDEF 14A2022-07-110001206774-22-001660Section “Summary compensation table”. As printed: 6,499,294. Filing ↗machine: t147 · r8 · c18 · span 612983–612992
4Section 01, Adrian McDermottDEF 14A2022-07-110001206774-22-001660Section “Summary compensation table”. As printed: 5,517,894. Filing ↗machine: t147 · r11 · c18 · span 618241–618250
5Section 01, Norman GennaroDEF 14A2022-07-110001206774-22-001660Section “Summary compensation table”. As printed: 4,734,041. Filing ↗machine: t147 · r14 · c18 · span 624228–624237
6Section 01, Elena GomezDEF 14A2022-07-110001206774-22-001660Section “Summary compensation table”. As printed: 3,932,297. Filing ↗machine: r17 · c18 · span 629522–629531
7Section 01, Marc CabiDEF 14A2022-07-110001206774-22-001660Section “Summary compensation table”. As printed: 1,883,961. Filing ↗machine: r20 · c18 · span 635502–635511
8Section 07, pay ratioDEF 14A0001206774-22-001660Section “CEO Pay Ratio”. As printed: 54 : 1.machine: span 405460–405464
9Section 08, Brandon GayleDEF 14A2022-07-110001206774-22-001660Section “Director Compensation”. As printed: 272,282. Filing ↗machine: t74 · r7 · c5 · span 291565–291572
10Section 08, Steve JohnsonDEF 14A2022-07-110001206774-22-001660Section “Director Compensation”. As printed: 270,865. Filing ↗machine: t74 · r8 · c5 · span 292554–292561
11Section 08, Carl BassDEF 14A2022-07-110001206774-22-001660Section “Director Compensation”. As printed: 262,189. Filing ↗machine: t74 · r4 · c5 · span 288604–288611
12Section 08, Thomas SzkutakDEF 14A2022-07-110001206774-22-001660Section “Director Compensation”. As printed: 254,013. Filing ↗machine: t74 · r10 · c5 · span 294564–294571
13Section 08, Michelle WilsonDEF 14A2022-07-110001206774-22-001660Section “Director Compensation”. As printed: 249,299. Filing ↗machine: t74 · r11 · c8 · span 296384–296391
14Section 08, Michael FrandsenDEF 14A2022-07-110001206774-22-001660Section “Director Compensation”. As printed: 239,299. Filing ↗machine: t74 · r6 · c8 · span 290890–290897
15Section 08, Archana AgrawalDEF 14A2022-07-110001206774-22-001660Section “Director Compensation”. As printed: 234,299. Filing ↗machine: t74 · r3 · c8 · span 288019–288026
16Section 08, Michael CurtisDEF 14A2022-07-110001206774-22-001660Section “Director Compensation”. As printed: 234,151. Filing ↗machine: t74 · r5 · c5 · span 289647–289654
17Section 08, Hilarie Koplow-McAdamsDEF 14A2022-07-110001206774-22-001660Section “Director Compensation”. As printed: 234,151. Filing ↗machine: t74 · r9 · c5 · span 293605–293612
18Section 08, Mikkel SvaneDEF 14A2022-07-110001206774-22-001660Section “Director Compensation”. As printed: 0. Filing ↗
19Section 08, Ronald PasekDEF 14A2022-07-110001206774-22-001660Section “Director Compensation”. As printed: 0. Filing ↗
20Section 06, 2021 voteForm 8-K2021-05-210001463172-21-000220Item 5.07 · say-on-pay result. As reported: 91.39%. Filing ↗
21Section 06, 2020 voteForm 8-K2020-05-210001463172-20-000225Item 5.07 · say-on-pay result. As reported: 95.08% (votes for as printed: 91,884,465). Filing ↗machine: span 48632–52785
22Section 06, 2019 voteForm 8-K2019-05-310001463172-19-000230Item 5.07 · say-on-pay result. As reported: 97.53%. Filing ↗
23Section 09b board cost (computed)ComputedcomputedCash 162,500 + equity 2,088,048 + all other 0 = 2,250,548, summed across the director compensation table rows.machine: formula: Σ = 2,250,548
24Okta, Inc., Section 10b CEO totalDEF 14A2026-05-070001660134-26-000036CEO total compensation as printed in Okta, Inc.'s own proxy. As printed: 36,843,718. Filing ↗machine: r2 · c18 · span 710081–710091
25Fair Isaac Corporation, Section 10b CEO totalDEF 14A2026-01-270001193125-26-024403CEO total compensation as printed in Fair Isaac Corporation's own proxy. As printed: 36,045,267. Filing ↗machine: r3 · c35 · span 1413656–1413666
26The Trade Desk, Inc., Section 10b CEO totalDEF 14A2026-04-090001671933-26-000034CEO total compensation as printed in The Trade Desk, Inc.'s own proxy. As printed: 27,431,583. Filing ↗machine: r2 · c54 · span 418098–418108
27DocuSign, Inc., Section 10b CEO totalDEF 14A2026-04-160001261333-26-000043CEO total compensation as printed in DocuSign, Inc.'s own proxy. As printed: 25,650,100. Filing ↗machine: r3 · c21 · span 792273–792283
28Twilio Inc., Section 10b CEO totalDEF 14A2026-04-280001140361-26-017444CEO total compensation as printed in Twilio Inc.'s own proxy. As printed: 24,291,917. Filing ↗machine: r2 · c19 · span 1822541–1822551
29New Relic, Inc., Section 10b CEO totalDEF 14A2023-06-300001448056-23-000042CEO total compensation as printed in New Relic, Inc.'s own proxy. As printed: 23,214,892. Filing ↗machine: r2 · c48 · span 718611–718621
30Paycom Software, Inc., Section 10b CEO totalDEF 14A2026-04-020001193125-26-140064CEO total compensation as printed in Paycom Software, Inc.'s own proxy. As printed: 22,837,152. Filing ↗machine: r3 · c32 · span 673559–673569
31Dynatrace, Inc., Section 10b CEO totalDEF 14A2026-07-100001773383-26-000031CEO total compensation as printed in Dynatrace, Inc.'s own proxy. As printed: 21,234,453. Filing ↗machine: r2 · c21 · span 696843–696853
32Paylocity Holding Corporation, Section 10b CEO totalDEF 14A2025-10-230001591698-25-000102CEO total compensation as printed in Paylocity Holding Corporation's own proxy. As printed: 18,044,482. Filing ↗machine: t90 · r2 · c24 · span 674330–674340
33RingCentral, Inc., Section 10b CEO totalDEF 14A2025-12-090001384905-25-000059CEO total compensation as printed in RingCentral, Inc.'s own proxy. As printed: 15,491,096. Filing ↗machine: r2 · c42 · span 451975–451985
34Aspen Technology, Inc., Section 10b CEO totalDEF 14A2024-10-240001897982-24-000062CEO total compensation as printed in Aspen Technology, Inc.'s own proxy. As printed: 11,541,446. Filing ↗machine: r2 · c24 · span 565955–565965
35Zendesk (subject), Section 10b CEO totalDEF 14A2022-07-110001206774-22-001660CEO total compensation as printed in Zendesk's own proxy. As printed: 8,678,140. Filing ↗machine: t147 · r2 · c18 · span 601767–601776
36SolarWinds Corporation, Section 10b CEO totalDEF 14A2024-04-110001739942-24-000048CEO total compensation as printed in SolarWinds Corporation's own proxy. As printed: 8,570,853. Filing ↗machine: r2 · c42 · span 659797–659806
37Pegasystems Inc., Section 10b CEO totalDEF 14A2026-04-240001013857-26-000031CEO total compensation as printed in Pegasystems Inc.'s own proxy. As printed: 8,332,032. Filing ↗machine: span 334047–334056
38Snap Inc., Section 10b CEO total10-K2026-02-050001564408-26-000013CEO total compensation as printed in Snap Inc.'s own proxy. As printed: 4,250,450. Filing ↗machine: span 2500289–2500298
39Dropbox, Inc., Section 10b CEO totalDEF 14A2026-04-070001467623-26-000020CEO total compensation as printed in Dropbox, Inc.'s own proxy. As printed: 2,166,622. Filing ↗machine: span 785543–785552
40Section 10a, SolarWinds Corporation reciprocityDEF 14A0001739942-24-000048SolarWinds Corporation's most recent proxy was read; its disclosed peer group does not include Zendesk. Filing ↗
41Section 10a, New Relic, Inc. reciprocityDEF 14A0001448056-23-000042New Relic, Inc. names Zendesk in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, Paylocity Holding Corporation reciprocityDEF 14A0001591698-25-000102Paylocity Holding Corporation's most recent proxy was read; its disclosed peer group does not include Zendesk. Filing ↗
43Section 10a, Dropbox, Inc. reciprocityDEF 14A0001467623-26-000020Dropbox, Inc.'s most recent proxy was read; its disclosed peer group does not include Zendesk. Filing ↗
44Section 10a, Paycom Software, Inc. reciprocityDEF 14A0001193125-26-140064Paycom Software, Inc.'s most recent proxy was read; its disclosed peer group does not include Zendesk. Filing ↗
45Section 10a, Pegasystems Inc. reciprocityDEF 14A0001013857-26-000031Pegasystems Inc.'s most recent proxy was read; its disclosed peer group does not include Zendesk. Filing ↗
46Section 10a, Dynatrace, Inc. reciprocityDEF 14A0001773383-26-000031Dynatrace, Inc.'s most recent proxy was read; its disclosed peer group does not include Zendesk. Filing ↗
47Section 10a, The Trade Desk, Inc. reciprocityDEF 14A0001671933-26-000034The Trade Desk, Inc.'s most recent proxy was read; its disclosed peer group does not include Zendesk. Filing ↗
48Section 10a, DocuSign, Inc. reciprocityDEF 14A0001261333-26-000043DocuSign, Inc.'s most recent proxy was read; its disclosed peer group does not include Zendesk. Filing ↗
49Section 10a, RingCentral, Inc. reciprocityDEF 14A0001384905-25-000059RingCentral, Inc.'s most recent proxy was read; its disclosed peer group does not include Zendesk. Filing ↗
50Section 10a, Aspen Technology, Inc. reciprocityDEF 14A0001897982-24-000062Aspen Technology, Inc.'s most recent proxy was read; its disclosed peer group does not include Zendesk. Filing ↗
51Section 10a, Twilio Inc. reciprocityDEF 14A0001140361-26-017444Twilio Inc.'s most recent proxy was read; its disclosed peer group does not include Zendesk. Filing ↗
52Section 10a, Okta, Inc. reciprocityDEF 14A0001660134-26-000036Okta, Inc.'s most recent proxy was read; its disclosed peer group does not include Zendesk. Filing ↗