Kevin Spain
DoximityAbout Kevin Spain
Kevin Spain (age 53) is an independent Class II director of Doximity (DOCS) with board service since March 2011. He is a General Partner at Emergence Capital Partners, with prior corporate development roles at Microsoft and Electronic Arts, and an MBA from Wharton (B.A. UT Austin) . He is designated independent under NYSE standards and has no material disqualifying relationships with the company per board determinations .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Emergence Capital Partners | General Partner; previously Principal | GP since Mar 2011; Principal 2006–2011 | Venture capital leadership; software/SaaS domain expertise |
| Microsoft | Corporate Development | 2003–2006 | M&A/strategic transactions experience |
| Electronic Arts | Corporate Development | 2000–2003 | M&A/partnerships in software/content |
| Madison.com, Inc. | Co-founder & CEO | Prior to EA/Microsoft (dates not specified) | Growth-stage operating leadership |
| Veeva Systems (NYSE: VEEV) | Director | 2008–2014 | Board experience pre/post IPO |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Various privately held companies | Director | Current | Portfolio company board roles (not individually listed) |
| Veeva Systems (NYSE: VEEV) | Director (former) | 2008–2014 | Public company board tenure |
Board Governance
- Committee Assignments: Audit Committee member; Compensation Committee Chair .
- Independence: Board has affirmatively determined Spain is independent under NYSE standards .
- Attendance and engagement: The board met 5 times in FY2025; each director attended at least 75% of board and applicable committee meetings. Audit Committee held 5 meetings; Compensation Committee held 4 meetings (plus 3 consents) .
- Board leadership: CEO serves as board chair; no separate lead independent director disclosed .
| Committee | Membership | Chair Role | FY2025 Meetings |
|---|---|---|---|
| Audit | Member | Chair: Tim Cabral | 5 |
| Compensation | Chair | — | 4 meetings; 3 unanimous written consents |
Fixed Compensation
| Component (FY2025) | Amount | Detail |
|---|---|---|
| Cash fees paid | $58,000 | Paid to Emergence Capital Partners on his behalf per employer policy . |
| Policy – Annual board retainer | $35,000 | Paid quarterly in advance . |
| Policy – Committee fees (member/chair) | Audit member $10,000; Comp chair $15,000 | Standard non-employee director policy . |
Performance Compensation
| Equity Component | Grant Mechanism | Value/Fair Value | Vesting/Metrics |
|---|---|---|---|
| Annual RSU grant (policy) | RSUs | $200,000 policy value | Vests fully by next AGM or 1-year anniversary; accelerates on “Sale Event”; time-based, no performance metrics . |
| FY2025 Stock awards (Spain) | RSUs | $233,348 grant-date fair value | Outstanding RSUs: 6,360 shares as of 3/31/2025; time-based vesting . |
No director performance metrics (revenue/EBITDA/TSR) apply to non-employee director equity; grants are time-based RSUs per policy .
Other Directorships & Interlocks
| Relationship | Nature | Potential Interlock/Conflict Consideration |
|---|---|---|
| Emergence Capital Partners (Spain is partner) | Historical significant shareholder; party to Investors’ Rights Agreement | Emergence was listed as a >5% holder in prior year; Spain disclaims beneficial ownership except pecuniary interest; IRA participation continues among legacy holders. Board still affirms Spain’s independence; no related-party transactions with Spain beyond standard investor rights disclosure . |
| Veeva Systems (former) | Public board 2008–2014 | No current interlock with DOCS; independent service history . |
Expertise & Qualifications
- Growth-stage SaaS investing and governance; long-tenured VC GP (Emergence), strong network in application software .
- Strategic M&A and corporate development (Microsoft, EA) .
- Operating leadership as startup CEO (Madison.com) .
- Education: B.A. Business Administration (UT Austin), MBA (Wharton) .
Equity Ownership
| Holder | Class A Shares | Class B Shares | Total Ownership % | Total Voting Power % |
|---|---|---|---|---|
| Kevin Spain | 750,583 | 2,410,273 | 2.3% | 3.8% |
| Outstanding RSUs (Spain) | — | — | 6,360 shares subject to RSUs | — |
- Hedging/pledging: Company policy prohibits hedging, derivative trading, short selling, margin and pledging for directors; only CEO had a one-time pledging exception (terminated in May 2025). No exceptions disclosed for Spain .
Governance Assessment
- Board effectiveness: Spain chairs the Compensation Committee and serves on Audit—strong alignment with pay governance and financial oversight; committees are fully independent and engage an independent consultant (Aon) deemed conflict-free by the committee .
- Independence and engagement: Affirmed independent; attended at least 75% of meetings; active involvement (compensation committee meetings and actions) supports engagement .
- Compensation alignment: Director pay mix is modest cash plus at-risk equity via time-based RSUs; Spain’s FY2025 compensation totaled $291,348, with stock awards representing ~80% of total—typical for alignment with shareholder value .
- Ownership alignment: Direct beneficial ownership of 2.3% with voting power of 3.8% reflects meaningful skin-in-the-game; RSUs outstanding add alignment over time .
- Potential conflicts and related-party exposure: Spain’s employer receives his director cash fees and Emergence has historical investor rights; however, the board explicitly reaffirmed his independence and disclosed no material related-party transactions involving Spain. Monitor any future DOCS dealings with Emergence portfolio companies for conflicts, but current disclosures are benign .
Signals for investors
- Positive: Independent, dual committee roles (including chair), robust pay governance, independent consultant, and strong say-on-pay support (98.6% in 2024) signal constructive governance alignment .
- Watch items (not red flags): VC affiliation and fee routing to employer; maintain oversight on transactions involving Emergence-affiliated entities and continued independence determinations .