Form 4: Paylocity Director Steven I. Sarowitz Sells Shares Under 10b5-1 Plan

Director Steven I. Sarowitz sold a total of 6,900 Paylocity shares in multiple transactions on December 4, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• Steven I. Sarowitz, a director and 10% owner of Paylocity Holding Corp, sold 6,900 shares of common stock on December 4, 2024.
• The sales were executed under a pre-arranged 10b5-1 trading plan adopted on September 15, 2023.
• The shares were sold in multiple transactions at weighted average prices of $208.10, $209.14, and $209.80.
• The total number of shares owned directly by Sarowitz after these transactions is 8,933,409.
• Sarowitz also indirectly owns 20,000 shares through the Jessica P. Sarowitz Declaration of Trust.

Sentiment

Score: 5

Explanation: The document is a routine SEC filing for insider transactions, which is neither positive nor negative. The sales were pre-planned under a 10b5-1 plan.

Industry Context

This is a routine filing for insider transactions and is common for executives and directors of publicly traded companies. The use of a 10b5-1 plan indicates that the sales were pre-planned and not based on any material non-public information.

Comparison to Industry Standards

• The use of a 10b5-1 trading plan is a common practice among corporate insiders to avoid accusations of insider trading, similar to practices at companies like Workday and Salesforce.
• The reported transactions are consistent with typical Form 4 filings seen across the technology sector.
• The volume of shares sold is relatively small compared to the total shares owned by Sarowitz, which is a common pattern for insiders who are diversifying their holdings.

Stakeholder Impact

• The stock sale by a director may have a minor impact on investor sentiment, but the pre-planned nature of the transactions should mitigate any significant concerns.
• The transactions do not directly impact employees, customers, or suppliers.

Key Dates

Keywords

Paylocity, insider trading, Form 4, 10b5-1 plan, stock sale, Steven I. Sarowitz, director, shareholder