Form 4: Workday Co-Founder David Duffield Sells Over 73,000 Class A Shares Under Pre-Arranged 10b5-1 Plan

Workday, Inc. Director and 10% Owner David A. Duffield reported the conversion of Class B shares to Class A and subsequent sale of 73,971 Class A Common Stock shares through a pre-arranged Rule 10b5-1 trading plan.

Summary

• David A. Duffield, a Director and 10% Owner of Workday, Inc. (WDAY), reported transactions on June 24, 2025, as detailed in an SEC Form 4 filing.
• He converted 73,971 shares of Class B Common Stock into Class A Common Stock.
• Subsequently, he sold a total of 73,971 shares of Class A Common Stock in multiple transactions.
• The sales were executed under a Rule 10b5-1 trading plan previously adopted on December 3, 2024, by the David A. Duffield Trust, the Cheryl D. Duffield Trust, and the Dave & Cheryl Duffield Foundation.
• The sales occurred at weighted average prices ranging from $238.1577 to $239.9622 per share.
• Following these transactions, David A. Duffield beneficially owns 102,997 shares of Class A Common Stock directly through the David A. Duffield Trust and 30,000 shares indirectly through the Dave and Cheryl Duffield Foundation.
• He also directly beneficially owns 42,066,651 shares of Class B Common Stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While insider selling can sometimes be viewed negatively, the disclosure that it was conducted under a pre-arranged 10b5-1 plan mitigates concerns, indicating a planned liquidity event rather than a reaction to adverse company news.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which indicates a planned, non-discretionary transaction rather than a reaction to new, potentially negative, information.

Negatives

• Insider selling, even under a 10b5-1 plan, can sometimes be perceived negatively by investors as it reduces the insider's direct equity exposure in the company.

Future Outlook

The document does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction, as it is a report of insider transactions.

Industry Context

This Form 4 filing reports routine insider stock transactions and does not provide information relevant to broader industry trends or competitive analysis.

Comparison to Industry Standards

• This document, an SEC Form 4, reports individual insider stock transactions and does not contain information that allows for a comparison to global industry benchmarks, comparable companies, projects, or results.

Related Party Transactions

• The sales were effected pursuant to a Rule 10b5-1 trading plan previously adopted by the David A. Duffield Trust, the Cheryl D. Duffield Trust, and the Dave & Cheryl Duffield Foundation.

Stakeholder Impact

• Shareholders: The sale of shares by a significant insider, even under a 10b5-1 plan, could be interpreted by some shareholders as a reduction in the insider's direct stake, though the pre-planned nature typically lessens negative implications.

Key Dates

Keywords

Workday, WDAY, SEC Form 4, insider trading, stock sale, David Duffield, 10b5-1 plan, Class A Common Stock, Class B Common Stock