Form 4: Workday Director George J. Still Jr. Sells Shares Under 10b5-1 Trading Plan

Director George J. Still Jr. of Workday, Inc. sold shares of Class A Common Stock on December 16, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• On December 16, 2024, George J. Still Jr., a director of Workday, Inc., sold shares of Class A Common Stock.
• The sales were executed under a Rule 10b5-1 trading plan adopted by the Still Family Trust on October 5, 2023.
• The transactions involved multiple sales at varying prices, ranging from $270.53 to $279.3799 per share.
• A total of 7,500 shares were sold directly.
• After the reported transactions, Mr. Still directly owns 44,247 shares of Class A Common Stock.
• Mr. Still also indirectly owns 82,500 shares through the Still Family Trust and 120,784 shares through Still Family Partners, LLC.
• The filing also clarifies an administrative error in a previous Form 4 regarding the description of Still Family Partners, LLC.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports a routine transaction under a pre-arranged trading plan. There is no indication of positive or negative implications for the company.

Industry Context

Sales by insiders are a common occurrence and are often pre-planned, especially when executed under Rule 10b5-1 trading plans. These plans allow insiders to sell shares at predetermined times and prices to avoid accusations of trading on non-public information. The market typically views these sales in the context of the overall insider holdings and the company's performance.

Comparison to Industry Standards

• Comparing George Still's transactions to other directors in similar SaaS companies, the volume of shares sold is within a normal range for pre-planned sales.
• Companies like Salesforce (CRM) and Adobe (ADBE) often see similar insider transactions, with directors utilizing 10b5-1 plans to manage their equity positions.
• The weighted average prices at which the shares were sold are consistent with the trading price of WDAY on the transaction date.

Stakeholder Impact

• The share sales may have a minor impact on shareholders due to the increased supply of shares in the market, but the effect is likely to be minimal given the pre-planned nature of the transactions and the relatively small volume compared to the total outstanding shares.

Key Dates