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

George J. Still Jr., a director at Workday, Inc., sold shares of Class A Common Stock on March 13, 2025, under a pre-arranged 10b5-1 trading plan.

Summary

• On March 13, 2025, George J. Still Jr., a director of Workday, Inc., executed sales of Class A Common Stock.
• The sales were conducted under a Rule 10b5-1 trading plan adopted by the Still Family Trust on October 5, 2023.
• A total of 7,490 shares were sold in multiple transactions at weighted average prices ranging from $239.9135 to $242.1325.
• Following the reported transactions, Mr. Still directly owns 44,247 shares of Class A Common Stock and indirectly owns 75,000 shares through the Still Family Trust and 114,784 shares through Still Family Partners, LLC.
• Mr. Still disclaims beneficial ownership of shares held by the Still Family Trust and Still Family Partners, LLC, except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports stock sales under a pre-arranged trading plan, which is a routine activity.

Management Comments

• Mr. Still disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report will not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

Industry Context

Sales by insiders are a common occurrence and are often pre-planned to avoid accusations of trading on inside information. The use of a 10b5-1 trading plan provides a legal framework for insiders to sell shares at predetermined times and prices.

Comparison to Industry Standards

• Insider sales are a normal part of corporate governance.
• Companies like Salesforce (CRM) and Oracle (ORCL) also see regular insider trading activity.
• The key is whether the sales are conducted under pre-arranged plans like Rule 10b5-1, which is considered a best practice.

Stakeholder Impact

• The stock sale could have a minor impact on shareholders if it creates downward pressure on the stock price, although the use of a 10b5-1 plan suggests the sales are routine and not based on inside information.

Key Dates