Form 4: Workday Director Wayne A.I. Frederick Sells Shares Under 10b5-1 Trading Plan

Wayne A.I. Frederick, a director at Workday, Inc., executed multiple sales of Class A Common Stock on October 11, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• On October 11, 2024, Wayne A.I. Frederick, a director of Workday, Inc., sold shares of Class A Common Stock.
• The sales were executed under a Rule 10b5-1 trading plan adopted on July 12, 2024.
• A total of 1,028 shares were sold at a weighted average price of $241.279, with individual prices ranging from $240.78 to $241.7799.
• An additional 600 shares were sold at a weighted average price of $242.1483, with individual prices ranging from $241.86 to $242.8599.
• Finally, 200 shares were sold at a weighted average price of $243.91, with individual prices ranging from $243.56 to $244.5599.
• Following these transactions, Frederick still beneficially owns 8,674 shares of Class A Common Stock, which includes 3,851 restricted stock units (RSUs).

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports the sale of shares under a pre-arranged trading plan, which is a common practice.

Industry Context

Sales by company directors are a common occurrence and are often pre-planned to avoid accusations of insider trading. The use of a 10b5-1 trading plan allows insiders to sell shares at predetermined times and prices.

Comparison to Industry Standards

• It's common for executives and directors at publicly traded companies like Workday to utilize 10b5-1 trading plans to diversify their holdings and manage personal finances.
• Comparable companies such as Salesforce (CRM) and Oracle (ORCL) also see similar filings from their executives and directors.
• The volume of shares sold is relatively small compared to the total outstanding shares of Workday, suggesting it's likely a routine transaction rather than a significant event.

Stakeholder Impact

• The sale of shares by a director could have a minor impact on shareholder sentiment, but is unlikely to have a significant long-term effect given the existence of the 10b5-1 trading plan.

Key Dates