Form 4: Workday Executive Sells Shares Under 10b5-1 Plan

Workday's President of Product and Technology, Gerrit S. Kazmaier, sold a total of 3,759 Class A Common Stock shares and had 2,427 shares withheld for taxes, all under a pre-arranged 10b5-1 trading plan.

Summary

• Gerrit S. Kazmaier, President, Product and Technology at Workday, Inc., reported transactions involving Class A Common Stock.
• On January 5, 2026, 2,427 shares were withheld by Workday to satisfy tax withholding obligations related to the vesting of restricted stock units (RSUs) at a price of $205.79 per share.
• On January 6, 2026, Mr. Kazmaier sold a total of 3,759 shares of Class A Common Stock in multiple transactions.
• The sales were executed under a Rule 10b5-1 trading plan adopted on September 19, 2025.
• The sales occurred at weighted average prices ranging from $206.78 to $210.109 per share.
• Following these transactions, Mr. Kazmaier beneficially owns 105,167 shares, which include 105,167 RSUs convertible into Class A Common Stock upon settlement, subject to continued service.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions, specifically sales and tax withholdings, executed under a pre-arranged 10b5-1 trading plan. This type of transaction is generally considered neutral as it does not typically signal new information about the company's prospects or management's confidence.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding Workday, Inc.'s future performance or strategic direction.

Industry Context

Insider transactions, particularly those executed under Rule 10b5-1 plans, are common in the technology sector as a means for executives to manage their personal finances and diversify holdings in a compliant manner. These routine sales typically do not reflect new information about the company's operational performance or outlook.

Stakeholder Impact

• Shareholders: The transactions represent a routine reduction in direct shareholdings by a key executive, which is common for personal financial planning and diversification. Given the 10b5-1 plan, it is unlikely to signal any change in the company's fundamental outlook.
• Employees: No direct impact on employees is indicated by this filing.

Key Dates

Recommendation

The reported insider sales were conducted under a pre-established Rule 10b5-1 trading plan, indicating they are routine and pre-scheduled for personal financial management rather than a reaction to new material information. Therefore, this filing alone does not provide a basis to alter an existing investment thesis or recommendation for Workday, Inc. A 'hold' recommendation is appropriate as it suggests no new fundamental catalyst for buying or selling based solely on this insider transaction report.

Keywords

Workday, WDAY, Insider Transaction, Form 4, Stock Sale, Executive Compensation, 10b5-1 Plan, Restricted Stock Units