Workday CFO Zane Rowe Sells $1.12M in Class A Shares Under Rule 10b5-1 Plan

Executive Summary

On October 7, 2026, Workday, Inc. ($WDAY) Chief Financial Officer Zane Rowe filed a Form 4 disclosing two sets of dispositions in Class A Common Stock:

1. Tax Withholding (Code F): On October 5, 2026, 10,010 shares were withheld at $186.14 per share ($1,863,261.40 total) to satisfy tax liabilities associated with the vesting of restricted stock units (RSUs).
2. Rule 10b5-1 Open Market Sales (Code S): On October 6, 2026, Rowe sold 6,000 shares across multiple tranches at weighted average prices ranging from $184.99 to $189.25, generating total gross proceeds of approximately $1.12M.

Transaction Breakdown

• 2026-10-05 (Tax Withholding): 10,010 shares withheld @ $186.14
• 2026-10-06 (10b5-1 Sales):
  • 300 shares @ $184.99
  • 2,800 shares @ $186.4522
  • 1,000 shares @ $187.1714
  • 1,100 shares @ $188.4127
  • 800 shares @ $189.2461

Post-Transaction Holdings

Following these transactions, Rowe directly holds 269,642 shares of Workday Class A Common Stock, which includes 191,478 RSUs and 5,968 performance stock units (PSUs) subject to ongoing service vesting conditions.

Trading Significance

The trading significance is assessed as Low. The open-market sales were executed pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on March 7, 2025, while the larger block disposition was mandatory tax withholding for vesting equity awards. Rowe maintains a substantial equity exposure to Workday.