Workday ($WDAY) 10% Owner David Duffield Files Form 144 to Sell $18.75M Under 10b5-1 Plan

Executive Summary

On October 1, 2026, the David A. Duffield Trust U/T/A 7/14/88, associated with Workday co-founder and 10% owner David A. Duffield, submitted a Form 144 notice of proposed sale covering 98,446 shares of Workday, Inc. ($WDAY) common stock. The aggregate estimated market value of the planned disposition is $18,750,025.16, representing an approximate share price of $190.46.

Transaction Details

• Filer: David A. Duffield Trust U/T/A 7/14/88
• Relationship to Issuer: 10% Stockholder
• Securities Offered: 98,446 shares of Common Stock
• Estimated Aggregate Market Value: $18,750,025.16
• Approximate Sale Date: October 1, 2026
• Origin of Shares: Originally acquired on December 27, 2007, via private placement directly from the issuer for cash.
• Broker: Morgan Stanley Smith Barney LLC

Plan Execution and Historical Activity

This proposed sale is governed by a pre-established Rule 10b5-1 trading plan adopted on December 2, 2025.

The filing reflects consistent, programmatic selling activity over the past three months under the same plan:

• September 2026: Six transactions totaling 575,441 shares generating ~$111.3M in gross proceeds.
• July 2026: Two transactions totaling 215,000 shares generating ~$29.2M in gross proceeds.

Market Impact & Significance

This filing is assessed as Medium significance. While the nominal value ($18.75M) is substantial, the sale represents an ongoing execution of a scheduled Rule 10b5-1 plan established in late 2025 and accounts for a small fraction of Workday's 196 million outstanding shares.