Paycom Insider Report: Smith Disposes 2,700 PAYC Shares; Trust Holds 24,533
Rhea-AI Filing Summary
Paycom Software, Inc. (PAYC) insider Bradley Scott Smith reported multiple disposals of common stock, primarily by the Bradley Scott Smith Revocable Trust. The Form 4 shows a July 17, 2025 transfer of 1,200 shares reported as a disposition and multiple sales on September 12, 2025 totaling 1,500 shares at weighted average prices in the $222.01 to $225.81 range. Following these transactions, the reporting person beneficially owned 24,533 shares indirectly through the revocable trust. The filing discloses that the September sales were made under a Rule 10b5-1 trading plan adopted December 12, 2024, and that reported holdings include unvested restricted stock units and restricted shares.
Positive
- Sales executed under a Rule 10b5-1 plan, indicating pre-established trading intent and reduced concerns about opportunistic timing
- Clear disclosure of trust ownership and unvested equity, improving transparency about the reporting person’s beneficial ownership
Negative
- Insider dispositions totaling 2,700 shares between July and September 2025, which modestly reduce officer-linked holdings
- Remaining beneficial ownership is indirect via a revocable trust, which can obscure direct control or intent though disclosed
Insights
TL;DR Insider sold a modest number of shares under a pre-established 10b5-1 plan; holdings remain concentrated in a revocable trust.
The sales comprise 2,700 shares disposed between July and September 2025, executed partly under a Rule 10b5-1 plan which reduces the implication of opportunistic timing. The reporting person now reports 24,533 indirect shares held by the revocable trust and discloses 13,294 unvested RSUs plus 26,000 unvested restricted shares as part of total beneficial ownership calculations. For investors, this is a routine disclosure showing ongoing officer liquidity rather than a clear signal of company fundamentals.
TL;DR Proper use of a 10b5-1 plan and clear trust disclosure align with good governance and SEC reporting practices.
The filing explicitly states the 10b5-1 plan adoption date and provides weighted average price ranges for the September sales, and the reporting person discloses the trust structure and pecuniary-interest disclaimer. Inclusion of unvested equity amounts enhances transparency. These disclosures follow expected governance norms for officer trades and beneficial ownership reporting.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 586 | $222.54 | $130K |
| Sale | Common Stock | 752 | $223.47 | $168K |
| Sale | Common Stock | 138 | $224.82 | $31K |
| Sale | Common Stock | 24 | $225.69 | $5K |
| Gift | Common Stock | 1,200 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Bradley Scott Smith Revocable Trust, dated October 30, 2017 (the "Bradley Scott Smith Revocable Trust"), on December 12, 2024. The price reported is a weighted average price. These shares of common stock were sold in multiple transactions at prices ranging from $222.01 to $223.00, inclusive. The reporting person undertakes to provide to Paycom Software, Inc. (the "Issuer"), any security holder of the Issuer or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold in the transactions at each separate price within the range set forth in this footnote. The Bradley Scott Smith Revocable Trust is a revocable trust for the benefit of the reporting person, his spouse, and his children. The reporting person is the trustor and, with his spouse, a co-trustee of the Bradley Scott Smith Revocable Trust. Accordingly, the reporting person reports beneficial ownership of all of the shares of common stock held by the Bradley Scott Smith Revocable Trust but disclaims beneficial ownership except to the extent of his and his spouse's pecuniary interest therein. The price reported is a weighted average price. These shares of common stock were sold in multiple transactions at prices ranging from $223.04 to $223.97, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares sold in the transactions at each separate price within the range set forth in this footnote. The price reported is a weighted average price. These shares of common stock were sold in multiple transactions at prices ranging from $224.56 to $225.46, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares sold in the transactions at each separate price within the range set forth in this footnote. The price reported is a weighted average price. These shares of common stock were sold in multiple transactions at prices ranging from $225.63 to $225.81, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares sold in the transactions at each separate price within the range set forth in this footnote. Includes 13,294 unvested restricted stock units and 26,000 unvested shares of restricted stock.
