[Form 4] Workday, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Hyatt Hotels Corporation (NYSE: H) filed a Form 144 indicating a proposed sale of up to 4,078 common shares acquired as restricted stock units on 03/16/2025. The shares, representing less than 0.01% of the 41.94 million shares outstanding, have an aggregate market value of roughly $600,000. The planned transaction will be executed through Morgan Stanley Smith Barney LLC on or about 07/10/2025. No other sales have been reported by the filer in the past three months. Given the small size relative to Hyatt’s public float, the filing is routine and should have minimal impact on shareholder dilution or trading liquidity.

Positive

• None.

Negative

• Perception of insider selling: Even routine, the planned ~$600k sale could be viewed defensively by some investors tracking insider sentiment.

Insights

Financial Analyst

TL;DR: Routine insider sale of 4,078 Hyatt shares (~$600k); immaterial to valuation.

The Form 144 discloses a proposed insider sale equivalent to less than 0.01% of shares outstanding, originating from recently vested RSUs. Such sales are common for liquidity or tax purposes and do not signal fundamental weakness. With Hyatt’s average daily volume exceeding 500,000 shares, market absorption risk is negligible. Overall, this filing is informational with no material effect on earnings outlook, capital structure, or governance.

Corporate Governance Expert

TL;DR: Small, disclosed RSU sale; governance procedures intact.

The filer has complied with Rule 144 notice requirements and indicated no undisclosed material information, satisfying best-practice transparency. Absence of past-90-day sales suggests the individual is not pursuing an aggressive liquidation strategy. Execution via a major broker and possible 10b5-1 plan further mitigate perception risks. Impact on shareholder sentiment is expected to be neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DUFFIELD DAVID A

(Last) (First) (Middle)

C/O WORKDAY, INC.

6110 STONERIDGE MALL ROAD

(Street)

PLEASANTON CA 94588

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Workday, Inc. [ WDAY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/08/2025		C		72,551	A	$0	175,548	D(1)
Class A Common Stock	07/08/2025		S(2)		13,638	D	$237.758(3)	161,910	D(1)
Class A Common Stock	07/08/2025		S(2)		12,713	D	$238.3575(4)	149,197	D(1)
Class A Common Stock	07/08/2025		S(2)		13,864	D	$239.8063(5)	135,333	D(1)
Class A Common Stock	07/08/2025		S(2)		24,379	D	$240.5291(6)	110,954	D(1)
Class A Common Stock	07/08/2025		S(2)		7,157	D	$241.5733(7)	103,797	D(1)
Class A Common Stock	07/08/2025		S(2)		800	D	$242.3175(8)	102,997	D(1)
Class A Common Stock								30,000	I	Dave and Cheryl Duffield Foundation

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(9)(10)	07/08/2025		C			72,551	(9)(10)	(9)(10)	Class A Common Stock	72,551	$0	41,921,183	D(1)

Explanation of Responses:

1. The reported shares are held by the David A. Duffield Trust dated July 14, 1988, a revocable living trust, of which the Reporting Person is trustee and sole beneficiary.

2. This sale was effected pursuant to a Rule 10b5-1 trading plan previously adopted by the David A. Duffield Trust, the Cheryl D. Duffield Trust, and the Dave & Cheryl Duffield Foundation dated December 3, 2024.

3. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $237.10 to $238.0999, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any securityholder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4.

4. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $238.10 to $239.0999, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any securityholder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4.

5. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $239.14 to $240.1399, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any securityholder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4.

6. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $240.14 to $241.1399, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any securityholder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4.

7. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $241.15 to $242.1499, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any securityholder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4.

8. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $242.25 to $243.2499, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any securityholder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4.

9. All shares of Class A and Class B Common Stock will convert automatically into shares of a single class of Common Stock upon the earliest to occur of the following: (a) upon the election by the holders of a majority of the then outstanding shares of Class B Common Stock, (b) the date when the number of outstanding shares of Class B Common Stock represents less than 9% of all outstanding shares of Class A and Class B Common Stock, (c) October 11, 2032 or (d) nine months after the death of the later to die of David A. Duffield and Aneel Bhusri. The shares of Class A and Class B Common Stock have no expiration date.

10. Each share of Class B Common Stock is convertible, at any time at the option of the holder, into one (1) share of Class A Common Stock. In addition, each share of Class B Common Stock will convert automatically into one (1) share of Class A Common Stock upon any transfer, whether or not for value, except for certain permitted transfers described in, and transfers to any "permitted transferee" as defined in, the Issuer's restated certificate of incorporation in effect as of the date hereof. The shares of Class B Common Stock have no expiration date.

Remarks:

	/s/ Juliana Capata, attorney-in-fact	07/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Hyatt (H) shares are being sold under this Form 144?

The notice covers up to 4,078 common shares.

What is the market value of the proposed Hyatt share sale?

The aggregate market value is approximately $599,996 based on the filing figures.

When is the anticipated sale date for the Hyatt shares?

The filer lists an approximate sale date of 07/10/2025.

What percentage of Hyatt’s outstanding shares does 4,078 shares represent?

It represents <0.01% of the 41,943,709 shares outstanding.

Where will the Hyatt shares be sold?

The securities are intended to be sold on the NYSE through Morgan Stanley Smith Barney LLC.

Were there any Hyatt shares sold by this insider in the previous three months?

No. The filing states “Nothing to Report” for prior 3-month sales.