Michaud Brian L. 4

What Happened

• Brian L. Michaud, Executive Vice President of Automatic Data Processing, had 131.872 shares withheld to satisfy a tax liability related to equity compensation. The withholding price was $246.82 per share, resulting in proceeds of about $32,549. This is a disposition for tax purposes, not an open-market sale.

Key Details

• Transaction date: 2026-02-02; Filing date: 2026-02-03 (timely)
• Action code: F — Payment of exercise price or tax liability (shares withheld)
• Shares withheld/disposed: 131.872 at $246.82 each; total ≈ $32,549
• Shares owned after transaction: not specified in the provided filing
• Notable: This appears to be tax withholding tied to prior option exercise or vesting; no 10b5-1 or late-filing flags reported

Context

• Shares withheld to cover taxes are routine after option exercises or restricted stock vesting and do not represent an open-market sale or new investment decision. For retail investors, these transactions are typically administrative and less informative about the insider’s view of the company than purchases.