ADP CEO Black Maria Sells Shares, Receives RSU Award

What Happened

• Black Maria, President & CEO of Automatic Data Processing, received an award of 21,689 restricted stock units (RSUs) on 2026-09-01 (grant reported as acquisition A, $0 value).
• To satisfy tax withholding, 31,215.462 shares were withheld/disposed on 2026-09-01 at $283.49 for proceeds of $8,849,271 (transaction code F).
• On 2026-09-02 she sold 29,810 shares in multiple open-market trades (transaction code S) at prices ranging roughly $278.59–$281.86 for aggregate proceeds of $8,373,873. Total dispositions reported ≈ 61,025.462 shares for combined proceeds of ≈ $17,223,144.

Key Details

• Transaction dates and prices:
  • 2026-09-01: RSU award 21,689 shares (A, $0.00).
  • 2026-09-01: Tax/withholding disposition 31,215.462 shares @ $283.49 = $8,849,271 (F).
  • 2026-09-02: Open-market sales totaling 29,810 shares at ~$278.59–$281.86 = $8,373,873 (S); largest trades included 10,591 sh @ $280.82 ($2,974,142) and 7,724 sh @ $281.66 ($2,175,540).
• Shares owned after transaction: Not specified in the excerpt of the filing.
• Footnotes:
  • F1: The award was RSUs convertible one-for-one to common stock, vesting ratably over 3 years.
  • F2: The open-market sales were effected pursuant to a Rule 10b5-1 trading plan adopted in Sept 2025.
• Filing timeliness: No indication in the filing that this was a late report.

Context

• This was primarily an RSU grant with related tax-withholding and pre-arranged sales. The F-code disposal reflects shares surrendered/withheld to cover tax obligations on vesting; the S-code trades were executed under a 10b5-1 plan, which is a pre-established trading arrangement many insiders use to sell stock on a schedule. These transactions are routine and do not, by themselves, indicate a change in the insider’s view of the company.