Every officer and director reconciles for this period.
External context: we only cite outside events when a documented connection exists. None is shown for this period.
What stands out
Robert Swan bought 3.6K shares for $746K, first on May 7, 2026. These are the first purchases by current officers or directors in the filings on record.Purchase, May 7, 2026
Four officers sold more than 25% of vested holdings: Maria Black (40% of holdings, $8.6M, all under a disclosed plan), Joseph DeSilva (41% of holdings, $2.0M, all under a disclosed plan) and David Kwon (42% of holdings, $1.3M, all under a disclosed plan), plus 1 more.Maria Black: largest sale, Sep 2, 2026 · Joseph DeSilva: largest sale, Sep 2, 2026 · David Kwon: largest sale, Jul 30, 2026
Selling rose in the last 90 days but the year remains well below the 5-year average: officers and directors sold 44K shares, against an average of 2.2K per 90 days earlier in the period. Most of it was Maria Black (30K shares in the last 90 days, 39% of holdings) and Joseph DeSilva (7.1K shares in the last 90 days, 41% of holdings); 100% of these sales were under disclosed plans.Maria Black: largest recent sale, Sep 2, 2026 · Joseph DeSilva: largest recent sale, Sep 2, 2026
Percentages cover 25 of 26 officers and directors. Left out: Vishwas Sugla (held no vested shares at the start). Disclosed company stock is not an insider's whole wealth.
Who sold, and how much of their stake
Officers and directors, past 12 months. Each bar is 100% of that person's own stake; not comparable between people. The stake is the vested shares held at the start of the period (Oct 9, 2025); the gold part is what they sold.
SoldRest of starting stakeAdded during the period
Maria Black
President & CEO
40% · $8.6MDisclosed plan
Joseph DeSilva
Executive VP
41% · $2.0MDisclosed plan
David Kwon
Corp VP
42% · $1.3MDisclosed plan
Christopher D'Ambrosio
Corp. VP
38% · $1.0MDisclosed plan
David Foskett
Corp. VP
15% · $496KDisclosed plan
Selling by month
Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.
Disclosed planOne dollar scale for every month; the tallest bar is labeled
Common questions
Is the Automatic Data Processing CEO selling stock?
Yes. Maria Black sold 31K shares ($8.6M, 40% of starting holdings) in the past 12 months, all of it under a trading plan disclosed in the filings.
Why are Automatic Data Processing insiders selling?
Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 100% of sales by value ran under 10b5-1 trading plans disclosed in the filings. A trading plan schedules sales in advance.
Are any Automatic Data Processing insiders buying?
Yes. 1 officer or director reported 1 purchase in the past 12 months (Form 4 code P, which includes private purchases).
How much of their stake did Automatic Data Processing insiders sell?
About 11% overall. As a group they ended with more shares than they started with. The biggest individual seller, Maria Black, sold shares equal to 40% of starting holdings, but more vested, so the stake grew. That covers the 12 months to Oct 9, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.
The evidence
Who sold6 officers and directors: amount, % of holdings, trading plan
| Who sold | Amount | % of holdings | Trading plan |
|---|---|---|---|
| Maria Black President & CEO | $8.6M 31K shares | 40% | Disclosed plan |
| Joseph DeSilva Executive VP | $2.0M 7.1K shares | 41% | Disclosed plan |
| David Kwon Corp VP | $1.3M 4.9K shares | 42% | Disclosed plan |
| Christopher D'Ambrosio Corp. VP | $1.0M 4K shares | 38% | Disclosed plan |
| David Foskett Corp. VP | $496K 1.8K shares | 15% | Disclosed plan |
| Brian Michaud Executive VP | $448K 2K shares | 12% | Disclosed plan |
The full ownership picture26 of 26 insiders fully reconciled · 26 officers and directors
Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.
| Insider | Held Oct 9, 2025 | Sold | Held Oct 9, 2026 | Still held | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Michael Bonarti Corporate Vice President | 81K | 0 | 89K | no sales | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Michael Bonarti0shares vested or exercised 0gifted (net of own trusts) −7.8Kwithheld by the company for taxes none reportedunvested awards, start → end Stock options (not counted as shares):
Estimate: options held × ($282.87 − strike price), using the most recent insider trade price on Form 4 (Sep 3, 2026), not a market close. | ||||||||||||||||||||||||||||
| Maria Black President & CEO | 76K | −31K | 81K | +5.9% | ||||||||||||||||||||||||
| Sreenivasa Kutam Corp VP | 41K | 0 | 50K | no sales | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Sreenivasa Kutam0shares vested or exercised 0gifted (net of own trusts) −7.6Kwithheld by the company for taxes none reportedunvested awards, start → end Stock options (not counted as shares):
Estimate: options held × ($282.87 − strike price), using the most recent insider trade price on Form 4 (Sep 3, 2026), not a market close. | ||||||||||||||||||||||||||||
| Carlos Rodriguez Director | 35K | 0 | 48K | no sales | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Carlos Rodriguez | ||||||||||||||||||||||||||||
| Peter Bisson Director | 21K | 0 | 23K | no sales | ||||||||||||||||||||||||
| Sandra Wijnberg Director | 19K | 0 | 21K | no sales | ||||||||||||||||||||||||
| Don McGuire Corp VP | 18K | 0 | 18K | no sales | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Don McGuire0shares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end Stock options (not counted as shares):
Estimate: options held × ($282.87 − strike price), using the most recent insider trade price on Form 4 (Sep 3, 2026), not a market close. | ||||||||||||||||||||||||||||
| Joseph DeSilva Executive VP | 18K | −7.1K | 19K | +7.3% | ||||||||||||||||||||||||
Brian MichaudiIncludes unvested RSUs, amount not disclosed. New Form 3 filed 2025-01-02; earlier filings set aside. Executive VP | 16K | −2K | 19K | +15% | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Brian Michaud0shares vested or exercised 0gifted (net of own trusts) −2.5Kwithheld by the company for taxes none reportedunvested awards, start → end
Stock options (not counted as shares):
Estimate: options held × ($282.87 − strike price), using the most recent insider trade price on Form 4 (Sep 3, 2026), not a market close. | ||||||||||||||||||||||||||||
| Thomas Lynch Director | 15K | 0 | 17K | no sales | ||||||||||||||||||||||||
| Scott Powers Director | 14K | 0 | 16K | no sales | ||||||||||||||||||||||||
Virginia MagliuloiIncludes unvested RSUs, amount not disclosed. New Form 3 filed 2025-01-02; earlier filings set aside. Executive VP | 14K | 0 | 18K | no sales | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Virginia Magliulo0shares vested or exercised 0gifted (net of own trusts) −2.7Kwithheld by the company for taxes none reportedunvested awards, start → end
Stock options (not counted as shares):
Estimate: options held × ($282.87 − strike price), using the most recent insider trade price on Form 4 (Sep 3, 2026), not a market close. | ||||||||||||||||||||||||||||
| David Kwon Corp VP | 12K | −4.9K | 13K | +10% | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for David Kwon+3.2Kshares vested or exercised 0gifted (net of own trusts) −2Kwithheld by the company for taxes none reportedunvested awards, start → end Stock options (not counted as shares):
Estimate: options held × ($282.87 − strike price), using the most recent insider trade price on Form 4 (Sep 3, 2026), not a market close. | ||||||||||||||||||||||||||||
David FoskettiIncludes unvested RSUs, amount not disclosed. Corp. VP | 12K | −1.8K | 14K | +20% | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for David Foskett | ||||||||||||||||||||||||||||
Peter HadleyiIncludes unvested RSUs, amount not disclosed. CFO | 11K | 0 | 17K | no sales | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Peter Hadley0shares vested or exercised 0gifted (net of own trusts) −1.7Kwithheld by the company for taxes none reportedunvested awards, start → end
Stock options (not counted as shares):
Estimate: options held × ($282.87 − strike price), using the most recent insider trade price on Form 4 (Sep 3, 2026), not a market close. | ||||||||||||||||||||||||||||
| Christopher D'Ambrosio Corp. VP | 11K | −4K | 9.9K | 94% | ||||||||||||||||||||||||
| Francine Katsoudas Director | 10K | 0 | 12K | no sales | ||||||||||||||||||||||||
| Nazzic Keene Director | 8.8K | 0 | 9.7K | no sales | ||||||||||||||||||||||||
| Paul Boland Corp. VP | 7.2K | 0 | 12K | no sales | ||||||||||||||||||||||||
| Linnie Haynesworth Director | 5.9K | 0 | 6.9K | no sales | ||||||||||||||||||||||||
Samantha OrihuelaiStarted reporting during the period; starting holdings are from the Form 3. Chief Marketing Officer | 5.7K | 0 | 6.7K | no sales | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Samantha Orihuela0shares vested or exercised 0gifted (net of own trusts) −154withheld by the company for taxes none reportedunvested awards, start → end
Stock options (not counted as shares):
Estimate: options held × ($282.87 − strike price), using the most recent insider trade price on Form 4 (Sep 3, 2026), not a market close. | ||||||||||||||||||||||||||||
| David Goeckeler Director | 5.2K | 0 | 6.7K | no sales | ||||||||||||||||||||||||
Jonathan LehbergeriIncludes unvested RSUs, amount not disclosed. Corp. VP | 4.5K | 0 | 5.7K | no sales | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Jonathan Lehberger0shares vested or exercised 0gifted (net of own trusts) −406withheld by the company for taxes none reportedunvested awards, start → end
Stock options (not counted as shares):
Estimate: options held × ($282.87 − strike price), using the most recent insider trade price on Form 4 (Sep 3, 2026), not a market close. | ||||||||||||||||||||||||||||
Robert SwaniStarted reporting during the period; starting holdings are from the Form 3. Director | 115 | 0 | 5.2K | no sales | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Robert Swan | ||||||||||||||||||||||||||||
Karen LynchiStarted reporting during the period; starting holdings are from the Form 3. Director | 82 | 0 | 1.5K | no sales | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Karen Lynch | ||||||||||||||||||||||||||||
| Vishwas Sugla Chief Strategy Officer | 0 | 0 | 4.9K | no sales | ||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Vishwas Sugla0shares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end
| ||||||||||||||||||||||||||||
26 of 26 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (26 exactly, 0 with a minor or footnoted difference). Percentages cover 25 of 26 officers and directors. Left out: Vishwas Sugla (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.
What explains the selling$13.8M of sales by plan status, purpose, seller and month
Officer and director open-market sales: $13.8M across 50,393 shares. Plan status and stated purpose are separate questions, and a sale can have both.
Taxes
84,850 shares ($24.0M) were withheld by the company for taxes, which isn't a market sale.
Purchases · 1 buyer (1 trade)
1 officer or director bought shares in this period, in 1 trade(Form 4 code P). Across all their filings on record there is 1 purchase trade.
| Seller | Shares sold | Proceeds | Under a disclosed plan | Share of total | Sales dates |
|---|---|---|---|---|---|
| Maria Black President & CEO | 31K | $8.6M | 100% | 62% | Jan 5, 2026 to Sep 2, 2026 |
| Joseph DeSilva Executive VP | 7.1K | $2.0M | 100% | 15% | Sep 2, 2026 to Sep 3, 2026 |
| David Kwon Corp VP | 4.9K | $1.3M | 100% | 9% | Jan 6, 2026 to Aug 20, 2026 |
| Christopher D'Ambrosio Corp. VP | 4K | $1.0M | 100% | 7% | Jan 13, 2026 to Sep 2, 2026 |
| David Foskett Corp. VP | 1.8K | $496K | 100% | 4% | Feb 5, 2026 to Sep 2, 2026 |
| Brian Michaud Executive VP | 2K | $448K | 100% | 3% | Feb 6, 2026 to Aug 21, 2026 |
Sales by month
| Month | Sale proceeds | Disclosed plan | To cover taxes | No plan disclosed |
|---|---|---|---|---|
| Oct 2025 | $0 | $0 | $0 | $0 |
| Nov 2025 | $0 | $0 | $0 | $0 |
| Dec 2025 | $0 | $0 | $0 | $0 |
| Jan 2026 | $774K | $774K | $0 | $0 |
| Feb 2026 | $413K | $413K | $0 | $0 |
| Mar 2026 | $113K | $113K | $0 | $0 |
| Apr 2026 | $106K | $106K | $0 | $0 |
| May 2026 | $180K | $180K | $0 | $0 |
| Jun 2026 | $0 | $0 | $0 | $0 |
| Jul 2026 | $641K | $641K | $0 | $0 |
| Aug 2026 | $257K | $257K | $0 | $0 |
| Sep 2026 | $11.4M | $11.4M | $0 | $0 |
| Oct 2026 | $0 | $0 | $0 | $0 |
Is this normal? Selling year by year5 earlier years to compare with
Less than usual: about one-eighth of the 5-year average. 6 insiders sold; the average is 13 a year.
| 12 months ending | Shares sold | Insiders who sold | Proceeds |
|---|---|---|---|
| Oct 9, 2026 Latest 12 months | 50K | 6 | $13.8M |
| Oct 9, 2025 1 year earlier | 264K | 13 | $78.5M |
| Oct 9, 2024 2 years earlier | 397K | 11 | $106M |
| Oct 10, 2023 3 years earlier | 422K | 10 | $103M |
| Oct 10, 2022 4 years earlier | 615K | 17 | $145M |
| Oct 10, 2021 5 years earlier | 394K | 16 | $72.5M |
Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.
Known gaps and uncertaintyEvery officer and director reconciles
Sources and methodology2,506 filings from SEC EDGAR, and how we read them
All 2,506 Forms 3, 4 and 5 filed for Automatic Data Processing (SEC CIK 8670) from Jan 2, 2003 to Sep 10, 2026, retrieved from SEC EDGAR on Oct 9, 2026. Prices are the ones reported in each filing, often weighted averages. 2 filings were left out because Automatic Data Processing filed them as an owner of another company's stock. 29 older filings exist only on paper and could not be read.
Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.
Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".
Former or inactive filers (72)No filing in 18 months; last reported balances, not in any total
Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.