Company: ADP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000008670-25-000015
Chunk: 138

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 138
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31, 2025374,139 $303.22 373,926 $2,128,823,410 Total999,130 996,946  

(1)     During the three months ended March 31, 2025, pursuant to the terms of the Company’s restricted stock program, the Company purchased 2,184 shares at the then-market value of the shares to satisfy certain tax withholding requirements for employees upon the vesting of their restricted shares. (2)The Company received the Board of Directors' approval in November 2022 to repurchase $5 billion of its common stock. (3)Inclusive of the impact of the one-percent excise tax under the Inflation Reduction Act of 2022.

There is no expiration date for the common stock repurchase authorization.

41

Item 5.  Other Information

(a) On April 28, 2025, the Board of Directors (the "Board") of the Company amended and restated the Company's By-Laws to make minor clarifying changes under Sections 2.04 and 2.05 of the By-Laws. The full text of the amended and restated By-Laws is attached hereto as Exhibit 3.1 and is incorporated herein by reference.

(c) The following individuals became executive officers under Section 16 of the Securities Exchange Act of 1934 during the fiscal quarter ended March 31, 2025.  We are reporting the following trading arrangements that are intended to satisfy the affirmative defense of Rule 10b5–1(c), which the executive officers adopted prior to becoming executive officers.  For the fiscal quarter ended March 31, 2025, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Name & TitleDate of AdoptionDuration of Trading ArrangementThe maximum number of securities to be sold pursuant to the trading arrangement (1)David Foskett,President, Global SalesSeptember 5, 2024January 6, 2025 – September 2, 20255,177Virginia Magliulo,Executive Vice President, Employer Services InternationalSeptember 5, 2024January 6, 2025 – December 31, 20255,643Brian Michaud,Executive