Black Maria, President and CEO, has filed 48 Form 4 transactions across two companies, with a pronounced sell-side bias. The aggregate figures show $9.69 million in open-market sales and zero open-market purchases, while $81,096 in acquired value stems entirely from compensation-related grants and dividend equivalents. The recent activity, spanning roughly the last year, reinforces this pattern: 19 sales against no buys, with the bulk concentrated in Automatic Data Processing (ADP).
The most significant selling occurred on September 3, 2025, when Maria executed a series of 13 open-market sales in ADP totaling approximately $6.3 million. Individual transactions ranged from $93,657 to nearly $2.0 million, indicating a substantial liquidation event. More modest sales followed on January 5, 2026, with six transactions summing to about $183,880. The only other recent ADP activity includes tax-withholding dispositions (code F) of $111,953 each on January 2, 2026, and small dividend equivalents (code I) around $10,000—both non-discretionary in nature.
Outside of ADP, the filings show a single compensation grant (code A) of Delta Air Lines (DAL) stock on June 18, 2026, valued at $0, which is a standard equity award rather than a market transaction. The overall picture is one of consistent monetization of ADP holdings, with no corresponding accumulation. The absence of any open-market purchases, combined with the scale and frequency of sales, points to a clear reduction in exposure to the company’s stock over the observed period.
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