Rule 10b5-1 plan
A pre-arranged trading plan that lets an insider buy or sell on a fixed schedule set in advance.
Updated 2026-07-26
Under such a plan an insider fixes the amounts, prices or dates of future trades while they are not in possession of undisclosed material information, and the trades then execute mechanically. Filings can indicate that a transaction was made under a plan and when the plan was adopted.
The consequence for reading the data is direct: the transaction date tells you when the plan fired, not when anyone decided anything. A sale executed today may have been scheduled a year ago.
Where a filing states a plan adoption date, we keep it, because it is the only thing that separates a scheduled trade from a discretionary one.
Related terms
5 entries- Disclosure lag
- The gap between the date something happened and the date it became public.
- Form 4
- The filing in which a company insider reports a change in their holdings, normally within two business days.
- Insider
- A person or entity whose relationship with a company obliges them to report their transactions in its securities.
- Open market purchase
- An insider buying shares on the market with their own money, reported under transaction code P.
- Section 16
- The part of U.S. securities law that requires officers, directors and large holders to report their dealings in the company's shares.
Where this appears in the data
Written for reading the records published here. This is not a legal, tax or accounting definition, and where a jurisdiction defines the term precisely, that definition governs.