Using a proprietary process to match Form 144 filings with corresponding Form 4s, The Washington Service has built a database that captures the most comprehensive reporting of 10b5-1 plan activity. WS also captures all disclosures of new 10b5-1 plans from corporate filings on Form 10-K, 10-Q, 8-K, 20-F, and 13D/G.
Rule 10b5-1 Plan Database
Overview
The Washington Service (WS) maintains a fully comprehensive database of Rule 10b5-1 plan information, derived from Forms 4/5, Forms 144, and other corporate filings such as Forms 10-K and 10-Q. The majority of Rule 10b5-1 plan information is gleaned from the footnotes and recently added checkbox on Form 4/5, and the explicit line for plan adoption date on Form 144. WS also parses Rule 10b5-1 data from other EDGAR filings, in which disclosures are now more prevalent. By linking plans and transactions across all of these sources, our Rule 10b5-1 database can provide a complete picture of 10b5-1 disclosures and behavior.
Our database of Rule 10b5-1 plans also improves on trade-level reporting by including transactions by related entities (e.g. family trusts) and by matching Form 4 and Form 144 transactions to their respective plans. Through paired mapping with our proprietary Related Insider concepts, the 10b5-1 Plan Database provides ample resources to aid in complex analysis:
- How often is a proposed Form 144 sale completed with Form 4s and over what time period?
- How often is Rule 10b5-1 disclosed on a Form 144 but not on the corresponding Form 4?
- What is the typical Rule 10b5-1 plan length from first trade to last trade?
- How common are single trade Rule 10b5-1 plans? How common are overlapping Rule 10b5-1 plans by the same individual and issuer?
This plan information has become more and more relevant as Rule 10b5-1 is amended and insiders utilize plans differently.
Key Features
Use of Multiple Sources to Form Comprehensive Database
Because this information is hard to source (Form 144s were submitted on paper to the SEC until April 2023), our extensive database containing plan details back to 2016 is one-of-a-kind.
Using our proprietary process for matching corresponding Form 4s and Form 144s, The Washington Service maps filers to their related entities, giving a more comprehensive view of an insider's Rule 10b5-1 plan activity.
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