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Rule 10b5-1 Plan Database


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

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.

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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