Rule 10b5-1 trading plans: how insiders trade on a schedule
A Rule 10b5-1 plan lets an insider set up a schedule of trades in advance, at a time when they hold no inside information, so later trades under it can go ahead even if they learn something. Since 2023 a director or officer must wait at least 90 days after adopting a plan, and up to 120 days, before the first trade, and Form 4 has a checkbox for trades made under a plan.
Directors and officers
Wait 90 days, or two business days after the next 10-Q or 10-K if later, up to 120 days
Other people
Wait 30 days
On Form 4
A checkbox for plan trades, from 1 April 2023
On Form 144
The date the plan was adopted
The newest trades made under a trading plan, to 21 Oct 2026
| Filed | Ticker | Insider | Role | Type | Shares | Price | Value | Form 4 |
|---|---|---|---|---|---|---|---|---|
| 21 Oct 2026 | ADI | Puccio Richard C Jr | Chief Financial Officer | Sale, trading plan | 1,500 | $389.46 | $584,190 | Open ↗ |
| 21 Oct 2026 | CRWD | Kurtz George | PRESIDENT AND CEO | Sale, trading plan | 240 | $222.30 | $53,352 | Open ↗ |
| 21 Oct 2026 | CRWD | Kurtz George | PRESIDENT AND CEO | Sale, trading plan | 59 | $223.37 | $13,179 | Open ↗ |
| 21 Oct 2026 | CVX | Pate R. Hewitt | Chief Legal Officer | Sale, trading plan | 40,700 | $226.65 | $9.2M | Open ↗ |
| 21 Oct 2026 | CVX | Pate R. Hewitt | Chief Legal Officer | Sale, trading plan | 2,400 | $225.61 | $541,466 | Open ↗ |
| 21 Oct 2026 | HSY | Hershey Trust Co Trustee In Trust For Milton Hershey School | 10% owner | Sale, trading plan | 5,643 | $167.67 | $946,185 | Open ↗ |
| 21 Oct 2026 | HSY | Hershey Trust Co Trustee In Trust For Milton Hershey School | 10% owner | Sale, trading plan | 3,155 | $168.50 | $531,619 | Open ↗ |
| 21 Oct 2026 | META | Olivan Javier | Chief Operating Officer | Sale, trading plan | 946 | $707.20 | $669,011 | Open ↗ |
| 21 Oct 2026 | META | Olivan Javier | Chief Operating Officer | Sale, trading plan | 82 | $707.20 | $57,990 | Open ↗ |
| 21 Oct 2026 | VRSN | Bidzos D James | Exec. Chairman, Pres, & CEO | Sale, trading plan | 400 | $304.32 | $121,729 | Open ↗ |
| 21 Oct 2026 | VRSN | Bidzos D James | Exec. Chairman, Pres, & CEO | Sale, trading plan | 200 | $305.24 | $61,048 | Open ↗ |
| 21 Oct 2026 | VZ | Malady Kyle | EVP and Group CEO-VZ Business | Sale, trading plan | 1,100 | $44.48 | $48,928 | Open ↗ |
| 21 Oct 2026 | CRBG | Nippon Life Insurance Co | 10% owner | Purchase, trading plan | 162,024 | $34.51 | $5.6M | Open ↗ |
| 21 Oct 2026 | CRUS | Baumgartner Jeffrey W | EVP, R&D | Sale, trading plan | 1,166 | $107.75 | $125,636 | Open ↗ |
| 21 Oct 2026 | HUBS | Halligan Brian | Director | Sale, trading plan | 8,500 | $239.57 | $2.0M | Open ↗ |
| 21 Oct 2026 | PCTY | Sarowitz Steven I | Director | Sale, trading plan | 4,570 | $165.99 | $758,574 | Open ↗ |
| 21 Oct 2026 | PCTY | Sarowitz Steven I | Director | Sale, trading plan | 5,875 | $166.47 | $978,011 | Open ↗ |
| 21 Oct 2026 | PINS | Rajaram Gokul | Director | Sale, trading plan | 1,050 | $22.84 | $23,982 | Open ↗ |
| 21 Oct 2026 | PINS | Silbermann Benjamin | Director | Sale, trading plan | 46,875 | $22.94 | $1.1M | Open ↗ |
| 21 Oct 2026 | QLYS | Posey Bruce K | CHIEF LEGAL OFFICER | Sale, trading plan | 84 | $184.33 | $15,484 | Open ↗ |
The whole dataset: US insider trading data from Form 4 filings
Why it matters when you read insider sales
Many sales by senior insiders now run under a plan, so the date of a sale was fixed months earlier and says little about what the insider thought that week. A sale outside a plan, or a plan adopted or changed shortly before a large sale, deserves a closer look. The Form 4 checkbox and the plan date on Form 144 are where you see which is which.
The 2023 changes
The SEC's amendments, adopted in December 2022, added the cooling-off periods, a written statement from directors and officers that they hold no inside information when they adopt a plan, limits on overlapping plans for anyone other than the company, and a limit of one single-trade plan in any 12 months. Companies also now report each quarter when their directors and officers adopt or end a plan.
Questions
10b5-1 trading plans: common questions
How long is the cooling-off period for a 10b5-1 plan?
For directors and officers, the later of 90 days after adopting the plan or two business days after the company files its 10-Q or 10-K for the quarter the plan was adopted in, with a maximum of 120 days. For other people except the company, 30 days.
How can I tell if an insider sale was under a 10b5-1 plan?
Since 1 April 2023, Form 4 has a checkbox for trades made under a plan, and the insider gives the date the plan was adopted in the explanation. Form 144 also asks for the date the plan was adopted.
Can an insider have more than one plan?
The 2023 rules limit overlapping plans for everyone except the company itself, and allow only one single-trade plan in any 12 months.
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