Survey Results: Rule 10b5-1 Plan Practices


1. Does your company require insiders to sell shares only pursuant to a Rule 10b5-1 trading plan? (Total responses: n=52)
(select only one)
n=2 (3.85%) Yes, insiders are required to use Rule 10b5-1 plans in order to sell shares
n=16 (30.77%) No, but they are strongly encouraged
n=34 (65.38%) No, and they are not explicitly encouraged
n=0 (0.00%) Not sure, it hasn't come up

2. Does your company review and approve each insider's Rule 10b5-1 trading plan? (Total responses: n=52)
(select only one)
n=41 (78.85%) Yes, it is subject to prior review and approval by the company pursuant to the insider trading policy
n=7 (13.46%) Yes, but only the template plan is reviewed and not the actual trading schedule
n=0 (0.00%) No, but we have a broker that we require to be used and have reviewed that brokers template
n=4 (7.69%) No, and there is no requirement to go through a specific broker

3. Does your company allow sales of shares through Rule 10b5-1 trading plans during blackout periods? (Total responses: n=52)
(select only one)
n=44 (84.62%) Yes
n=3 (5.77%) No
n=5 (9.62%) Not sure, it hasn't come up

4. Does your company require a waiting period between execution of Rule 10b5-1 trading plans and time of first sale? (Total responses: n=52)
(select only one)
n=7 (13.46%) Yes, it is a two week waiting period or less
n=12 (23.08%) Yes, it is a one month waiting period (or close to it)
n=3 (5.77%) Yes, it is a two month waiting period (or close to it)
n=6 (11.54%) Yes, it is a waiting period until the next open window
n=19 (36.54%) No
n=5 (9.62%) Not sure, it hasn't come up

5. Does your company allow insiders to voluntarily terminate a Rule 10b5-1 plan?(Total responses: n=51)
(select only one)
n=38 (74.51%) Yes
n=13 (25.49%) No, only terminations dictated by the trading plan are allowed

6. Does your company make public disclosure of the insiders' Rule 10b5-1 trading plans?(Total responses: n=52)
(select only one)
n=16 (30.77%) Yes, but only for directors and/or one or more officers
n=2 (3.85%) Yes, for all directors and employees
n=34 (65.38%) No

7. If your company makes public disclosure, how does it do it? (Total responses: n=20)
(select only one)
n=11 (55.00%) Form 8-K
n=1 (5.00%) Press release
n=0 (0.00%) Website posting
n=3 (15.00%) Combination of above
n=5 (25.00%) Other