Rule 10b5-1 plan: how a pre-scheduled trade loses its MNPI signal
Tan's Aug 10 sale flows through a plan adopted Nov 11, 2025 — the trade pattern reflects plan cadence, not a fresh view of the business.
10b5-1 plan sale
Discretionary open-market
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10b5-1 plan plumbing: adoption gate to cadence execution
A trading plan conduit that pre-schedules insider sales; toggling between plan sale and discretionary sale reroutes the trade to a different signal terminal.
Plan adopted
Nov 11, 2025
MNPI?
must be absent
Trade instructions
size · price · date
pre-specified or
delegated to broker
Discretion lock
insider has no control
over execution timing
once plan is live
plan cadence rail
May 11
Jul 10
Aug 10
Discretionary sale
insider picks timing
on a fresh view
Trade executes
reaches the market
MNPI signal
low
10b5-1 plan sale.
The Aug 10 trade was pre-scheduled on Nov 11, 2025 — size, price, and date were locked before any catalyst.
Low MNPI signal.