[cbhl]

A good 10b5-1 should allow trades to be executed on your behalf even while you might hold non-public information. Useful for cash flow, so you can buy nice things.

But if you control the date of the announcement to line up with instructions in your 10b5-1 plan, that would probably look more like insider trading despite the plan.

[candiodari]

Which is how legal insider trading for management works these days. Because cancelling a 10b5-1 is perfectly legal at any time.

So you could totally abuse the system by submitting 5 of them, designed to allow for different strategies, then cancelling some of them to pick specific trading strategies based on more recent insider info.

And this works: cancelling them is normal, so that won't even attract much attention. It's a matter of executing well on this loophole.