Wealth Signal
Edition · Edition 041 / Transferable To You · Item 02

Slootman’s 10b5-1 plan

Principle only

The legal device does not transfer. Rule 10b5-1 buys an affirmative defence against insider-trading liability. You have no such liability in your own private company’s shares, so there is nothing to buy and no Canadian analogue to buy it with.

What does transfer is the construction that made it informationless: the plan is denominated in shares, not dollars, so the count cannot flex with the price, and the decision was made in September 2025 for trades executed through 2026. The private-company versions: a shareholders’ agreement with a pre-agreed redemption or buy-back schedule and a stated valuation formula, fixed before anyone knows what the company will be worth; and, for the liquid portfolio outside the business, automatic contributions on a fixed schedule rather than deployed when it feels right. The discipline is real even where the statute is not.

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