Andreesen is a board member, so under Facebook&#x27;s insider-trading policy he is required to conduct sales under a Rule 10b5-1 plan [1]. From FB&#x27;s most recent annual proxy statement [2]: &quot;Certain of our directors and executive officers have adopted written plans, known as Rule 10b5-1 plans, in which they will contract with a broker to buy or sell shares of our common stock on a periodic basis. <i>Under a Rule 10b5-1 plan, a broker executes trades pursuant to parameters established by the director or executive officer when entering into the plan, without further direction from them.</i> The director or executive officer may amend or terminate the plan in specified circumstances. <i>Our executive officers and directors are required to conduct all purchase or sale transactions under a Rule 10b5-1 plan</i>.&quot; (Emphasis added.)<p>&quot;A company making such disclosure <i>[that an insider has adopted a 10b5-1 plan]</i> generally will disclose the existence of a plan but not the specific details.&quot; [3]<p>[1] Form 4 reporting Andreesen&#x27;s sale:  <a href="http:&#x2F;&#x2F;investor.fb.com&#x2F;secfiling.cfm?filingID=1127602-15-30479&amp;CIK=1326801" rel="nofollow">http:&#x2F;&#x2F;investor.fb.com&#x2F;secfiling.cfm?filingID=1127602-15-304...</a><p>[2] <a href="http:&#x2F;&#x2F;edgar.sec.gov&#x2F;Archives&#x2F;edgar&#x2F;data&#x2F;1326801&#x2F;000132680115000019&#x2F;facebook2015proxystatement.htm" rel="nofollow">http:&#x2F;&#x2F;edgar.sec.gov&#x2F;Archives&#x2F;edgar&#x2F;data&#x2F;1326801&#x2F;00013268011...</a><p>[3] <a href="http:&#x2F;&#x2F;media.mofo.com&#x2F;files&#x2F;Uploads&#x2F;Images&#x2F;FAQ10b51.pdf" rel="nofollow">http:&#x2F;&#x2F;media.mofo.com&#x2F;files&#x2F;Uploads&#x2F;Images&#x2F;FAQ10b51.pdf</a>  (&quot;MoFo&quot; is Morrison &amp; Foerster, a leading Bay-Area BigLaw firm.)