Public Company and Insider Information from Securities and Exchange Commission (SEC) Filings

Who Are Insiders?

• An insider is a shareholder who owns more than 10 % of equity in a corporation

or

an officer (the top five highest paid officers)

or

a director of a particular corporation.

Key Securities and Exchange Commission (SEC) documents• Proxy Statement (DEF 14A)

– Contains material facts shareholders will vote on

• Form 3

– Initial report of holdings

• Form 4

– Insider filing reporting the buying and selling of stock

• Form 5

– Annual statement of beneficial ownership

• SEC website: http://www.sec.gov/

Stock Ownership• Beneficial Owner

– The individual who directly or indirectly has the power to sell the security.

• Directly Held Stock

–Sole voting and investment power over shares, including the power to gift the shares.

• Indirectly Held Stock

– Defined by shared voting and/or investment power. Shares owned by family members, foundations, trusts, and pension plans are examples of indirectly held shares claimed by individuals.

• Stock Options – The right to buy a certain number of shares of a given stock at a pre-determined price within a limited period of time.

Historical SEC Edgar Archives:• URL: http://www.sec.gov/cgi-bin/srch-edgar

Results for St. Joe Co.

Results for Robert Bach

Proxy Statement Stock Example• Stock ownership section in DEF14A, The St. Joe Company proxy statement, filed on April 12, 2005

Footnote 16 details

Proxy Statement Compensation Example

• Compensation section in DEF14A, The St. Joe Company proxy statement, filed on April 12, 2005

Example of a Form 4 – • Statement of changes in beneficial ownership,

filed on behalf of Robert Bach on May 11, 2005 reporting Microsoft holdings

• URL: http://www.sec.gov/Archives/edgar/data/789019/000119309605000006/xslF345X02/edgar.xml

Yahoo! Finance• URL: http://finance.yahoo.com/

• Quick, easy place to find basic stock statistics

More Yahoo! Finance features• To look for an individual’s holdings scroll down and

under ownership select insider roster and then click on the individual.

More Yahoo! Finance• Example of Microsoft Corp. (MSFT) insider Robert

Bach transactions

Salary Calculators and SurveysGeneral Salary Calculators

• CBsalary.com - http://www.cbsalary.com

• Salary.com’s Salary Wizard – http://www.salary.com/personal/layoutscripts/psnl_default.asp

Physician Salary Surveys

• Physician Salary Survey – First Year Starting Salary National Average - http://www.physicianssearch.com/physician/salary1.html

• Physician Salary Survey – In Practice Three Plus Years – http://www.physicianssearch.com/physician/salary2.html

Attorneys – Associate Salaries

• FindLaw Career Center – Firm Salaries and Other Statistics Charts – http://www.infirmation.com/shared/insider/payscale.tcl

ResourcesSecurities & Exchange Commission (Homepage):

http://www.sec.gov/index.htm

Securities & Exchange Commission Historical EDGAR Archives: http://www.sec.gov/cgi-bin/srch-edgar

To learn more about the various SEC Forms: http://www.sec.gov/info/edgar/forms/edgform.pdf

Latest Filing Received and Processed at the SEC: http://www.sec.gov/cgi-bin/browse-edgar?action=getcurrent

Yahoo! Finance: http://finance.yahoo.com/?u

InvestorWords.com: http://www.investorwords.com/

Investopedia.com:FinancialDictionary: http://www.investopedia.com/dictionary/