Sale readiness

Rule 144 sale checklist: get the financial plan ready with the paperwork.

Before the sale window

• Confirm whether the shares are restricted securities, control securities, or both.
• Identify affiliate status, holding period, issuer reporting status, and volume limits.
• Ask counsel who must approve legend removal or sale documentation.
• Choose the broker and confirm restricted-stock desk requirements.
• Model sale cadence, expected proceeds, and reinvestment policy.

Before trade execution

• Confirm whether Form 144 applies and who files it.
• Confirm transfer agent timing and opinion letter requirements.
• Decide whether a 10b5-1 plan is needed for future sales.
• Set a concentration target for the shares that remain.

Read the restricted stock sale guide and the legend removal process for more detail.