In August 2008, West Marine (WMAR) founder and chairman, Randy Repass, did what thousands — probably hundreds of thousands — of corporate executives have done before him: he set up a Rule 10b5-1 trading plan to cover future transactions in his company’s stock. According to an article in the Mercury News, Repass set up what he called a “Rule 10b5-1 Buying Plan” for this purpose.
