Exhibit
In SEC filings, the main form tells the story, but exhibits provide the proof. They include contracts, agreements, financial schedules, or other documents that back up what the company is reporting.
Exhibits are filed alongside primary documents like 10-Ks, 10-Qs, or 8-Ks. Each exhibit is clearly labeled so readers know what it contains and how it relates to the main filing.
While not always read first, exhibits often hold the most specific information. This is where the fine print lives, especially around legal obligations and key business relationships.
Why It Matters
Exhibits add depth and transparency to SEC filings. They help investors and analysts verify claims and understand the real details behind high-level disclosures.
What kind of information is usually found in SEC exhibits?
Exhibits often include material contracts, merger agreements, loan terms, and executive compensation plans. They may also contain audit reports or detailed financial tables. This information is usually too long or detailed for the main filing. That’s why it’s placed in an exhibit instead.
Are exhibits legally as important as the main SEC filing?
Yes, exhibits are considered part of the official filing. The information in them is subject to the same legal standards as the main document. Companies can be held accountable for what they disclose in exhibits. Ignoring them can mean missing key risks or obligations.
Why do analysts pay close attention to certain exhibits?
Analysts look at exhibits to understand commitments that affect future performance. Long-term contracts, debt agreements, or acquisition terms often appear there first. These details can change how a company is valued. Headlines rarely cover this level of detail.
Real-World Example
A company announces a new partnership in an 8-K. The exhibit attached includes the full agreement, showing payment terms and duration that were not mentioned in the main filing.
Exhibit and FinFeedAPI
FinFeedAPI’s SEC API makes it easy to access exhibits alongside their parent filings. Instead of manually digging through EDGAR, users can programmatically retrieve exhibits tied to specific forms. This helps teams review contracts and disclosures in full context, using the original source.