I think this makes it clear.
Definitions of insider
Anyone who is either an officer, director or key employee of a corporation, a person owning 10% of the company's stock (and their families), or anyone with inside (non-public) information.
www.americancentury.com/servlet/GlossaryManager/acb.americancentury.com/ilIneIns.htm
An insider has a fiduciary relationship with the issuer of securities being traded. Traditional insiders include directors, officers, persons who own more than 10% of a company's stock, employees of the issuing entity, and the issuer itself. See "Fiduciary Relationship."
cobrands.business.findlaw.com/banking_financing/source/business_events/be22_8glossary.html