sale path:
Rule 10b5-1 plan gating converts insider sales into pre-scheduled liquidity events Beck intent to sell shares 10b5-1 gate adopted Dec 11 2025 while no MNPI pre-set parameters amount · price floor · dates current information insider-directed timing market trigger insider decision Form 4 filed Jul 7–8 · Aug 7 Beck sales signal interpretation: sale cannot be read as a real-time sentiment signal — pre-scheduled, non-discretionary diagnostic burden shifts to: size vs remaining holdings 28,544 shares post-sale plan adopted / amended during info-sensitive window? adopted Dec 11 2025 cluster: multiple insiders divesting via plans? CFO Phelan, same day, 10b5-1 all three checks are the real signal — not the sale itself
10b5-1 plan-gated flow hypothetical discretionary flow dormant pipe (inactive path)