Temporal ordering
10b5-1 plan timing severs the inference from insider sales to forward outlook A calendar plumbing diagram. Three temporal nodes — plan adoption, earnings information event, and automatic plan execution — sit on a horizontal timeline. An inference conduit runs from execution through a temporal-ordering gate to a terminal. When adoption precedes the event, the conduit is severed and the sale carries no information content; when adoption post-dates the event, the conduit opens and inference attaches. A residual DST-funds path remains open in both states. Dec 4, 2025 Aug 5, 2026 Aug 6-7, 2026 time → Plan adoption no MNPI possessed Earnings event Q2 beat, guide raise Plan execution auto, regardless of view instructions locked at adoption ordering gate Inference severed sale = liquidity at adoption Inference attaches sale = discretionary view Residual signal DST funds sale, plan unconfirmed
active instruction flow residual / DST path counterfactual inference severed conduit

Chain stages: (1) plan adoption — Dec 4, 2025, insider possesses no MNPI; (2) earnings information event — Aug 5, 2026, Q2 beat and guidance raise; (3) automatic plan execution — Aug 6-7, 2026, sales hit regardless of view; (4) inference conduit severed — sales cannot be read as discretionary reaction to the beat; (5) residual discretionary signal — DST funds sale, plan status unconfirmed. Plan adoption date per SEC primary Form 4 XML.