Attenuation layers residual signal: near-zero
Why a 10b5-1 CAO sale is a near-zero bearish signal A bearish-signal beam from the CAO insider sale attenuates through three gates — 10b5-1 plan, CAO rank, residual stake — leaving a near-zero residual. GitLab CAO insider sale: three attenuation layers why a 10b5-1 CAO sale is a near-zero bearish signal sale event 8,725 sh @ $38.00 Aug 7, 2026 full-strength bearish signal Gate 1 T0: adopt Rule 10b5-1 >13 mo before trade good faith, no MNPI auto-execution Gate 2 Officer rank CAO, not CEO/CFO lower rung in signal hierarchy Gate 3 Residual stake 105,332 kept vs 8,725 sold ~12x kept near-zero residual signal 10b5-1 CAO sale = weakest bearish signal class insider buying remains strong

Each gate attenuates the signal independently. Toggle a layer off to see its counterfactual — what the sale would signal without that safeguard.