Plan-adoption gate:
Rule 10b5-1 plan-adoption gate severs the insider-signal-to-trade-timing path Dec 2025 plan adopted Aug 4, 2026 Q2 print Aug 5-10, 2026 sales execute time → CFO insider knowledge view on Q2 results 10b5-1 gate Plan adopted Dec 12, 2025 pre-set sale instructions Q2 2026 print · Aug 4 strong results, raised guide Broker sale · Aug 5-6 auto per plan formula Broker sale · Aug 7-10 auto per plan formula 17,076 shares ≈ $602k 7,924 shares ≈ $280k plan formula → preset → Information path intact sale timing reads as a contemporaneous signal on Q2 Contemporaneous-information path severed trade timing locked Dec 2025 — carries no view on Q2 results
contemporaneous information path plan-formula conduit (preset) severed / blocked
Signal only reactivates if…
a new or modified plan is adopted, trade volume escalates materially, or non-10b5-1 dispositions cluster alongside negative guidance. None of these are present here.