The decision date is not the trade date — with one exception, and the exception is the signal

Boersma's November sales were decided on 19 February 2026. Spear's economics were set when options were struck at $0.85, years before the exercise. Stryker's selling account is refilled from a generational trust between tranches — the architecture is decades old. In each case the visible action is the execution of an old decision, and the trade date carries no information at all.

Neugebauer is the exception. His trade date is his decision date: no plan, no schedule, size set on the day and escalating as the price fell. That is precisely why his filing is the only one of the four that carries information — and why the market moved 16% on it while the other three passed without incident. The useful rule: an insider sale is informative in inverse proportion to how long ago it was decided. Check the plan adoption date before you read anything into the price.