BLINN MARK A

Mark A. Blinn’s recent SEC Form 4 filings reveal a pronounced sell-side posture across a concentrated portfolio of five companies. Over the tracked period, he recorded roughly $6.28 million in open-market sales against zero open-market purchases, with the bulk of that activity concentrated in Texas Instruments (TXN). The most significant dispositions came on April 24, 2026, when he sold TXN shares in two tranches valued at $835,585 and $1.66 million, following a February 5, 2026 sale of $696,647. Earlier TXN sales included $1.17 million on February 19, 2025, and nominal $72.39 transactions in July 2025, which appear to be rounding adjustments. Outside TXN, he sold Emerson Electric (EMR) shares worth $225,518 and $213,412 on February 5, 2026, plus $234,701 on February 10, 2025, and Globe Life (GL) stock for $258,843 on February 6, 2026. The pattern is heavily weighted toward open-market sales, but the accompanying filings show that many of these sales were paired with option exercises and equity grants, which complicates the picture. On February 5, 2026, for instance, Blinn exercised TXN options valued at roughly $451,344 in total—across four separate M-code transactions—while simultaneously selling $696,647 of stock. Similarly, his February 19, 2025 sale of $1.17 million was preceded by option exercises totaling $1.06 million. This suggests the sales were largely liquidity events tied to the maturation of equity compensation rather than outright bearish bets. He also received zero-value grants (A-code) in TXN, EMR, GL, and Q (Quintiles) throughout late 2025 and early 2026, which are compensation awards rather than conviction purchases. Notably, Blinn has not executed a single open-market purchase (P-code) in the recent window, and his total acquired value of $159,996 comes entirely from option exercises. The recent 11 transactions are all sales or exercises, with no buys. While the dollar figures are substantial, the absence of P-code activity and the mechanical nature of the M-code exercises suggest his trading is driven by portfolio rebalancing and compensation realization rather than directional conviction. The concentration in TXN—accounting for roughly $4.4 million of the $6.28 million in sales—highlights that stock as his primary liquidity source during this period.