Arvind Krishna’s recent SEC Form 4 activity at IBM (IBM) and Northrop Grumman (NOC) is dominated by automatic and compensatory transactions rather than discretionary open-market trades. Across 41 filings at two companies, there were zero open-market purchases or sales; the total acquired value of roughly $373,969 stems entirely from equity grants (code “A”). At Northrop Grumman, where Krishna serves as Chairman and CEO, the pattern is a steady cadence of quarterly restricted stock awards: $36,161 on June 30, 2026, $192,707 on May 20, 2026, $36,159 on March 31, 2026, and similar amounts on December 31, September 30, and June 30 of 2025. These are compensation events, not conviction buys.
The IBM filings are more complex but equally mechanical. On February 21, 2026, Krishna exercised options (code “M,” valued at $0) and simultaneously had shares withheld to cover taxes (code “F”) in three batches totaling roughly $2.17 million. A similar pattern occurred on February 18, 2026, with a $734,393 tax withholding, and on February 1, 2026, with a much larger $12.49 million withholding following an option exercise. These “F” transactions are automatic deductions, not sales, and the February 2025 filings show the same annual rhythm. The only other notable event was a November 5, 2025 gift (code “G”) of IBM shares, which involves no cash.
The overall picture is one of scheduled compensation and tax mechanics, not directional trading. Krishna has not initiated a single open-market buy or sell in the covered period, meaning his Form 4 history offers no signal of insider conviction either way. The largest cash-equivalent movements—the multi-million-dollar tax withholdings—are tied to option exercises and reflect pre-existing equity awards, not new bets on IBM’s stock price.
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