KAVANAUGH JAMES J

James J. Kavanaugh (CIK 0001433640, 761 transactions at IBM from May 2008 through February 2026, 349,677 total sell shares) runs a textbook long-tenure option-exercise-and-hold inner file: both the February 21, 2025 and February 21, 2026 IBM sessions contain identical-cadence M/F pairs — M(2877, 3575, 3380 in ascending triplicate) followed by F-tax events (2025: F 1442/1792/1694 at $262.93; 2026: F 1442/1792/1694 at $256.42). The three M-lots totaling 9,832 shares are exercised into the name and the F-tax surrenders total ~4,928 shares (roughly 50% hold rate, consistent with statutory withholding); no S-code market sell appears — Kavanaugh is holding the residual rather than immediately liquidating. An A-code award of 48,474 IBM shares at null price on February 1, 2026 is the most recent non-exercise inflow — a substantial annual RSU/PSU batch awarded at fiscal-year close, nearly doubling the prior quarter's total share count. Earlier, November 5, 2025 saw a G-code of 6,700 shares (option-like acquisition), and June 8, 2025 produced M/F paired events on the same four-lot structure at $268.85. The vestigial secondary (T-Mobile) received a single 1,038-share A-award in June 2025 and a 1,384-share A-code in June 2026 — both awards with no price and zero sell, indicating a T-Mobile equity position that is being built via retention grants, not liquidated. Honest read: a veteran IBM senior officer with a disciplined option/RSU approach: options are exercised on a roughly annual cadence at IBM's February earnings season, tax is withheld at exercise via the 50% surrender rate, and the post-tax residual is held; a separate T-Mobile award layer builds at vest — neither register shows market sells, neither shows diversification intent; the honest read is a long-tenured executive managing two employer positions through standard equity-comp mechanics.