---
title: "Three Texas Instruments directors sold $4.5 million near $302 the day after TI priced $2 billion of debt"
description: "Form 4s filed on October 29, 2026, show directors Robert Sanchez, Pamela Patsley and Janet Clark exercised options and sold on October 27, with no Rule 10b5-1 plan marked on any filing. A day earlier, TI priced $2.0 billion of notes at up to 5.750 percent to help buy Silicon Labs."
publisher: "The Inference"
section: "Chips"
published: 2026-10-30T15:11:28.479Z
modified: 2026-10-30T15:11:28.479Z
canonical: https://theinference.org/article/three-texas-instruments-directors-sold-4-5-million-near-302-the-day-after-ti-priced-2-billion-of-debt
language: en
keywords: "Texas Instruments, Insider Trades, Chips, Silicon Labs, Corporate Debt"
---

# Three Texas Instruments directors sold $4.5 million near $302 the day after TI priced $2 billion of debt

> Form 4s filed on October 29, 2026, show directors Robert Sanchez, Pamela Patsley and Janet Clark exercised options and sold on October 27, with no Rule 10b5-1 plan marked on any filing. A day earlier, TI priced $2.0 billion of notes at up to 5.750 percent to help buy Silicon Labs.

## Three directors, one exit, no plan box

Three [Texas Instruments](https://theinference.org/markets/companies/texas-instruments) directors took the same exit on October 27, 2026 [1][2][3]. [Robert Sanchez](https://theinference.org/markets/people/robert-sanchez), Pamela Patsley and Janet Clark each exercised board options and sold every share they had just acquired, at $301.56 to $303.17 apiece, according to [Form 4 filings, the SEC's insider-trade record, filed on October 29](https://www.sec.gov/Archives/edgar/data/97476/000009747626000172/0000097476-26-000172-index.htm) [1][2][3].

Sanchez sold 6,065 shares for about $1.8 million, Patsley 4,532 for $1.4 million and Clark 4,306 for $1.3 million; they kept 21,600, 34,487 and 11,341 shares [1][2][3]. The stock they sold changes hands at [38.68 times trailing earnings against a five-year median of 27.77](https://www.gurufocus.com/news/9143967/texas-instruments-prices-2-billion-debt-to-fund-silicon-labs-acquisition-txn) [6].

*Chart: **Each director sold every share bought, and only a slice of the stake** Column chart comparing shares sold and shares kept by Texas Instruments directors Robert Sanchez, Pamela Patsley and Janet Clark in October 2026*

*Shares sold and shares remaining per director, from Form 4 filings with the SEC filed October 29, 2026. [1][2][3]*

None of the filings carries the Rule 10b5-1 affirmation, the box that tells the market a sale ran on a pre-set plan rather than that week's choice [1][2][3]. Sanchez's options, struck at $79.26 from a grant that began vesting in January 2018, expire on January 26, 2027 [1]. Patsley's, struck at $104.41, run to January 2029; Clark's, at $110.15, to January 2028 [2][3].

## Lenders priced a decade of TI the day before

On October 26 TI [priced $2.0 billion of senior unsecured notes in four $500 million tranches](https://www.tradingview.com/news/seekingalpha:36c6ae563094b:0-texas-instruments-prices-2b-debt-offering-to-finance-silicon-labs-acquisition/) at 5.000, 5.350, 5.500 and 5.750 percent, due 2028 through 2036, expected to be issued on November 9, 2026 [4][5][6].

The money helps pay for [Silicon Labs](https://theinference.org/markets/companies/silicon-labs), the industrial and IoT wireless-chip designer [TI agreed to buy in February for $231.00 a share in cash, about $7.5 billion](https://www.abcmoney.co.uk/2026/10/texas-instruments-notes-sale-raises-2bn-for-silicon-labs-deal/), with closing expected in the first half of 2027 [4][5][7]. S&P rates TI A+ and [Moody's](https://theinference.org/markets/companies/moody-s) Aa3 [4]. The board collected about $302 a share for its stock; the bond market lent the same company ten-year money at 5.750 percent [1][2][3][4].

## The quarter is real, the guide repeats it

The quarter behind the sales was TI's strongest in years: revenue of $6,055 million, up 28 percent, operating profit of $2,874 million, up 73 percent, and diluted EPS of $2.62, [per the company's own release](https://www.tmcnet.com/usubmit/2026/10/21/10467721.htm) [8]. Days of inventory fell to 194 from 222 [7]. The outlook attached to the print [brackets fourth-quarter revenue at $5.80 to $6.30 billion](https://www.tradingview.com/news/tradingview:5f2cdf4a1b31c:0-weekly-recap-q3-revenue-jump-and-inventory-cut-silicon-labs-deal/) [7][8].

*Chart: **Seven straight quarters of growth, then a guide that brackets a repeat** Line chart of Texas Instruments quarterly revenue from Q1 2024 to Q3 2026, with Q4 2026 shown as the guided range from $5.80 to $6.30 billion, marker at the low end*

*Quarterly revenue in billions of dollars as filed with the SEC; the final point is TI's stated guidance range, marked estimate, not a reported figure. [7][10]*

The midpoint of that stated range, $6.05 billion, sits against the $6.06 billion just printed [6]. GuruFocus counts about $119 million of insider sales over twelve months with no purchases, on a 73 percent dividend payout ratio [6].

## The debt is affordable; the motive is not on the record

TI can carry the paper: trailing free cash flow ran $8,422 million, so the raise is roughly a quarter of one year's generation [8]. Exercising a grant struck at $79 to sell at $302, eleven weeks before expiry, is how a decade-old award ends; it does not by itself say what any director thinks of the stock [1]. The filings record positions, not motives.

## What settles it

The notes settle on November 9, 2026 [5][6]. China's market regulator, the State Administration for Market Regulation, has been reported [moving the deal into a phase 2 antitrust review](https://seekingalpha.com/news/4641671-silicon-labs-ticks-lower-on-report-texas-instruments-deal-will-go-into-phase-2-in-china), the risk this publication flagged on October 8 [9]. The fourth-quarter report, undated so far, then prices whether revenue holds at six billion; the Form 4 feed shows whether the next insider sale arrives with the plan box still unchecked [9].

## Takeaway

Three Texas Instruments directors exercised decade-old options and sold $4.5 million of stock at about $302 the day after TI priced $2 billion of notes at up to 5.750 percent to help buy Silicon Labs, with no Rule 10b5-1 plan marked on any filing.

## Sources

1. [SEC Form 4, Texas Instruments, Robert E. Sanchez, filed 29 October 2026, period 27 October 2026](https://www.sec.gov/Archives/edgar/data/97476/000009747626000172/0000097476-26-000172-index.htm)
2. [SEC Form 4, Texas Instruments, Pamela H. Patsley, filed 29 October 2026, period 27 October 2026](https://www.sec.gov/Archives/edgar/data/97476/000009747626000174/0000097476-26-000174-index.htm)
3. [SEC Form 4, Texas Instruments, Janet F. Clark, filed 29 October 2026, period 27 October 2026](https://www.sec.gov/Archives/edgar/data/97476/000009747626000176/0000097476-26-000176-index.htm)
4. [ABC Money, Texas Instruments notes sale raises $2bn for Silicon Labs deal, 27 October 2026](https://www.abcmoney.co.uk/2026/10/texas-instruments-notes-sale-raises-2bn-for-silicon-labs-deal/)
5. [TradingView (Seeking Alpha), Texas Instruments prices $2B debt offering to finance Silicon Labs acquisition, 27 October 2026](https://www.tradingview.com/news/seekingalpha:36c6ae563094b:0-texas-instruments-prices-2b-debt-offering-to-finance-silicon-labs-acquisition/)
6. [GuruFocus, Texas Instruments Prices $2 Billion Debt to Fund Silicon Labs Acquisition (TXN), 27 October 2026](https://www.gurufocus.com/news/9143967/texas-instruments-prices-2-billion-debt-to-fund-silicon-labs-acquisition-txn)
7. [TradingView, Weekly Recap: Q3 revenue jump and inventory cut & Silicon Labs deal, 30 October 2026](https://www.tradingview.com/news/tradingview:5f2cdf4a1b31c:0-weekly-recap-q3-revenue-jump-and-inventory-cut-silicon-labs-deal/)
8. [Texas Instruments (PR Newswire via TMCnet), TI reports third quarter 2026 financial results and shareholder returns, 21 October 2026](https://www.tmcnet.com/usubmit/2026/10/21/10467721.htm)
9. [Seeking Alpha, Silicon Labs ticks lower on report Texas Instruments deal will go into phase 2 in China, 10 September 2026](https://seekingalpha.com/news/4641671-silicon-labs-ticks-lower-on-report-texas-instruments-deal-will-go-into-phase-2-in-china)
10. [Texas Instruments, quarterly revenue from its SEC filings, retrieved 30 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000097476)


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Three Texas Instruments directors sold $4.5 million near $302 the day after TI priced $2 billion of debt — The Inference. Canonical: https://theinference.org/article/three-texas-instruments-directors-sold-4-5-million-near-302-the-day-after-ti-priced-2-billion-of-debt