GUIDE
What the Form 4 transaction codes mean
Every line of a Form 4 carries a letter code for the kind of transaction. Only P, an open market or private purchase, is an insider buying with their own money; grants, option exercises and shares withheld for tax are not.
The codes
| Code | Meaning | Lines on record | Share | On this site |
|---|---|---|---|---|
| P | Open market or private purchase | 175,542 | 8.6% | counted as a purchase |
| S | Open market or private sale | 617,439 | 30.3% | counted as a sale |
| A | Grant or award from the company | 435,797 | 21.4% | not counted |
| M | Exercise or conversion of a derivative exempt under Rule 16b-3 | 297,523 | 14.6% | not counted |
| F | Shares withheld or delivered to pay tax or the exercise price | 337,934 | 16.6% | not counted |
| G | Gift | 36,218 | 1.8% | not counted |
| J | Other acquisition or disposition (explained in a footnote) | 53,670 | 2.6% | not counted |
| D | Disposition to the company | 41,164 | 2.0% | not counted |
| C | Conversion of a derivative | 33,044 | 1.6% | not counted |
| X | Exercise of an in-the-money or at-the-money derivative | 2,818 | 0.1% | not counted |
| I | Discretionary transaction under Rule 16b-3(f) | 1,535 | 0.1% | not counted |
| W | Acquisition or disposition by will or the laws of descent | 586 | <0.1% | not counted |
| L | Small acquisition under Rule 16a-6 | 3,872 | 0.2% | not counted |
| K | Equity swap or similar instrument | 0 | 0% | not counted |
| H | Expiration or cancellation of a long derivative position | 4 | <0.1% | not counted |
| E | Expiration of a short derivative position | 12 | <0.1% | not counted |
| O | Exercise of an out-of-the-money derivative | 52 | <0.1% | not counted |
| U | Disposition in a tender of shares in a change of control | 1,932 | 0.1% | not counted |
| Z | Deposit into or withdrawal from a voting trust | 88 | <0.1% | not counted |
| V | Transaction voluntarily reported earlier than required | 0 | 0% | follows the underlying code |
Counted over the 2,039,241 Form 4 Table I (non-derivative) lines this site holds since 2020. Options and other derivatives are reported in Table II and are not counted here, so codes such as X and O are rare. Only P in common shares counts as a purchase here.