Form 4 transaction codes
Each row on a Form 4 carries a one-letter code that says what happened: P is an open-market or private purchase and S is a sale, while most other letters (A, M, F, G and others) are grants, option exercises, tax withholdings or gifts and are not decisions to buy or sell on the market. Only P and S are counted as buying and selling on this site's trade map by default.
In brief
- P = purchase. S = sale. These are the two market trades.
- A = shares or options granted by the company as pay.
- M and X = an option was exercised.
- F = shares handed back to cover tax or the exercise price.
- G = a gift, such as a donation to charity.
What does each code mean?
| Code | Plain meaning | How this site treats it |
|---|---|---|
| P | Bought shares, on the market or privately | Buy |
| S | Sold shares, on the market or privately | Sell |
| A | Received a grant or award from the company (pay) | Other |
| M | Exercised or converted an option or similar award | Option / conversion |
| X | Exercised an option that was in or at the money | Option / conversion |
| F | Gave shares back to pay tax or an exercise price | Shown as Sell with its code; left out of the map's default view |
| D | Returned or sold shares to the company itself | Shown as Sell with its code; left out of the map's default view |
| C | Converted one security into another | Exchange |
| G | Gave shares away as a gift | Other |
| J | Something else, explained in a footnote | Other |
| W | Received or passed on by inheritance | Other |
| I, L, Z, K, U, E, H, O | Rarer events: plan transfers, small acquisitions, voting trusts, swaps, tender offers, expiring options | Other |
A letter V next to a code only means the insider reported earlier than required. The official wording for every code is in the instructions to Form 4.
Which codes are real buying and selling?
P and S. A code P purchase means the insider paid for shares, which is the event most readers are looking for. A code S sale means they sold shares for cash.
Everything else is mostly the mechanics of being paid in stock. A senior executive's filings are typically a cycle: an award is granted (A), it later vests or an option is exercised (M), some shares are withheld to pay the tax bill (F), and some of the rest may be sold (S). Only the last step is a choice to sell, and often not even that if it was scheduled under a 10b5-1 plan.
How do the codes shape what I see here?
The trade map opens on "Open-market", which shows only P and S rows. Switching to "All codes" brings in the rest. The site-wide charts (buy / sell pressure, weekly flow, the activity calendar) count only P and S rows that were not made under a pre-arranged plan. Charts on a single insider's or stock's page count every row marked Buy or Sell, including codes F and D.
In tables, each Form 4 row shows its side with the code beside it, for example "Sell F", so you can tell a market sale from a tax withholding at a glance. Rows from Table II (options and other derivatives) are labelled "Option / conversion" and are kept out of buy and sell totals; see options and derivatives.
Why do some rows have no price?
Because nothing was paid. A grant (A) or a gift (G) has no purchase price, and some filings put a weighted average or a total in a footnote instead of the price box. Those rows show a dash for price and value here.
Questions and answers
What does code P mean on Form 4?
Code P means the insider purchased shares, on the open market or in a private deal. It is the code that marks a real insider buy.
What does code F mean on Form 4?
Code F means shares were handed back to the company to pay tax or the exercise price when an award vested or an option was exercised. It is not a decision to sell on the market.
What does code M mean on Form 4?
Code M means an option or similar award was exercised or converted into shares. It is usually followed by rows showing the shares received.
What does code A mean on Form 4?
Code A means the insider received a grant or award from the company, such as restricted stock or options given as pay.
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Not investment advice. This guide explains public records and how this site presents them. It makes no recommendation to buy or sell anything. All guides · All questions · Report an error