How do you read a Form 4 filing?

Start with the header. It tells you who filed, their relationship to the issuer, the earliest transaction date, and whether the trade was made under a Rule 10b5-1 plan.

Then review the transaction tables: - Table I covers non-derivative securities such as common stock - Table II covers derivative securities such as options, warrants, and convertible instruments

Focus on: - the transaction date - the transaction code - whether shares were acquired or disposed of - the number of shares - the price - the insider’s ownership after the trade - whether ownership is direct or indirect

Finally, read the footnotes carefully. Important context is often disclosed there, including weighted-average pricing, option mechanics, tax withholding, trust ownership, vesting schedules, and Rule 10b5-1 plan adoption dates.