What do Form 4 transaction codes mean?

Form 4 transaction codes describe the nature of the reported transaction.

Common codes include: - P = open-market or private purchase - S = open-market or private sale - A = grant, award, or other acquisition from the issuer - D = disposition back to the issuer - F = payment of exercise price or tax liability by delivering or withholding securities - M = exercise or conversion of a derivative security - C = conversion of a derivative security - G = bona fide gift - J = other acquisition or disposition, with details explained in footnotes

For investors, the most important distinction is between discretionary open-market trades and administrative or compensation-related transactions. A code P usually carries more signal value than codes linked to grants, exercises, or tax withholding.