How it is worked out
Filed within two business days, with the amount, the price and a transaction code (P a purchase, S a sale, for example).
How to read it
- Not every trade is the insider's own decision: sales under a pre-arranged 10b5-1 plan, sales to cover taxes and purchases through employee plans do not say what an open-market purchase does.
Example
A director buys 1,000 shares on the market: a Form 4 with code P.