transaction-code archetype:
Form 4 transaction-code signal-strength gate RSU vesting triggers a mechanical sell-to-cover that fails the open-market discretionary purchase gate; Ellison and Brandon-Gordon dispositions classify as noise. step 1 RSU grant vests Aug 7 2026, scheduled step 2 Tax liability triggers ordinary income, full FMV step 3 Mechanical withhold no timing/price/size choice step 4 Signal-strength gate open-market, discretionary, senior insider Code P? (literature)
Archetype rails, terminal verdicts, and the Ellison/Brandon-Gordon case marker Code P open-market buy Code F/S sell-to-cover Code M option/RSU exercise 10b5-1 plan pre-set sale schedule step 5 verdict INFORMATIVE signal: management view step 5 verdict NOISE no forward-looking signal case
Code P rail — informative Code F/S rail — sell-to-cover Code M rail — exercise 10b5-1 rail — planned sale Ellison + Brandon-Gordon case
Literature: Cohen-Malloy-Pomorski (2012), Lakonishok-Lee (2001), Jeng-Metrick-Poteshu (2003) — open-market discretionary purchases by senior insiders are the informative archetype on average; routine sell-to-cover, exercise, and pre-planned sales carry little predictive signal. Exact transaction-code box on the Aug 7 2026 Form 4s was not confirmed from EDGAR primary filing in the research window; multiple reputable secondary sources describe both dispositions as non-discretionary sell-to-cover for tax on RSU vesting. Empirical abnormal-return magnitudes not verified — directional finding only.