Transaction code on the Form 4
P · purchase
F · tax withholding
Why a tax-withholding Form 4 is not an insider vote of confidence
Form 4
insider ownership change
one code is stamped:
P
1
every disclosure carries exactly one SEC code
the stamp is the whole ballgame
P · purchase — own cash
2 · cash out of pocket
market shares in
code routes
the pipe
F · tax withholding
3 · RSU grant vests
shares withheld for tax
conviction · buy signal
4 · a new CFO's first Form 4 is an F
bookkeeping residue of an
onboarding grant; reading it as a buy
inverts the plumbing
5 · bullish reading opens only on a P
an F filing never voices a valuation view
conviction exists only once the
filing carries a P stamp