Decode the transaction code before interpreting the headline. The Filing Reality Check explains what a Form 4 code mechanically reports, what it does not prove, and which filing details deserve a closer look.
Enter one letter. Uppercase, lowercase, and surrounding spaces are accepted.
These are the seven codes covered in V1.0. Each focused page preserves the official definition while separating mechanics from interpretation.
Grants, exercises, gifts, and other transfers can increase reported holdings without a code-P market purchase.
Issuer withholding, gifts, derivative conversion, and specialized transfers can reduce a row without a code-S sale.
Join dates, security types, ownership form, related tables, and footnotes before turning rows into a single description.
Read every code with its A/D indicator, security type, ownership form, footnotes, and related rows. The code begins the analysis; it does not finish it.
A market or private purchase; then test amount, price, role, timing, and holdings.
A market or private sale; plan status and holdings after help frame the event.
Underlying shares arrive through an exercise while securities settle an exercise price or tax obligation.
An exercise is followed by market selling; connect both rows before describing retention.
Compensation shares are acquired and some securities may be withheld for a covered obligation.
The A/D marker identifies the reporting person’s side; disposed does not turn a gift into a sale.
The explanation of responses is essential because J has no single universal economic meaning.
The June 2026 Form 4 reported exercise of a derivative security under code M.
The issuer withheld shares to settle the exercise price under code F.
The filing expressly stated that no shares were sold in the open market.
This example explains transaction classification. It is not an investment view on Tesla or Elon Musk.
Code labels come from the current SEC Form 4 instructions.
Specific public examples are checked against the cited filing.
The tool explains what the filing reports, not why the reporting person acted.
No code produces a recommendation, score, or directional conclusion.
No filing URL is fetched or decoded. Verify the official filing before relying on a description.
It is the letter in a Form 4 transaction row that classifies the event under the SEC’s instructions. Read it with the acquired/disposed marker, security type, related rows, and footnotes.
Code P covers an open-market or private purchase. An acquired marker without code P may instead describe an award, exercise, gift, or another event.
No. Code F can report securities delivered or withheld for an exercise price or tax liability. It is a disposition, but it is not automatically code-S market selling.
No. Code M identifies exercise or conversion of a derivative security. It is not a code-P purchase at the current market price, even when underlying share ownership rises.
Yes. One underlying event can produce connected rows—for example an option exercise under M plus issuer withholding under F, or an exercise followed by a sale under S.
No. A transaction code classifies mechanics. Plan disclosures, footnotes, ownership changes, timing, and other evidence may add context, but the letter alone does not establish motive.
Not in V1.0. This version provides curated lookup for seven transaction codes and does not accept or decode filing URLs or accession numbers.
Buteon applies this source discipline continuously to current public-market intelligence. This free decoder remains useful whether or not you request access.
Buteon provides market data analysis and signal interpretation for informational and educational purposes. It is not a broker, custodian, or investment adviser, and this tool is not investment advice or a buy/sell recommendation. Always verify the official filing.