SEC Form 4 is required whenever a corporate insider — a director, officer, or 10% owner — buys or sells company stock. Filed within two business days of the transaction, it provides a near-real-time window into what the people closest to a company are doing with their own money.
The most important fields are the transaction code (P for purchase, S for sale, M for option exercise), the number of shares, the price, and whether the trade was made under a pre-arranged 10b5-1 plan. Our guide walks through each section of the form with annotated examples.
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