SEC Form 4 Transaction Code

Code F

Tax Withholding

Shares automatically withheld by the company to cover income tax upon RSU vesting. This is a mechanical, non-discretionary transaction — commonly mistaken as insider selling by retail investors.

Signal_Context

Neutral mechanical signal

Code F usually reflects tax withholding when equity compensation vests and should not be treated like voluntary selling.

How to read Code F

  • Start by confirming whether the transaction appears in Table I or Table II.
  • Compare the transaction value against the insider's remaining ownership.
  • Read footnotes for 10b5-1 plans, tax withholding, trusts, gifts, or issuer-directed actions.
  • Do not mix compensation mechanics with voluntary open-market buying or selling.

See this code in live Form 4 data

NVDAAAPLMETAMSFTTSLAAMD

Form 4 Code F — FAQ

>What does Form 4 Code F mean?

Form 4 Code F means Tax Withholding. The exact investment signal depends on whether the transaction is voluntary, mechanical, compensation-related, or disclosed with additional footnotes.

>Is Form 4 Code F bullish or bearish?

Code F usually reflects tax withholding when equity compensation vests and should not be treated like voluntary selling.

>How should investors use Code F in insider trading analysis?

Investors should compare the code against transaction value, remaining ownership, insider rank, timing, and related transactions before assigning sentiment.