Form 4 code F usually reports shares withheld or delivered to satisfy tax obligations or an exercise price. It is common around vesting, stock awards, and option-related events.
Because code F is often mechanical, it is different from a code S open-market sale. The insider may not have chosen to sell shares in the market; the company may have withheld shares as part of compensation tax settlement.
- Often appears near code A awards or code M option exercises.
- Useful for ownership accounting, but usually lower signal than P or S.
- Read the sequence of rows in the same filing before interpreting value.
- Do not include code F in open-market sale clusters.