Form 4 transaction code M: Exercise
Transaction code M means "Exercise." Exercise or conversion of a derivative security. A real example: Apple Inc. reported a code-M transaction filed 2026-06-17 by Newstead Jennifer (accession 0001140361-26-025622).
Real filed example
| Filed | Code | Reporting owner | Shares | Price / share | Accession | Source |
|---|---|---|---|---|---|---|
| MExercise | Newstead Jennifer | 30,104 | Unknown | 0001140361-26-025622 | Filing ↗ |
How code M affects the purchase subtotal
InsiderFilingContext keeps code-M rows visible but excludes them from the priced purchase subtotal, because exercise activity is not an open-market purchase. Exercises are reconciled against same-day sales or withholding in a dedicated table.
See code M rows in the workspaceFrequently asked questions
What does Form 4 transaction code M mean?
Exercise. Exercise or conversion of a derivative security.
Is code M the same as an insider purchase?
No. Only code P marks an open-market or private purchase. This code describes a different kind of transaction and should not be read as insider buying.