Form 4 code · General

Code S: open market or private sale.

The insider sold the securities in an open-market or private sale. Many sales are pre-planned under a Rule 10b5-1 trading plan; Form 4 now has a checkbox and footnotes for that. Sales to cover taxes on vesting are usually code F, not S.

Quarter: Q3 2026
Non-derivative rows: 25,441
Derivative rows: 409
Share of non-derivative: 42.5%

Recent code S transactions

Latest-dated code S rows in Q3 2026. Shares and prices are as filed.
Date	Issuer	Insider	Shares	Price	Filing
2026-09-30	Hershey Co	Hershey Trust Co Trustee In Trust For Milton Hershey School	1,640	$159.25	4
2026-09-30	Hershey Co	Hershey Trust Co Trustee In Trust For Milton Hershey School	352	$160.73	4
2026-09-30	Hershey Co	Hershey Trust Co Trustee In Trust For Milton Hershey School	2,752	$158.46	4
2026-09-30	Hershey Co	Hershey Trust Co Trustee In Trust For Milton Hershey School	891	$161.49	4
2026-09-30	Hershey Co	Hershey Trust Co Trustee In Trust For Milton Hershey School	20	$163	4
2026-09-30	Hershey Co	Hershey Trust Co Trustee In Trust For Milton Hershey School	409	$162.43	4

Query code S transactions

Request with your API key

curl "https://sec-api.dev/api/v1/insider-transactions?period=2026q3&transactionCode=S&limit=10" \
  -H "Authorization: Bearer $SEC_API_KEY"

Insider trading API · Insider trading by company

Questions

What does transaction code S mean on Form 4?

How common is code S?

In Q3 2026, code S appeared on 25,441 non-derivative and 409 derivative transaction rows in the SEC insider transactions data set (42.5% of non-derivative rows).

Other codes

P: Open market or V: Voluntarily reported earlier A: Grant, award or D: Disposition to the F: Payment of exercise I: Discretionary transaction M: Exercise or conversion C: Conversion of derivative E: Expiration of short H: Expiration or cancellation O: Exercise of out-of-the-money X: Exercise of in-the-money G: Bona fide gift L: Small acquisition under W: Acquisition or disposition Z: Deposit into or J: Other acquisition or K: Transaction in equity U: Disposition pursuant to

Meaning: Form 4 General Instructions, Instruction 8. Counts and examples: SEC insider transactions data sets, Q3 2026.

Plain-text version for agents and LLMs: /form-4-transaction-codes/s.md

Independent. Not affiliated with, endorsed by, or sponsored by the U.S. Securities and Exchange Commission. Data is reproduced from public SEC filings and datasets. Not investment advice.