Greedy Insider
Form 4 Code M (Option exercise) Explained
Form 4 transaction Code M means an exercise or conversion of a derivative security. In a sample of 4,000 recent filings through Oct 24, 2026, code M appears in 1,588 transactions (16.8% of the total).
What Form 4 code M means
Code M marks the exercise or conversion of a derivative security, such as exercising stock options into common shares. It reflects compensation mechanics rather than a fresh open-market decision.
How common code M is
Across 4,000 of the most recent Form 4 filings in our database, 1,588 transactions were coded M, or 16.8% of all coded transactions in that sample. Comparing a code's frequency is a quick way to tell routine mechanics (awards, tax withholding) from deliberate open-market activity.
Where it fits in the score
The Greediness Score only ranks open-market buys and sales; compensation codes like awards and option exercises are reported for completeness but are not scored as conviction. The score describes the filing, not future returns. This is not investment advice.
Key facts
- Code M transactions in sample: 1,588
- Share of coded transactions: 16.8%
- Filings scanned: 4,000
Primary sources
Related
The score describes the filing, not future returns. This is not investment advice.