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Reading one Form 4: an exercise (M), shares withheld for tax (F) and five sale lines (S) in an Apple filing

Tool	Insider Transactions
Source	Apple Inc. (2026). Form 4: Statement of Changes in Beneficial Ownership, filed 19 October 2026. U.S. Securities and Exchange Commission, EDGAR accession 0001140361-26-040126. Transaction codes: U.S. Securities and Exchange Commission (2026). Form 4, General Instruction 8 (SEC 1474, OMB 3235-0287).
Level	Undergraduate

Problem

A Form 4 filed for Apple on 19 October 2026 by one of its officers lists seven lines in Table I, with the Rule 10b5-1 box checked: on 15 October 10,926 shares acquired with code M and 5,361 shares disposed with code F at 342.00; on 16 October five lines with code S of 200, 192, 880, 80 and 40 shares at 342.66, 343.68, 345.66, 346.47 and 347.46. The holding after the first line is 24,292 shares. Say what each code means, add up the sale, and check the holding after the last line.

Inputs to Enter

Company AAPL (the default); in Table 3 find the lines filed 19 Oct 2026 with transaction dates 15 and 16 Oct 2026

Open the Insider Transactions tool (loaded with this example)

Answers

M: exercise or conversion of a derivative security (here stock units turning into shares), 10,926 shares acquired, no price
F: payment of a tax liability by withholding shares, 5,361 shares at 342.00; not a sale in the market
S: open market or private sale; 200 + 192 + 880 + 80 + 40 = 1,392 shares in five lines, one per fill price
Value of the sale lines: 200 × 342.66 + 192 × 343.68 + 880 × 345.66 + 80 × 346.47 + 40 × 347.46 = 480,315.36 dollars
Holding check: 24,292 − 5,361 − 1,392 = 17,539 shares, the figure in the last line's owned-after column
The filing's Rule 10b5-1 box is checked, so its 1,392 shares count among the shares sold in filings marked as under a plan

Notes

The tool's default company is Apple; press Load. The list holds the last 24 months, newest first, so this filing moves down the list and leaves it in October 2028. The page-level totals cover every filing on file, not this one alone; the single-filing sums above are checked by test_insider_transactions.php against the filing's own XML. The same lines can be reached through the insider-name box, which lists the reporting persons matching a typed name and then one person's lines across the companies loaded. The page defines the codes and adds up what was filed; it draws no conclusion from a purchase or a sale. A calculator for education and analysis, not investment advice.