What is a Primary Issuance and Secondary Transaction?
An original issuance, or the source of the equity. These include Common Stock, Preferred Stock, Stock Options, Warrants, and Convertible Securities. Common and Preferred Stock are both direct equity grants, while Stock Options, Warrants, and Convertible Securities are derivative grants, or, transport vehicles from which equity can be derived at a future time.
Granting Primary Issuances is explained here
A transaction that occurs on the primary issuances after they have already been granted. These include Exercises, Cancellations, Sales, Transfers, Repurchases, Equity Conversions, and Debt Repayments. These transactions alter the ownership status or equity amounts of primary issuances, and control all transactions which take place after the initial grant of the primary issuance.
Processing Secondary Transactions is explained here