An oxidation-reduction reaction involves the
(1) sharing of electrons
(2) sharing of protons
(3) transfer of electrons
(4) transfer of protons

The best answer is (3)

In these kind of reactions, there is a transfer of electrons from one reactant to another. electrons are lost from one substance and gained by another.

Oxidation is loss of electrons from a substance, and Reduction is gain of electrons  by a substance.

These two processes cannot occur without the other. If there is a reduction there must be an oxidation reaction and vice versa. The reactions  usually occur simultaneously.

For example, table salt is formed by a redox reaction. Sodium is oxidized i.e. loses an electron (and becomes positively charged) while chlorine gas is reduced i.e. gains the electron (and become negatively charged). The result is formation of sodium chloride.