Transaction Codes

SEC Form 4 Transaction Codes

Every Form 4 filed contains any number of transactions listed within it. These transactions are classified with a "Transaction Code". Below lists the official SEC descriptions of each transaction code that can be used on a Form 4.

A good starting point in understanding insider transactions is to remember that "P" means puchase or acquisition and "S" means sale or disposition. When you see transaction codes other than "P" and "S", you'll probably want to dig in a little deeper and refer to this page to help you understand what that transaction means.

General Transaction Codes

P
Open market or private purchase of non-derivative or derivative security

12.7% of all transactions 29k transactions

S
Open market or private sale of non-derivative or derivative security

25.9% of all transactions 59k transactions

V
Transaction voluntarily reported earlier than required

0% of all transactions 0 transactions


Rule 16b-3 Transaction Codes

A
Grant, award or other acquisition pursuant to Rule 16b-3(d)

20.4% of all transactions 47k transactions

D
Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

3% of all transactions 7k transactions

F
Payment of exercise price or tax liability by delivering or withholding securities incident to the receipt, exercise or vesting of a security issued in accordance with Rule 16b-3

14.8% of all transactions 34k transactions

I
Discretionary transaction in accordance with Rule 16b-3(f) resulting in acquisition or disposition of issuer securities

0.2% of all transactions >500 transactions

M
Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

15.5% of all transactions 36k transactions


Derivative Securities Codes (Except for transactions exempted pursuant to Rule 16b-3)

C
Conversion of derivative security

1% of all transactions 2.3k transactions

E
Expiration of short derivative position

0% of all transactions 1 transactions

H
Expiration (or cancellation) of long derivative position with value received

0% of all transactions 1 transactions

O
Exercise of out-of-the-money derivative security

0% of all transactions 13 transactions

X
Exercise of in-the-money or at-the-money derivative security

0.3% of all transactions >1k transactions


Other Section 16(b) Exempt Transaction and Small Acquisition Codes (except for Rule 16b-3 codes above)

G
Bona fide gift

2.4% of all transactions 5.5k transactions

L
Small acquisition under Rule 16a-6

0.2% of all transactions >5 transactions

W
Acquisition or disposition by will or the laws of descent and distribution

0% of all transactions >100 transactions

Z
Deposit into or withdrawal from voting trust

0% of all transactions >100 transactions


Other Transaction Codess

J
Other acquisition or disposition (describe transaction)

3.5% of all transactions 8k transactions

K
Transaction in equity swap or instrument with similar characteristics

0% of all transactions 0 transactions

U
Disposition pursuant to a tender of shares in a change of control transaction

0.3% of all transactions >1k transactions


Transaction code data is for the year 2016.

For further discovery refer to https://www.sec.gov/about/forms/form4.pdf and section 16 of Securities Exchange Act of 1934.

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