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What do those Transaction Codes mean on a Form 4?

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Are you reading a Form 4 and don’t know what the transaction codes mean? Here is a list of the code abbreviations and a brief description of each to help you understand what each transaction means.

General Transaction Codes

P – Open market or private purchase of non-derivative or derivative security. Purchase of securities on an
exchange or from another person.
S – Open market or private sale of non-derivative or derivative security. Sale of securities on an exchange
or to another person
V – Transaction voluntarily reported earlier than required

Rule 16b-3 Transaction Codes

A – Grant, award or other acquisition pursuant to Rule 16b-3(d)
D – Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)
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
I – Discretionary transaction in accordance with Rule 16b-3(f) resulting in acquisition or disposition of issuer securities
M – Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

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

C – Conversion of derivative security
E – Expiration of short derivative position
H – Expiration (or cancellation) of long derivative position with value received
O – Exercise of out-of-the-money derivative security
X – Exercise of in-the-money or at-the-money derivative security

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

G – Bona fide gift
L – Small acquisition under Rule 16a-6
W – Acquisition or disposition by will or the laws of descent and distribution
Z – Deposit into or withdrawal from voting trust

Other Transaction Codes

J – Other acquisition or disposition (describe transaction)
K – Transaction in equity swap or instrument with similar characteristics
U – Disposition pursuant to a tender of shares in a change of control transaction

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