What Do the Transaction Codes Mean?

Each transaction listed on the Form 4 filing must be marked with a transaction code. Here is a list and description of transaction codes as used and categorized by the SEC.

General Transaction Codes

P - Purchase of securities in an open market or from another person, one of the most interesting transactions in terms of insider trading

S - Sale of securities in an open market or to another person, one of the most interesting transactions in terms of insider trading

V - Transaction voluntarily reported earlier than required

Rule 16b-3 Transaction Codes

A - Grant, award, or other acquisition of securities from the company (e.g. an option)

D - Sale or disposition of securities back to the company

F - Payment of exercise price or tax liability using portion of securities received from the company

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 received from the company (such as an option)

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 of securities by or to the insider

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 (accompanied by a footnote describing the 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