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