Form 4 code · Derivative

Code X: exercise of in-the-money or at-the-money derivative security.

Exercise of an in-the-money or at-the-money derivative security that is not exempt under Rule 16b-3. Compare with M, which covers exempt employee option exercises.

Quarter: Q3 2026
Non-derivative rows: 56
Derivative rows: 88
Share of non-derivative: 0.1%

Recent code X transactions

Latest-dated code X rows in Q3 2026. Shares and prices are as filed.
Date	Issuer	Insider	Shares	Price	Filing
2026-09-22	Arqit Quantum Inc.	Lefebvre d'Ovidio Manfredi	4,600,000	$2.5	4
2026-09-19	Bending Spoons S.p.A.	Mylod Robert J Jr	17,745	$1.24	4
2026-09-18	Flywire Corp	Voss Value-Oriented Special Situations Fund, LP / Cocke Travis W. / Voss Capital, LP / Voss Advisors GP, LLC / Voss Value Master Fund, LP	100,000	$10	4
2026-09-17	CEA Industries Inc.	YZILabs Management Ltd.	2,180,631	—	4
2026-09-17	CEA Industries Inc.	YZILabs Management Ltd.	5,418,633	—	4
2026-09-17	DDC Enterprise Ltd	Mouw Matthew Gene	66,666	$0.16	4

Query code X transactions

Request with your API key

curl "https://sec-api.dev/api/v1/insider-transactions?period=2026q3&transactionCode=X&limit=10" \
  -H "Authorization: Bearer $SEC_API_KEY"

Insider trading API · Insider trading by company

Questions

What does transaction code X mean on Form 4?

Exercise of an in-the-money or at-the-money derivative security that is not exempt under Rule 16b-3. Compare with M, which covers exempt employee option exercises.

How common is code X?

In Q3 2026, code X appeared on 56 non-derivative and 88 derivative transaction rows in the SEC insider transactions data set (0.1% of non-derivative rows).

Other codes

P: Open market or S: Open market or V: Voluntarily reported earlier A: Grant, award or D: Disposition to the F: Payment of exercise I: Discretionary transaction M: Exercise or conversion C: Conversion of derivative E: Expiration of short H: Expiration or cancellation O: Exercise of out-of-the-money G: Bona fide gift L: Small acquisition under W: Acquisition or disposition Z: Deposit into or J: Other acquisition or K: Transaction in equity U: Disposition pursuant to

Meaning: Form 4 General Instructions, Instruction 8. Counts and examples: SEC insider transactions data sets, Q3 2026.

Plain-text version for agents and LLMs: /form-4-transaction-codes/x.md

Independent. Not affiliated with, endorsed by, or sponsored by the U.S. Securities and Exchange Commission. Data is reproduced from public SEC filings and datasets. Not investment advice.