Code X: Exercise of in-the-money or at-the-money derivative security
0.18%of all 2025 Form 4 transactions
0.11%of Table I lines (non-derivative)
0.37%of Table II lines (derivative)
708transaction lines filed
Exercise of in-the-money or at-the-money derivative security
Use it when
- A derivative security is exercised and the exercise does not qualify for the Rule 16b-3 (short-swing liability exemption).
- The exercise is in-the-money or at-the-money, as opposed to the out-of-the-money case covered by O.
- The exercise needs to be paired with a Table I row reporting the underlying security holdings.
EDGAR expects
| Table | Table II, derivative securities |
| Code | X |
| Column 8, price of derivative | left blank on an exercise |
| Column 2, conversion or exercise price | exercise or conversion price is reported here instead |
| Table I | paired row reporting the holdings of the underlying security |
What the footnote typically covers
- What is the underlying security and how many shares resulted from the exercise?
- How the exercise price was determined or paid?
- Whether the exercised derivative was fully or only partially exercised.
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