Exercise of derivative | Glossary

Definition

Code X reports the exercise of an in-the-money or at-the-money derivative security, except a transaction reported with code M.

Practical filing context for this specific glossary entry

X is the filing's primary shorthand for this event. It tells you the transaction category before you interpret price, shares, or role.

Many Form 4 codes describe compensation, withholding, exercises, gifts, or issuer transactions rather than open-market buying or selling.

Footnotes often explain vesting, plan language, indirect ownership, or why the reported code was used.