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SEC Form 4 transaction code

Form 4 Code I: Discretionary Transaction

Code I marks a discretionary transaction under Rule 16b-3(f): a move an employee chooses to make inside a company benefit plan, into or out of a fund that holds the company’s stock.

“Discretionary transaction in accordance with Rule 16b-3(f) resulting in acquisition or disposition of issuer securities”
SEC Form 4, General Instruction 8 (Transaction Codes), under “Rule 16b-3 Transaction Codes”. Form 4 and instructions (PDF, sec.gov)

How often code I appears in real filings

Share of transaction rows
0.06%
29 of 50,023 rows, 13th most common
Filings with a code I row
0.13%
26 of 20,089 filings
Companies
19
of 2,099 in the sample
Median days, trade to filing
2
calendar days

20 of the rows are in Table I (non-derivative securities) and 9 in Table II (derivative securities).

Sample: 50,023 transaction rows in 20,089 Form 4 and 4/A filings filed Jul 23 – Oct 21, 2026 by insiders of 2,099 companies with an AlphaScala stock page. Rows are counted as filed; see how the codes are counted.

SEC Form 4 filings as of Oct 21, 2026

Reading code I on a Form 4

Rule 16b-3 defines a discretionary transaction as one made at the participant’s own choice in an employee benefit plan, such as a 401(k) or deferred compensation plan, that moves money into or out of a company-stock fund or takes a cash distribution funded by selling company stock. Transfers made because of death, disability, retirement or leaving the company do not count.

Such transactions are exempt from Section 16(b) when made under an election at least six months after the participant’s last election in the opposite direction. General Instruction 4(a) still requires them on Form 4. The rows often show shares held indirectly, with the plan named as the nature of ownership.

Code I in real filings

Recent Form 4 lines coded I, chosen from the newest filings in the sample, one company each. Figures are as filed; each links to the filing on sec.gov.

SCISERVICE CORP INTERNATIONAL

Filing on sec.gov
Insider
LUND VICTOR L, Director
Transaction date
Aug 25, 2026
Filed
Aug 27, 2026
Table
I, non-derivative
Shares
193,900
Price
$84.45
Shares × price
$16.4M
Held after
15,220 (indirect)
  • LUND VICTOR L (Director) reported a discretionary plan transaction (Rule 16b-3(f)) in 193,900 shares at $84.45 per share, about $16.4M.
  • Shares held after the transaction: 15,220, held indirectly (By Deferred Compensation Plan).
  • Filed 2 days after the transaction date.

BSXBOSTON SCIENTIFIC CORP

Filing on sec.gov
Insider
Fitzgerald Joseph Michael, EVP & Group Pres, Cardiology
Transaction date
Jul 31, 2026
Filed
Aug 3, 2026
Table
I, non-derivative
Shares
64,198
Price
$46.73
Shares × price
$3.0M
Held after
64,198 (indirect)
  • Fitzgerald Joseph Michael (EVP & Group Pres, Cardiology) reported a discretionary plan transaction (Rule 16b-3(f)) in 64,198 shares at $46.73 per share, about $3.0M.
  • Shares held after the transaction: 64,198, held indirectly (By 401(k)).
  • Filed 3 days after the transaction date.

WBDWarner Bros. Discovery, Inc.

Filing on sec.gov
Insider
Di Piazza Samuel A Jr., Director
Transaction date
Aug 11, 2026
Filed
Aug 12, 2026
Table
I, non-derivative
Shares
82,415
Price
$27.07
Shares × price
$2.2M
Held after
130,661 (direct)
  • Di Piazza Samuel A Jr. (Director) reported a discretionary plan transaction (Rule 16b-3(f)) in 82,415 shares at $27.07 per share, about $2.2M.
  • Shares held after the transaction: 130,661, held directly.
  • Filed 1 day after the transaction date.

Codes read alongside I

Questions about these codes

How common is code I on Form 4?

In AlphaScala’s sample of 50,023 Form 4 transaction rows filed Jul 23 – Oct 21, 2026, code I made up 0.06% of rows (29) and appeared on 0.13% of filings (26 of 20,089). It was the 13th most common of the 16 codes found.

What does code I mean on Form 4?

The SEC defines it as a "discretionary transaction in accordance with Rule 16b-3(f) resulting in acquisition or disposition of issuer securities": a transaction an employee chooses to make in a company benefit plan that involves a company-stock fund.

Is code I a buy or a sell?

Either. It records an acquisition or a disposition of company stock inside a benefit plan, such as moving a 401(k) balance into or out of a company-stock fund. It is not a trade the insider placed in the market.

Why must code I transactions be reported on Form 4?

General Instruction 4(a) of Form 4 requires reporting of "all transactions exempt from Section 16(b) pursuant to §240.16b-3(d), §240.16b-3(e), or §240.16b-3(f)". Discretionary transactions are the 16b-3(f) group.

Definition: SEC Form 4, General Instruction 8 (sec.gov). Examples and counts: AlphaScala's copy of SEC EDGAR Form 4 filings. See all 20 Form 4 transaction codes, insider cluster buys and our methodology.

Educational reference only, not investment advice. Insider transactions have many motives and a Form 4 does not record them. See our risk disclaimer.