Code W marks an acquisition or disposition of securities by will or under the laws of descent and distribution, such as shares inherited from an estate.
“Acquisition or disposition by will or the laws of descent and distribution”
11 of the rows are in Table I (non-derivative securities) and 1 in Table II (derivative securities).
Sample: 58,848 transaction rows in 23,544 Form 4 and 4/A filings filed Jul 23 – Nov 9, 2026 by insiders of 2,152 companies with an AlphaScala stock page. Rows are counted as filed; see how the codes are counted.
SEC Form 4 filings as of Nov 9, 2026
W rows record shares changing hands because of a death: an insider inheriting stock, or an estate the insider reports for distributing it. No price is paid, so W rows usually show $0.
Like gifts (code G), transfers by will or the laws of descent and distribution are exempt from the Section 16(b) short-swing profit rule under Rule 16b-5. The filing’s footnotes can name the estate or trust involved.
Recent Form 4 lines coded W, chosen from the newest filings in the sample, one company each. Figures are as filed; each links to the filing on sec.gov.
In AlphaScala’s sample of 58,848 Form 4 transaction rows filed Jul 23 – Nov 9, 2026, code W made up 0.02% of rows (12) and appeared on 0.05% of filings (11 of 23,544). It was the 14th most common of the 17 codes found.
The SEC defines it as an "acquisition or disposition by will or the laws of descent and distribution": shares that pass to or from an insider because of a death.
No. The insider pays nothing; the shares pass from an estate or under inheritance law. Purchases are code P.
G is a "bona fide gift" made during the giver’s lifetime. W is an "acquisition or disposition by will or the laws of descent and distribution", after a death. Rule 16b-5 exempts both from Section 16(b).
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.