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AlphaScala
SEC Form 4 transaction code

Form 4 Code X: In-the-Money Option Exercise

Code X marks the exercise of an in-the-money or at-the-money derivative security, such as a warrant or option, outside the Rule 16b-3 exemption.

“Exercise of in-the-money or at-the-money derivative security”
SEC Form 4, General Instruction 8 (Transaction Codes), under “Derivative Securities Codes (Except for transactions exempted pursuant to Rule 16b-3)”. Form 4 and instructions (PDF, sec.gov)

How often code X appears in real filings

Share of transaction rows
0.08%
40 of 50,023 rows, 10th most common
Filings with a code X row
0.08%
16 of 20,089 filings
Companies
10
of 2,099 in the sample
Median days, trade to filing
1.5
calendar days

10 of the rows are in Table I (non-derivative securities) and 30 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 X on a Form 4

An option to buy is in the money when its exercise price is below the market price and at the money when the two are equal. As with M, the exercise appears in Table II as a disposition of the derivative and the shares received appear in Table I at the exercise price.

Most executive options come from company plans and are exercised under code M, so X rows are rare in AlphaScala’s sample. Filers use X for exercises outside Rule 16b-3, such as warrants bought in the market, or derivatives held by 10% owners who are not officers or directors, whose transactions Rule 16b-3 does not cover.

O is the out-of-the-money counterpart. Such an exercise costs more than buying the shares in the market, and AlphaScala’s sample holds very few.

Code X in real filings

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

AMXAMERICA MOVIL SAB DE CV/

Filing on sec.gov
Insider
Garcia Moreno Elizondo Carlos Jose, Chief Financial Officer
Transaction date
Aug 21, 2026
Filed
Aug 25, 2026
Table
I, non-derivative
Shares
464,000
Price
$1.05
Shares × price
$487K
Held after
464,000 (indirect)
  • Garcia Moreno Elizondo Carlos Jose (Chief Financial Officer) acquired 464,000 shares by exercising in-the-money or at-the-money derivatives at $1.05 per share, paying about $487K.
  • Shares held after the transaction: 464,000, held indirectly (By Inmobiliaria Evian-Chamonix S.A. de C.V.).
  • The same filing also reports 5 code X rows (488,476 shares and derivative securities).
  • Filed 4 days after the transaction date.

RZLVREZOLVE AI PLC

Filing on sec.gov
Insider
Wagner Daniel Maurice, Chief Executive Officer
Transaction date
Aug 16, 2026
Filed
Aug 28, 2026
Table
II, derivative
Units
1,566,697
Price
$0.00
Shares × price
–
Held after
0 (indirect)
  • Wagner Daniel Maurice (Chief Executive Officer) exercised 1,566,697 in-the-money or at-the-money derivative securities; this is the Table II side of the exercise.
  • Derivative securities of this kind held after the transaction: 0, held indirectly (See Footnote (5)).
  • The same filing also reports 1 code E row (2,025,496 derivative securities) and 1 code W row (543,993 shares).
  • Filed 12 days after the transaction date.

QUBTQuantum Computing Inc.

Filing on sec.gov
Insider
Huang Yuping, CEO and President
Transaction date
Aug 20, 2026
Filed
Aug 21, 2026
Table
II, derivative
Units
584,897
Price
$0.00
Shares × price
–
Held after
15,316 (direct)
  • Huang Yuping (CEO and President) exercised 584,897 in-the-money or at-the-money derivative securities; this is the Table II side of the exercise.
  • Derivative securities of this kind held after the transaction: 15,316, held directly.
  • The same filing also reports 1 code A row (584,897 shares).
  • Filed 1 day after the transaction date.

Codes read alongside X

Questions about these codes

How common is code X on Form 4?

In AlphaScala’s sample of 50,023 Form 4 transaction rows filed Jul 23 – Oct 21, 2026, code X made up 0.08% of rows (40) and appeared on 0.08% of filings (16 of 20,089). It was the 10th most common of the 16 codes found.

What is the difference between code X and code M?

M is an exercise or conversion "exempted pursuant to Rule 16b-3", typically options and units from the company’s own plans. X is an "exercise of in-the-money or at-the-money derivative security" listed among the codes for transactions outside Rule 16b-3.

What is the difference between code X and code O?

O is an "exercise of out-of-the-money derivative security". X covers exercises where the derivative is in the money or at the money.

Does code X mean the insider bought shares?

The insider acquires shares by paying the exercise price, so holdings of the stock rise. It is not an open-market purchase: the price was set by the terms of the derivative, not by the market on the day.

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.