General Rules and Regulations
promulgated
under the
Securities Exchange Act of 1934
Rule 16a-4 -- Derivative Securities
For purposes of section
16 of the Act, both derivative securities and the underlying securities to which
they relate shall be deemed to be the same class of equity securities, except
that the acquisition or disposition of any derivative security shall be separately
reported.
The exercise or conversion of a call equivalent position
shall be reported on Form 4 and be treated for
reporting purposes as:
A purchase of the underlying security; and
A closing of the derivative security position.
The exercise or conversion of a put equivalent position shall
be reported on Form 4 and shall be treated for
reporting purposes as:
A sale of the underlying security; and
A closing of the derivative security position.
The disposition or closing of a long derivative security
position, as a result of cancellation or expiration, shall be exempt from section
16(a) of the Act if exempt from section 16(b)
of the Act pursuant to Rule .
Note: Under Rule 16b-6(b), a purchase or sale
resulting from an exercise or conversion of a derivative security generally is exempt
from section 16(b) of the Act.
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