Odd Lot is a transaction that is for less than 100 shares of stock or for less than 5 bonds
Applying "Odd Lot" to Securities Exams:
Odd Lots are for less than a round lot of shares or bonds. a round lot is for 100 shares of stock or for 5 bonds or more. Odd lots are often purchased and sold by small investors who do not have the resources to invest in a round lot.