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SEC Form 4 transaction code

Form 4 Code L: Small Acquisition (Rule 16a-6)

Code L marks a small acquisition under Rule 16a-6: an acquisition, other than from the company, of up to $10,000 in market value over six months, which the rule lets insiders report later on Form 5.

“Small acquisition under Rule 16a-6”
SEC Form 4, General Instruction 8 (Transaction Codes), under “Other Section 16(b) Exempt Transaction and Small Acquisition Codes (except for Rule 16b-3 codes above)”. Form 4 and instructions (PDF, sec.gov)

How often code L appears in real filings

Share of transaction rows
0.08%
38 of 50,023 rows, 12th most common
Filings with a code L row
0.06%
13 of 20,089 filings
Companies
8
of 2,099 in the sample
Median days, trade to filing
299.5
calendar days

38 of the rows are in Table I (non-derivative securities) and 0 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 L on a Form 4

Rule 16a-6 lets an insider defer reporting of small acquisitions to the annual Form 5 as long as acquisitions of that class over the prior six months total no more than $10,000 in market value and the insider makes no disposition, other than an exempt one, in the six months after. Reporting them early on Form 4 is allowed.

Because L acquisitions may wait for the year-end Form 5, the gap between the transaction date and the filing date on an L row is often far longer than the two business days that apply to most Form 4 transactions.

Code L in real filings

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

FBPFIRST BANCORP /PR/

Filing on sec.gov
Insider
Dedrick Tracey A, Director
Transaction date
Mar 13, 2026
Filed
Oct 2, 2026
Table
I, non-derivative
Shares
250.84
Price
$19.91
Shares × price
$4,995
Held after
34,038 (direct)
  • Dedrick Tracey A (Director) reported a small acquisition under Rule 16a-6 of 250.84 shares at $19.91 per share, about $4,995.
  • Shares held after the transaction: 34,038, held directly.
  • The same filing also reports 1 code A row (1,518 shares) and 1 code F row (19 shares).
  • Filed 203 days after the transaction date.

DGXQUEST DIAGNOSTICS INC

Filing on sec.gov
Insider
Plewman Patrick, SVP for Diagnostic Services
Transaction date
Jul 22, 2026
Filed
Jul 27, 2026
Table
I, non-derivative
Shares
46
Price
$206.81
Shares × price
$9,513
Held after
15,293 (direct)
  • Plewman Patrick (SVP for Diagnostic Services) reported a small acquisition under Rule 16a-6 of 46 shares at $206.81 per share, about $9,513.
  • Shares held after the transaction: 15,293, held directly.
  • Filed 5 days after the transaction date.

TSCOTRACTOR SUPPLY CO /DE/

Filing on sec.gov
Insider
Ham Margaret M, Director
Transaction date
Sep 4, 2026
Filed
Sep 9, 2026
Table
I, non-derivative
Shares
84.895
Price
$35.05
Shares × price
$2,975
Held after
19,613 (direct)
  • Ham Margaret M (Director) reported a small acquisition under Rule 16a-6 of 84.895 shares at $35.05 per share, about $2,975.
  • Shares held after the transaction: 19,613, held directly.
  • Filed 5 days after the transaction date.

Codes read alongside L

Questions about these codes

How common is code L on Form 4?

In AlphaScala’s sample of 50,023 Form 4 transaction rows filed Jul 23 – Oct 21, 2026, code L made up 0.08% of rows (38) and appeared on 0.06% of filings (13 of 20,089). It was the 12th most common of the 16 codes found.

What does code L mean on Form 4?

The SEC defines it as a "small acquisition under Rule 16a-6": an acquisition, other than from the company, that stays within the rule’s $10,000 six-month limit.

Why is a code L transaction filed months after it happened?

Rule 16a-6 lets small acquisitions be reported on Form 5, which is due within 45 days after the end of the company’s fiscal year. A filer can also report them early on Form 4, with the date of the original transaction.

Is code L the same as code P?

Both are acquisitions, but L is limited to small acquisitions that meet the Rule 16a-6 conditions, which allow deferred reporting. Other purchases are code P and are due within two business days.

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.