[Form 4] Acacia Research Corporation Insider Trading Activity

Rhea-AI Filing Summary

Michelle Felman, identified as a director of Acacia Research Corporation (ACTG), reported two gift transactions of company common stock dated 08/11/2025. The filing states she gifted 11,560 shares and 11,561 shares to an irrevocable trust established for the benefit of her son, and that each gift was for no consideration.

The Form 4 shows the transactions coded as gifts and reports post-transaction direct beneficial ownership figures of 43,733 shares and 32,172 shares respectively as listed on the form. The filing is signed by an attorney-in-fact.

Positive

• Transparent disclosure: The Form 4 explicitly records the gifts and provides explanatory remarks.
• Reported post-transaction ownership: The filing lists direct beneficial ownership figures (43,733 and 32,172), documenting holdings after the transfers.

Negative

• None.

Insights

Securities Analyst

TL;DR Director reported two gifts totaling 23,121 ACTG shares to an irrevocable trust; disclosure reduces direct holdings but appears routine.

The Form 4 documents two gift transactions (codes "G") totaling 23,121 ACTG shares transferred to an irrevocable trust for the reporting person’s son, with $0 consideration reported. Post-transaction direct beneficial ownership figures are listed as 43,733 and 32,172 on the form. From a market-impact perspective, these intra-family transfers are typically non-economic dispositions and are often treated as governance/estate planning actions rather than corporate-control changes. The filing provides the required Section 16 disclosure of the insider transfer.

Corporate Governance Expert

TL;DR Form 4 shows transparent disclosure of intergenerational transfer via an irrevocable trust by a director, consistent with Section 16 reporting.

The reporting person is identified as a director and the form clearly classifies both transactions as gifts to an irrevocable trust for the benefit of her son, with explicit explanatory remarks. The signature block indicates the form was executed by an attorney-in-fact. This record demonstrates adherence to insider reporting rules by documenting the nature of the transfer and the resulting beneficial ownership figures.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FELMAN MICHELLE

(Last) (First) (Middle)

767 THIRD AVENUE

6TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ACACIA RESEARCH CORP [ ACTG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
ACTG Common Stock	08/11/2025		G		11,560(1)	D	$0	43,733	D
ACTG Common Stock	08/11/2025		G		11,561(2)	D	$0	32,172	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On August 11, 2025, the reporting person gifted 11,560 shares of ACTG common stock to an irrevocable trust for no consideration for the benefit of the reporting person's son.

2. On August 11, 2025, the reporting person gifted 11,561 shares of ACTG common stock to an irrevocable trust for no consideration for the benefit of the reporting person's son.

Remarks:

	Jennifer Graff, Attorney-in-fact	08/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Michelle Felman report on her Form 4 for ACTG?

She reported gifting 11,560 and 11,561 shares of ACTG common stock to an irrevocable trust for the benefit of her son, for $0 consideration.

When were the reported transactions executed for ACTG shares?

The transactions are dated 08/11/2025 on the Form 4.

How many ACTG shares were involved in total in the Form 4 gifts?

23,121 shares in total (11,560 + 11,561) were reported as gifted to the irrevocable trust.

What ownership does the Form 4 report after these transactions?

Post-transaction direct beneficial ownership figures are reported as 43,733 and 32,172 shares on the form.

Who signed or executed the Form 4 filing?

Jennifer Graff, Attorney-in-fact, is listed in the signature block on the form.