ACACIA RESEARCH CORP — Director's Dealing 2017

May 10, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACACIA RESEARCH CORP (ACTG)
CIK: 0000934549
Period of Report: 2017-05-08

Reporting Person: GRAZIADIO G LOUIS III (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-08	Common Stock	P	5200	$5.072	Acquired	429467	Direct
2017-05-08	Common Stock	P	5219	$5.072	Acquired	240289	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	15000	Indirect
Common Stock	10000	Indirect
Common Stock	10000	Indirect
Common Stock	10000	Indirect
Common Stock	2500	Indirect
Common Stock	10000	Indirect

Footnotes

F1: These shares are owned by the Graziadio Family Trust u/d/t 11/13/75 ("GFT"), an irrevocable trust established by Mr. Graziadio for the benefit of his children. Mr. Graziadio is neither a trustee nor a beneficiary of GFT and disclaims beneficial ownership of the shares owned by GFT.

F2: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $5.00 to $5.10, inclusive. Mr. Graziadio undertakes to provide to Acacia Research Corporation ("Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (2) to this Form 4.

F3: These shares are owned by the George & Reva Graziadio Charitable Lead Annuity Trust (the "Annuity Trust"), as to which Mr. Graziadio is trustee and Mr. Graziadio's minor children are contingent beneficiaries. Mr. Graziadio disclaims beneficial ownership of the shares owned by the Annuity Trust.

F4: Shares owned in the name of Mr. Graziadio's minor child, Marianna R. Graziadio.

F5: Shares owned in the name of Mr. Graziadio's minor child, George L. Graziadio IV

F6: These shares are owned by Gina-Carra Partnership ("Gina-Carra"), a limited partnership of which Mr. Graziadio is the trustee of each of the general partners, which are trusts for the benefit of Mr. Graziadio's children. Mr. Graziadio disclaims beneficial ownership of the shares owned by Gina-Carra.

F7: Shares are owned by the George and Reva Graziadio Foundation ("Foundation"), a charitable foundation established by Mr. Graziadio's parents, as to which Mr. Graziadio has no pecuniary interest. Mr. Graziadio is one of three directors of the Foundation and does not have the right to control disposition of these shares. Mr. Graziadio disclaims beneficial ownership of the shares owned by the Foundation.