RAND CAPITAL CORP — Director's Dealing 2020

Aug 19, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAND CAPITAL CORP (RAND)
CIK: 0000081955
Period of Report: 2020-08-17

Reporting Person: Gusky Adam Samuel (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-08-19	Common Stock	P	500	$11.18	Acquired	3099	Indirect
2020-08-18	Common Stock	P	500	$11.15	Acquired	2599	Indirect
2020-08-17	Common Stock	P	599	$11.09	Acquired	2099	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted-average price, rounded to the nearest hundredth. These shares were purchased in multiple transactions at prices ranging from $11.12 to $11.25 per share, inclusive. The reporting person undertakes to provide upon request by the staff of the Securities and Exchange Commission, Rand Capital Corporation (the "Issuer") or a security holder of the Issuer full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

F2: These securities are held by AG Energy, LLC. These securities may be deemed to be beneficially owned by Mr. Gusky by virtue of his control of AG Energy, LLC.

F3: The price reported in Column 4 is a weighted-average price, rounded to the nearest hundredth. These shares were purchased in multiple transactions at prices ranging from $11.07 to $11.15 per share, inclusive. The reporting person undertakes to provide upon request by the staff of the Securities and Exchange Commission, Rand Capital Corporation (the "Issuer") or a security holder of the Issuer full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.