Form 4: Associated Capital Group Director Gabelli Reports Acquisition of Phantom RSAs

Director Marc Gabelli reports acquiring 10,000 phantom restricted stock awards (RSAs) convertible to Class A Common Stock of Associated Capital Group.

Summary

• On June 25, 2024, Marc Gabelli, a director of Associated Capital Group, Inc., reported acquiring 10,000 phantom RSAs.
• These phantom RSAs are payable in cash upon vesting, with 30% vesting after three years and the remaining 70% vesting after five years from the award date.
• Each phantom RSA represents the right to receive the cash value of one share of Associated Capital Group, Inc. Class A common stock.
• Gabelli directly owns 20,766 shares of Class A Common Stock and 81,018 shares of Class B Common Stock, which are convertible to Class A Common Stock on a one-for-one basis.
• Following the reported transaction, Gabelli beneficially owns 10,000 derivative securities.

Sentiment

Score: 7

Explanation: The document indicates a director's increased stake in the company through phantom RSAs, which is generally a positive signal. The vesting schedule suggests a long-term commitment.

Positives

• The acquisition of phantom RSAs could align the director's interests with the long-term performance of the company.

Future Outlook

The vesting schedule of the phantom RSAs (30% after three years, 70% after five years) suggests a long-term commitment from the director.

Industry Context

Form 4 filings are standard disclosures for corporate insiders and provide transparency into their transactions in the company's securities.

Comparison to Industry Standards

• Equity compensation in the form of restricted stock awards is a common practice among publicly traded companies to incentivize and retain key personnel.
• The vesting schedule of three to five years is also typical for such awards.

Stakeholder Impact

• The acquisition of phantom RSAs by a director could be viewed positively by shareholders as it aligns management's interests with the company's performance.

Key Dates