Sec Form 4 Filing - Starboard Value LP @ ACACIA RESEARCH CORP - 2023-03-01

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Starboard Value LP 2. Issuer Name and Ticker or Trading Symbol ACACIA RESEARCH CORP [ ACTG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) X __ Other (specify below) See Footnote 2 (Last) (First) (Middle) 777 THIRD AVENUE, 18TH FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 03/01/2023 (Street) NEW YORK, NY10017 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 Common Stock, par value $0.001 per share ( 1 ) ( 2 ) 03/01/2023 M( 9 ) 8,110,216 A $ 5.25 10,813,620 I By Starboard Value and Opportunity Master Fund Ltd ( 3 ) Common Stock, par value $0.001 per share ( 1 ) ( 2 ) 03/01/2023 M( 9 ) 1,500,000 A $ 5.25 2,000,000 I By Starboard Value and Opportunity S LLC ( 4 ) Common Stock, par value $0.001 per share ( 1 ) ( 2 ) 03/01/2023 M( 9 ) 2,550,000 A $ 5.25 3,400,000 I By Managed Account of Starboard Value LP ( 5 ) Common Stock, par value $0.001 per share ( 1 ) ( 2 ) 03/01/2023 M( 9 ) 870,000 A $ 5.25 1,160,000 I By Starboard Value and Opportunity C LP ( 6 ) Common Stock, par value $0.001 per share ( 1 ) ( 2 ) 03/01/2023 M( 9 ) 825,000 A $ 5.25 1,100,000 I By Starboard Value and Opportunity Master Fund L LP ( 7 ) Common Stock, par value $0.001 per share ( 1 ) ( 2 ) 03/01/2023 M( 9 ) 1,144,784 A $ 5.25 1,526,380 I By Starboard X Master Fund Ltd ( 8 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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 Subscription Rights (right to buy) $ 5.25 03/01/2023 M( 9 ) 8,110,216 02/15/2023 03/01/2023 Common Stock, par value $0.001 per share 8,110,216 $ 0 0 I By Starboard Value and Opportunity Master Fund Ltd ( 3 ) Subscription Rights (right to buy) $ 5.25 03/01/2023 M( 9 ) 1,500,000 02/15/2023 03/01/2023 Common Stock, par value $0.001 per share 1,500,000 $ 0 0 I By Starboard Value and Opportunity S LLC ( 4 ) Subscription Rights (right to buy) $ 5.25 03/01/2023 M( 9 ) 2,550,000 02/15/2023 03/01/2023 Common Stock, par value $0.001 per share 2,550,000 $ 0 0 I By Managed Account of Starboard Value LP ( 5 ) Subscription Rights (right to buy) $ 5.25 03/01/2023 M( 9 ) 870,000 02/15/2023 03/01/2023 Common Stock, par value $0.001 per share 870,000 $ 0 0 I By Starboard Value and Opportunity C LP ( 6 ) Subscription Rights (right to buy) $ 5.25 03/01/2023 M( 9 ) 825,000 02/15/2023 03/01/2023 Common Stock, par value $0.001 per share 825,000 $ 0 0 I By Starboard Value and Opportunity Master Fund L LP ( 7 ) Subscription Rights (right to buy) $ 5.25 03/01/2023 M( 9 ) 1,144,784 02/15/2023 03/01/2023 Common Stock, par value $0.001 per share 1,144,784 $ 0 0 I By Starboard X Master Fund Ltd ( 8 ) Series B Warrants ( 10 ) ( 11 ) 03/03/2023 D( 10 )( 11 ) 37,032,912 ( 10 )( 11 ) ( 10 )( 11 ) Common Stock, par value $0.001 per share 37,032,912 ( 10 ) ( 11 ) 17,035,140 I By Starboard Value and Opportunity Master Fund Ltd ( 3 ) Series B Warrants ( 10 ) ( 11 ) 03/03/2023 D( 10 )( 11 ) 6,849,315 ( 10 )( 11 ) ( 10 )( 11 ) Common Stock, par value $0.001 per share 6,849,315 ( 10 ) ( 11 ) 3,150,685 I By Starboard Value and Opportunity S LLC ( 4 ) Series B Warrants ( 10 ) ( 11 ) 03/03/2023 D( 10 )( 11 ) 11,643,836 ( 10 )( 11 ) ( 10 )( 11 ) Common Stock, par value $0.001 per share 11,643,836 ( 10 ) ( 11 ) 5,356,164 I By Managed Account of Starboard Value LP ( 5 ) Series B Warrants ( 10 ) ( 11 ) 03/03/2023 D( 10 )( 11 ) 3,972,603 ( 10 )( 11 ) ( 10 )( 11 ) Common Stock, par value $0.001 per share 3,972,603 ( 10 ) ( 11 ) 1,827,397 I By Starboard Value and Opportunity C LP ( 6 ) Series B Warrants ( 10 ) ( 11 ) 03/03/2023 D( 10 )( 11 ) 3,767,123 ( 10 )( 11 ) ( 10 )( 11 ) Common Stock, par value $0.001 per share 3,767,123 ( 10 ) ( 11 ) 1,732,877 I By Starboard Value and Opportunity Master Fund L LP ( 7 ) Series B Warrants ( 10 ) ( 11 ) 03/03/2023 D( 10 )( 11 ) 5,227,362 ( 10 )( 11 ) ( 10 )( 11 ) Common Stock, par value $0.001 per share 5,227,362 ( 10 ) ( 11 ) 2,404,586 I By Starboard X Master Fund Ltd ( 8 ) Series A Convertible Preferred Stock $ 3.65 ( 12 ) ( 12 ) Common Stock, par value $0.001 per share 189,239 189,239 I By Starboard Value and Opportunity Master Fund Ltd ( 3 ) Series A Convertible Preferred Stock $ 3.65 ( 12 ) ( 12 ) Common Stock, par value $0.001 per share 35,000 35,000 I By Managed Account of Starboard Value LP ( 5 ) Series A Convertible Preferred Stock $ 3.65 ( 12 ) ( 12 ) Common Stock, par value $0.001 per share 59,500 59,500 I By Managed Account of Starboard Value LP ( 5 ) Series A Convertible Preferred Stock $ 3.65 ( 12 ) ( 12 ) Common Stock, par value $0.001 per share 20,300 20,300 I By Starboard Value and Opportunity C LP ( 6 ) Series A Convertible Preferred Stock $ 3.65 ( 12 ) ( 12 ) Common Stock, par value $0.001 per share 19,250 19,250 I By Starboard Value and Opportunity Master Fund L LP ( 7 ) Series A Convertible Preferred Stock $ 3.65 ( 12 ) ( 12 ) Common Stock, par value $0.001 per share 26,711 26,711 I By Starboard X Master Fund Ltd ( 8 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Starboard Value LP 777 THIRD AVENUE, 18TH FLOOR NEW YORK, NY10017 X See Footnote 2 STARBOARD VALUE & OPPORTUNITY MASTER FUND LTD 777 THIRD AVENUE, 18TH FLOOR NEW YORK, NY10017 X See Footnote 2 STARBOARD VALUE & OPPORTUNITY S LLC 777 THIRD AVENUE, 18TH FLOOR NEW YORK, NY10017 X See Footnote 2 Starboard Value & Opportunity C LP 777 THIRD AVENUE, 18TH FLOOR NEW YORK, NY10017 X See Footnote 2 Starboard Value & Opportunity Master Fund L LP 777 THIRD AVENUE, 18TH FLOOR NEW YORK, NY10017 X See Footnote 2 Starboard X Master Fund Ltd 777 THIRD AVENUE, 18TH FLOOR NEW YORK, NY10017 X See Footnote 2 Starboard Value R LP 777 THIRD AVENUE, 18TH FLOOR NEW YORK, NY10017 X See Footnote 2 Starboard Value L LP 777 THIRD AVENUE, 18TH FLOOR NEW YORK, NY10017 X See Footnote 2 Starboard Value GP LLC 777 THIRD AVENUE, 18TH FLOOR NEW YORK, NY10017 X See Footnote 2 Starboard Value R GP LLC 777 THIRD AVENUE, 18TH FLOOR NEW YORK, NY10017 See Footnote 2 Signatures Starboard Value LP, By: /s/ Jeffrey C. Smith, Authorized Signatory 03/03/2023 Signature of Reporting Person Date Starboard Value & Opportunity Master Fund Ltd, By: /s/ Jeffrey C. Smith, Authorized Signatory 03/03/2023 Signature of Reporting Person Date Starboard Value & Opportunity S LLC, By: /s/ Jeffrey C. Smith, Authorized Signatory 03/03/2023 Signature of Reporting Person Date Starboard Value and Opportunity C LP, By: /s/ Jeffrey C. Smith, Authorized Signatory 03/03/2023 Signature of Reporting Person Date Starboard Value and Opportunity Master Fund L LP, By: /s/ Jeffrey C. Smith, Authorized Signatory 03/03/2023 Signature of Reporting Person Date Starboard X Master Fund Ltd, By: /s/ Jeffrey C. Smith, Authorized Signatory 03/03/2023 Signature of Reporting Person Date Starboard Value R LP, By: /s/ Jeffrey C. Smith, Authorized Signatory 03/03/2023 Signature of Reporting Person Date Starboard Value L LP, By: /s/ Jeffrey C. Smith, Authorized Signatory 03/03/2023 Signature of Reporting Person Date Starboard Value GP LLC, By: /s/ Jeffrey C. Smith, Authorized Signatory 03/03/2023 Signature of Reporting Person Date Starboard Value R GP LLC, By: /s/ Jeffrey C. Smith, Authorized Signatory 03/03/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )This Form 4 is filed jointly by Starboard Value and Opportunity Master Fund Ltd ("Starboard V&O Fund"), Starboard Value and Opportunity S LLC ("Starboard S LLC"), Starboard Value and Opportunity C LP ("Starboard C LP"), Starboard Value and Opportunity Master Fund L LP ("Starboard L Master"), Starboard X Master Fund Ltd ("Starboard X Master"), Starboard Value R LP ("Starboard R LP"), Starboard Value L LP ("Starboard L LP"), Starboard Value LP ("Starboard Value LP"), Starboard Value GP LLC ("Starboard Value GP"), Starboard Value R GP LLC ("Starboard R GP"), Starboard Principal Co LP ("Principal Co"), Starboard Principal Co GP LLC ("Principal GP"), Peter A. Feld and Jeffrey C. Smith (collectively, the "Reporting Persons"). ( 2 )To enable all of the Reporting Persons to gain access to the Securities and Exchange Commission's electronic filing system (which only accepts a maximum of 10 joint filers per report), this report is the first of two identical reports relating to the same transactions being filed with the Securities and Exchange Commission. Each Reporting Person may be deemed to be a member of a Section 13(d) group that owns more than 10% of the Issuer's outstanding shares of Common Stock. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. ( 3 )Securities beneficially owned by Starboard V&O Fund. Starboard Value LP, as the investment manager of Starboard V&O Fund, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard V&O Fund. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard V&O Fund. ( 4 )Securities beneficially owned by Starboard S LLC. Starboard Value LP, as the manager of Starboard S LLC, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard S LLC. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard S LLC. ( 5 ) Securities held in a certain account managed by Starboard Value LP (the "Starboard Value LP Account"). Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard Value LP and held by the Starboard Value LP Account. ( 6 )Securities beneficially owned by Starboard C LP. Each of Starboard R LP, as the general partner of Starboard C LP, and Starboard R GP, as the general partner of Starboard R LP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard C LP. Starboard Value LP, as the investment manager of Starboard C LP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard C LP. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard C LP. ( 7 )Securities beneficially owned by Starboard L Master. Each of Starboard L LP, as the general partner of Starboard L Master, Starboard R LP, as the general partner of Starboard L LP, and Starboard R GP, as the general partner of Starboard R LP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard L LP. Starboard Value LP, as the investment manager of Starboard L Master, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard L Master. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard L Master. ( 8 )Securities beneficially owned by Starboard X Master. Starboard Value LP, as the investment manager of Starboard X Master, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard X Master. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard X Master. ( 9 )Pursuant to the previously announced Recapitalization Agreement, dated October 30, 2022 (the "Recapitalization Agreement"), by and among certain of the Reporting Persons and the Issuer, the Reporting Persons exercised subscription rights to purchase shares of the Issuer's Common Stock at $5.25 per share with an expiration date of March 1, 2023. The subscriptions rights were distributed to the Reporting Persons by the Issuer on a pro rata basis to the Issuer's other stockholders in a private rights offering running concurrently to the public rights offering contemplated under the Recapitalization Agreement (the "Public Rights Offering") which commenced on February 15, 2023. The transactions reported herein are exempt pursuant to Rule 16b-3. ( 10 )The Series B Warrants were exercisable commencing from the date of their issuance on February 25, 2020 and will expire on November 15, 2027. However, pursuant to the Recapitalization Agreement, the Reporting Persons agreed to irrevocably exercise an aggregate of 31,506,849 of the Series B Warrants, subject to certain price-based anti-dilution adjustments, on or prior to July 14, 2023 (unless approval of the Issuer's stockholders is required to remove a 4.89% "blocker" provision in accordance with the terms of the Series B Warrants), with an aggregate of 68,493,151 Series B Warrants cancelled immediately following the completion of the Public Rights Offering, which closed on March 3, 2023. ( 11 )The irrevocable exercise of the remaining Series B Warrants may be effected through a "Note Cancellation" (as defined in the Series B Warrants) or a combination of a "Note Cancellation" and a "Limited Cash Exercise" (as defined in the Series B Warrants) in accordance with the terms of the Series B Warrants, as determined by the Reporting Persons. ( 12 )Pursuant to the Recapitalization Agreement, the Series A Convertible Preferred Stock reported herein will be converted into shares of Common Stock on or prior to July 14, 2023, subject to the receipt of stockholder approval at the Issuer's next annual meeting of stockholders for an amendment and restatement of the Amended and Restated Certificate of Designations, Preferences and Rights of Series A Convertible Preferred Stock, dated as of January 7, 2020, to remove a 4.89% "blocker" provision.

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).

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