Robert M. Zak - 11 Mar 2022 Form 4 Insider Report for RAND CAPITAL CORP (RAND)

Role: Director
Signature: /s/ Daniel P. Penberthy (Attorney-In-Fact)
Issuer symbol: RAND
Transactions as of: 11 Mar 2022
Net transactions value: +$31,216
Form type: 4
Filing time: 14 Mar 2022, 17:00:19 UTC
Next filing: 11 May 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	RAND	Common Stock	Purchase	$26,997	+1,744	+11%	$15.48	18,153	11 Mar 2022	Direct	F1
transaction	RAND	Common Stock	Purchase	$4,219	+256	+1.4%	$16.48	18,409	11 Mar 2022	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $15.25 to $15.99, inclusive. The reporting person undertakes to provide to Rand Capital Corporation (the "Company"), any security holder of the Company, 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 this footnote (1) to this Form 4.
F2	The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $16.47 to $16.51, inclusive. The reporting person undertakes to provide to the Company, any security holder of the Company, 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 this footnote (2) to this Form 4.

Content

The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $15.25 to $15.99, inclusive. The reporting person undertakes to provide to Rand Capital Corporation (the "Company"), any security holder of the Company, 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 this footnote (1) to this Form 4.

The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $16.47 to $16.51, inclusive. The reporting person undertakes to provide to the Company, any security holder of the Company, 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 this footnote (2) to this Form 4.