Northern Right Capital Management Form 4 SPECIAL DIVERSIFIED OPPORTUNITIES / Matthew A Drapkin ownership change

SEC Form 4

FORM 4

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
or Section 30(h) of the Investment Company Act of 1940

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

1. Name and Address of Reporting Person^*

Becker Drapkin Management, L.P.

(Last) (First) (Middle)

500 CRESCENT COURT, SUITE 230

(Street)

DALLAS TX 75201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SPECIAL DIVERSIFIED OPPORTUNITIES INC. [ SDOI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/22/2013

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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	06/23/2015		A		2,500(1)	A	(2)	167,889	I	See Footnotes(3)(4)(5)(6)
Common Stock								6,199,142	I	See Footnotes(3)(4)(5)(7)
Common Stock								809,202	I	See Footnotes(3)(4)(5)(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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: 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
Call Option (right to buy)	$1.25	11/22/2013		A		25,000		11/22/2013	11/22/2020	Common Stock	25,000	(2)	81,021	I	See Footnotes(3)(4)(5)(9)
Call Option (right to buy)	$1.24	06/23/2015		A		10,000		(10)	06/23/2022	Common Stock	10,000	(2)	91,021	I	See Footnotes(3)(4)(5)(9)(10)

1. Name and Address of Reporting Person^*

Becker Drapkin Management, L.P.

(Last) (First) (Middle)

500 CRESCENT COURT, SUITE 230

(Street)

DALLAS TX 75201

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

BECKER DRAPKIN PARTNERS (QP), L.P.

(Last) (First) (Middle)

500 CRESCENT COURT, SUITE 230

(Street)

DALLAS TX 75201

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

BECKER DRAPKIN PARTNERS, L.P.

(Last) (First) (Middle)

500 CRESCENT COURT, SUITE 230

(Street)

DALLAS TX 75201

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

BC Advisors LLC

(Last) (First) (Middle)

500 CRESCENT COURT, SUITE 230

(Street)

DALLAS TX 75201

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Becker Steven R

(Last) (First) (Middle)

500 CRESCENT COURT, SUITE 230

(Street)

DALLAS TX 75201

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Drapkin Matthew A

(Last) (First) (Middle)

500 CRESCENT COURT, SUITE 230

(Street)

DALLAS TX 75201

(City) (State) (Zip)

Explanation of Responses:

1. On June 23, 2015, the issuer granted to Steven R. Becker 2,500 unvested shares of restricted stock, which are subject to forfeiture and restrictions and 50% of which vest on June 23, 2016. The remaining shares of restricted stock vest on June 23, 2017.

2. Received as compensation for service on the issuer's Board of Directors.

3. This statement is filed by and on behalf of each of Becker Drapkin Management, L.P. ("BD Management"), Becker Drapkin Partners (QP), L.P. ("QP Fund"), Becker Drapkin Partners, L.P. ("LP Fund"), BC Advisors, LLC ("BC Advisors"), Steven R. Becker and Matthew A. Drapkin. QP Fund, LP Fund and Mr. Becker are the direct beneficial owners of the securities covered by this statement. BD Management is the general partner of each of QP Fund and LP Fund and may be deemed to beneficially own securities owned by QP Fund and LP Fund. BC Advisors is the general partner of BD Management and may be deemed to beneficially own securities owned by BD Management. Mr. Becker and Mr. Drapkin are the co-managing members of BC Advisors and may be deemed to beneficially own securities owned by BC Advisors. Mr. Becker is a co-managing member of BC Advisors, and each reporting person may be deemed to beneficially own securities owned by Mr. Becker.

4. Each reporting person states that neither the filing of this statement nor anything herein shall be deemed an admission that such person is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Act") or otherwise, the beneficial owner of any securities covered by this statement. Each reporting person disclaims beneficial ownership of the securities covered by this statement, except to the extent of the pecuniary interest of such person in such securities.

5. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, a member of a group with respect to the issuer or securities of the issuer.

6. Represents shares directly beneficially owned by Mr. Becker.

7. Represents shares directly beneficially owned by QP Fund.

8. Represents shares directly beneficially owned by LP Fund.

9. Represents stock options directly beneficially owned by Mr. Becker.

10. On June 23, 2015, the issuer granted to Mr. Becker 10,000 stock options, 50% of which vest and become exercisable on June 23, 2016. The remaining stock options vest and become exercisable on June 23, 2017.

Remarks:

Exhibit Index Exhibit 99.1 - Signatures (filed herewith) Exhibit 99.2 - Joint Filer Information (filed herewith) Exhibit 99.3 - Joint Filing Agreement (filed herewith)

	See Exhibit 99.1	06/25/2015
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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