<SEC-DOCUMENT>0001493152-21-032169.txt : 20211221
<SEC-HEADER>0001493152-21-032169.hdr.sgml : 20211221
<ACCEPTANCE-DATETIME>20211221160615
ACCESSION NUMBER:		0001493152-21-032169
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20211217
FILED AS OF DATE:		20211221
DATE AS OF CHANGE:		20211221

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Payne E. Gray
		CENTRAL INDEX KEY:			0001694647

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36366
		FILM NUMBER:		211509197

	MAIL ADDRESS:	
		STREET 1:		C/O RELM WIRELESS CORPORATION
		STREET 2:		7100 TECHNOLOGY DRIVE
		CITY:			WEST MELBOURNE
		STATE:			FL
		ZIP:			32904

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FG Financial Group, Inc.
		CENTRAL INDEX KEY:			0001591890
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				461119100
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		360 CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			ST. PETERSBURG
		STATE:			FL
		ZIP:			33701
		BUSINESS PHONE:		727-304-5666

	MAIL ADDRESS:	
		STREET 1:		360 CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			ST. PETERSBURG
		STATE:			FL
		ZIP:			33701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	1347 Property Insurance Holdings, Inc.
		DATE OF NAME CHANGE:	20131113
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2021-12-17</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001591890</issuerCik>
        <issuerName>FG Financial Group, Inc.</issuerName>
        <issuerTradingSymbol>FGF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001694647</rptOwnerCik>
            <rptOwnerName>Payne E. Gray</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FG FINANCIAL GROUP, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>360 CENTRAL AVE SUITE 800</rptOwnerStreet2>
            <rptOwnerCity>ST. PETERSBURG</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33701</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2021-12-17</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>14492</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>36642</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Represents restricted stock units (&quot;RSUs&quot;) granted under the 2021 Equity Incentive Plan as director compensation. RSUs vest in five annual equal installments, subject to continued service with the Company, beginning on the first anniversary of the grant
date. Each RSU represents a contingent right to receive one share of common stock of the Company.</footnote>
        <footnote id="F2">Includes remaining 2,286 RSUs granted on August 22, 2018 under the 2018 Equity Incentive Plan as director compensation (also includes the 3,428 RSUs that have vested to date), the remaining 4,634 RSUs granted on August 13, 2019 under the 2018
Equity Incentive Plan as director compensation (also includes the 3,088 RSUs that have vested to date) and the remaining 6,971 RSUs granted on August 12, 2020 under the 2018 Equity Incentive Plan as director compensation (also includes the 1,743
RSUs that have vested to date). RSUs vest in five annual equal installments, subject to continued service with the Company, beginning on the first anniversary of the grant date. Each RSU represents a contingent right to receive one share of common stock
of the Company.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ General E. Gray Payne</signatureName>
        <signatureDate>2021-12-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
