Company: ACTG
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0000934549-25-000014
Chunk: 45

Company: ACACIA RESEARCH CORP
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 45
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 or other distributions paid with respect to such excess shares, our agent is required to sell such excess shares, and the net proceeds of the sale, after deduction of all costs incurred by the agent, will be transferred first to the purported transferee in an amount, if any, up to the cost incurred by the purported transferee to acquire such excess shares (or in the case of gift, inheritance or similar transfer, in an amount equal to the fair market value of the excess shares on the date of the prohibited transfer), and the balance of the proceeds, if any, will be transferred to a charitable beneficiary; and

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• in the case of a prohibited transfer that does not involve a transfer of our securities within the meaning of Delaware law but that would cause a person to violate the 4.899% ownership threshold, such Person whose ownership of our securities is attributed to such proscribed Person will be deemed to have disposed of (and will be required to dispose of) sufficient securities, simultaneously with the transfer, to cause such proscribed Person not to be in violation of the 4.899% ownership thresholds described above, and such securities will be treated as excess shares to be disposed of through the agent under the provisions summarized above, with the maximum amount payable to such stockholder that was the direct holder of such excess shares from the proceeds of sale by the agent being the fair market value of such excess shares at the time of the prohibited transfer.

To the extent permitted by law, any stockholder who knowingly violates the Existing Protective Provisions, and any Persons controlling, controlled by or under common control with such stockholder, will be liable for any and all damages we suffer as a result of such violation, including damages resulting from any limitation in our ability to use our NOLs and any professional fees incurred in connection with addressing such violation.

Modification and Waiver of Transfer Restrictions. Our Board will have the discretion to approve a transfer of our common stock that would otherwise violate the transfer restrictions if it determines that (i) the transfer will not result in a limitation on the use of our NOLs under Section 382 of the Code or (ii) the transfer is in our and our stockholders’ best interests even though the transfer may result in an ownership change that could limit our use of our NOLs. In addition, in the event of a change in law, our Board will be authorized to modify the applicable allowable percentage ownership interest threshold (currently 4.899%) or modify any of the