Company: ACTG
Filing Date: 2025-03-28
Form Type: PRE 14A
Source: 0000934549-25-000010
Chunk: 64

Company: ACACIA RESEARCH CORP
Filing Date: 2025-03-28
Form: PRE 14A
Chunk 64
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 Redeemable Convertible Preferred Stock, Series B Warrants, nor any Senior Secured Notes remain outstanding.

Under the Recapitalization Agreement, the parties agreed that for the Applicable Period, the Board will include at least two directors that are independent of, and not affiliates (as defined in Rule 144 under the Exchange Act) of Starboard. For additional information concerning Starboard’s contractual rights to designate director nominees, please see the section of this Proxy Statement entitled “ Proposal No. 1 - To Elect Seven Directors to Serve on Our Board of Directors Until the 2026 Annual Meeting of Stockholders or Until Their Respective Successors Are Duly Elected and Qualified - Contractual Rights of Starboard to Designate Nominees. ”

The Recapitalization Agreement includes a “fair price” provision requiring, in addition to any other stockholder vote required by the Company’s Certificate of Incorporation or Delaware law, the affirmative vote of the holders of a majority of the outstanding voting stock held by stockholders of the Company other than Starboard and its affiliates, by or with whom or on whose behalf, directly or indirectly, a business combination is proposed, in order to approve such a business combination; provided, that the additional majority voting requirement would not be applicable if either (x) the business combination is approved by the Board by the affirmative vote of at least a majority of the directors who are unaffiliated with Starboard or (y) (i) the consideration to be received by stockholders other than Starboard and its affiliates meets certain minimum price conditions, and (ii) the consideration to be received by stockholders other than Starboard and its affiliates is of the same form and kind as the consideration paid by Starboard and its affiliates.

Registration Rights Agreement . On February 14, 2023, the Company entered into an amended and restated registration rights agreement (the “Registration Rights Agreement”) with certain affiliates of Starboard (together with Starboard, the “Starboard Parties”), as contemplated by the Recapitalization Agreement. Pursuant to the Registration Rights Agreement, the Company has agreed to file a registration statement covering the resale of the shares of the Company’s common stock issuable or issued to the Starboard Parties pursuant to or in accordance with Section 1.1 of the Recapitalization Agreement, including the shares issued to the Starboard Parties in the Private Rights Offering within 90 days after a written request made prior to the first anniversary of the Closing Date (as defined in the Registration Rights Agreement). The Registration