# EDGAR Filing Document

**Accession Number:** 0000924822
**File Stem:** 0001104659-23-030943
**Filing Date:** 2023-3
**Character Count:** 91807
**Document Hash:** 45585af0eb87a8fd44a42e54241c5d07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-030943.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001104659-23-030943

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230306

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MILLER INDUSTRIES INC /TN/
- **CENTRAL INDEX KEY:** 0000924822
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRUCK & BUS BODIES [3713]
- **IRS NUMBER:** 621566286
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14124
- **FILM NUMBER:** 23721850

**BUSINESS ADDRESS:**
- **STREET 1:** 8503 HILLTOP DR
- **STREET 2:** STE 100
- **CITY:** OOLTEWAH
- **STATE:** TN
- **ZIP:** 37363
- **BUSINESS PHONE:** 4232384171

**MAIL ADDRESS:**
- **STREET 1:** 8503 HILLTOP DR
- **STREET 2:** STE 100
- **CITY:** OOLTEWAH
- **STATE:** TN
- **ZIP:** 37363

?xml version="1.0" encoding="utf-8"?

**United States**

**Securities And Exchange Commission**

Washington, DC 20549

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **March 6, 2023**

**MILLER INDUSTRIES, INC.**

(Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Tennessee** | **001-14124** | **62-1566286** |
| (State or Other Jurisdiction of<br> Incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**8503 Hilltop Drive, Ooltewah, Tennessee** 

**37363**

(Address of Principal Executive Offices)

(Zip Code)

**(423) 238-4171** 

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol** | **Name of Each Exchange on Which Registered** |
| Common Stock, par value $0.01 per share | MLR | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

---

| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement** |

---

On March 10, 2023 (the "Effective Date"), Miller Industries, Inc. (the "Company") entered into a Cooperation Agreement (the "Agreement") with Lakeview Investment Group & Trading Company, LLC, Ari B. Levy, Tim Won and Arnold Ursaner (collectively, with its or his respective affiliates and associates, the "Lakeview Parties").

Pursuant to the terms of the Agreement, the board of directors (the "Board") of the Company has increased the size of the Board from seven to eleven directors and has appointed Dr. Susan Sweeney, Ms. Jill Sutton, Dr. Javier Reyes and Mr. Peter Jackson (each, a "New Director" and collectively, the "New Directors") to serve as directors on the Board, each with a term expiring at the 2023 annual meeting of shareholders (the "2023 Annual Meeting"). The Board has agreed to nominate each New Director for election at the 2023 Annual Meeting, which is currently scheduled to be held on May 26, 2023. Pursuant to the terms of the Agreement, Dr. Sweeney will join the Audit Committee and Ms. Sutton will join the Compensation Committee.

Additionally, Deborah L. Whitmire will be completing her current term on the Board and will not stand for re-election at the 2023 Annual Meeting. Ms. Whitmire will continue in her role as Executive Vice President, Chief Financial Officer, and Treasurer. Following the 2023 Annual Meeting, the Board will be comprised of ten directors. Pursuant to the terms of the Agreement, one additional incumbent director will retire from the Board prior to, or concurrent with, the 2025 annual meeting of shareholders (the "2025 Annual Meeting"), and such incumbent director will not be nominated by the Board for re-election to the Board at the 2025 Annual Meeting. Further, pursuant to the terms of the Agreement, one additional incumbent director will retire from the Board prior to, or concurrent with, the 2026 annual meeting of shareholders (the "2026 Annual Meeting"), and such incumbent director will not be nominated by the Board for re-election to the Board at the 2026 Annual Meeting.

Pursuant to the terms of the Agreement, the Lakeview Parties will maintain certain rights to designate candidates to replace certain New Directors should such New Director cease to serve as a member of the Board during the term of the Agreement. The Lakeview Parties will no longer have such right to designate replacement candidates if the Lakeview Parties cease to beneficially own, in the aggregate, at least 2.0% of the outstanding shares of the Company's common stock, $0.01 par value per share (the "Common Stock") or any other securities of the Company entitled to vote in the election of directors.

During the term of the Agreement, each of the Lakeview Parties has agreed not to take any action in connection with the solicitation of proxies and other activities in connection with the 2023 Annual Meeting. Further, at each annual or special meeting of the Company's shareholders during the term of the Agreement, the Lakeview Parties have agreed to vote all of their shares of Common Stock in favor of recommendations of the Board on director election proposals and any other proposals submitted by the Company or any shareholder except (i) in connection with an Extraordinary Transaction (as defined in the Agreement), in which case the Lakeview Parties may vote in their sole discretion, and (ii) with respect to any proposal to be submitted to the shareholders of the Company by either the Company or any shareholder of the Company (other than as related to (a) the election, removal or replacement of any director, (b) the Company's "say-on-pay" proposal and/or (c) any equity compensation proposal approved by the Board or any committee thereof), if Institutional Shareholder Services, Inc. and Glass Lewis & Co. recommend differently from the Board. In addition, during the term of the Agreement, the Lakeview Parties have agreed, subject to certain exceptions, to comply with certain customary standstill provisions, including, among other things, that the Lakeview Parties will not:

&nbsp;&nbsp;&nbsp;&nbsp;· acquire, offer or seek to acquire shares in excess of 9.9% of the then outstanding shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;· make certain announcements regarding the Company's transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· make, participate in, or encourage any solicitation of proxies or consents;

&nbsp;&nbsp;&nbsp;&nbsp;· advise any person with respect to the voting or disposition of any securities of the Company other than
in a manner consistent with the Board's recommendation or certain Extraordinary Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· knowingly sell securities of the Company to any third party with a known history of activism or known
plans to engage in activism;

&nbsp;&nbsp;&nbsp;&nbsp;· make or take any action in support of any proposal or request aimed at changing or influencing the Board,
management, business strategy, policies or corporate governance of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;· seek representation on the Board, except as set forth in the Agreement, or seek to encourage the removal
of any member of the Board.

The Agreement will commence on the Effective Date and remain in effect until the date that is the earlier of (i) thirty days prior to the 2024 Nomination Notice Date (as defined in the Agreement) and (ii) one hundred twenty days prior to the 2023 Annual Meeting Anniversary Date (as defined in the Agreement). The Lakeview Parties and the Company may earlier terminate the Agreement in the event the other party commits a material breach of the Agreement and such breach is impossible to cure or, if capable of being cured, is not cured within a reasonable amount of time.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

---

On March 6, 2023, on the recommendation of its Nominating & Governance Committee, the Board voted to increase its size from seven directors to eleven directors and to appoint Dr. Sweeney, Ms. Sutton, Dr. Reyes and Mr. Jackson, to fill the newly created vacancies, effective as of March 8, 2023. Pursuant to the terms of the Agreement, Dr. Sweeney will join the Audit Committee and Ms. Sutton will join the Compensation Committee. The committee assignments for Dr. Reyes or Mr. Jackson have not been determined and an amendment to this Form 8-K will be filed after such committee assignments have been determined by the Board.

None of Dr. Sweeney, Ms. Sutton, Dr. Reyes or Mr. Jackson has any arrangements or understandings with any other person pursuant to which he or she was appointed to the Board, nor do any of them have a relationship or related transaction with the Company that would require disclosure pursuant to Item 404(a) of Regulation S-K of the Securities and Exchange Commission in connection with their appointment as a director of the Company.

Dr. Sweeney, Ms. Sutton, Dr. Reyes and Mr. Jackson will receive the standard non-employee director compensation provided to the Company's current non-employee directors, prorated for the portion of the fiscal year that they serve. The Company's non-employee director compensation program is described under the heading "Non-Employee Director Compensation for 2021" in the Company's most recent proxy statement, as filed with the Securities and Exchange Commission on April 14, 2022, which description is incorporated herein by reference.

Deborah L. Whitmire will be completing her current term on the Board and will not stand for re-election at the 2023 Annual Meeting. Ms. Whitmire will continue in her role as Executive Vice President, Chief Financial Officer, and Treasurer. Ms. Whitmire's decision not to stand for re-election to the Board at the 2023 Annual Meeting was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

The foregoing summary is qualified in its entirety by reference to the full text of the Agreement, which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference, and the information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 5.02 by reference.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

On March 10, 2023, the Company issued a press release announcing, among other things, its entry into the Agreement and certain changes to the Board. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 7.01 is being furnished pursuant to Regulation FD and no part shall be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d)&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit Description** |
| [10.1](tm239026d1_ex10-1.htm) | [Cooperation Agreement by and among the Company and the Lakeview Parties, effective as of March 10, 2023](tm239026d1_ex10-1.htm) |
| [99.1](tm239026d1_ex99-1.htm) | [Press Release of Miller Industries, Inc. dated March 10, 2023](tm239026d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Miller Industries, Inc.<br> (** **Registrant)** | **Miller Industries, Inc.<br> (** **Registrant)** |
|  | By: | /s/ Frank Madonia |
|  |  | Frank Madonia |
|  |  | Executive Vice President, General Counsel and Secretary |
| Dated: March 10, 2023 |  |  |

---

## Exhibit 10.1

**Exhibit 10.1**

**COOPERATION AGREEMENT**

This Cooperation Agreement (this "**Agreement**"), effective as of March 10, 2023 (the "**Effective Date**"), is entered into by and among Miller Industries, Inc., a Tennessee corporation (the "**Company**"), on the one hand, and Lakeview Investment Group & Trading Company, LLC ("**LIGT**"), Ari B. Levy, Tim Won and Arnold Ursaner (each, with its or his respective Affiliates and Associates, a "**Lakeview Party**," and collectively, the "**Lakeview Parties**"), on the other hand. The Company and the Lakeview Parties are collectively referred to herein as the "**Parties**," and each of the Company and the collective Lakeview Parties, respectively, a "**Party**." Unless otherwise defined herein, capitalized terms shall have the meanings given to them in <u>Section 17</u> herein.

**WHEREAS**, as of the Effective Date, the Lakeview Parties beneficially own an aggregate of 530,324 shares of common stock, $0.01 par value per share, of the Company (the "**Common Stock**");

**WHEREAS**, on or about February 9, 2023, legal counsel of the Lakeview Parties, on behalf of LIGT, sent outside legal counsel of the Company an email message naming six (6) director candidates that LIGT desired for the Board of Directors of the Company (the "**Board**") to consider;

**WHEREAS**, on or about March 6, 2023, legal counsel of the Lakeview Parties, on behalf of a Lakeview Party, delivered a letter to the Company (the "**Notice**") purporting to provide notice of intent to nominate certain individuals for election to the Board at the 2023 Annual Meeting; and

**WHEREAS**, the Company and the Lakeview Parties desire to enter into this Agreement regarding compositional changes to the Board and certain other matters, as provided in this Agreement.

**NOW, THEREFORE**, in consideration of the promises, representations and mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Board Composition and Other Company Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>New Directors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As promptly as practicable following the Effective Date, and in no event later than the adjournment of the regular meeting of the Board previously scheduled for March 6, 2023 (which shall not be held later than March 10, 2023), the Board, and all applicable committees of the Board, shall take all necessary actions to increase the size of the Board from seven (7) to eleven (11) directors. Thereafter, and in no event later than the commencement of the regular meeting of the Board previously scheduled for May 1, 2023 (which shall not be held later than May 5, 2023), the Board, and all applicable committees of the Board, shall take all necessary actions (A) to appoint each of Susan Sweeney and Jill Sutton, to fill two (2) of the newly created vacancies resulting from the increase in the size of the Board (each such appointed director, a "**New Director**" and together, the "**New Directors**") and (B) to appoint each of Javier Reyes and Peter Jackson to fill two (2) of the newly created vacancies resulting from the increase in the size of the Board (collectively, each of Mr. Reyes and Mr. Jackson and each New Director, the "**Director Group**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each director of the Director Group shall serve until the Company's 2023 Annual Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Board, and all applicable committees of the Board, shall take all necessary actions to nominate each director of the Director Group as a candidate for election to the Board at the 2023 Annual Meeting and the Company shall recommend, support and solicit proxies for the election of each director of the Director Group at the 2023 Annual Meeting in a manner no less rigorous and favorable than the manner in which the Company supports the Board's other nominees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) As a condition to the Company's obligation to appoint each director of the Director Group and nominate each director of the Director Group for election at the 2023 Annual Meeting, each director of the Director Group shall (A) provide (x) such information required to be or customarily disclosed by directors or director candidates in proxy statements or other filings under applicable law or stock exchange regulations, (y) such information reasonably desired by the Board in connection with assessing eligibility, independence, and other criteria applicable to directors or satisfying compliance and legal obligations and (z) a fully completed and executed copy of the Company's director candidate questionnaire (substantially in the form completed by the Company's incumbent non-management directors), in each case, as promptly as practicable to enable the timely filing of the Company's proxy statement and other periodic reports with the Securities and Exchange Commission (the "**SEC**") and (B) consent to and participate in an appropriate background check comparable to those undergone by other non-management directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Retiring Directors; Board Size</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Board, and all applicable committees of the Board, shall take all necessary actions to accept the retirement of Deborah L. Whitmire in her capacity as a director of the Board, and such retirement shall be effective as of the 2023 Annual Meeting, such that Ms. Whitmire shall not be nominated by the Board for re-election to the Board at the 2023 Annual Meeting (the effective time of such retirement, the "**First Director Retirement Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Immediately prior to or concurrent with the 2025 Annual Meeting, the Board, and all applicable committees of the Board, shall take all necessary actions to accept the retirement of one (1) incumbent director who at that time has served as a director of the Board as of, or prior to, April 2010, and such incumbent director shall not be nominated by the Board for re-election to the Board at the 2025 Annual Meeting (the effective time of such retirement, the "**Second Director Retirement Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Immediately prior to or concurrent with the 2026 Annual Meeting, the Board, and all applicable committees of the Board, shall take all necessary actions to accept the retirement of one (1) incumbent director who at that time has served as a director of the Board as of, or prior to, April 2010, and such incumbent director shall not be nominated by the Board for re-election to the Board at the 2026 Annual Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Prior to the Termination Date (as defined below), (A) from and after the First Director Retirement Date, the size of the Board shall not exceed ten (10) directors and (B) from and after the Second Director Retirement Date, the size of the Board shall not exceed nine (9) directors, in each case without the prior written consent of the Lakeview Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Replacement Rights</u>. If, from the Effective Date until the Termination Date, either New Director (or any Replacement) is unable to serve, or no longer serves, as a director on the Board for any reason, the Lakeview Parties shall identify a replacement director (a "**Replacement**") using a procedure and methodology substantially similar to that used to identify such New Director; <u>provided</u>, <u>however</u>, that if any Replacement of a New Director, who had himself or herself replaced such New Director or the initial Replacement of such New Director, is unable to serve, or no longer serves, as a director on the Board for any reason, then the Lakeview Parties shall identify a Replacement using a procedure and methodology substantially similar to that used to identify such New Director. Any Replacement(s) identified pursuant to this <u>Section 1(c)</u> shall have relevant financial and business experience and qualify as "independent" pursuant to the New York Stock Exchange's listing standards (or applicable requirement of such other national securities exchange designated as the primary market on which the Common Stock is listed for trading at such time) and SEC rules and regulations, and such Replacement shall be appointed to the Board, subject to the approval (not to be unreasonably withheld) by the Nominating and Governance Committee of the Board (the "**Nominating Committee**"), after conducting a good faith customary due diligence process and consistent with its fiduciary duties. Any Replacement(s) appointed to the Board in accordance with this <u>Section 1(c)</u> shall be appointed to any applicable committees of the Board of which the applicable New Director (or any Replacement) being replaced (the "**Former Director**") was a member immediately prior to such director's resignation or removal. Any rights or obligations of the Board and the Lakeview Parties as provided in this <u>Section 1(c)</u> shall terminate when the Lakeview Parties in the aggregate cease to beneficially own at least 2.0% of the Company's then outstanding Voting Securities. In the event the Nominating Committee determines in good faith not to appoint any Replacement(s) proposed by the Lakeview Parties (with such approval by the Nominating Committee not to be unreasonably withheld), the Lakeview Parties shall have the right to propose additional Replacements for consideration, and the provisions of this <u>Section 1(c)</u> shall continue to apply. All references to "**New Director**," for purposes of this Agreement, shall be deemed references to the Replacement who replaces the applicable New Director in the event that a Replacement is appointed. Until the Termination Date, any Replacement designated pursuant to this <u>Section 1(c)</u> replacing a New Director prior to the mailing of the Company's definitive proxy statement for the Company's applicable annual meeting of shareholders shall stand for election at such meeting together with the Company's other director nominees; <u>provided</u>, <u>however</u>, that in no event shall the Company be obligated to nominate any Replacement for election or re-election at any such annual meeting unless such Replacement was appointed as a Replacement (i) after the Company's decision to nominate the Former Director, who the Replacement is replacing or replaced, in the Company's director nominee slate for the then upcoming annual meeting of stockholders, but (ii) prior to mailing the Company's definitive proxy statement for the Company's applicable annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Committees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Promptly following the appointment of the New Directors to the Board, the Board, and all applicable committees of the Board, shall take all necessary actions to appoint Ms. Sweeney to the Audit Committee and Ms. Sutton to the Compensation Committee. The New Directors (or any Replacement) shall continue to serve on such committees until the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the foregoing, each director of the Director Group shall be equally eligible for membership to any committee of the Board as any other independent director with similar relevant expertise and qualifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Board Policies and Procedures</u>. Each Party acknowledges that each director of the Director Group, upon appointment or election to the Board, as the case may be, shall be governed by all of the same policies, processes, procedures, codes, rules, standards and guidelines applicable to members of the Board, including, without limitation, the Company's Code of Conduct and Ethics and any other policies on stock ownership, public disclosures, legal compliance and confidentiality (collectively, the "**Company Policies**"), and will be required to strictly adhere to the Company's policies on confidentiality imposed on all members of the Board. The Company agrees that, upon appointment or election to the Board, as the case may be, each director of the Director Group shall receive (i) the same benefits of director and officer insurance as all other non-management directors on the Board, (ii) the same compensation for his or her service as a director as the compensation received by other non-management directors on the Board and (iii) such other benefits on the same basis as all other non-management directors on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Voting</u>. From the Effective Date until the Termination Date (the "**Standstill Period**"), each Lakeview Party agrees that it will appear in person or by proxy at each annual or special meeting of stockholders of the Company (including any adjournments or postponements thereof and any meetings which may be called in lieu thereof), whether such meeting is held at a physical location or virtually by means of remote communications, and will vote (or execute a consent with respect to) all Voting Securities beneficially owned by it in accordance with the Board's recommendations with respect to (a) the election, removal or replacement of any director, (b) the ratification of the appointment of the Company's independent registered public accounting firm, (c) the Company's "say-on-pay" proposal and (d) any other proposal to be submitted to the stockholders of the Company by either the Company or any stockholder of the Company; <u>provided</u>, <u>however</u>, that if Institutional Shareholder Services Inc. ("**ISS**") and Glass, Lewis & Co. LLC ("**GL**") recommend otherwise with respect to any proposals (other than as related to (x) the election, removal or replacement of any director, (y) the Company's "say-on-pay" proposal and/or (z) any equity compensation proposal approved by the Board or any committee thereof), each Lakeview Party shall be permitted to vote in accordance with ISS's and GL's recommendation; <u>provided</u>, <u>further</u>, <u>however</u>, that each Lakeview Party shall be permitted to vote in his or its sole discretion on any proposal of the Company in respect of any Extraordinary Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Mutual Non-Disparagement</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until the Termination Date, each Lakeview Party agrees that neither it nor any of its Affiliates or Associates shall make any public statement that constitutes an *ad hominem* attack on, or otherwise disparages, defames or damages the reputation or good name of the Company or its Affiliates or Associates or is otherwise critical, negative towards or derogatory of the Company or its Affiliates or Associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Until the Termination Date, neither the Company nor its Affiliates or Associates shall make any public statement that constitutes an *ad hominem* attack on, or otherwise disparages, defames or damages the reputation or good name of any Lakeview Party or his or its Affiliates or Associates or is otherwise critical, negative towards or derogatory of any Lakeview Party or its Affiliates or Associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, nothing in this <u>Section 4</u> or elsewhere in this Agreement shall prohibit any Party from making any statement or disclosure required under the federal securities laws or other applicable laws (including to comply with any subpoena or other legal process from any governmental or regulatory authority with competent jurisdiction over the relevant Party hereto) or stock exchange regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The limitations set forth in <u>Sections 4(a)</u> or <u>(b)</u>, as applicable, shall not prevent any Party from responding to any public statement made by the other Party of the nature described in <u>Sections 4(a)</u> or <u>(b)</u>, as applicable, if such statement by the other Party was made in breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Additional Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Nomination Withdrawal</u>. Arnold Ursaner hereby irrevocably withdraws the Notice and any related materials or notices submitted to the Company in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Updates</u>. The Company agrees that the Board shall take reasonable action to arrange a meeting between the Lakeview Parties, on the one hand, and a member or members of the management team of the Company (which shall include either the executive Chairman or Chief Executive Officer) and at least one (1) independent director of the Board (other than the New Directors), on the other hand, at least once per fiscal quarter in the one-week period following the release of the quarterly earnings results of the Company, to discuss the financial results and business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>No Litigation</u>. Prior to the Termination Date, each Party covenants and agrees solely for and on behalf of itself that he or it shall not, and shall not permit any of his or its Representatives (solely in the context of their representation of such Party in connection with the subject matter of this Agreement) to, alone or in concert with others, knowingly encourage or pursue, or knowingly assist any other person to threaten, initiate or pursue, any lawsuit, claim or proceeding (including with respect to the Lakeview Parties, commencing, encouraging or supporting any derivative action in the name of the Company or any class action against the Company or any of its officers or directors, in each case with the intent of circumventing any terms of this Agreement) before any court or governmental, administrative or regulatory body (collectively, a "**Legal Proceeding**") against (a) with respect to the Lakeview Parties, the Company or any of its Representatives (solely in the context of their representation of the Company in connection with the subject matter of this Agreement), and (b) with respect to the Company, the Lakeview Parties or any of their respective Representatives (solely in the context of their representation of such Lakeview Party in connection with the subject matter of this Agreement); <u>provided</u>, <u>however</u>, that the foregoing shall not prevent (w) any Party or any of his or its Representatives from responding to oral questions, interrogatories, requests for information or documents, subpoenas, civil investigative demands or similar processes (a "**Legal Requirement**") in connection with any Legal Proceeding if such Legal Proceeding has not been initiated by, or on behalf of, such Party or any of his or its Representatives (solely in the context of their representation of such Party in connection with the subject matter of this Agreement) (x) litigation by any Party to enforce the provisions of this Agreement, (y) counterclaims with respect to any proceeding initiated by a Party in breach of this Agreement and (z) the exercise of statutory appraisal rights; <u>provided</u>, <u>further</u>, that in the event that such Party or any of his or its Representatives receives such Legal Requirement, such Party shall, unless prohibited by applicable law, give prompt written notice of such Legal Requirement to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Standstill</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) During the Standstill Period, each Lakeview Party agrees that it shall not, and shall cause its Affiliates and Associates not to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acquire, offer or seek to acquire, agree to acquire, or acquire rights or options to acquire (except by way of stock dividends or other distributions or offerings made available to holders of Voting Securities of the Company generally on a pro rata basis or pursuant to an Extraordinary Transaction), whether by purchase, tender or exchange offer, through the acquisition of control of another person, by joining a group, through swap or hedging transactions or otherwise, any securities of the Company (other than through a broad-based market basket or index), any rights decoupled from the underlying securities of the Company, or any derivative securities, contracts or instruments in any way related to the price of shares of Common Stock, or any assets or liabilities of the Company; <u>provided</u>, <u>however</u>, that the Lakeview Parties, in the aggregate, may, in accordance with the terms of this Agreement and applicable securities laws, acquire shares of Common Stock so long as the Lakeview Parties beneficially own, in the aggregate, no more than 9.9% of the then outstanding shares of Common Stock, including, without limitation, through the exercise of, or acquisition of, derivative securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make any public announcement or proposal with respect to, or publicly offer or propose, (A) any form of business combination or acquisition or other transaction relating to a material amount of assets or securities of the Company or any of its subsidiaries, (B) any form of restructuring, recapitalization or similar transaction with respect to the Company or any of its subsidiaries or (C) any form of tender or exchange offer for shares of Common Stock or other Voting Securities, whether or not such transaction involves a Change of Control of the Company; it being understood that the foregoing shall not prohibit a Lakeview Party or its Affiliates or Associates from (i) acquiring Voting Securities, (ii) selling or tendering their shares of Common Stock, and otherwise receiving consideration, pursuant to any such transaction or (iii) voting on any such transaction in accordance with <u>Section 3</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in, or knowingly assist in the engagement in (including, without limitation, engagement by use of or in coordination with a universal proxy card), any solicitation of proxies or written consents to vote any Voting Securities, or conduct, or assist in the conducting of, any type of binding or nonbinding referendum with respect to any Voting Securities, or assist or participate in any other way, directly or indirectly, in any solicitation of proxies (or written consents) with respect to, or from the holders of, any Voting Securities, or otherwise become a "participant" in a "solicitation," as such terms are defined in Instruction 3 of Item 4 of Schedule 14A and Rule 14a-1 of Regulation 14A, respectively, under the Securities Exchange Act of 1934, as amended, and with the rules and regulations thereunder (the "**Exchange Act**"), to vote any securities of the Company (including by initiating, encouraging or participating in any "withhold" or similar campaign), in each case other than in a manner that is consistent with the Board's recommendation on a matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) advise or knowingly encourage any person with respect to the voting of (or execution of a written consent in respect of) or disposition of any securities of the Company other than in a manner that is consistent with the Board's recommendation on a matter or in connection with an Extraordinary Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) other than in open market sale transactions where the identity of the purchaser is not known, sell, offer or agree to sell directly or indirectly, through swap or hedging transactions or otherwise, the securities of the Company or any rights decoupled from the underlying securities held by a Lakeview Party to any Third Party with a known history of activism or known plans to engage in activism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) take any action in support of or make any proposal or request that constitutes or would result in: (A) advising, replacing or influencing any director or the management of the Company, including, without limitation, any plans or proposals to change the number or term of directors or to fill any vacancies on the Board, (B) any material change in the capitalization, stock repurchase programs and practices or dividend policy of the Company, (C) any other material change in the Company's management, business or corporate structure, (D) seeking to have the Company waive or make amendments or modifications to the Bylaws or the Charter, or other actions that could reasonably be expected to impede or facilitate the acquisition of control of the Company by any person, (E) causing a class of securities of the Company to be delisted from, or to cease to be authorized to be quoted on, any securities exchange, or (F) causing a class of securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act (in each case except as otherwise permitted by <u>Section 1</u> or <u>Section 3</u> hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) communicate with stockholders of the Company or others pursuant to Rule 14a-1(l)(2)(iv) under the Exchange Act (other than in connection with an Extraordinary Transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) call or seek to call, or request the call of, alone or in concert with others, any meeting of stockholders, whether or not such a meeting is permitted by the Bylaws, including, without limitation, a "town hall meeting";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) deposit any shares of Common Stock or other Voting Securities in any voting trust or subject any shares of Common Stock or other Voting Securities to any arrangement or agreement with respect to the voting of any shares of Common Stock or Voting Securities (other than (A) any such voting trust, arrangement or agreement solely among the Lakeview Parties that is otherwise in accordance with this Agreement or (B) customary brokerage accounts, margin accounts, prime brokerage accounts and the like);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) seek, or knowingly encourage or advise any person, to submit nominations in furtherance of a "contested solicitation" for the election or removal of directors with respect to the Company or seek, or knowingly encourage or take any other action with respect to the election or removal of any directors, except as set forth in <u>Section 1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) form, join or in any other way participate in any "group" (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any Voting Security (other than a group that includes all or some of the Lakeview Parties); <u>provided</u>, <u>however</u>, that nothing herein shall limit the ability of an Affiliate of a Lakeview Party to join or in any way participate in the "group" currently in existence as of the Effective Date and comprising the Lakeview Parties following the execution of this Agreement, so long as any such Affiliate agrees to be subject to, and bound by, the terms and conditions of this Agreement and, if required under the Exchange Act, files a Schedule 13D or an amendment thereof, as applicable, within two (2) business days after disclosing that the Lakeview Party has formed a group with such Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) demand a copy of the Company's list of stockholders or its other books and records or make any request pursuant to Rule 14a-7 under the Exchange Act or under any statutory or regulatory provisions of Tennessee providing for stockholder access to books and records (including, without limitation, lists of stockholders) of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) make any request or submit any proposal to amend or waive the terms of this <u>Section 7</u> other than through non-public communications with the Company that would not be reasonably likely to trigger public disclosure obligations for any Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) enter into any discussions, negotiations, agreements or understandings with any person with respect to any action the Lakeview Party is prohibited from taking pursuant to this <u>Section 7</u>, or advise, assist, knowingly encourage or seek to persuade any person to take any action or make any statement with respect to any such action, or otherwise take or cause any action or make any statement inconsistent with any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary contained in <u>Section 7(a)</u> or elsewhere in this Agreement, a Lakeview Party shall not be prohibited or restricted from: (A) communicating privately with members of the Board or officers of the Company regarding any matter in a manner consistent with communications that may be reasonably made by all stockholders of the Company, so long as such communications are not intended to, and would not reasonably be expected to, require any public disclosure of such communications by any Party; (B) taking any action necessary to comply with any law, rule or regulation or any action required by any governmental or regulatory authority or stock exchange that has, or may have, jurisdiction over such Lakeview Party, <u>provided</u>, that a breach by such Lakeview Party of this Agreement is not the cause of the applicable requirement; or (C) communicating with stockholders of the Company and others in a manner that does not otherwise violate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of <u>Section 7(a)</u> shall not limit in any respect the actions of any director of the Company in his or her capacity as such, recognizing that such actions are subject to such director's fiduciary duties to the Company and its stockholders and the Company Policies (it being understood and agreed that a Lakeview Party shall not take any actions to indirectly violate any provision of <u>Section 7(a)</u>). The provisions of <u>Section 7(a)</u> shall also not prevent a Lakeview Party from freely voting his or its shares of Common Stock (except as otherwise provided in <u>Section 3</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the Standstill Period, each Lakeview Party shall refrain from taking any actions which could reasonably be expected to have the effect of encouraging or assisting any Third Party to engage in actions which, if taken by a Lakeview Party, would violate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in this Agreement shall limit in any respect the actions or rights of any director of the Company (including, for the avoidance of doubt, the directors of the Director Group) under applicable law in his or her capacity as such. Without limitation to the foregoing, each director of the Director Group shall have the exact same (i) access to members of management as every other director and (ii) rights as every other director to access the books and records of the Company and to make information requests of management in order to facilitate these rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Lakeview Parties and the Company acknowledge that, other than as restricted by the terms in this Agreement or applicable law, each Lakeview Party shall conduct itself as, and be treated as, any other stockholder, with similar stockholder rights and access to management and the Board. The Lakeview Parties shall not have or claim any information rights beyond those afforded to all other stockholders (other than as limited or otherwise restricted by the provisions of <u>Section 7(a)</u>) and acknowledges the Company's securities disclosure obligations, including, without limitation, the Company's Regulation FD obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Lakeview Parties that (a) the Company has the corporate power and authority to execute this Agreement and to bind it thereto, (b) this Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights and remedies of creditors and subject to general equity principles, (c) the execution, delivery and performance of this Agreement by the Company does not and will not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to it, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could become a default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, or any material agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound, and (d) the Company has received an irrevocable letter of resignation from Ms. Whitmire consistent with the provisions of <u>Section 1(b)(i)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Representations and Warranties of the Lakeview Parties</u>. Each Lakeview Party represents and warrants to the Company solely for and on behalf of itself that (a) this Agreement has been duly and validly authorized, executed and delivered by such Lakeview Party, and constitutes a valid and binding obligation and agreement of such Lakeview Party, enforceable against such Lakeview Party in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights and remedies of creditors and subject to general equity principles, (b) the Lakeview Parties beneficially own an aggregate of 530,324 shares of Common Stock, (c) the signatory for such Lakeview Party has the power and authority to execute this Agreement and any other documents or agreements entered into in connection with this Agreement on behalf of itself and the applicable Lakeview Party associated with that signatory's name, and to bind such Lakeview Party to the terms hereof and thereof, (d) the execution, delivery and performance of this Agreement by such Lakeview Party does not and will not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to it, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could become a default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document or any material agreement, contract, commitment, understanding or arrangement to which such member is a party or by which it is bound, (e) no Lakeview Party shall seek, and each Lakeview Party acknowledges that it does not have the right to receive, confidential information concerning the Company from any director of the Director Group (or any Replacement), and (f) such Lakeview Party is not and will not become party to any agreement, arrangement or understanding (whether written or oral) with any director of the Director Group (or any Replacement) with respect to such person's service as a director on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>No Other Discussions or Arrangements</u>. Each Lakeview Party represents and warrants that, as of the Effective Date, except as publicly disclosed in their respective SEC filings or otherwise specifically disclosed to the Company in writing prior to the Effective Date, (a) none of the Lakeview Parties owns, of record or beneficially, any Voting Securities or any securities convertible into, or exchangeable or exercisable for, any Voting Securities and (b) none of the Lakeview Parties have entered into, directly or indirectly, any agreements or understandings with any person (other than their own respective Representatives) with respect to any potential transaction involving the Company or the voting or disposition of any securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Press Release and SEC Filings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly following the execution of this Agreement, the Company shall issue a press release in substantially the form attached hereto as <u>Exhibit A</u> (the "**Press Release**") announcing certain terms of this Agreement. Neither the Company nor the Lakeview Parties shall make or cause to be made, and the Company and the Lakeview Parties shall cause their respective Affiliates and Associates not to make or cause to be made, any public announcement or statement with respect to the subject matter of this Agreement that is contrary to the statements made in the Press Release or the terms of this Agreement, except as required by law or the rules of any stock exchange or with the prior written consent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall file with the SEC a Current Report on Form 8-K reporting its entry into this Agreement and appending this Agreement and the Press Release as exhibits thereto (the "**Form 8-K**"). The Form 8-K shall be consistent with the terms of this Agreement. The Company shall provide each of the Lakeview Parties with a reasonable opportunity to review and comment on the Form 8-K prior to the filing with the SEC and consider in good faith any comments of the Lakeview Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Term; Termination</u>. The term of this Agreement shall commence on the Effective Date and shall remain in effect until the date that is the earlier of (i) thirty (30) days prior to the 2024 Nomination Notice Date and (ii) one hundred twenty (120) days prior to the 2023 Annual Meeting Anniversary Date (the effective date of termination, the "**Termination Date**"); <u>provided</u>, that (a) the Lakeview Parties may earlier terminate this Agreement if the Company commits a material breach of its obligations under this Agreement that (if capable of being cured) is not cured within fifteen (15) days after the Company's receipt of written notice thereof from the Lakeview Parties or, if impossible to cure within fifteen (15) days, which the Company has not taken any substantive action to cure within such 15-day period, and (b) the Company may earlier terminate this Agreement if any of the Lakeview Parties commits a material breach of this Agreement that (if capable of being cured) is not cured within fifteen (15) days after the Lakeview Parties' receipt of written notice thereof from the Company specifying the material breach or, if impossible to cure within fifteen (15) days, which the Lakeview Parties have not taken any substantive action to cure within such 15-day period. Notwithstanding the foregoing, the provisions of <u>Section 13</u> through <u>Section 24</u> shall survive the termination of this Agreement. Termination of this Agreement shall not relieve any Party from its responsibilities in respect of any willful breach of this Agreement prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Expenses</u>. Each Party shall be responsible for its own fees and expenses in connection with the negotiation and execution of this Agreement and the transactions contemplated hereby; <u>provided</u>, <u>however</u>, that the Company shall promptly reimburse the Lakeview Parties for their reasonable and documented out-of-pocket fees and expenses incurred by the Lakeview Parties in connection with the 2023 Annual Meeting and the subject matter of this Agreement, including, but not limited to the negotiation and execution of this Agreement and the transactions contemplated hereby, provided that such reimbursement shall not exceed $175,000 in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Governing Law; Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Tennessee without giving effect to any choice or conflict of law provision or rule that would cause the application of laws of any jurisdiction other than those of the State of Tennessee. Each Party irrevocably (i) agrees that it shall bring any suit, action, or other proceeding in respect of any claim arising out of or related to this Agreement (each, an "**Action**") exclusively in the courts of Hamilton County, State of Tennessee and the federal courts in the Eastern District of Tennessee, (ii) waives any jurisdictional defenses (including personal jurisdiction and venue) to any such Action, (iii) waives any objection that such courts identified in clause (i) are an inconvenient forum or do not have jurisdiction over any Party and (iv) agrees that service of process upon such Party in any such Action shall be effective if notice is given in accordance with <u>Section 18</u> of this Agreement. Each Party agrees that a final judgment in any Action brought in the courts identified in clause (i) shall be conclusive and binding upon each of the Parties and may be enforced in any other courts, the jurisdiction of which each of the Parties is or may be subject, by suit upon such judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Waiver of Jury Trial</u>. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Specific Performance</u>. Each of the Parties acknowledges and agrees that irreparable injury to the other Parties may occur in the event any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached and that such injury may not be adequately compensable by the remedies available at law (including the payment of money damages). It is accordingly agreed that each of the Parties (the "**Moving Party**") shall be entitled to seek specific enforcement of, and injunctive or other equitable relief as a remedy for any such breach or to prevent any violation or threatened violation of, the terms hereof, and the other Parties will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is available at law or in equity. The Parties further agree to waive any requirement for the security or posting of any bond in connection with any such relief. The remedies available pursuant to this <u>Section 16</u> shall not be deemed to be the exclusive remedies for a breach of this Agreement but shall be in addition to all other remedies available at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Certain Definitions</u>. As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**2023 Annual Meeting**" shall mean the 2023 annual meeting of stockholders of the Company, including any adjournments or postponements thereof and any meeting which may be called in lieu thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**2023 Annual Meeting Anniversary Date**" shall mean the one-year anniversary of the date of the 2023 Annual Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**2024 Annual Meeting**" shall mean the 2024 annual meeting of stockholders of the Company, including any adjournments or postponements thereof and any meeting which may be called in lieu thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**2024 Annual Meeting Anniversary Date**" shall mean the one-year anniversary of the date of the 2024 Annual Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**2024 Nomination Notice Date**" shall mean the deadline under the Bylaws for director nominations and stockholder proposals for the 2024 Annual Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**2025 Annual Meeting**" shall mean the 2025 annual meeting of stockholders of the Company, including any adjournments or postponements thereof and any meeting which may be called in lieu thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**2025 Nomination Notice Date**" shall mean the deadline under the Bylaws for director nominations and stockholder proposals for the 2025 Annual Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Affiliate**" shall mean any "Affiliate" as defined in Rule 12b-2 promulgated by the SEC under the Exchange Act, including, for the avoidance of doubt, persons who become Affiliates subsequent to the Effective Date; <u>provided</u>, <u>however</u>, that the term "Affiliate" shall not include any publicly traded portfolio company of the Lakeview Parties; <u>provided</u>, <u>further</u>, that, for purposes of this Agreement, no Lakeview Party shall be deemed an Affiliate of the Company and the Company shall not be deemed an Affiliate of any Lakeview Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Associate**" shall mean any "Associate" as defined in Rule 12b-2 promulgated by the SEC under the Exchange Act, including, for the avoidance of doubt, persons who become Associates subsequent to the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**beneficial owner**," "**beneficial ownership**" and "**beneficially own**" shall have the same meanings as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**business day**" shall mean any day other than a Saturday, Sunday or day on which the commercial banks in the State of New York are authorized or obligated to be closed by applicable law; <u>provided</u>, <u>however</u>, that banks shall not be deemed to be authorized or obligated to be closed due to a "shelter in place," "non-essential employee" or similar closure of physical branch locations at the direction of any Governmental Authority if such banks' electronic funds transfer systems (including for wire transfers) are open for use by customers on such day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Bylaws**" shall mean the Third Amended and Restated Bylaws of the Company, as amended and restated August 1, 2022, and as may be further amended, corrected, or amended and restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Charter**" shall mean the Charter of the Company, as amended, and as may be further amended, corrected, or amended and restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Change of Control**" shall be deemed to have taken place if (i) any person is or becomes a beneficial owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the equity interests and voting power of the Company's then-outstanding equity securities or (ii) the Company enters into a stock-for-stock transaction whereby immediately after the consummation of the transaction the Company's stockholders retain, directly or indirectly, less than fifty percent (50%) of the equity interests and voting power of the surviving entity's then-outstanding equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Extraordinary Transaction**" shall mean any equity tender offer, equity exchange offer, merger, acquisition, joint venture, business combination, financing, recapitalization, reorganization, restructuring, disposition, distribution, or other transaction with a Third Party that, in each case, would result in a Change of Control of the Company, liquidation, dissolution or other extraordinary transaction involving a majority of its equity securities or a majority of its assets (determined on a consolidated basis), and, for the avoidance of doubt, including any such transaction with a Third Party that is submitted for a vote of the Company's stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**person**" or "**persons**" shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization or other entity of any kind, structure or nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Representative**" shall mean a person's Affiliates and Associates and its and their respective directors, officers, employees, partners, members, managers, consultants, legal or other advisors, agents and other representatives; <u>provided</u>, that when used with respect to the Company, "Representative" shall not include any non-executive employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Third Party**" shall mean any person that is not (A) a party to this Agreement, (B) a member of the Board, (C) an officer of the Company or (D) an Affiliate of any Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Voting Securities**" means the Common Stock and any other securities of the Company entitled to vote in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Notices</u>. All notices, requests, consents, claims, demands, waivers, and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt), (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested), (c) on the date sent by email (with confirmation of transmission) if sent during normal business hours, and on the next business day if sent after normal business hours; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective Parties at the addresses set forth in this <u>Section 18</u> (or to such other address that may be designated by a Party from time to time in accordance with this <u>Section 18</u>).

If to the Company, to its address at:

Miller Industries, Inc.

8503 Hilltop Drive

Ooltewah, Tennessee 37363

Attention: Frank Madonia

Email: fmadiona@millerind.com

with a copy (which shall not constitute notice) to:

Vinson & Elkins L.L.P.

1114 Avenue of the Americas, 32nd Floor

New York, NY 10103

Attention: Lawrence S. Elbaum

Patrick Gadson

Email: lelbaum@velaw.com

pgadson@velaw.com

If to a Lakeview Party, to the address at:

Lakeview Investment Group & Trading Company, LLC

444 W. Lake Street, #1900

Chicago, IL 60606

Attention: Ari Levy, Managing Partner

Tim Won, Partner

Email: ari@lakeviewig.com

twon@lakeviewig.com

with a copy (which shall not constitute notice) to:

Olshan Frome Wolosky LLP

1325 Avenue of the Americas

New York, NY 10019

Attention: Michael R. Neidell

Email: mneidell@olshanlaw.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Entire Agreement</u>. This Agreement constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter. This Agreement may be amended, modified or supplemented only by an agreement in writing signed by each Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Severability</u>. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, email or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Assignment</u>. No Party may assign any of its rights or delegate any of its obligations hereunder without the prior written consent of the other Parties; <u>provided</u>, that each Party may assign any of its rights and delegate any of its obligations hereunder to any person or entity that acquires substantially all of that Party's assets, whether by stock sale, merger, asset sale or otherwise. Any purported assignment or delegation in violation of this <u>Section 22</u> shall be null and void. No assignment or delegation shall relieve the assigning or delegating Party of any of its obligations hereunder. This Agreement is for the sole benefit of the Parties and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Waivers</u>. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving. No waiver by any Party shall operate or be construed as a waiver in respect of any failure, breach, or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Interpretation</u>. Each of the Parties acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement and that it has executed the same with the advice of said counsel. Each of the Parties and its respective counsel cooperated and participated in the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all Parties and may not be construed against any Party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any Party that drafted or prepared it is of no application and is expressly waived by each of the Parties hereto, and any controversy over interpretations of this Agreement shall be decided without regard to events of drafting or preparation. The headings set forth in this Agreement are for convenience of reference purposes only and shall not affect or be deemed to affect in any way the meaning or interpretation of this Agreement or any term or provision of this Agreement. In this Agreement, unless a clear contrary intention appears, (a) the word "including" (in its various forms) means "including, without limitation;" (b) the words "hereunder," "hereof," "hereto" and words of similar import are references in this Agreement as a whole and not to any particular provision of this Agreement; (c) the word "or" is not exclusive; (d) references to "Sections" in this Agreement are references to Sections of this Agreement unless otherwise indicated; and (e) whenever the context requires, the masculine gender shall include the feminine and neuter genders.

(*Remainder of Page Intentionally Left Blank*)

**IN WITNESS WHEREOF**, the Parties have executed this Agreement to be effective as of the Effective Date.

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| | |
|:---|:---|
| **<u>The Company:</u>** | **<u>The Company:</u>** |
| **Miller Industries, Inc.** | **Miller Industries, Inc.** |
| By: | /s/ Frank Madonia |
| Name: | Frank Madonia |
| Title: | Executive Vice President, General Counsel and Secretary |

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*Signature Page to*

*Cooperation Agreement*

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| | |
|:---|:---|
| **<u>Lakeview Parties</u>** | **<u>Lakeview Parties</u>** |
| **Lakeview Investment Group & Trading Company, LLC** | **Lakeview Investment Group & Trading Company, LLC** |
| By: | ABL Manager, LLC, its manager |
| By: | /s/ Ari B. Levy |
| Name: | Ari B. Levy |
| Title: | Manager |

---

---

| |
|:---|
| **Ari B. Levy** |
| /s/ Ari B. Levy |

---

---

| |
|:---|
| **Tim Won** |
| /s/ Tim Won |

---

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| |
|:---|
| **Arnold Ursaner** |
| /s/ Arnold Ursaner |

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*Signature Page to*

*Cooperation Agreement*

## Exhibit 99.1

**Exhibit 99.1**

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| | |
|:---|:---|
| ![](tm239026d1_ex99-1img01.jpg) | <br>8503 Hilltop Drive, Ooltewah, TN 37363<br> Telephone 423.238.4171 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONTACT: | Miller Industries, Inc. |
|  | Debbie Whitmire, Chief Financial Officer<br> (423) 238-4171 |
|  | FTI Consulting, Inc. |
|  | Doug Cooper, Brian Waldman<br> millerind@fticonsulting.com |

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**MILLER INDUSTRIES APPOINTS NEW MEMBERS TO BOARD OF DIRECTORS AND REACHES AGREEMENT WITH LAKEVIEW**

*Company adds highly qualified, independent directors as part of refreshment process* 

CHATTANOOGA, Tenn., March 10, 2023/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) ("Miller Industries" or the "Company") today announced that it has entered into an agreement with Lakeview Investment Group & Trading Company, LLC (collectively with its affiliates, "Lakeview") in connection with the addition of highly qualified and independent members to the Company's Board of Directors (the "Board"). As part of its previously initiated refreshment efforts, and in accordance with its agreement with Lakeview, the Company will appoint Javier Reyes, Jill Sutton, Peter Jackson and Susan Sweeney to the Board. In addition, Deborah L. Whitmire will be completing her current term on the Board and will not stand for re-election at the 2023 annual meeting of stockholders ("2023 Annual Meeting"). Ms. Whitmire will continue in her role as Executive Vice President, Chief Financial Officer, and Treasurer.

William G. Miller, executive Chairman of the Board, commented:

"I am incredibly proud of the value we have created at this company. Our Board and management team have navigated significant challenges over the past few years while making thoughtful investments that are yielding long-term returns and positioning us for further success. We recognize that our focus on operational excellence and sustainable value creation needs to be supplemented by a fresh focus on corporate governance and stockholder engagement. With that goal in mind, the Board appointed Leigh Walton, a nationally recognized legal expert on corporate governance matters, to chair the Nominating & Governance Committee in August of 2022. The changes announced arise from her Committee's efforts, and those of the Board, to work constructively with stockholder on a refreshed approach and lead us through a productive engagement with Lakeview. The appointments of these new directors are important steps forward in the Company's evolution in this area. I look forward to working with Leigh, the Nominating & Governance Committee, and the full Board on this journey."

Leigh Walton, Chair of the Nominating & Governance Committee, added:

"I joined this Board in 2020 fully committed to working with the Company on a thoughtful and effective refreshment of its governance structure. Miller Industries has delivered reliable, attractive returns for our shareholders over decades, while maintaining its position as a partner of choice and the leading manufacturer of towing and recovery equipment. As we cleared the challenges of the global pandemic and the resulting supply chain pressures have lessened, we pressed ahead in earnest on our Board refreshment."

- MORE -

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MILLER INDUSTRIES APPOINTS NEW MEMBERS TO BOARD OF DIRECTORS AND REACHES AGREEMENT WITH LAKEVIEW**<br>| **PAGE 2** |

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Ari Levy, Managing Partner of Lakeview, concluded:

"We believe long-term value creation begins with strong corporate governance and ongoing engagement with shareholders. Throughout our recent interactions with the Miller Industries Board, we have found common ground on these important points. The Company now has a strengthened foundation from which to capitalize on its unique market positioning and ultimately produce enhanced value for shareholders. We look forward to working closely with the Board and the leadership team moving forward."

In addition to the changes outlined above, the Company has made the following changes and commitments, including as part of its agreement with Lakeview:

&nbsp;&nbsp;&nbsp;&nbsp;· Planning for additional Board refreshment, including plans for at least two of its longer-standing, independent directors to step
down from the Board – with one director to step down by 2025 and one director to step down by 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· The Board intends to name a Lead Independent Director in the near-term.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company intends to request stockholders ratify the appointment of its auditor at the 2023 Annual Meeting.

As part of the Cooperation Agreement, Lakeview has agreed to customary standstill provisions and voting commitments during the term of the agreement. The complete Cooperation Agreement will be filed by the Company with the U.S. Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K.

The following is biographical information for our new directors:

<u>About Javier Reyes</u>

Dr. Javier Reyes is an innovative and dynamic leader with nearly 20 years of experience in academia, providing him with great perspective into the future of the workforce, exceptional management skills, and an educated and diverse viewpoint on socioeconomic issues. Dr. Reyes was recently appointed Chancellor of the University of Massachusetts Amherst and will transition into this position on July 1<sup>st</sup>, 2023. He is currently at the University of Illinois Chicago (UIC) as Interim Chancellor since July of 2022. In this position, he is responsible for managing a budget of $3.6 billion and more than 13,000 faculty and staff. Before being promoted to interim chancellor, he served as the Provost and Vice Chancellor for Academic Affairs. Previous to his service at UIC, Dr. Reyes served as West Virginia University's Milan Puskar Dean of the John Chambers College of Business and Economics for five years and Vice President for StartUp West Virginia for three years. Dr. Reyes holds a BA in Economics from Monterrey TEC in Mexico, and a doctorate in Economics from Texas A&M University.

- MORE -

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|:---|:---|
| **MILLER INDUSTRIES APPOINTS NEW MEMBERS TO BOARD OF DIRECTORS AND REACHES AGREEMENT WITH LAKEVIEW** | **PAGE 3** |

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<u>About Jill Sutton</u>

Ms. Sutton is an executive and director with extensive experience in strategic planning, corporate finance, capital raises, mergers & acquisitions and corporate governance. Ms. Sutton served as Chief Legal Officer, General Counsel and Corporate Secretary at United Natural Foods, Inc (UNFI) for over three years where she developed the company's shareholder engagement program, was deeply involved in the Company's ESG policies and programs, supported the realization of over $150 million in synergies following UNFI's acquisition of SuperValu, and helped to assure the Company's supply chain remained operational through the COVID crisis. Prior to UNFI, Ms. Sutton served in senior legal positions at General Motors Company (GM), Tim Hortons, and The Wendy's Company (WEN). She also currently serves on the Board of Potbelly Corp. (PBPB). Ms. Sutton holds multiple degrees from The Ohio State University, including a J.D. and a Masters in Healthcare Administration.

<u>About Peter Jackson</u>

Mr. Jackson possesses nearly 30 years of manufacturing technology experience. During his career he has supported countless industrial companies through complex information technology transformation initiatives. He has a wealth of expertise in technology implementation, customer experience, and productivity improvements for the manufacturing, aerospace & defense, and automotive industries. He is currently a Partner and Senior Vice President of Professional Services at Providence Consulting Group LTD (PCG), a firm that co-founded in 2016. Prior to this, Mr. Jackson was a Practice Director at Business & Decision North America for eight years and a Solution Architect & Program Manager at Infor for nearly two years. He started his career at Baan Company, where he spent the first five-and-a-half years of his professional career. Mr. Jackson holds a degree in Social Science and Human services from the State University of New York at Morrisville and a degree in Psychology from the State University of New York at Cortland.

<u>About Susan Sweeney</u>

Dr. Susan Sweeney is a senior business executive with extensive experience leading global teams and solving complex business issues. Dr. Sweeney served as Chief Human Resource Officer for Enpro Industries (NPO), a public, mid-sized industrial technology company, putting to use her unique ability to place talent based on business need. Before taking this position in early 2020, Dr. Sweeney held the position of President, GGB, for seven years with strategy and P&L responsibility in North America, South America, Europe and Asia. Prior to joining Enpro, Dr. Sweeney was an Executive with General Motors Company (NYSE: GM) with responsibilities focused on assembly, engineering, supply chain, quality and site management at multiple locations in the US and Canada. Dr. Sweeney holds a Doctorate of Education from Wilmington University, a Masters in Business Administration from University of Detroit, and a Bachelor of Arts from Kalamazoo College.

<u>About Miller Industries</u>

Miller Industries is The World's Largest Manufacturer of Towing and Recovery Equipment®, and markets its towing and recovery equipment under a number of well-recognized brands, including Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion®, Jige™, Boniface™, Titan® and Eagle®.

The Company has also made changes to the investor relations section of its website, which can be viewed <u>here</u>.

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|:---|:---|
| **MILLER INDUSTRIES APPOINTS NEW MEMBERS TO BOARD OF DIRECTORS AND REACHES AGREEMENT WITH LAKEVIEW** | **PAGE 4** |

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<u>About Lakeview Investment Group</u>

Lakeview Investment Group is a Chicago-based investment manager, founded in 2004, with a focus on small- and mid-cap companies. Lakeview's strategy focuses primarily on long-term investments in companies trading at significant discounts to its estimate of intrinsic value. On select occasions, Lakeview engages directly with company management to help drive shareholder value.