# EDGAR Filing Document

**Accession Number:** 0000934549
**File Stem:** 0001104659-23-020686
**Filing Date:** 2023-2
**Character Count:** 186201
**Document Hash:** d6770e088adadaeb26e07f7ad9ca259c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-020686.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001104659-23-020686

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20230214

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

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ACACIA RESEARCH CORP
- **CENTRAL INDEX KEY:** 0000934549
- **STANDARD INDUSTRIAL CLASSIFICATION:** PATENT OWNERS & LESSORS [6794]
- **IRS NUMBER:** 954405754
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37721
- **FILM NUMBER:** 23622565

**BUSINESS ADDRESS:**
- **STREET 1:** 767 3RD AVENUE, 6TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 332-236-8500

**MAIL ADDRESS:**
- **STREET 1:** 767 3RD AVENUE, 6TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 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): **February 14, 2023**

**ACACIA RESEARCH CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37721** | **95-4405754** |
| (State or other jurisdiction of | (Commission | (I.R.S. Employer |
| incorporation) | File Number) | Identification No.) |

---

---

| | |
|:---|:---|
| **767 Third Avenue, 6th Floor** |  |
| **New York, NY** | **10017** |
| (Address of principal executive offices) | (Zip Code) |

---

**(Registrant's telephone number, including area code): (949) 480-8300**

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:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | ACTG | The NASDAQ Global Select Market |

---

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 February 14, 2023, Acacia Research Corporation (the "Company") entered into an amended and restated registration rights agreement (the "Registration Rights Agreement") with certain affiliates of Starboard Value LP (together with Starboard Value, LP, "Starboard"), as contemplated by the recapitalization agreement, dated as of October 30, 2022 (the "Recapitalization Agreement"), with Starboard.

Pursuant to the Registration Rights Agreement, the Company has agreed to file a registration statement covering the resale of the shares of the Company's common stock, par value $0.001 per share ("Common Stock"), issuable or issued to Starboard pursuant to or in accordance with Section 1.1 of the Recapitalization Agreement, including the shares to be issued to Starboard in a private rights offering (the "Concurrent Private Rights Offering") to be conducted concurrently with the Rights Offering (as defined below), within 90 days after a written request made prior to the first anniversary of the Closing Date (as defined in the Registration Rights Agreement). The Registration Rights Agreement also provides Starboard with additional rights to require that the Company file a registration statement in other circumstances. The Registration Rights Agreement includes other customary terms.

The Company has agreed to pay certain expenses relating to such registrations, reimburse Starboard for legal fees of up to $25,000 for each registration and indemnify Starboard against certain liabilities.

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

**Item 8.01. Other Events.**

On February 14, 2023 the Company issued a press release announcing the commencement of its previously-announced rights offering (the "Rights Offering") pursuant to a shelf registration statement filed on Form S-3 (No. 333-249984) (the "Registration Statement") with the Securities and Exchange Commission (the "SEC"), which was declared effective November 23, 2020, and the prospectus supplement relating to the Rights Offering filed with the SEC on February 14, 2023 (collectively, the "Prospectus").

In connection with the Rights Offering, the Company is filing certain ancillary documents as Exhibits 4.1 and 99.1 through 99.6 to this Current Report on Form 8-K for the purpose of incorporating such items by reference to the Registration Statement, of which the Prospectus forms a part. The Company is also filing as Exhibit 5.1 the opinion of Weil, Gotshal & Manges LLP in connection with the distribution of the subscription rights (the "Subscription Rights") and the shares of Common Stock, issuable upon exercise of such Subscription Rights.

**Other Important Information**

The Rights Offering will be made pursuant to the prospectus supplement to the Company's shelf registration statement on Form S-3 (No. 333-249984), filed with the SEC on February 14, 2023.

The information herein and in the press release, including the terms of the Rights Offering and the Concurrent Private Rights Offering, is not complete and is subject to change. The Company reserves the right to amend, extend, terminate or cancel the Rights Offering and/or the Concurrent Private Rights Offering or modify the subscription period of the Rights Offering at any time prior to the close of business (5:00 p.m. Eastern Time) on March 1, 2023 for any reason. This Current Report on Form 8-K does not constitute an offer to sell or the solicitation of an offer to buy any Subscription Rights or any other securities to be issued in the Rights Offering, Concurrent Private Rights Offering or any related transactions, nor shall there be any offer, solicitation or sale of Subscription Rights or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Copies of the Prospectus will be mailed to all record holders of the Common Stock held as of 5:00 p.m. Eastern time on February 13, 2023 and may also be obtained free of charge at the website maintained by the SEC at www.sec.gov or by contacting the information agent for the Rights Offering, Broadridge Corporate Issuer Solutions, LLC, at (888) 789-8409.

**Forward-Looking Statements**

This communication contains forward-looking statements within the meaning of the federal securities laws, including statements about our intention to conduct the Rights Offering and Concurrent Private Rights Offering, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecasts," "goal," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "will," or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things, our intention to conduct the Rights Offering and Concurrent Private Rights Offering, acquisition and development activities, financial results of our acquired businesses, intellectual property, or IP, licensing and enforcement activities, other related business activities, the impact of the COVID-19 pandemic, capital expenditures, earnings, litigation, regulatory matters, markets for our services, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from those that we are currently expecting, and are subject to numerous factors that present considerable risks and uncertainties, including, without limitation: our ability to consummate the transactions contemplated by the Recapitalization Agreement, including the Rights Offering and Concurrent Private Rights Offering, and the possibility that we may be unable to satisfy the conditions to the closing of the Rights Offering and Concurrent Private Rights Offering or such transactions will not be consummated within the expected time period or at all; our costly acquisitions of and investment in operating businesses and intellectual property; our ability to attract and retain employees and management teams of our operating businesses, the loss of any of whom could materially adversely affect our financial condition, business and results of operations; our relationship with Starboard Value LP and the impact of transactions we have undertaken with respect to its investments in our Company that are intended to simplify our capital structure; the due diligence process we undertake in connection with new acquisitions of operating businesses or intellectual property assets; our acquisition of privately held companies; we may be deemed to be an investment company under the Investment Company Act of 1940, as amended; our outsourcing of a number of services to third-party service providers, which are subject to disruptions, delays, and decrease in our control, which could adversely impact our results of operations; recent U.S. tax legislation; cybersecurity incidents; public health threats such as COVID-19; our expectations related to the use of the net proceeds from the Rights Offering; our ability to implement the use of proceeds as currently expected, and our ability to achieve the anticipated benefits of such use of proceeds; contractual restrictions under the Recapitalization Agreement; and other risks relating to the consummation of the full transactions contemplated by the Recapitalization Agreement, including the Rights Offering and the Concurrent Private Rights Offering, including the risk that any or all of such transactions that have not yet been consummated will not be consummated within the expected time period or at all and the risk that our proceeds from the Rights Offering may be significantly less than the maximum proceeds if our share price does not exceed the subscription price during the subscription period.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. You should not rely on forward-looking statements as predictions of future events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

**Item 9.01. Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp; *Exhibits*

 

---

| | |
|:---|:---|
| **Exhibit<br> No.** | **Description of Exhibit** |
| [4.1](tm236075d2_ex4-1.htm) | [Form of Subscription Rights Certificate.](tm236075d2_ex4-1.htm) |
| [5.1](tm236075d2_ex5-1.htm) | [Opinion of Weil, Gotshal & Manges LLP.](tm236075d2_ex5-1.htm) |
| [10.1](tm236075d2_ex10-1.htm) | [Amended and Restated Registration Rights Agreement dated as of February 14, 2023, by and among Acacia Research Corporation and the investors listed on the Schedule of Buyers attached thereto.](tm236075d2_ex10-1.htm) |
| [23.1](tm236075d2_ex5-1.htm) | [Consent of Weil, Gotshal & Manges LLP (include in Exhibit 5.1).](tm236075d2_ex5-1.htm) |
| [99.1](tm236075d2_ex99-1.htm) | [Form of Notice to Stockholders Who Are Record Holders.](tm236075d2_ex99-1.htm) |
| [99.2](tm236075d2_ex99-2.htm) | [Form of Notice to Stockholders Who Are Acting As Nominees.](tm236075d2_ex99-2.htm) |
| [99.3](tm236075d2_ex99-3.htm) | [Form of Notice to Clients of Stockholders Who Are Acting As Nominees.](tm236075d2_ex99-3.htm) |
| [99.4](tm236075d2_ex99-4.htm) | [Form of Beneficial Owner Election Form.](tm236075d2_ex99-4.htm) |
| [99.5](tm236075d2_ex99-5.htm) | [Form of Nominee Holder Certification.](tm236075d2_ex99-5.htm) |
| [99.6](tm236075d2_ex99-6.htm) | [Press Release dated February 14, 2023.](tm236075d2_ex99-6.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**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.

---

| | | |
|:---|:---|:---|
| Dated: February 14, 2023 |  |  |
|  | ACACIA RESEARCH CORPORATION | ACACIA RESEARCH CORPORATION |
|  | By: | /s/ Jason Soncini |
|  | Name: | Jason Soncini |
|  | Title: | General Counsel |

---

 ****

## Exhibit 4.1

**Exhibit 4.1**

**THIS OFFER EXPIRES AT 5:00 P.M.,<br> EASTERN TIME, ON MARCH 1, 2023, UNLESS EXTENDED BY THE COMPANY**

**ACACIA RESEARCH CORPORATION**

**SUBSCRIPTION RIGHTS CERTIFICATE**

**Evidencing Non-Transferable Subscription Rights to Purchase Shares of Common Stock of Acacia Research Corporation**

**REGISTERED OWNER:**

Each registered holder of this Subscription Rights Certificate (a "**Rights Holder**") is entitled to the number of non-transferable subscription rights (each, a "**Right**") to subscribe for and purchase the number of shares of Common Stock, par value $0.001 per share ("**Common Stock**"), of Acacia Research Corporation, a corporation organized under the laws of Delaware (the "**Company**"), as specified herein, on the terms and subject to the conditions set forth in the Company's prospectus supplement, dated February 14, 2023, as amended and supplemented from time to time, and the accompanying prospectus, dated November 23, 2020 (collectively, the "**Prospectus**"), which are incorporated herein by reference.

Pursuant to the rights offering described in the Prospectus (the "**Offering**"), each stockholder owning shares of Common Stock as of 5:00 p.m., Eastern time, on February 13, 2023 (such date, the "**Record Date**" and, such stockholder, an "**Eligible Securityholder**") is entitled to receive one (1) Right for every four (4) shares of Common Stock owned on the Record Date. The Company will not issue any fractional Rights. The Rights entitle the holder thereof to purchase one (1) new share of Common Stock for every one (1) Right held (the "**Subscription**") at the subscription price of $5.25 per share (the "**Subscription Price**"). The Rights may be exercised at any time during the subscription period, which commences on February 14, 2023 and ends at 5:00 p.m., Eastern time, on March 1, 2023 (the "**Expiration Date**"). Set forth above is the number of shares of Common Stock that the Rights Holder owns and which should be used to calculate the total number of Rights the Rights Holder is entitled to exercise pursuant to the Subscription. No fractional shares of Common Stock will be issued upon the exercise of any Rights. Accordingly, an Eligible Securityholder must own at a minimum four (4) shares of Common Stock as of the Record Date to receive one (1) Right to purchase a share of Common Stock at the Subscription Price. Any fractional shares of Common Stock will be rounded down to the nearest whole share. The Rights are non-transferable and will not be listed for trading on any stock exchange. This means that Rights Holders may not sell, transfer or assign their Rights to anyone else.

**SAMPLE CALCULATION FOR AN ELIGIBLE SECURITYHOLDER WHO OWNS 100 SHARES OF COMMON STOCK**

Number of shares of Common Stock held on the Record Date: **100** x **0.25** = **25** Rights<br> (**1** Right for every **4** shares of Common Stock held on the Record Date)

Number of shares of Common Stock issuable (assuming full exercise of Subscription):<br> **25** Rights × **1** (one share of Common Stock for every one Right) = **25** new shares of Common Stock

Total payment based on the Subscription Price: **25** shares × $**5.25** = $**131.25**

**METHOD OF EXERCISE OF RIGHTS**

To exercise your Rights as a holder of record, whether you hold certificates evidencing shares of Common Stock directly or you hold shares in book-entry form with Computershare Trust Company, N.A., the Company's transfer agent, Broadridge Corporate Issuer Solutions, LLC (the "**Subscription Agent**") must receive, in the manner specified herein, at or prior to 5:00 p.m., Eastern time, on March 1, 2023, a properly completed and duly executed Subscription Rights Certificate and a wire transfer of funds, cashier's check or certified check drawn upon a U.S. bank payable to "Broadridge Corporate Issuer Solutions, LLC" for an amount equal to the number of shares of Common Stock subscribed for pursuant to the Subscription multiplied by the Subscription Price. Payment must be made in U.S. dollars.

**The method of delivery of this Subscription Rights Certificate and the payment of the Subscription Price are at the election and risk of the Rights Holder, but if sent by mail it is recommended that the Subscription Rights Certificate and payment be sent by registered mail, properly insured, with return receipt requested, and that a sufficient number of days be allowed to ensure delivery to the Subscription Agent and clearance of payment prior to 5:00 p.m., Eastern time, on the Expiration Date.**

Share certificates will not be issued for shares of Common Stock sold in the Offering. Stockholders who are record owners will have the shares they acquire credited to their account with Computershare Trust Company, N.A., as transfer agent. Stockholders whose shares are held of record by Cede & Co. ("**Cede**") or by any other depository or nominee on their behalf or their broker-dealers' behalf will have any shares that they acquire credited to the account of Cede or the other depository or nominee holder.

A Rights Holder exercising Rights will have no right to rescind their subscription after receipt of their completed Subscription Rights Certificate together with payment for shares.

FOR A MORE COMPLETE DESCRIPTION OF THE TERMS AND CONDITIONS OF THE OFFERING, PLEASE REFER TO THE PROSPECTUS, WHICH IS INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM THE INFORMATION AGENT, BROADRIDGE CORPORATE ISSUER SOLUTIONS, LLC, BY CALLING (TOLL-FREE) AT (888) 789-8409 OR BY E-MAIL AT SHAREHOLDER@BROADRIDGE.COM.

PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY.

**EXERCISE OF RIGHTS**

To subscribe for shares of Common Stock pursuant to your Rights, please complete lines (a) and (b) and sign in part (c). If you do not indicate the number of Rights being exercised, or if you do not forward the full subscription payment for the number of Rights that you indicate are being exercised, the Subscription Agent will have the right to reject and return your subscription for correction. Any excess subscription payments received by the Subscription Agent will be returned, without interest, as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**  **<u>EXERCISE OF RIGHTS</u>:** 

The maximum number of shares of Common Stock available for purchase pursuant to the Offering is equal to the number of shares of Common Stock owned by such holder as of the Record Date multiplied by 0.25.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares of <br> Common <br> Stock Owned** |  | **Maximum<br> Number of<br> Shares of <br> Common Stock<br> Available to<br> Subscribe For** | **Number of <br> Shares of <br> Common <br> Stock<br> Subscribed <br> For** |  | **Per Share<br> Subscription<br> Price** |  | **Payment** |
| Subscription: |  | X 0.25 = |  |  | X | $5.25 | = |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**  **<u>PAYMENT</u>:** 

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| | |
|:---|:---|
|  | **AMOUNT ENCLOSED** |
| Total Amount Enclosed | $|

---

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| | |
|:---|:---|
| **METHOD OF PAYMENT (CHECK ONE)** | **METHOD OF PAYMENT (CHECK ONE)** |
| ¨ | Cashier's check or certified check drawn on a U.S. bank, or postal or express money order payable to Broadridge Corporate Issuer Solutions, LLC. |
| ¨ | Wire transfer directly to the escrow account maintained by Broadridge Corporate Issuer Solutions, LLC, as Subscription Agent. |

---

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| | |
|:---|:---|
| Beneficiary Account Name: | Broadridge |
| Account Number: | 153910728465 |
| Reference: | Acacia Research Rights Offering |
| For Further Credit Name: | Acacia Research Corporation |
| For Further Credit Account Number: | 153912159263 |
| ABA/Routing number: | 123000848 |
| International/Swift Code: | USBKUS44IMT |
| Bank: | U.S. Bank<br> 800 Nicollet Mall<br> Minneapolis, MN 55402<br> United States |

---

<u>Method of Payment</u>. All payments must be made in U.S. dollars by wire transfer of funds, cashier's check or certified check drawn upon a U.S. bank payable to "Broadridge Corporate Issuer Solutions, LLC". The Subscription Agent will not accept payment by any other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**  **<u>SIGNATURE(S)</u>:** 

TO SUBSCRIBE: I acknowledge that I have received the Prospectus for the Offering and I hereby subscribe for the number of shares of Common Stock indicated above on the terms and conditions specified in the Prospectus. I hereby agree that if I fail to pay for the shares of Common Stock for which I have subscribed, Acacia Research Corporation may exercise its legal remedies against me.

This form must be signed by the registered holder(s) exactly as their name(s) appear(s) on the certificate(s) or book entry or by person(s) authorized to sign on behalf of the registered holder(s) by documents transmitted herewith.

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| |
|:---|
| Signature of Subscriber: |
| Name (please print): |
| Date |
| Telephone Number: |
| Email: |

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If signature is by trustee(s), executor(s), administrator(s), guardian(s), attorney(s)-in-fact, agent(s), officer(s) of a corporation or another acting in a fiduciary or representative capacity, you must indicate the capacity in which you are signing when you sign and, if requested by the Subscription Agent in its sole and absolute discretion, you must present to the Subscription Agent satisfactory evidence of your authority to sign in that capacity. If this form is signed by a person other than the registered owner (e.g., where the shares have been assigned), this form must be accompanied by a stock power guaranteed by a bank, broker or other financial institution that is a member of a Securities Transfer Association-approved medallion program such as STAMP, SEMP, or MSP.

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| |
|:---|
| Signature: |
| Name of Bank or Firm: |
| Signature of Officer: |
| By: |

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IMPORTANT: The signature must be guaranteed by an Eligible Guarantor Institution, as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended, which may include: (a) a commercial bank or trust company; (b) a member firm of a domestic stock exchange; or (c) a savings bank or credit union.

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| | |
|:---|:---|
| &nbsp;&nbsp;*Please complete all applicable information and return to* |  |
| &nbsp;&nbsp;*By mail:* | &nbsp;&nbsp;*By hand or overnight courier:* |
| &nbsp;&nbsp;Broadridge, Inc.<br> Attention: BCIS Re-Organization Dept.<br> P.O. Box 1317<br> Brentwood, New York 11717-0693 | &nbsp;&nbsp;Broadridge, Inc.<br> Attention: BCIS IWS<br> 51 Mercedes Way<br> Edgewood, New York 11717 |

---

**Any questions regarding this Subscription Rights Certificate and the Offering may be directed to the Information Agent, Broadridge Corporate Issuer Solutions, LLC, toll free at (888) 789-8409 or via email at shareholder@broadridge.com.**

**DELIVERY OF THIS SUBSCRIPTION RIGHTS CERTIFICATE TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE <br> DOES NOT CONSTITUTE A VALID DELIVERY.**

**Important Information**

This communication is not an offer to sell or the solicitation of an offer to buy any securities, and neither we nor the Company will offer or sell the securities referred to herein in any jurisdiction in which such offer or sale would be unlawful. The offering referred to in this communication may be made in the United States only by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

This Subscription Rights Certificate and any claim, controversy or dispute arising under or related to this Subscription Rights Certificate shall be governed by and construed in accordance with the laws of the State of New York.

The Company filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the "SEC") on November 23, 2020 covering, among other things, the Rights and the shares of Common Stock to be issued upon the exercise thereof, to which this communication relates. The prospectus in that registration statement, together with the prospectus supplement that the Company filed with the SEC on February 14, 2023 and the documents incorporated by reference in the Prospectus, as well as other documents the Company has filed with the SEC, are available for free by visiting EDGAR on the SEC's website at www.sec.gov or by contacting Broadridge Corporate Issuer Solutions, LLC, toll-free at the following telephone number: (888) 789-8409 or via e-mail at shareholder@broadridge.com.

## Exhibit 5.1

**Exhibit 5.1**

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| |
|:---|
| ![](image_002.gif) |
| 767 Fifth Avenue<br> New York, NY 10153-0119<br> +1 212 310 8000 tel<br> +1 212 310 8007 fax |

---

February 14, 2023

Acacia Research Corporation

767 Third Avenue, 6th Floor

New York, NY 10017

Ladies and Gentlemen:

We have acted as counsel to Acacia Research Corporation, a Delaware corporation (the "Company"), in connection with the distribution by the Company to holders of record of its common stock, par value $0.001 per share (the "Common Stock"), as of 5:00 p.m., Eastern Time, February 13, 2023, of non-transferable subscription rights (the "Rights") entitling the holders thereof to purchase up to an aggregate of 9,618,639 shares of Common Stock (the "Shares") (the "Rights Offering").

In so acting, we have examined originals or copies (certified or otherwise identified to our satisfaction) of (i) the Third Amended and Restated Certificate of Incorporation of the Company filed with the Secretary of State of the State of Delaware; (ii) the Fourth Amended and Restated Bylaws of the Company; (iii) the Company's Registration Statement on Form S-3, including any amendments thereto, filed with the Securities and Exchange Commission on November 9, 2020 (the "Registration Statement"); (iv) the prospectus contained within the Registration Statement; (v) the prospectus supplement relating to the issuance of the Rights and Shares dated February 14, 2023 (the "Prospectus Supplement"); (vi) the form of subscription rights certificate; and (vii) such corporate records, agreements, documents and other instruments, and such certificates or comparable documents of public officials and of officers and representatives of the Company, and have made such inquiries of such officers and representatives, as we have deemed relevant and necessary as a basis for the opinion hereinafter set forth.

In such examination, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified, conformed or photostatic copies, and the authenticity of the originals of such latter documents. As to all questions of fact material to this opinion that have not been independently established, we have relied upon certificates or comparable documents of officers and representatives of the Company.

Based on the foregoing, and subject to the qualifications stated herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Rights have been duly authorized and when issued in accordance with terms and conditions of the Rights
Offering will constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their
terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors'
rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial
reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Shares have been duly authorized and, when issued and paid for in accordance with the terms of the
Rights, will be validly issued, fully paid and non-assessable.

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| | |
|:---|:---|
| February 14, 2023<br> Page 2 | ![](image_001.gif) |

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The opinions expressed herein are limited to the corporate laws of the State of Delaware and, with respect to whether or not the Rights will constitute legal, valid and binding obligations of the Company, the laws of the State of New York, and we express no opinion as to the effect on the matters covered by this letter of the laws of any other jurisdiction.

We hereby consent to the filing of this letter as an exhibit to the Company's Current Report on Form 8-K relating to the Rights and Shares and to the reference to our firm under the caption "Legal Matters" in the Prospectus Supplement which is a part of the Registration Statement. In giving such consent we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Securities and Exchange Commission.

Very truly yours,

/s/ Weil, Gotshal & Manges LLP

## Exhibit 10.1

**Exhibit 10.1**

**amended and restated Registration Rights Agreement**

**AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT** (this "**Agreement**"), dated as of February 14, 2023, by and among Acacia Research Corporation, a Delaware corporation, with headquarters located at 120 Newport Center Drive, Newport Beach, California 92660 (the "**Company**"), and the investors listed on the Schedule of Buyers attached hereto (each, a "**Buyer**" and collectively, the "**Buyers**").

**WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company and the Buyers listed on the signature pages attached thereto are party to the Registration Rights Agreement, dated as of November 18, 2019 (the "**Original RRA**"), pursuant to which the Company agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the "**1933 Act**"), and applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with the Recapitalization Agreement, dated as of October 30, 2022 (as may be amended, amended and restated, supplemented or otherwise modified from time to time, the "**Recapitalization Agreement**"), by and among the parties hereto, the Company, the Designee (as defined herein) and each of the Investors (as defined herein) have agreed, upon the terms and subject to the conditions of the Recapitalization Agreement, to enter into a series of transactions, pursuant to which, subject to the terms and conditions described therein, including to the extent required by the Recapitalization Agreement, the receipt of Stockholder Approval (as defined therein), (i) the Investors shall convert 350,000 shares of the Company's Series A Convertible Preferred Stock, par value $0.001 per share (the "**Preferred Stock**"), into shares of the Company's common stock, par value $0.001 per share (the "**Common Stock**"), (ii) the Investors have exercised all outstanding Series A Warrants for a cash amount reduced by the Series A Payment (as defined in the Recapitalization Agreement), (iii) the Investors shall exercise all outstanding Series B Warrants that can be exercised through a Limited Cash Exercise or Note Exercise (each as defined in the Recapitalization Agreement) and (iv) the Company shall issue additional shares of Common Stock through a rights offering (the "**Rights Offering**") to all shareholders, in which the Investors have agreed to purchase a minimum of an aggregate of 15,000,000 shares of Common Stock pursuant to the rights issued to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In accordance with the terms of the Recapitalization Agreement, the Company has agreed to provide certain registration rights under the 1933 Act, through an amendment and restatement of the Original RRA in the form of this Agreement at or prior to the launch of the Rights Offering.

**NOW, THEREFORE,** in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Buyers hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>.

Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Recapitalization Agreement.

As used in this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Additional Effective Date**" means the date that an Additional Registration Statement is declared effective by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Additional Effectiveness Deadline**" means the date which is the earlier of (i) ninety (90) calendar days after the earlier of the applicable Additional Filing Date and the applicable Additional Filing Deadline and (ii) the fifth (5th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the applicable Additional Registration Statement will not be reviewed or will not be subject to further review; <u>provided</u>, <u>however</u>, that if such Additional Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for business, such Additional Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Additional Filing Date**" means the date on which an Additional Registration Statement is filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Additional Filing Deadline**" means if Additional Registrable Securities are required to be included in any Additional Registration Statement, the later of (i) the date sixty (60) days after the date substantially all of the Registrable Securities registered under the immediately preceding Registration Statement (other than a Demand Registration Statement) are sold and (ii) the date six (6) months from the Initial Effective Date or the most recent Additional Effective Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Additional Registrable Securities**" means Registrable Securities comprising (i) any Cutback Shares not previously included in the Initial Registration Statement or any Additional Registration Statement and (ii) any Common Stock of the Company issued or issuable with respect to the Recapitalization Common Shares or the Cutback Shares, as applicable, as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Additional Registration Statement**" means a registration statement or registration statements of the Company filed under the 1933 Act covering the resale of any Additional Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Additional Required Registration Amount**" means any Additional Registrable Securities not previously included in the Initial Registration Statement or any Additional Registration Statement, all subject to adjustment as provided in Section 2(h), without regard to any limitations on the issuance of Common Stock pursuant to the terms of the Certificate of Designations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Affiliate**" shall have the meaning ascribed to such term in Rule 405 of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Business Day**" means any day other than Saturday, Sunday or any other day on which commercial banks in the City of New York are authorized or required by law to remain closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Certificate of Designations**" means (i) prior to the Closing Date, the Certificate of Designations (as defined in the Recapitalization Agreement) and (ii) from and after the amendment and restatement of the Certificate of Designations as set forth in Section 1.1(a)(i) of the Recapitalization Agreement, the A&R Certificate of Designations (as defined in the Recapitalization Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Closing Date**" shall have the meaning ascribed to such term in the Recapitalization Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Cutback Shares**" means any of the Initial Required Registration Amount or the Additional Required Registration Amount(s) of Registrable Securities not included in the Initial Registration Statement or all Additional Registration Statements previously declared effective hereunder as a result of a limitation on the maximum number of shares of Common Stock of the Company permitted to be registered by the staff of the SEC pursuant to Rule 415. The number of Cutback Shares shall be allocated pro rata among the Investors with each Investor entitled to elect the portion of its Recapitalization Common Shares that are to be considered Cutback Shares. For the purpose of determining the Cutback Shares, in order to determine any applicable Additional Required Registration Amount, unless an Investor gives written notice to the Company to the contrary with respect to the allocation of its Cutback Shares, first the Recapitalization Common Shares shall be excluded on a pro rata basis among the Investors until all of the Recapitalization Common Shares have been excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Demand Effective Date**" means the date that a Demand Registration Statement is declared effective by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Demand Effectiveness Deadline**" means the date which is the earlier of (i) 180 calendar days after the earlier of the applicable Demand Date (as defined herein) and (ii) the fifth (5th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the applicable Demand Registration Statement will not be reviewed or will not be subject to further review; <u>provided</u>, <u>however</u>, that if such Demand Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for business, such Demand Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Demand Filing Date**" means the date on which a Demand Registration Statement is filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Demand Filing Deadline**" means the date which is ninety (90) calendar days after the applicable Demand Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Demand Registrable Securities**" means Registrable Securities comprising (i) the Recapitalization Common Shares as set forth in the applicable Demand Notice (as defined herein) and (ii) any capital stock of the Company issued or issuable with respect to such Recapitalization Common Shares, as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, in each case, not otherwise currently registered on an effective Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Demand Registration Statement**" means a registration statement or registration statements of the Company filed under the 1933 Act covering the resale of any Demand Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Demand Required Registration Amount**" means the number of Recapitalization Common Shares set forth in the applicable Demand Notice and any capital stock of the Company issued or issuable with respect to such Recapitalization Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Designee**" means Starboard Value LP or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**effective**" and "**effectiveness**" refer to a Registration Statement that has been declared effective by the SEC and is available for the resale of the Registrable Securities required to be covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Effective Date**" means the Initial Effective Date, the Additional Effective Date(s) and/or the Demand Effective Date(s), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Effectiveness Deadline**" means the Initial Effectiveness Deadline, the Additional Effectiveness Deadline(s) and/or the Demand Effectiveness Deadline(s), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Eligible Market**" means the Principal Market, The New York Stock Exchange, Inc., the NYSE American, The NASDAQ Capital Market or The NASDAQ Global Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Filing Date**" means the Initial Filing Date, the Additional Filing Date(s) and/or the Demand Filing Date(s), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Filing Deadline**" means the Initial Filing Deadline, the Additional Filing Deadline(s) and the Demand Filing Deadline(s), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Initial Effective Date**" means the date that the Initial Registration Statement is declared effective by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Initial Effectiveness Deadline**" means the date which is the earlier of (i) ninety (90) days after the earlier of the (x) Initial Filing Date and (y) Initial Filing Deadline and (ii) the fifth (5th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the Initial Registration Statement will not be reviewed or will not be subject to further review; <u>provided</u>, <u>however</u>, that if the Initial Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for business, the Initial Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Initial Filing Date**" means the date on which the Initial Registration Statement is filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Initial Filing Deadline**" means the date which is ninety (90) calendar days after the Company's receipt of a written request of Starboard to file with the SEC the Initial Registration Statement on Form S-3 covering the resale of all of the Initial Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Initial Registrable Securities**" means Registrable Securities comprising (i) the Recapitalization Common Shares and (ii) any capital stock of the Company issued or issuable with respect to such Recapitalization Common Shares, as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Initial Registration Statement**" means a registration statement or registration statements of the Company filed under the 1933 Act covering the resale of the Initial Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Initial Required Registration Amount**" means the sum of (i) the Recapitalization Common Shares and (ii) any capital stock of the Company issued or issuable with respect to such Recapitalization Common Shares, as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Investor**" means a Buyer or any transferee or assignee thereof to whom a Buyer assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 10 and any transferee or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Person**" means an individual, a limited liability company, a partnership (limited or general), a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Principal Market**" means The NASDAQ Global Select Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Recapitalization Common Shares**" means all shares of Common Stock issued or issuable to the Buyers pursuant to or in accordance with Section 1.1 of the Recapitalization Agreement (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction relating to the Common Stock occurring after the date hereof), including, for the avoidance of doubt, (i) shares of Common Stock issued in the Rights Offering after the date hereof, (ii) shares of Common Stock issued pursuant to the terms of the Certificate of Designations after the date of the Recapitalization Agreement and (iii) shares of Common Stock issued upon exercise of the Series B Warrants after the date of the Recapitalization Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**register**," "**registered**," and "**registration**" refer to a registration effected by preparing and filing one or more Registration Statements in compliance with the 1933 Act and pursuant to Rule 415, and the declaration or ordering of effectiveness of such Registration Statement(s) by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Registrable Securities**" means the Initial Registrable Securities, the Additional Registrable Securities and/or the Demand Registrable Securities, as app licable; <u>provided</u>, <u>however</u>, that in each case, such foregoing Registrable Securities shall cease to be Registrable Securities at the earliest to occur of (i) a Registration Statement with respect to such securities shall have been declared effective under the Securities Act and such securities shall have been disposed of pursuant to such Registration Statement, (ii) such securities shall have ceased to be outstanding, (iii) such securities may be sold by the applicable holder pursuant to the provisions of Rule 144 (as defined herein) without volume or manner of sale restrictions pursuant to Rule 144 or (iv) such Securities have been sold in a private transaction in which the transferor's rights pursuant to this Agreement are not validly transferred or assigned in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Registration Statement**" means the Initial Registration Statement, the Additional Registration Statement(s) and/or the Demand Registration Statement(s), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Required Holders**" means the holders of at least a majority of the Registrable Securities and shall include the Designee so long as the Designee or any of its Affiliates holds any Securities (as defined in the Recapitalization Agreement) and/or any Recapitalization Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Required Registration Amount**" means the Initial Required Registration Amount, the Additional Required Registration Amount(s) and/or the Demand Required Registration Amount(s), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Rule 415**" means Rule 415 promulgated under the 1933 Act or any successor rule providing for offering securities on a continuous or delayed basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**SEC**" means the United States Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Securities Purchase Agreement**" means that certain securities purchase agreement dated November 18, 2019 by and among the Company, the Designee and the Buyers listed on the signature pages attached thereto, as amended, amended and restated, supplemented or modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Series B Warrant Shares**" means shares of Common Stock issuable upon exercise of the Series B Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Series B Warrants**" means the Series B Warrants issued pursuant to the Securities Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Trading Day**" means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal national securities exchange or securities market on which the Common Stock is then traded; <u>provided</u> that "Trading Day" shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Mandatory Registration</u>. Upon the written request of Starboard prior to the first anniversary of the Closing Date, the Company shall prepare, and, as soon as practicable after receipt of such written request and in any event on or prior to the Initial Filing Deadline, file with the SEC the Initial Registration Statement on Form S-3 covering the resale of all of the Initial Registrable Securities. In the event that Form S-3 is unavailable for such a registration, the Company shall use such other form as is available for such a registration on another appropriate form reasonably acceptable to the Required Holders, subject to the provisions of Section 2(g). The Initial Registration Statement prepared pursuant hereto shall register for resale the number of shares of Common Stock equal to the Initial Required Registration Amount determined as of the date the Initial Registration Statement is initially filed with the SEC, subject to adjustment as provided in Section 2(h). The Initial Registration Statement shall contain (except if otherwise directed by the Required Holders or if not permitted under SEC regulations or not advisable under SEC rules or guidance) the "<u>Plan of Distribution</u>" and "<u>Selling Shareholders</u>" sections in substantially the form attached hereto as <u>Exhibit A</u> (it being understood that the Company may include in such sections any such additional information not otherwise contained therein that is required to be included in such sections under SEC regulations). The Company shall use its reasonable best efforts to have the Initial Registration Statement declared effective by the SEC as soon as practicable, but in no event later than the Initial Effectiveness Deadline. By 9:30 a.m. New York time on the second (2nd) Business Day following the Initial Effective Date, the Company shall file with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant to the Initial Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Additional Mandatory Registrations</u>. The Company shall prepare, and, as soon as practicable but in no event later than the applicable Additional Filing Deadline, file with the SEC an Additional Registration Statement on Form S-3 covering the resale of all of the Additional Registrable Securities not previously registered on an Additional Registration Statement hereunder. To the extent the staff of the SEC does not permit the applicable Additional Required Registration Amount to be registered on an Additional Registration Statement, the Company shall file, by no later than the applicable Additional Filing Deadline, Additional Registration Statements successively trying to register on each such Additional Registration Statement the maximum number of remaining Additional Registrable Securities until the Additional Required Registration Amount has been registered with the SEC. In the event that Form S-3 is unavailable for such a registration, the Company shall use such other form as is available for such a registration on another appropriate form reasonably acceptable to the Required Holders, subject to the provisions of Section 2(g). Each Additional Registration Statement prepared pursuant hereto shall register for resale at least that number of shares of Common Stock equal to the applicable Additional Required Registration Amount determined as of the date such Additional Registration Statement is initially filed with the SEC***,*** subject to adjustment as provided in Section 2(h). Each Additional Registration Statement shall contain (except if otherwise directed by the Required Holders or if not permitted under SEC regulations or not advisable under SEC rules or guidance) the "<u>Plan of Distribution</u>" and "<u>Selling Shareholders</u>" sections in substantially the form attached hereto as <u>Exhibit A</u> (it being understood that the Company may include in such sections any such additional information not otherwise contained therein that is required to be included in such sections under SEC regulations). The Company shall use its reasonable best efforts to have each Additional Registration Statement declared effective by the SEC as soon as practicable, but in no event later than the applicable Additional Effectiveness Deadline. By 9:30 a.m. New York time on the second (2nd) Business Day following each Additional Effective Date, the Company shall file with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant to the applicable Additional Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Demand Registration</u>. Upon written notice to the Company delivered at any time and from time to time beginning on the one (1)-year anniversary of the Closing Date (each such notice, a "**Demand Notice**" and each date the Company receives a Demand Notice, a "**Demand Date**"), the Designee may require the Company to register the applicable Demand Registrable Securities for resale pursuant to a Demand Registration Statement; <u>provided</u> that the Designee may not deliver more than two (2) Demand Notices during any three hundred sixty five (365) day period. The Company shall then prepare, and, as soon as practicable but in no event later than the applicable Demand Filing Deadline, file with the SEC a Demand Registration Statement on Form S-3 covering the resale of all of the applicable Demand Registrable Securities. In the event that Form S-3 is unavailable for such a registration, the Company shall use such other form as is available for such a registration on another appropriate form reasonably acceptable to the Required Holders, subject to the provisions of Section 2(g). Each Demand Registration Statement prepared pursuant hereto shall register for resale at least the Demand Required Registration Amount of Demand Registrable Securities set forth in the applicable Demand Notice. Each Demand Registration Statement shall contain (except if otherwise directed by the Required Holders or if not permitted under SEC regulations or not advisable under SEC rules or guidance) the "<u>Plan of Distribution</u>" and "<u>Selling Shareholders</u>" sections in substantially the form attached hereto as <u>Exhibit A</u> (it being understood that the Company may include in such sections any such additional information not otherwise contained therein that is required to be included in such sections under SEC regulations). The Company shall use its reasonable best efforts to have the applicable Demand Registration Statement declared effective by the SEC as soon as practicable, but in no event later than the applicable Demand Effectiveness Deadline. By 9:30 a.m. New York time on the second (2nd) Business Day following the applicable Demand Effective Date, the Company shall file with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant to such Demand Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Allocation of Registrable Securities</u>. The initial number of Registrable Securities included in any Registration Statement and any increase or decrease in the number of Registrable Securities included therein shall be allocated pro rata among the Investors based on the number or amount of Registrable Securities held by each Investor at the time the Registration Statement covering such initial number of Registrable Securities or increase or decrease thereof is declared effective by the SEC. In the event that an Investor sells or otherwise transfers any of such Investor's Registrable Securities to a transferee who becomes party hereto pursuant to Section 10 hereof, each such transferee shall be allocated a pro rata portion of the then remaining number of Registrable Securities included in such Registration Statement for such transferor. Any shares of Common Stock included in a Registration Statement and which remain allocated to any Person which ceases to hold any Registrable Securities covered by such Registration Statement shall be allocated to the remaining Investors, pro rata based on the number or amount of Registrable Securities then held by such Investors which are covered by such Registration Statement. In no event shall the Company include any securities other than Registrable Securities on any Registration Statement without the prior written consent of the Required Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Legal Counse</u>l. Subject to Section 6 hereof, the Required Holders shall have the right to select one legal counsel to review any registration pursuant to this Section 2 ("**Legal Counsel**"), which shall be Schulte Roth & Zabel LLP or such other counsel as thereafter designated by the Required Holders. The Company and Legal Counsel shall reasonably cooperate with each other in complying with the Company's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Ineligibility for Form S-3</u>. In the event that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on Form S-1 or another appropriate form reasonably acceptable to the Required Holders and (ii) undertake to register the Registrable Securities on Form S-3 as soon as such form is available, to the extent of such availability, <u>provided</u> that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Sufficient Number of Shares Registered</u>. In the event the number of securities available under a Registration Statement filed pursuant to Section 2(a), Section 2(c) or Section 2(d) is insufficient to cover the Required Registration Amount of Registrable Securities required to be covered by such Registration Statement or an Investor's allocated portion of the Registrable Securities pursuant to Section 2(e), the Company shall amend or supplement the applicable Registration Statement, or file a new Registration Statement (on the short form available therefor, if applicable), or both, so as to cover at least the Required Registration Amount as of the Trading Day immediately preceding the date of the filing of such amendment or new Registration Statement, in each case, as soon as practicable, but in any event not later than fifteen (15) days after the necessity therefor arises. The Company shall use its reasonable best efforts to cause such amendment and/or new Registration Statement to become effective as soon as practicable following the filing thereof. For purposes of the foregoing provision, the number of securities available under a Registration Statement shall be deemed "insufficient to cover all of the Registrable Securities" if at any time the number of securities available for resale under such Registration Statement is less than the Required Registration Amount, as applicable. The calculation set forth in the foregoing sentence shall be made without regard to any limitations on the issuance of Common Stock pursuant to the terms of the Certificate of Designations and such calculation shall assume (i) that the shares of Preferred Stock are then convertible in full into shares of Common Stock at the then prevailing Conversion Rate (as defined in the Certificate of Designations), (ii) the initial Conversion Amounts (as defined in the Certificate of Designations) of the shares of Preferred Stock remain outstanding through the scheduled Maturity Date (as defined in the Certificate of Designations) and (iii) no redemptions of the shares of Preferred Stock occur prior to the scheduled Maturity Date; provided, that actual redemptions of the shares of Preferred Stock shall reduce the calculation set forth in the foregoing sentence by the amount of the shares of Preferred Stock redeemed on an as-converted or an as-exercised basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Effect of Failure to File and Obtain and Maintain Effectiveness of Registration Statemen</u>t. If (i) (A) after the Initial Effectiveness Deadline, the Initial Registration Statement, if any, when declared effective fails to register the Initial Required Registration Amount of Initial Registrable Securities, (B) after the Additional Effectiveness Deadline, any Additional Registration Statement when declared effective fails to register the applicable Additional Required Registration Amount of Additional Registrable Securities or (C) after the Demand Effectiveness Deadline, any Demand Registration Statement when declared effective fails to register the applicable Demand Required Registration Amount of Demand Registrable Securities (each, a "**Registration Failure**"), (ii) a Registration Statement covering the resale of all of the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC on or before the applicable Filing Deadline (a "**Filing Failure**") or (B) not declared effective by the SEC on or before the applicable Effectiveness Deadline (an "**Effectiveness Failure**"), (iii) on any day after the applicable Effective Date, sales of all of the Registrable Securities required to be included on such Registration Statement cannot be made (other than during an Allowable Grace Period (as defined in Section 3(q)) pursuant to such Registration Statement or otherwise (including, without limitation, because of the suspension of trading or any other limitation imposed by an Eligible Market, a failure to keep such Registration Statement effective, a failure to disclose such information as is necessary for sales to be made pursuant to such Registration Statement, a failure to register a sufficient number of shares of Common Stock or a failure to maintain the listing of the Common Stock on an Eligible Market) (a "**Maintenance Failure**") or (iv) at any time during the period commencing from the six (6) month anniversary of the last completed Closing Date and ending at such time that all of the Registrable Securities, if a Registration Statement is not available for the resale of all of the Registrable Securities, may be sold without restriction or limitation pursuant to Rule 144 and without the requirement to be in compliance with Rule 144(c)(1), if the Company shall (x) fail for any reason to satisfy the requirements of Rule 144(c)(1), including, without limitation, the failure to satisfy the current public information requirement under Rule 144(c) or (y) if the Company has ever been an issuer described in Rule 144(i)(1)(i) or becomes such an issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a "**Public Information Failure**") then, as partial relief for the damages to any holder by reason of any such delay in or reduction of its ability to sell the underlying shares of Common Stock (which remedy shall be the sole monetary remedy but shall not be exclusive of any other remedies available at law or in equity, including, without limitation, specific performance or the additional obligation of the Company to register any Cutback Shares), the Company shall pay to each holder of Registrable Securities relating to such Registration Statement an amount in cash equal to two percent (2.0%) of the product of (x) the Weighted Average Price (as defined in the Series B Warrant) of the Common Stock on the applicable Registration Delay Payment Date and (y) the number of Recapitalization Common Shares issued and issuable to such Investor as of the applicable Registration Delay Payment Date, on each of the following dates (each such date, a "**Registration Delay Payment Date**"): (i) on the three-month anniversary after the date of a Registration Failure and every three-month anniversary thereafter (prorated for periods totaling less than three months) until such Registration Failure is cured, (ii) on the three-month anniversary after the date of a Filing Failure and every three-month anniversary thereafter (prorated for periods totaling less than three months) until such Filing Failure is cured; (iii) on the three-month anniversary after the date of an Effectiveness Failure and every three-month anniversary thereafter (prorated for periods totaling less than three months) until such Effectiveness Failure is cured; (iv) on the three-month anniversary after the initial date of a Maintenance Failure and every three-month anniversary thereafter (prorated for periods totaling less than three months) until such Maintenance Failure is cured and (v) on the three-month anniversary after the date of a Public Information Failure and every three- month anniversary thereafter (prorated for periods totaling less than three months) until such Public Information Failure is cured. The payments to which a holder shall be entitled pursuant to this Section 2(i) are referred to herein as "**Registration Delay Payments**." Registration Delay Payments shall be paid on the earlier of (I) the dates set forth above and (II) the third Business Day after the event or failure giving rise to the Registration Delay Payments is cured. In the event the Company fails to make Registration Delay Payments in a timely manner, such Registration Delay Payments shall bear interest at the rate of one and one-half percent (1.5%) per month (prorated for partial months) until paid in full. Notwithstanding the foregoing, in no event shall the aggregate amount of Registration Delay Payments payable by the Company to an Investor pursuant to this Section 2(i) exceed (i) in any three-month period, two percent (2.0%) of the product of (1) the Weighted Average Price of the Common Stock on the applicable Registration Delay Payment Date and (2) the number of Recapitalization Common Shares issued and issuable to such Investor as of the applicable Registration Delay Payment Date, in each case, outstanding as of the applicable Registration Delay Payment Date, of, or, corresponding to, such Investor's Registrable Securities included, or required to be included, in the applicable Registration Statement and (ii) in total in any twelve-month period, eight percent (8.0%) of the product of (1) the Weighted Average Price of the Common Stock on the applicable Registration Delay Payment Date and (2) the number of Recapitalization Common Shares issued and issuable to such Investor as of the applicable Registration Delay Payment Date, in each case, outstanding as of the applicable Registration Delay Payment Date, of, or, corresponding to, such Investor's Registrable Securities included, or required to be included, in the applicable Registration Statement. Without limiting the remedies available to the Investors, the Company acknowledges that any failure by the Company to comply with its obligations under this Section 2 will result in material irreparable injury to the Investors for which there is no adequate remedy at law, that it would not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Investors may obtain such relief as may be required to specifically enforce the Company's obligations under this Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Related Obligations</u>.

At such time as the Company is obligated to file a Registration Statement with the SEC pursuant to Section 2(a), 2(c), 2(d), 2(g) or 2(h), the Company will use its reasonable best efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall promptly prepare and file with the SEC a Registration Statement with respect to the Registrable Securities and use its reasonable best efforts to cause such Registration Statement relating to the Registrable Securities to become effective as soon as practicable after such filing (but in no event later than the Effectiveness Deadline). The Company shall keep each Registration Statement effective pursuant to Rule 415 at all times until the earlier of (i) the date as of which the Investors may sell all of the Registrable Securities covered by such Registration Statement without restriction or limitation pursuant to Rule 144 and without the requirement to be in compliance with Rule 144(c)(1) (or any successor thereto) promulgated under the 1933 Act or (ii) the date on which the Investors shall have sold all of the Registrable Securities covered by such Registration Statement (the "**Registration Period**"). The Company shall use its reasonable best efforts to ensure that each Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading. The term "reasonable best efforts" shall mean, among other things, that the Company shall submit to the SEC, within two (2) Business Days after the later of the date that (i) the Company learns that no review of a particular Registration Statement will be made by the staff of the SEC or that the staff has no further comments on a particular Registration Statement, as the case may be, and (ii) the approval of Legal Counsel pursuant to Section 3(c) (which approval is immediately sought), a request for acceleration of effectiveness of such Registration Statement to a time and date not later than two (2) Business Days after the submission of such request. The Company shall respond in writing to comments made by the SEC in respect of a Registration Statement as soon as practicable, but in no event later than fifteen (15) days after the receipt of comments by or notice from the SEC that an amendment is required in order for a Registration Statement to be declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the 1933 Act, as may be necessary to keep such Registration Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this Section 3(b)) by reason of the Company filing a report on Form 10-K, Form 10-Q, Form 8-K or any analogous report under the Securities Exchange Act of 1934, as amended (the "**1934 Act**"), the Company shall incorporate such report by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the SEC on the same day on which the 1934 Act report is filed which created the requirement for the Company to amend or supplement such Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall (A) permit Legal Counsel to review and comment upon (i) a Registration Statement at least five (5) Business Days prior to its initial filing with the SEC and (ii) all amendments and supplements to all Registration Statements (except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any similar or successor reports) within a reasonable number of days prior to their filing with the SEC, and (B) not file any Registration Statement or amendment or supplement thereto in a form to which Legal Counsel reasonably objects in writing. The Company shall not submit a request for acceleration of the effectiveness of a Registration Statement or any amendment or supplement thereto without the prior approval of Legal Counsel, which consent shall not be unreasonably withheld, conditioned or delayed. The Company shall furnish to Legal Counsel, without charge, (i) copies of any correspondence from the SEC or the staff of the SEC to the Company or its representatives relating to any Registration Statement, (ii) promptly after the same is prepared and filed with the SEC, one copy of any Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference (to the extent not previously provided), if requested by an Investor, and all exhibits and (iii) upon the effectiveness of any Registration Statement, one copy of the prospectus included in such Registration Statement and all amendments and supplements thereto, in each case, which copies may be provided in electronic form. The Company and Legal Counsel shall reasonably cooperate in complying with their respective obligations pursuant to this Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge, (i) promptly after the same is prepared and filed with the SEC, at least one copy of such Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference (to the extent not previously provided), if requested by an Investor, all exhibits and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement, a reasonable number of copies of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as such Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus, as such Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by such Investor, in each case which copies may be provided in electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall use its reasonable best efforts to (i) register and qualify, unless an exemption from registration and qualification applies, the resale by Investors of the Registrable Securities covered by a Registration Statement under such other securities or "blue sky" laws of all applicable jurisdictions in the United States, (ii) prepare and file in those jurisdictions such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; <u>provided</u>, <u>however</u>, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(e), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify Legal Counsel and each Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or "blue sky" laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company shall notify Legal Counsel and each Investor in writing of the happening of any event, as promptly as practicable after becoming aware of such event, but in any event within one (1) Trading Day of becoming aware of such event, as a result of which the prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (<u>provided</u> that in no event shall such notice contain any material, nonpublic information), and, subject to Section 3(q), promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and deliver a reasonable number of copies of such supplement or amendment to Legal Counsel and each Investor (or such other number of copies as Legal Counsel or such Investor may reasonably request). The Company shall also promptly as is practicable notify Legal Counsel and each Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to Legal Counsel and each Investor by facsimile or email on the same day of such effectiveness and by overnight mail), (ii) of any request by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information, and (iii) of the Company's reasonable determination that a post-effective amendment to a Registration Statement would be appropriate. By 9:30 a.m. New York City time on the date following the second (2nd) Trading Day any post-effective amendment has become effective, the Company shall file with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant to such Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify Legal Counsel and each Investor who holds Registrable Securities being sold of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If any Investor is required under applicable securities laws to be described in the Registration Statement as an underwriter or an Investor believes, after consultation with its legal counsel, that it would reasonably be deemed to be an underwriter of Registrable Securities, at the reasonable request of such Investor, the Company shall furnish to such Investor, on the date of the effectiveness of the Registration Statement and thereafter from time to time on such dates as an Investor may reasonably request (i) a letter, dated such date, from the Company's independent certified public accountants in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the Investors, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, addressed to the Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any Investor is required under applicable securities laws to be described in the Registration Statement as an underwriter or an Investor believes, after consultation with its legal counsel, that it would reasonably be deemed to be an underwriter of Registrable Securities, the Company shall make available for inspection by (i) such Investor, (ii) Legal Counsel and (iii) one firm of accountants or other agents retained by the Investors (collectively, the "**Inspectors**"), all pertinent financial and other records, and pertinent corporate documents and properties of the Company (collectively, the "**Records**"), as shall be reasonably deemed necessary by each Inspector, and cause the Company's officers, directors and employees to supply all information which any Inspector may reasonably request; <u>provided</u>, <u>however</u>, that each Inspector shall agree to hold in strict confidence and shall not make any disclosure (except to an Investor) or use of any Record or other information which the Company determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required under the 1933 Act, (b) the release of such Records is ordered pursuant to a final, non- appealable subpoena or order from a court or government body of competent jurisdiction, or (c) the information in such Records has been made generally available to the public other than by disclosure in violation of this Agreement. Each Investor agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and any Investor) shall be deemed to limit the Investors' ability to sell Registrable Securities in a manner which is otherwise consistent with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor and allow such Investor, at the Investor's expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company shall use its reasonable best efforts either to (i) cause all of the Registrable Securities consisting of shares of Common Stock covered by a Registration Statement to be listed on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange or (ii) secure the inclusion for quotation of all of such Registrable Securities on the Principal Market or (iii) if, despite the Company's reasonable best efforts, the Company is unsuccessful in satisfying the preceding clauses (i) and (ii), to secure the inclusion for quotation on another Eligible Market for such Registrable Securities and, without limiting the generality of the foregoing, to use its reasonable best efforts to arrange for at least two market makers to register with the Financial Industry Regulatory Authority, Inc. as such with respect to such Registrable Securities. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable, facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as the Investors may reasonably request and registered in such names as the Investors may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) If requested by an Investor, the Company shall as soon as practicable but subject to the timing requirements set out elsewhere in this Agreement with regard to the filing of any prospectus supplement or post-effective amendment, as applicable (i) incorporate in a prospectus supplement or post-effective amendment such information as an Investor reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post- effective amendment; and (iii) supplement or make amendments to any Registration Statement if reasonably requested by an Investor holding any Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company shall use its reasonable best efforts to cause the Registrable Securities covered by a Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company shall otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC in connection with any registration hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Within two (2) Business Days after a Registration Statement which covers Registrable Securities is declared effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investors whose Registrable Securities are included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC substantially in the form attached hereto as <u>Exhibit B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Notwithstanding anything to the contrary herein, before a relevant Filing Deadline or at any time after the Effective Date, the Company may delay the disclosure of material, non-public information concerning the Company the disclosure of which at the time is not, in the good faith opinion of the Board of Directors of the Company after consultation with its counsel, in the best interest of the Company and would be required to be disclosed in any Registration Statement so that such Registration Statement would not be materially misleading (a "**Grace Period**"); <u>provided</u> that the Company shall promptly (i) notify the Investors in writing of the existence of material, non-public information giving rise to a Grace Period (<u>provided</u> that in each notice the Company will not disclose the content of such material, non-public information to the Investors) and the date on which the Grace Period will begin, and (ii) notify the Investors in writing of the date on which the Grace Period ends; <u>provided</u>, <u>further</u>, that no Grace Period shall exceed sixty (60) days in any ninety (90) day period and during any three hundred sixty five (365) day period such Grace Periods shall not exceed an aggregate of ninety (90) days, except where an affiliate of the Designee is serving on the Company's Board of Directors; <u>provided</u>, <u>further</u>, where an affiliate of the Designee is serving on the Company's Board of Directors, no Grace Period shall occur during an open trading window, as determined in accordance with the Company's insider trading policy (an "**Allowable Grace Period**"). During the term of any Grace Period, the Company after consultation with its counsel may (i) defer any registration of Registrable Securities and have the right not to file and not to cause the effectiveness of any registration statement covering any Registrable Securities, (ii) suspend the use of any prospectus and Registration Statement covering any Registrable Securities and (iii) require the Investors holding Registrable Securities to suspend any offerings or sales of Registrable Securities pursuant to a Registration Statement. For purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date the Investors receive the notice referred to in clause (i) and shall end on and include the later of the date the Investors receive the notice referred to in clause (ii) and the date referred to in such notice. The provisions of Section 3(g) hereof shall not be applicable during the period of any Allowable Grace Period. Upon expiration of the Grace Period, the Company shall again be bound by the first sentence of Section 3(f) with respect to the information giving rise thereto unless such material, non-public information is no longer applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Except in the circumstances set forth in Sections 3(h) and 3(i) hereof, neither the Company nor any Subsidiary or Affiliate thereof shall identify any Investor as an underwriter in any public disclosure or filing with the SEC, the Principal Market or any Eligible Market without the prior written consent of such Investor and any Investor being deemed an underwriter by the SEC shall not relieve the Company of any obligations it has under this Agreement or the Recapitalization Agreement; <u>provided</u>, <u>however</u>, that the foregoing shall not prohibit the Company from including the disclosure found in the "Plan of Distribution" section attached hereto as <u>Exhibit A</u> in the Registration Statement; <u>provided</u>, <u>further</u>, that in the circumstances set forth in Sections 3(h) and 3(i) hereof, such Investor shall be given the option to be excluded from such Registration Statement and not be identified as an underwriter therein, and in the event that the Investor does not exercise that option, the Investor shall provide prior written consent to be identified as an underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would have the effect of impairing the rights granted to the Buyers in this Agreement or otherwise conflicts with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Obligations of the Investors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At least five (5) Business Days prior to the first anticipated Filing Date of a Registration Statement, the Company shall notify each Investor in writing of the information the Company requires from each such Investor if such Investor elects to have any of such Investor's Registrable Securities included in such Registration Statement. It shall be a condition precedent to the obligations of the Company to complete any registration pursuant to this Agreement with respect to the Registrable Securities of a particular Investor that such Investor shall furnish in a timely manner to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect and maintain the effectiveness of the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Investor, by such Investor's acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any Registration Statement hereunder, unless such Investor has notified the Company in writing of such Investor's election to exclude all of such Investor's Registrable Securities from such Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During such time as any Investor may be engaged in a distribution of the Registrable Securities, such Investor will comply with all laws applicable to such distribution, including Regulation M promulgated under the 1934 Act, and, to the extent required by such laws, will, among other things (i) not engage in any stabilization activity in connection with the securities of the Company in contravention of such laws; (ii) distribute the Registrable Securities acquired by them solely in the manner described in the applicable Registration Statement and (iii) if required by applicable law, cause to be furnished to each agent or broker-dealer to or through whom such Registrable Securities may be offered, or to the offeree if an offer is made directly by such Investor, such copies of the applicable prospectus (as amended and supplemented to such date) and documents incorporated by reference therein as may be required by such agent, broker-dealer or offeree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(g) or the first sentence of Section 3(f), such Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until such Investor's receipt of copies of the supplemented or amended prospectus as contemplated by Section 3(g) or the first sentence of Section 3(f) or receipt of notice that no supplement or amendment is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Investor covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses of Registration</u>.

All reasonable expenses, other than underwriting discounts and commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements of counsel for the Company shall be paid by the Company. The Company shall also reimburse the Investors for the fees and disbursements of Legal Counsel in connection with registration, filing or qualification pursuant to Sections 2 and 3 of this Agreement which amount shall be limited to $25,000 for each such registration, filing or qualification.

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

In the event any Registrable Securities are included in a Registration Statement under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor, the directors, officers, partners, members, employees, agents, representatives of, and each Person, if any, who controls any Investor within the meaning of the 1933 Act or the 1934 Act (each, an "**Indemnified Person**"), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys' fees, amounts paid in settlement or expenses, joint or several (collectively, "**Claims**"), incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto ("**Indemnified Damages**"), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other "blue sky" laws of any jurisdiction in which Registrable Securities are offered, or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus if used prior to the effective date of such Registration Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement or (iv) any violation of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively, "**Violations**"). For the avoidance of doubt, the indemnification set forth in this Section 6 is intended to apply, and shall apply, to direct claims asserted by any Buyer against the Company as well as any third party claims asserted by an Indemnified Person (other than a Buyer) against the Company. Subject to Section 7(c), the Company shall reimburse the Indemnified Persons, promptly as such expenses are incurred and are due and payable, for any legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 7(a): (i) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Indemnified Person for such Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant to Section 3(d); (ii) shall not apply to a Claim by an Indemnified Person to the extent caused solely by its own gross negligence or willful misconduct; and (iii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with any Registration Statement in which an Investor is participating, each such Investor agrees to severally and not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 7(a), the Company, each of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls the Company within the meaning of the 1933 Act or the 1934 Act (each, an "**Indemnified Party**"), against any Claim or Indemnified Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use in connection with such Registration Statement; and, subject to Section 7(c), such Investor shall reimburse the Indemnified Party for any legal or other expenses reasonably incurred by an Indemnified Party in connection with investigating or defending any such Claim; <u>provided</u>, <u>however</u>, that the indemnity agreement contained in this Section 7(b) and the agreement with respect to contribution contained in Section 8 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld or delayed; <u>provided</u>, <u>further</u>, <u>however</u>, that the Investor shall be liable under this Section 7(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 7 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 7, deliver to the indemnifying party a written notice of the commencement thereof, and, except in the case of a direct claim against the indemnifying party, the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; <u>provided</u>, <u>however</u>, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses of not more than one counsel for all such Indemnified Person or Indemnified Party to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the Indemnified Person or Indemnified Party, as applicable, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. In the case of an Indemnified Person, legal counsel referred to in the immediately preceding sentence shall be selected by the Investors holding at least a majority in interest of the Registrable Securities included in the Registration Statement to which the Claim relates. The Indemnified Party or Indemnified Person shall reasonably cooperate with the indemnifying party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent, <u>provided</u>, <u>however</u>, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such Claim or litigation and such settlement shall not include any admission as to fault on the part of the Indemnified Party. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 7, except to the extent that the indemnifying party is prejudiced in its ability to defend such action. For the avoidance of doubt, the provisions of this Section 6(c) shall not apply to direct claims between the Company and a Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnification required by this Section 7 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Contribution</u>.

To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 7 to the fullest extent permitted by law; <u>provided</u>, <u>however</u>, that: (i) no Person involved in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the amount of net proceeds received by such seller from the sale of such Registrable Securities pursuant to such Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Reports Under the 1934 Act</u>.

With a view to making available to the Investors the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration ("**Rule 144**"), the Company agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make and keep public information available, as those terms are understood and defined in Rule 144;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) file with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) furnish to each Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company, if true, that it has complied with the reporting requirements of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investors to sell such securities pursuant to Rule 144 without registration. Notwithstanding the foregoing, the Company shall not be obligated to send or deliver any of the foregoing to the Investors to the extent any of them are filed, furnished or otherwise made publicly available on the Company's website or the SEC's EDGAR (or any similar) electronic filing system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Assignment of Registration Rights</u>.

The rights under this Agreement shall be automatically assignable by the Investors to any transferee of all or any portion of such Investor's Registrable Securities if: (i) the Investor agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment; (ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such transferee or assignee, and (b) the securities with respect to which such registration rights are being transferred or assigned; (iii) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein by delivering to the Company a duly executed Joinder Agreement in the form of <u>Exhibit C</u> hereto; and (iv) such transferee is an affiliate of the Designee or shall have received "restricted securities" as such term is used in the securities laws representing more than 1% of the Company's outstanding Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Amendment of Registration Rights</u>.

Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Required Holders. Any amendment or waiver effected in accordance with this Section 11 shall be binding upon each Investor and the Company. No such amendment shall be effective to the extent that it applies to less than all of the holders of the Registrable Securities. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration (other than the reimbursement of legal fees) also is offered to all of the parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from such record owner of such Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon delivery, when sent by facsimile or electronic mail (<u>provided</u> that confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses, facsimile numbers and email addresses for such communications shall be:

If to the Company:

Acacia Research Corporation

4 Park Plaza, Suite 550

Irvine, California 92614

Attention: Jason Soncini

E-mail: jsoncini@acaciares.com

Telephone: (949) 480-8300

Facsimile: (949) 480-8301

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

Weil Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Attention: Frank Adams

E-mail: frank.adams@weil.com

Telephone: (212) 310-8905

Facsimile: (212) 310-8007

If to Legal Counsel:

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Telephone: (212) 756-2000

Facsimile: (212) 593-5955

Attention: Eleazer Klein, Esq.

E-mail: eleazer.klein@srz.com

If to a Buyer, to its address, facsimile number and/or email address set forth on the Schedule of Buyers attached hereto, with copies to such Buyer's representatives as set forth on the Schedule of Buyers, or to such other address, facsimile number and/or email address to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender's facsimile machine or email containing the time, date, recipient facsimile number or e-mail address or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. **EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement, the Recapitalization Agreement and the instruments referenced herein and therein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement, the Recapitalization Agreement and the instruments referenced herein and therein supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Subject to the requirements of Section 10, this Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile or electronic transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All consents and other determinations required to be made by the Investors pursuant to this Agreement shall be made, unless otherwise specified in this Agreement, by the Required Holders, determined as if all of the outstanding Preferred Stock then held by the Investors have been converted for Registrable Securities without regard to any limitations on the issuance of Common Stock pursuant to the terms of the Certificate of Designations and all of the outstanding Series B Warrants then held by the Investors have been exercised for Registrable Securities without regard to any limitations upon exercise of the Series B Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The obligations of each Investor hereunder are several and not joint with the obligations of any other Investor, and no provision of this Agreement is intended to confer any obligations on any Investor vis-à-vis any other Investor. Nothing contained herein, and no action taken by any Investor pursuant hereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated herein.

\* \* \* \* \* \*

**[Signature Page Follows]**

**IN WITNESS WHEREOF**, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.

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| | | |
|:---|:---|:---|
| **COMPANY:** | **COMPANY:** | **COMPANY:** |
| **ACACIA RESEARCH CORPORATION** | **ACACIA RESEARCH CORPORATION** | **ACACIA RESEARCH CORPORATION** |
| By: | /s/ Jason Soncini | /s/ Jason Soncini |
|  | Name: | Jason Soncini |
|  | Title: | General Counsel |

---

[*Signature Page to Amended and Restated Registration Rights Agreement*]

**IN WITNESS WHEREOF**, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.

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| | | |
|:---|:---|:---|
| **BUYERS:** | **BUYERS:** | **BUYERS:** |
| **STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.** | **STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.** | **STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.** |
| By: | Starboard Value A LP, its general partner | Starboard Value A LP, its general partner |
| By: | /s/ Jeffrey C. Smith | /s/ Jeffrey C. Smith |
|  | Name: | Jeffrey C. Smith |
|  | Title: | Authorized Signatory |

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[*Signature Page to Amended and Restated Registration Rights Agreement*]

**IN WITNESS WHEREOF**, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.

---

| | | |
|:---|:---|:---|
| **BUYERS:** | **BUYERS:** | **BUYERS:** |
| **STARBOARD X MASTER FUND LTD.** | **STARBOARD X MASTER FUND LTD.** | **STARBOARD X MASTER FUND LTD.** |
| By: | Starboard Value A LP, its general partner | Starboard Value A LP, its general partner |
| By: | /s/ Jeffrey C. Smith | /s/ Jeffrey C. Smith |
|  | Name: | Jeffrey C. Smith |
|  | Title: | Authorized Signatory |

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[*Signature Page to Amended and Restated Registration Rights Agreement*]

**IN WITNESS WHEREOF**, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.

---

| | | |
|:---|:---|:---|
| **BUYERS:** | **BUYERS:** | **BUYERS:** |
| **STARBOARD VALUE AND OPPORTUNITY S LLC** | **STARBOARD VALUE AND OPPORTUNITY S LLC** | **STARBOARD VALUE AND OPPORTUNITY S LLC** |
| By: | Starboard Value LP, its manager | Starboard Value LP, its manager |
| By: | /s/ Jeffrey C. Smith | /s/ Jeffrey C. Smith |
|  | Name: | Jeffrey C. Smith |
|  | Title: | Authorized Signatory |

---

[*Signature Page to Amended and Restated Registration Rights Agreement*]

**IN WITNESS WHEREOF**, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.

---

| | | |
|:---|:---|:---|
| **BUYERS:** | **BUYERS:** | **BUYERS:** |
| **STARBOARD VALUE AND OPPORTUNITY C LP** | **STARBOARD VALUE AND OPPORTUNITY C LP** | **STARBOARD VALUE AND OPPORTUNITY C LP** |
| By: | Starboard Value R LP, its general partner | Starboard Value R LP, its general partner |
| By: | /s/ Jeffrey C. Smith | /s/ Jeffrey C. Smith |
|  | Name: | Jeffrey C. Smith |
|  | Title: | Authorized Signatory |

---

[*Signature Page to Amended and Restated Registration Rights Agreement*]

**IN WITNESS WHEREOF**, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.

---

| | | |
|:---|:---|:---|
| **BUYERS:** | **BUYERS:** | **BUYERS:** |
| **STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP** | **STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP** | **STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP** |
| By: | Starboard Value L LP, its general partner | Starboard Value L LP, its general partner |
| By: | /s/ Jeffrey C. Smith | /s/ Jeffrey C. Smith |
|  | Name: | Jeffrey C. Smith |
|  | Title: | Authorized Signatory |

---

[*Signature Page to Amended and Restated Registration Rights Agreement*]

**IN WITNESS WHEREOF**, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.

---

| | | |
|:---|:---|:---|
| **BUYERS:** | **BUYERS:** | **BUYERS:** |
| **STARBOARD VALUE LP**, in its capacity as the investment manager of a certain managed account | **STARBOARD VALUE LP**, in its capacity as the investment manager of a certain managed account | **STARBOARD VALUE LP**, in its capacity as the investment manager of a certain managed account |
| By: | Starboard Value GP LLC, its general partner | Starboard Value GP LLC, its general partner |
| By: | /s/ Jeffrey C. Smith | /s/ Jeffrey C. Smith |
|  | Name: | Jeffrey C. Smith |
|  | Title: | Authorized Signatory |

---

[*Signature Page to Amended and Restated Registration Rights Agreement*]

**Schedule of Buyers**

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| | | |
|:---|:---|:---|
|  **Buyer** | **Buyer Address, Facsimile<br> Number and Email** | **Buyer's Representative's Address, <br> Facsimile Number and Email** |
| Starboard Value and Opportunity Master Fund LTD. | c/o Starboard Value LP<br> 777 Third Avenue, 18th Floor<br> New York, New York 10017<br> Attention: Jeffrey C. Smith<br> Facsimile: 212-320-0296<br> Telephone: 212-845-7977<br> E-mail: jsmith@starboardvalue.com<br> operations@starboardvalue.com | Schulte Roth & Zabel LLP<br> 919 Third Avenue<br> New York, New York 10022<br> Attention: Eleazer Klein, Esq.<br> Facsimile: (212) 593-5955<br> Telephone: (212) 756-2376<br> Email: eleazer.klein@srz.com |
| Starboard X Master Fund Ltd. | c/o Starboard Value LP<br> 777 Third Avenue, 18th Floor<br> New York, New York 10017<br> Attention: Jeffrey C. Smith<br> Facsimile: 212-320-0296<br> Telephone: 212-845-7977<br> E-mail: jsmith@starboardvalue.com<br> operations@starboardvalue.com | Schulte Roth & Zabel LLP<br> 919 Third Avenue<br> New York, New York 10022<br> Attention: Eleazer Klein, Esq.<br> Facsimile: (212) 593-5955<br> Telephone: (212) 756-2376<br> Email: eleazer.klein@srz.com |
| Starboard Value and Opportunity S LLC | c/o Starboard Value LP<br> 777 Third Avenue, 18th Floor<br> New York, New York 10017<br> Attention: Jeffrey C. Smith<br> Facsimile: 212-320-0296<br> Telephone: 212-845-7977<br> E-mail: jsmith@starboardvalue.com<br> operations@starboardvalue.com | Schulte Roth & Zabel LLP<br> 919 Third Avenue<br> New York, New York 10022<br> Attention: Eleazer Klein, Esq.<br> Facsimile: (212) 593-5955<br> Telephone: (212) 756-2376<br> Email: eleazer.klein@srz.com |
| Starboard Value and Opportunity C LP | c/o Starboard Value LP<br> 777 Third Avenue, 18th Floor<br> New York, New York 10017<br> Attention: Jeffrey C. Smith<br> Facsimile: 212-320-0296<br> Telephone: 212-845-7977<br> E-mail: jsmith@starboardvalue.com<br> operations@starboardvalue.com | Schulte Roth & Zabel LLP<br> 919 Third Avenue<br> New York, New York 10022<br> Attention: Eleazer Klein, Esq.<br> Facsimile: (212) 593-5955<br> Telephone: (212) 756-2376<br> Email: eleazer.klein@srz.com |
| Starboard Value and Opportunity Master Fund L LP | 777 Third Avenue, 18th Floor<br> New York, New York 10017<br> Attention: Jeffrey C. Smith<br> Facsimile: 212-320-0296<br> Telephone: 212-845-7977<br> E-mail: jsmith@starboardvalue.com<br> operations@starboardvalue.com | Schulte Roth & Zabel LLP<br> 919 Third Avenue<br> New York, New York 10022<br> Attention: Eleazer Klein, Esq.<br> Facsimile: (212) 593-5955<br> Telephone: (212) 756-2376<br> Email: eleazer.klein@srz.com |
| Account Managed by Starboard Value LP | c/o Starboard Value LP<br> 777 Third Avenue, 18th Floor<br> New York, New York 10017<br> Attention: Jeffrey C. Smith<br> Facsimile: 212-320-0296<br> Telephone: 212-845-7977<br> E-mail: jsmith@starboardvalue.com<br> operations@starboardvalue.com | Schulte Roth & Zabel LLP<br> 919 Third Avenue<br> New York, New York 10022<br> Attention: Eleazer Klein, Esq.<br> Facsimile: (212) 593-5955<br> Telephone: (212) 756-2376<br> Email: eleazer.klein@srz.com |

---

**<u>Exhibit A</u>**

**Selling Shareholders**

The shares of common stock being offered by the selling shareholders are those issued or issuable to the selling shareholders pursuant to or in accordance with Section 1.1 the Recapitalization Agreement, including upon conversion of the convertible preferred shares, upon exercise of the series B warrants, and in the Rights Offering. For additional information regarding the issuances of those shares of common stock, convertible preferred shares and warrants and the issuance of the common stock underlying such securities, see "Private Placement of Convertible Preferred Shares, Notes and Warrants," "Recapitalization Transaction" and "Rights Offering" above. We are registering the shares of common stock in order to permit the selling shareholders to offer the shares for resale from time to time. Except for the ownership of the convertible preferred shares, the warrants issued pursuant to the Securities Purchase Agreement, the rights of the selling shareholders under the Governance Agreement and the ownership of the shares of common stock issued pursuant to or in accordance with the Recapitalization Agreement and the Rights Offering, the selling shareholders have not had any material relationship with us within the past three years.

The table below lists the selling shareholders and other information regarding the beneficial ownership of the shares of common stock by each of the selling shareholders. The second column lists the number of shares of common stock beneficially owned by each selling shareholder as of , 2023 and assuming conversion of all convertible preferred shares and exercise of all series B warrants held by the selling shareholders on that date.

The third column lists the shares of common stock being offered by this prospectus by the selling shareholders.

In accordance with the terms of a registration rights agreement with the selling shareholders, this prospectus generally covers the resale of [all shares of common stock issued or issuable to the selling shareholders pursuant to or in accordance with Section 1.1 of the Recapitalization Agreement, including in the Rights Offering]<sup>1</sup>, all subject to adjustment as provided in the registration rights agreement. The fourth column assumes the sale of all of the shares offered by the selling shareholders pursuant to this prospectus.

We cannot advise you as to whether the selling shareholders will in fact sell any or all of such common stock. In addition, the selling shareholders may sell, transfer or otherwise dispose of, at any time and from time to time, the common stock in transactions exempt from the registration requirements of the Securities Act after the date of this prospectus.

1 NTD: To be updated for each Registration Statement, as necessary.

Exhibit A-1

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Selling Shareholder** | **Number**<br> **of**<br> **Shares**<br> **of**<br> **Common**<br> **Stock**<br> **Owned**<br> **Prior to Offering** | **Maximum**<br> **Number of**<br> **Shares of**<br> **Common**<br> **Stock to**<br> **be Sold**<br> **Pursuant**<br> **to this Prospectus** | **Number**<br> **of**<br> **Shares**<br> **of**<br> **Common**<br> **Stock**<br> **Owned**<br> **After Offering** | **Percentage**<br> **of**<br> **Shares of**<br> **Common**<br> **Stock**<br> **Owned**<br> **After**<br> **Offering** |
| **[Starboard] (1)** |  |  | 0 | [\*][●%] |

---

\* Denotes less than one percent (1.0%).

(1) [TO COME].

**Plan of Distribution**

We are registering the shares of common stock issued or issuable pursuant to or in accordance with Section 1.1 of the Recapitalization Agreement, including upon conversion of the convertible preferred shares, upon exercise of the series B warrants, and in the Rights Offering to permit the resale of these shares of common stock by the holders of such common stock from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling shareholders of the shares of common stock. We will bear all fees and expenses incident to our obligation to register the shares of common stock.

The selling shareholders may sell all or a portion of the shares of common stock beneficially owned by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. If the shares of common stock are sold through underwriters or broker-dealers, the selling shareholders will be responsible for underwriting discounts or commissions or agent's commissions. The shares of common stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· on any national securities exchange or quotation service on which the securities may be listed or quoted
at the time of sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in the over-the-counter market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in transactions otherwise than on these exchanges or systems or in the over-the-counter market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· through the writing of options, whether such options are listed on an options exchange or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in block trades in which the broker-dealer will attempt to sell the shares as agent but may position and
resell a portion of the block as principal to facilitate the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· through purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· through an exchange distribution in accordance with the rules of the applicable exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· through privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· through short sales;

Annex 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· through sales pursuant to Rule 144;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· through block trades in which broker-dealers may agree with the selling securityholders to sell a specified
number of such shares at a stipulated price per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a combination of any such methods of sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other method permitted pursuant to applicable law.

If the selling shareholders effect such transactions by selling shares of common stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the selling shareholders or commissions from purchasers of the shares of common stock for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection with sales of the shares of common stock or otherwise, the selling shareholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of common stock in the course of hedging in positions they assume. The selling shareholders may also sell shares of common stock short and deliver shares of common stock covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The selling shareholders may also loan or pledge shares of common stock to broker- dealers that in turn may sell such shares.

The selling shareholders may pledge or grant a security interest in some or all of the convertible preferred shares, warrants or shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of common stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933, as amended, amending, if necessary, the list of selling shareholders to include the pledgee, transferee or other successors in interest as selling shareholders under this prospectus. The selling shareholders also may transfer and donate the shares of common stock in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

The selling shareholders and any broker-dealer participating in the distribution of the shares of common stock may be deemed to be "underwriters" within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of the shares of common stock is made, a prospectus supplement, if required, will be distributed which will set forth the aggregate amount of shares of common stock being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling shareholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers.

Annex 2

Under the securities laws of some states, the shares of common stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the shares of common stock may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with.

There can be no assurance that any selling shareholder will sell any or all of the shares of common stock registered pursuant to the registration statement, of which this prospectus forms a part.

The selling shareholders and any other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the shares of common stock by the selling shareholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the shares of common stock to engage in market-making activities with respect to the shares of common stock. All of the foregoing may affect the marketability of the shares of common stock and the ability of any person or entity to engage in market-making activities with respect to the shares of common stock.

We will pay all expenses of the registration of the shares of common stock pursuant to the registration rights agreement, estimated to be $[ ] in total, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities or "blue sky" laws; <u>provided</u>, <u>however</u>, that a selling shareholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling shareholders against liabilities, including some liabilities under the Securities Act, in accordance with the registration rights agreements, or the selling shareholders will be entitled to contribution. We may be indemnified by the selling shareholders against civil liabilities, including liabilities under the Securities Act, that may arise from any written information furnished to us by the selling shareholder specifically for use in this prospectus, in accordance with the related registration rights agreement, or we may be entitled to contribution.

Once sold under the registration statement, of which this prospectus forms a part, the shares of common stock will be freely tradable in the hands of persons other than our affiliates.

Annex 3

**<u>EXHIBIT B</u>**

**FORM OF NOTICE OF EFFECTIVENESS<br> OF REGISTRATION STATEMENT**

Computershare Trust Company, N.A.

[_________]<br> [_________]<br> Attention: [_________]

Re: <u>Acacia Research Corporation</u>

Ladies and Gentlemen:

[We are][I am] counsel to Acacia Research Corporation, a Delaware corporation (the "**Company**"), and have represented the Company in connection with (i) that certain Securities Purchase Agreement, dated as of November 18, 2019, entered into by and among the Company and the buyers named therein (collectively, the "**Holders**") pursuant to which the Company issued to the Holders shares of the Company's Series A Convertible Preferred Stock, par value $0.001 per share, with respect to which shares of the Company's common stock, par value $0.001 per share (the "**Common Stock**"), are issuable, senior secured notes and two (2) series of warrants exercisable for shares of Common Stock (the "**Warrants**") and (ii) that certain Recapitalization Agreement, dated as of October 30, 2022 (the "**Recapitalization Agreement**") entered into by and among the Company and the Holders pursuant to which the Company, among other things, agreed to conduct a rights offering pursuant to which the Holders purchased additional shares of Common Stock. Pursuant to the Recapitalization Agreement, the Company also has entered into an Amended and Restated Registration Rights Agreement, dated as of [●], 2023 (the "**Registration Rights Agreement**"), with the Holders pursuant to which the Company agreed, among other things, to register the resale of the Registrable Securities (as defined in the Registration Rights Agreement) under the Securities Act of 1933, as amended (the "**1933 Act**"). In connection with the Company's obligations under the Registration Rights Agreement, on ____________ ___, 202_, the Company filed a Registration Statement on Form S-[1][3] (File No. 333-_____________) (the "**Registration Statement**") with the Securities and Exchange Commission (the "**SEC**") relating to the Registrable Securities which names each of the Holders as a selling shareholder thereunder.

In connection with the foregoing, [we][I] advise you that a member of the SEC's staff has advised [us][me] by telephone that the SEC has entered an order declaring the Registration Statement effective under the 1933 Act at **[**ENTER TIME OF EFFECTIVENESS**]** on **[**ENTER DATE OF EFFECTIVENESS**]** and, based solely on [my][our] review of the information made available by the SEC at http://www.sec.gov/litigation/stoporders.shtml, [we][I] have no knowledge, after telephonic inquiry of a member of the SEC's staff, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Registrable Securities are available for resale under the 1933 Act pursuant to the Registration Statement.

We assume no obligation to update or supplement this letter to reflect any facts or circumstances which may hereafter come to our attention with respect to the matters herein and statements expressed above, including any changes in applicable law that may hereafter occur. This letter is being delivered solely for the benefit of the person to whom it is addressed; accordingly, it may not be quoted, filed with any governmental authority or other regulatory agency or otherwise circulated or utilized for any purposes without our prior written consent.

---

| |
|:---|
| Very truly yours, |
| **[ISSUER'S COUNSEL]** |
| By: |

---

CC: [LIST NAMES OF HOLDERS]

**<u>EXHIBIT C</u>**

**JOINDER 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20__

Reference is made to that certain Amended and Restated Registration Rights Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the "**Agreement**") entered into as of [•], 2023, by and among Acacia Research Corporation, a Delaware corporation (the "**Company**"), and the Buyers party thereto. Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

Each of the undersigned and the Company hereby agrees, effective as of the date hereof, to become a party to the Agreement, and for all purposes of the Agreement, the undersigned shall be an Investor and shall be bound by, and entitled to all the rights and benefits under, the provisions of the Agreement.

IN WITNESS WHEREOF, the undersigned and the Company have executed this Joinder Agreement as of the date first above written.

By: 

 Name:

 Title:

By: 

 Name:

 Title:

## Exhibit 99.1

**Exhibit 99.1**

**ACACIA RESEARCH CORPORATION**

**NOTICE TO STOCKHOLDERS WHO ARE RECORD HOLDERS**

Up to 9,618,639 Shares of Common Stock Issuable Upon Exercise of Non-Transferable Rights

February 14, 2023

Dear Stockholder:

Enclosed for your consideration is a prospectus supplement, dated February 14, 2023 (as amended and supplemented from time to time, the "**Prospectus Supplement**"), and the accompanying prospectus, dated November 23, 2020 (together with the Prospectus Supplement, the "**Prospectus**"), relating to the offering by Acacia Research Corporation (the "**Company**") of non-transferable subscription rights (the "**Rights**") to subscribe for up to an aggregate of 9,618,639 shares of the Company's common stock, par value $0.001 per share (the "**Common Stock**"). The Rights will be issued to record holders ("**Eligible Securityholders**") of the Company's Common Stock as of 5:00 p.m., Eastern time, on February 13, 2023 (the "**Record Date**"). The Rights are offered on the terms and subject to the conditions described in the Prospectus.

The Rights may be exercised at any time during the subscription period, which commences on February 14, 2023 and ends at 5:00 p.m., Eastern time, on March 1, 2023, unless extended by the Company (the "**Expiration Date**"). The Rights are non-transferable and will not be listed for trading on any stock exchange. This means that Rights holders may not sell, transfer or assign their Rights to anyone else. The Common Stock is listed on the NASDAQ Global Select Market under the symbol "ACTG."

As described in the Prospectus, each Eligible Securityholder is entitled to receive one (1) Right for every four (4) outstanding shares of Common Stock owned by such Eligible Securityholder on the Record Date. The Rights entitle the holder thereof to purchase one (1) new share of Common Stock for every one (1) Right held (the "**Subscription**") at the price of $5.25 per share (the "**Subscription Price**"). Rights holders may only purchase the number of shares of Common Stock purchasable upon exercise of the Rights distributed to them.

The Rights will be evidenced by subscription rights certificates (the "**Subscription Rights Certificates**"). No fractional shares of Common Stock will be issued pursuant to the Rights.

Rights holders who exercise their Rights will have no right to rescind their subscription after receipt of their completed Subscription Rights Certificates together with payment for shares.

Enclosed are copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a Subscription Rights Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. a return envelope, addressed to Broadridge Corporate Issuer Solutions, LLC.

Your prompt attention is requested. To exercise Rights, you should complete and sign the Subscription Rights Certificate and forward it, with payment of the Subscription Price in full for each share of Common Stock subscribed for pursuant to the Subscription to Broadridge Corporate Issuer Solutions, LLC (the "**Subscription Agent**"), as indicated on the Subscription Rights Certificate.

Certificate and as indicated in the Prospectus. The Subscription Agent must receive the properly completed and duly executed Subscription Rights Certificate and full payment of the Subscription Price on or prior to the Expiration Date.

**ANY QUESTIONS OR REQUESTS FOR ASSISTANCE CONCERNING THE RIGHTS OFFERING SHOULD BE DIRECTED TO THE SUBSCRIPTION AGENT, BROADRIDGE CORPORATE ISSUER SOLUTIONS, LLC, TOLL-FREE AT THE FOLLOWING TELEPHONE NUMBER: (888) 789-8409 OR VIA EMAIL AT SHAREHOLDER@BROADRIDGE.COM.**

**Important Information**

This communication is not an offer to sell or the solicitation of an offer to buy any securities, and neither we nor the Company will offer or sell the securities referred to herein in any jurisdiction in which such offer or sale would be unlawful. The offering referred to in this communication may be made in the United States only by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

The Company filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the "SEC") on November 23, 2020 covering, among other things, the Rights and the shares of Common Stock to be issued upon the exercise thereof, to which this communication relates. The prospectus in that registration statement, together with the Prospectus Supplement that the Company filed with the SEC on February 14, 2023 and the documents incorporated by reference in the Prospectus, as well as other documents the Company has filed with the SEC, are available for free by visiting EDGAR on the SEC's website at www.sec.gov or by contacting us at the number or e-mail address above.

## Exhibit 99.2

**Exhibit 99.2**

**ACACIA RESEARCH CORPORATION**

**NOTICE TO STOCKHOLDERS WHO ARE ACTING AS NOMINEES**

Up to 9,618,639 Shares of Common Stock Issuable Upon Exercise of Non-Transferable Rights

February 14, 2023

Dear Stockholder:

Enclosed for your consideration is a prospectus supplement, dated February 14, 2023 (as amended and supplemented from time to time, the "**Prospectus Supplement**"), and the accompanying prospectus, dated November 23, 2020 (together with the Prospectus Supplement, the "**Prospectus**"), relating to the offering by Acacia Research Corporation (the "**Company**") of non-transferable subscription rights (the "**Rights**") to subscribe for up to an aggregate of 9,618,639 shares of the Company's common stock, par value $0.001 per share (the "**Common Stock**"). The Rights will be issued to record holders ("**Eligible Securityholders**") of the Company's Common Stock as of 5:00 p.m., Eastern time, on February 13, 2023 (the "**Record Date**"). The Rights are offered on the terms and subject to the conditions described in the Prospectus.

The Rights may be exercised at any time during the subscription period, which commences on February 14, 2023 and ends at 5:00 p.m., Eastern time, on March 1, 2023, unless extended by the Company (the "**Expiration Date**"). The Rights are non-transferable and will not be listed for trading on any stock exchange. This means that Rights holders may not sell, transfer or assign their Rights to anyone else. The Common Stock is listed on the NASDAQ Global Select Market under the symbol "ACTG."

As described in the Prospectus, each Eligible Securityholder is entitled to receive one (1) Right for every four (4) outstanding shares of Common Stock owned by such Eligible Securityholder on the Record Date. The Rights entitle the holder thereof to purchase one (1) new share of Common Stock for every one (1) Right held at the price of $5.25. Rights holders may only purchase the number of shares of Common Stock purchasable upon exercise of the Rights distributed to them.

The Rights will be evidenced by subscription rights certificates (the "**Subscription Rights Certificates**") registered in your name or the name of your nominee. Each beneficial owner of shares of Common Stock registered in your name or the name of your nominee is entitled to one (1) Right for every four (4) shares of Common Stock owned by such beneficial owner as of the Record Date. No fractional shares of Common Stock will be issued pursuant to the Rights.

Rights holders who exercise their Rights will have no right to rescind their subscription after receipt of their completed Subscription Rights Certificates together with payment for shares by Broadridge Corporate Issuer Solutions, LLC (the "**Subscription Agent**").

The Company is asking persons who hold shares of Common Stock beneficially, and who have received the Rights distributable with respect to those shares through a broker-dealer, trust company, bank or other nominee, to contact the appropriate institution or nominee and request it to effect the transactions for them.

Enclosed are copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a form of letter which may be sent to beneficial holders of Common Stock.

Rights not exercised on or prior to the Expiration Date will expire.

**ANY QUESTIONS OR REQUESTS FOR ASSISTANCE CONCERNING THE RIGHTS OFFERING SHOULD BE DIRECTED TO THE SUBSCRIPTION AGENT, BROADRIDGE CORPORATE ISSUER SOLUTIONS, LLC, TOLL-FREE AT THE FOLLOWING TELEPHONE NUMBER: (888) 789-8409 OR VIA EMAIL AT SHAREHOLDER@BROADRIDGE.COM.**

**Important Information**

This communication is not an offer to sell or the solicitation of an offer to buy any securities, and neither we nor the Company will offer or sell the securities referred to herein in any jurisdiction in which such offer or sale would be unlawful. The offering referred to in this communication may be made in the United States only by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

The Company filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the "SEC") on November 23, 2020 covering, among other things, the Rights and the shares of Common Stock to be issued upon the exercise thereof, to which this communication relates. The prospectus in that registration statement, together with the Prospectus Supplement that the Company filed with the SEC on February 14, 2023 and the documents incorporated by reference in the Prospectus, as well as other documents the Company has filed with the SEC, are available for free by visiting EDGAR on the SEC's website at www.sec.gov or by contacting us at the number or e-mail address above.

## Exhibit 99.3

**Exhibit 99.3**

**ACACIA RESEARCH CORPORATION**

**NOTICE TO CLIENTS OF STOCKHOLDERS WHO ARE ACTING AS NOMINEES**

Up to 9,618,639 Shares of Common Stock Issuable Upon Exercise of Non-Transferable Rights

February 14, 2023

Dear Stockholder:

Enclosed for your consideration is a prospectus supplement, dated February 14, 2023 (as amended and supplemented from time to time, the "**Prospectus Supplement**"), and the accompanying prospectus, dated November 23, 2020 (together with the Prospectus Supplement, the "**Prospectus**"), relating to the offering by Acacia Research Corporation (the "**Company**") of non-transferable subscription rights (the "**Rights**") to subscribe for up to an aggregate of 9,618,639 shares of the Company's common stock, par value $0.001 per share (the "**Common Stock**"). The Rights will be issued to record holders ("**Eligible Securityholders**") of the Company's Common Stock as of 5:00 p.m., Eastern time, on February 13, 2023 (the "**Record Date**"). The Rights are offered on the terms and subject to the conditions described in the Prospectus.

The Rights may be exercised at any time during the subscription period, which commences on February 14, 2023 and ends at 5:00 p.m., Eastern time, on March 1, 2023, unless extended by the Company (the "**Expiration Date**"). The Rights are non-transferable and will not be listed for trading on any stock exchange. This means that Rights holders may not sell, transfer or assign their Rights to anyone else. The Common Stock is listed on the NASDAQ Global Select Market under the symbol "ACTG."

As described in the Prospectus, each Eligible Securityholder is entitled to receive one (1) Right for every four (4) outstanding shares of Common Stock owned by such Eligible Securityholder on the Record Date. The Rights entitle the holder thereof to purchase one (1) new share of Common Stock for every one (1) Right held at the price of $5.25 per share. Rights holders may only purchase the number of shares of Common Stock purchasable upon exercise of the Rights distributed to them.

The Rights will be evidenced by subscription rights certificates (the "**Subscription Rights Certificates**"). No fractional shares of Common Stock will be issued pursuant to the Rights.

Enclosed are copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a Beneficial Owner Election Form.

**THE MATERIALS ENCLOSED ARE BEING FORWARDED TO YOU AS THE BENEFICIAL OWNER OF COMMON STOCK CARRIED BY US IN YOUR ACCOUNT BUT NOT REGISTERED IN YOUR NAME. EXERCISES OF RIGHTS MAY ONLY BE MADE BY US AS THE RECORD OWNER AND PURSUANT TO YOUR INSTRUCTIONS.**

Accordingly, as your nominee, we request instructions as to whether you wish us to elect to subscribe for any shares of Common Stock to which you are entitled pursuant to the terms and subject to the conditions set forth in the enclosed Prospectus. However, we urge you to read the Prospectus carefully before instructing us to exercise any Rights.

Your instructions to us should be forwarded as promptly as possible in order to permit us to exercise the Rights on your behalf pursuant to the terms and subject to the conditions set forth in the Prospectus. The Rights offering will expire on the Expiration Date. Rights holders who exercise their Rights will have no right to rescind their subscription after receipt of their completed Subscription Rights Certificates together with payment for shares by the subscription agent, Broadridge Corporate Issuer Solutions, LLC.

If you wish to have us, on your behalf, exercise your Rights for any shares of Common Stock to which you are entitled, please so instruct us by completing, executing and returning to us the Beneficial Owner Election Form included with this letter.

**ANY QUESTIONS OR REQUESTS FOR ASSISTANCE CONCERNING THE RIGHTS OFFERING SHOULD BE DIRECTED TO THE SUBSCRIPTION AGENT, BROADRIDGE CORPORATE ISSUER SOLUTIONS, LLC, TOLL-FREE AT THE FOLLOWING TELEPHONE NUMBER: (888) 789-8409 OR VIA EMAIL AT SHAREHOLDER@BROADRIDGE.COM.**

**Important Information**

This communication is not an offer to sell or the solicitation of an offer to buy any securities, and neither we nor the Company will offer or sell the securities referred to herein in any jurisdiction in which such offer or sale would be unlawful. The offering referred to in this communication may be made in the United States only by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

The Company filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the "SEC") on November 23, 2020 covering, among other things, the Rights and the shares of Common Stock to be issued upon the exercise thereof, to which this communication relates. The prospectus in that registration statement, together with the Prospectus Supplement that the Company filed with the SEC on February 14, 2023 and the documents incorporated by reference in the Prospectus, as well as other documents the Company has filed with the SEC, are available for free by visiting EDGAR on the SEC's website at www.sec.gov or by contacting us at the number or e-mail address above.

## Exhibit 99.4

**Exhibit 99.4**

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY'S PROSPECTUS SUPPLEMENT DATED FEBRUARY 14, 2023 AND THE ACCOMPANYING PROSPECTUS, DATED NOVEMBER 23, 2020 AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS SUPPLEMENT AND PROSPECTUS ARE AVAILABLE UPON REQUEST FROM BROADRIDGE CORPORATE ISSUER SOLUTIONS, LLC, THE SUBSCRIPTION AGENT, BY CALLING (888) 789-8409. THE PROSPECTUS IS ALSO AVAILABLE ON THE COMPANY'S WEBSITE AT WWW.ACACIARESEARCH.COM/FILINGS-FINANCIALS.

**ACACIA RESEARCH CORPORATION**

**BENEFICIAL OWNER ELECTION FORM**

I (We), the beneficial owner(s) of shares of Common Stock, par value $0.001 per share (the "<u>Common Stock</u>") of Acacia Research Corporation, a Delaware corporation (the "<u>Company</u>"), acknowledge receipt of your letter and the other enclosed materials relating to the offering of shares of Common Stock issuable upon the exercise of subscription rights ("<u>Subscription Rights</u>"), as described in the Company's prospectus supplement, dated February 14, 2023 (as amended and supplemented from time to time, the "<u>Prospectus Supplement</u>"), and the accompanying prospectus, dated November 23, 2020 (together with the Prospectus Supplement, the "<u>Prospectus</u>"). I (We) have reviewed the Prospectus available on the Company's website at https://www.acaciaresearch.com/.

In this form, I (we) instruct you whether to exercise Subscription Rights to purchase shares of Common Stock distributed with respect to the Common Stock held by you for my (our) account, pursuant to the terms and subject to the conditions set forth in the Prospectus.

CHECK THE APPLICABLE BOXES AND PROVIDE ALL REQUIRED INFORMATION

I (We) hereby instruct you as follow:

---

| | | |
|:---|:---|:---|
| **Box 1.** | ☐ | Please DO NOT EXERCISE SUBSCRIPTION RIGHTS for shares of Common Stock. |
|  |  | *If you checked Box 1, please sign and date this form and mail it to your broker, custodian bank or your other nominee that holds your shares.* |
| **Box 2.** | ☐ | Please EXERCISE SUBSCRIPTION RIGHTS for shares of Common Stock as set forth below. |
|  |  | *If you checked Box 2, please fill out the table shown below. Next, please check Box 3 and/or Box 4, as applicable, and fill out the information indicated under Box 3 and/or Box 4, as applicable. Please then sign and date this form and mail it to your broker, custodian bank or other nominee that holds your shares.* |
|  |  | The number of Subscription Rights for which the undersigned gives instructions for exercise under the subscription privilege should not exceed the number of Subscription Rights that the undersigned is entitled to exercise. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Shares of Common Stock Owned** |  | **Maximum Number of Shares Available to Subscribe For** | **Number of Shares of Common Stock Subscribed For** |  | **Per Share**<br> **Subscription**<br> **Price**  |  | **Payment** |
| Subscription Right: |  | X 0.25 |  |  | X | $5.25 | = | $|

---

---

| | | |
|:---|:---|:---|
| **Box 3.** | ☐ | Payment in the following amount is enclosed: $__________. |
| **Box 4.** | ☐ | Please deduct payment of $__________ from the following account maintained by you: |

---

 

Type of Account: ______________________ Account No.: _______________________

 

*The total of Box 3 and 4, together, must equal the sum of lines 1 and 2 from Box 2 above.*

I (We) on my (our) behalf, or on behalf of any other person(s) on whose behalf, or under whose directions, I am (we are) signing this form:

● elect to purchase the number of shares of Common Stock indicated above upon the terms and conditions specified in the Prospectus;

● any excess subscription amounts paid by me (us) will be put towards the purchase of additional shares in the rights offering; and

● agree that if I (we) fail to pay for the shares of Common Stock I (we) have elected to purchase, you may exercise any remedies available to you under law.

---

| |
|:---|
| Name of beneficial owner(s): |
| Signature of beneficial owner(s): |
| Date: |

---

If you are signing in your capacity as a trustee, executor, administrator, guardian, attorney-in-fact, agent, officer of a corporation or another acting in a fiduciary or representative capacity, please provide the following information:

---

| |
|:---|
| Name of beneficial owner(s): |
| Signature of beneficial owner(s): |
| Date: |
| Name: |
| Capacity: |
| Address (including Zip Code): |
| Telephone Number: |

---

PLEASE MAKE SURE THAT YOU USE THE CORRECT ADDRESS. You may want to confirm this address with your broker.

## Exhibit 99.5

**Exhibit 99.5**

**NOMINEE HOLDER CERTIFICATION<br> ACACIA RESEARCH CORPORATION**

The undersigned, a bank, broker, dealer, trustee, depositary, or other nominee of non-transferable subscription rights ("**Rights**") to purchase Common Stock, par value $0.001 ("**Common Stock**") of Acacia Research Corporation (the "**Company**"), each Right entitling the holder thereof to purchase one (1) share of Common Stock pursuant to the subscription rights offering described and provided for in the Company's prospectus supplement dated February 14, 2023, hereby certifies to Acacia Research Corporation and Broadridge Corporate Issuer Solutions, LLC, as subscription agent for such rights offering, that the undersigned has exercised, on behalf of the beneficial owners thereof (which may include the undersigned), the number of Rights (without identifying any such beneficial owner), on the terms and subject to the conditions set forth in the prospectus supplement, specified below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Number of Shares of Common Stock Owned as of the Record Date** | &nbsp;&nbsp; **Individual Soliciting Broker(if any)** | &nbsp;&nbsp; **Number of Shares of Common Stock Subscribed for Pursuant to the Rights** |
| &nbsp;&nbsp;1. |  |  |
| &nbsp;&nbsp;2. |  |  |
| &nbsp;&nbsp;3. |  |  |
| &nbsp;&nbsp;4. |  |  |
| &nbsp;&nbsp;5. |  |  |
| &nbsp;&nbsp;6. |  |  |
| &nbsp;&nbsp;7. |  |  |
| &nbsp;&nbsp;Name of Nominee Holder: |  |  |
| &nbsp;&nbsp;By: |  |  |
| &nbsp;&nbsp;Name: |  |  |
| &nbsp;&nbsp;Title: |  |  |
| &nbsp;&nbsp;Phone Number: |  |  |
| &nbsp;&nbsp;Dated: |  |  |
| &nbsp;&nbsp;<u>Provide the following information if applicable:</u> | &nbsp;&nbsp;<u>Provide the following information if applicable:</u> |  |
| &nbsp;&nbsp;DTC Participant Number: |  |  |
| &nbsp;&nbsp;DTC Participant: |  |  |
| &nbsp;&nbsp;By: |  |  |
| &nbsp;&nbsp;Name: |  |  |
| &nbsp;&nbsp;Title: |  |  |
| &nbsp;&nbsp;DTC Subscription Confirmation Number(s): | &nbsp;&nbsp;DTC Subscription Confirmation Number(s): |  |

---

## Exhibit 99.6

**Exhibit 99.6**

![](tm236075d2_ex99-6img002.jpg)

**Acacia Announces Commencement of Rights Offering**

**New York, NY, February 14, 2023** - Acacia Research Corporation (NASDAQ: ACTG) ("Acacia" or the "Company") announced today that it has commenced its previously-announced rights offering (the "Rights Offering").

Under the terms of the Rights Offering, the Company will distribute non-transferable subscription rights to record holders ("Eligible Securityholders") of the Company's common stock (the "Common Stock") held as of 5 p.m. Eastern time on February 13, 2023, the record date for the Rights Offering. The subscription period for the Rights Offering commences today and will terminate at 5 p.m. Eastern time on March 1, 2023 (the "Expiration Time").

Pursuant to the Rights Offering, Eligible Securityholders will receive one non-transferable subscription right (a "Subscription Right") for every four shares of Common Stock owned by such Eligible Securityholders. Each Subscription Right entitles an Eligible Securityholder to purchase, at such Eligible Securityholder's election, one share of Common Stock at a price of $5.25 per share (the "Subscription Price"). The Subscription Rights will be distributed at no charge to Eligible Securityholders. The Subscription Rights may be exercised at any time during the subscription period and will expire if they are not exercised by the Expiration Time.

Starboard Value LP, a strategic investor in the Company, together with certain affiliates of Starboard Value LP (collectively, "Starboard"), will receive private subscription rights to purchase Common Stock at the Subscription Price pursuant to a concurrent private rights offering (the "Concurrent Private Rights Offering") in connection with their ownership of Common Stock and, on an as-converted basis, the Company's Series B Warrants and shares of the Company's convertible preferred stock designated as Series A Convertible Preferred Stock. The private subscription rights provided to Starboard pursuant to the Concurrent Private Rights Offering will be on substantially the same terms as the Subscription Rights, and will be distributed substantially concurrently with the distribution of the Subscription Rights and will expire at the Expiration Time. The Rights Offering is conditioned upon completion of the Concurrent Private Rights Offering, which will close concurrently with the Rights Offering.

Acacia intends to use the net proceeds for general corporate purposes, including to strengthen its financial position and to serve as capital for its acquisitions platform.

**Other Important Information**

The Rights Offering will be made pursuant to the prospectus supplement to the Company's shelf registration statement on Form S-3 (No. 333-249984), filed with the Securities and Exchange Commission (the "SEC") on February 14, 2023.

The information herein, including the terms of the Rights Offering and the Concurrent Private Rights Offering, is not complete and is subject to change. The Company reserves the right to amend, extend, terminate or cancel the Rights Offering and/or the Concurrent Private Rights Offering or modify the subscription period of the Rights Offering at any time prior to the Expiration Time for any reason. This press release does not constitute an offer to sell or the solicitation of an offer to buy any subscription rights or any other securities to be issued in the Rights Offering, Concurrent Private Rights Offering or any related transactions, nor shall there be any offer, solicitation or sale of Subscription Rights or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Copies of the prospectus and prospectus supplement will be mailed to all Eligible Securityholders and may also be obtained free of charge at the website maintained by the SEC at www.sec.gov or by contacting the information agent for the Rights Offering, Broadridge Corporate Issuer Solutions, LLC, at (888) 789-8409.

**Forward-Looking Statements**

This communication contains forward-looking statements within the meaning of the federal securities laws, including statements about our intention to conduct the Rights Offering and Concurrent Private Rights Offering, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecasts," "goal," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "will," or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things, our intention to conduct the Rights Offering and Concurrent Private Rights Offering, acquisition and development activities, financial results of our acquired businesses, intellectual property, or IP, licensing and enforcement activities, other related business activities, the impact of the COVID-19 pandemic, capital expenditures, earnings, litigation, regulatory matters, markets for our services, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from those that we are currently expecting, and are subject to numerous factors that present considerable risks and uncertainties, including, without limitation: our ability to consummate the transactions contemplated by the Recapitalization Agreement, dated as of October 30, 2022, including the Rights Offering and Concurrent Private Rights Offering, and the possibility that we may be unable to satisfy the conditions to the closing of the Rights Offering and Concurrent Private Rights Offering or such transactions will not be consummated within the expected time period or at all, our costly acquisitions of and investment in operating businesses and intellectual property; our ability to attract and retain employees and management teams of our operating businesses, the loss of any of whom could materially adversely affect our financial condition, business and results of operations; our relationship with Starboard Value LP and the impact of transactions we have undertaken with respect to its investments in our Company that are intended to simplify our capital structure; the due diligence process we undertake in connection with new acquisitions of operating businesses or intellectual property assets; our acquisition of privately held companies; we may be deemed to be an investment company under the Investment Company Act of 1940, as amended; our outsourcing of a number of services to third-party service providers, which are subject to disruptions, delays, and decrease in our control, which could adversely impact our results of operations; recent U.S. tax legislation; cybersecurity incidents; public health threats such as COVID-19; our expectations related to the use of the net proceeds from the Rights Offering; our ability to implement the use of proceeds as currently expected, and our ability to achieve the anticipated benefits of such use of proceeds; contractual restrictions under the Recapitalization Agreement; and other risks relating to the consummation of the full transactions contemplated by the Recapitalization Agreement, including the Rights Offering and the Concurrent Private Rights Offering, including the risk that any or all of such transactions that have not yet been consummated will not be consummated within the expected time period or at all and the risk that our proceeds from the Rights Offering may be significantly less than the maximum proceeds if our share price does not exceed the subscription price during the subscription period.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. You should not rely on forward-looking statements as predictions of future events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

**Investor Contact**

FNK IR

Rob Fink, 646-809-4048

<u>actg@fnkir.com</u>