On February 12, 2024, Jonathan Sagal, a member of the Board of Directors of Acacia Research Corporation notified the Company of his intention to resign as a director of the Company, effective February 13, 2024. On February 13, 2024, Ajay Sundar, Managing Director at Starboard Value LP was appointed as a director of the Company to serve until the Company?s 2024 annual meeting of stockholders and until his successor is duly elected and qualified. Mr. Sundar is a Managing Director at Starboard Value, an investment adviser with a focused and fundamental approach to investing primarily in publicly traded U.S. companies.

Prior to joining Starboard Value in August 2015, Mr. Sundar was an Investment Banking Analyst in the Consumer & Retail Group at Citigroup in New York. Mr. Sundar received a B.S. in Commerce from the McIntire School of Commerce at the University of Virginia.