ACTG Acacia Research Technologies

On November 15, 2021, Acacia Research Corporation, a Delaware corporation (the “Company”) entered into a Note Amendment Agreement (“Note Amendment”) with Merton Acquisition HoldCo LLC (“Merton”) and Starboard Value LP (the “Designee” or “Starboard Value”), on behalf of the certain buyers (the “Starboard Funds”) of the Notes issued pursuant to the previously reported Securities Purchase Agreement (as amended and supplemented, the “Purchase Agreement”), dated as of November 18, 2019, to amend certain covenants of the notes previously issued pursuant to the Purchase Agreement to permit additional business activities of certain subsidiaries of the Company. In addition, on November 15, 2021, certain direct and indirect subsidiaries of the Company and Starboard Value Intermediate Fund LP, in its capacity as the Collateral Agent (the “Collateral Agent”) entered into a Supplement No. 5 and Amendment to the Stock Pledge Agreement (the “Pledge Amendment”) which supplements and amends that certain Stock Pledge Agreement by and among certain direct and indirect subsidiaries of the Company and the Collateral Agent, dated as of June 30, 2020 (as amended and supplemented, the “Stock Pledge”) to add a new subsidiary pledgor under the Stock Pledge.

The foregoing descriptions of the Note Amendment and Pledge Amendment is a summary of the material terms of such agreements, does not purport to be complete and is qualified in its entirety by reference to the Note Amendment and Pledge Amendment, which are filed as Exhibit 10.1 and Exhibit 10.2, respectively, to this Current Report on Form 8-K and are incorporated by reference herein.