<SEC-DOCUMENT>0000921895-24-002316.txt : 20241017
<SEC-HEADER>0000921895-24-002316.hdr.sgml : 20241017
<ACCEPTANCE-DATETIME>20241017170838
ACCESSION NUMBER:		0000921895-24-002316
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241017
DATE AS OF CHANGE:		20241017

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMTECH TELECOMMUNICATIONS CORP /DE/
		CENTRAL INDEX KEY:			0000023197
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				112139466
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-07928
		FILM NUMBER:		241378306

	BUSINESS ADDRESS:	
		STREET 1:		305 N 54TH STREET
		CITY:			CHANDLER
		STATE:			AZ
		ZIP:			85226
		BUSINESS PHONE:		4803332200

	MAIL ADDRESS:	
		STREET 1:		305 N 54TH STREET
		CITY:			CHANDLER
		STATE:			AZ
		ZIP:			85226

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMTECH INC
		DATE OF NAME CHANGE:	19870503

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMTECH TELECOMMUNICATIONS CORP
		DATE OF NAME CHANGE:	19831215

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMTECH LABORATORIES INC
		DATE OF NAME CHANGE:	19780425

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PORCELAIN MICHAEL
		CENTRAL INDEX KEY:			0001210707
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		68 SOUTH SERVICE ROAD
		STREET 2:		SUITE 230
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a14250001_10172024.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Rule
14a-101)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Soliciting Material Under &sect; 240.14a-12</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">COMTECH TELECOMMUNICATIONS CORP.</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified In Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MICHAEL PORCELAIN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">KEITH HALL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MICHAEL HILDEBRANDT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FRED KORNBERG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ROBERT SCHASSLER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SANYOGITA SHAMSUNDER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">OLEG TIMOSHENKO</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">JAY WHITEHURST</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)</P>

</TD></TR>
</TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check all boxes that apply):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee paid previously with preliminary materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Michael Porcelain, together
with the other participants named herein, intend to file a preliminary proxy statement and accompanying GOLD universal proxy card with
the Securities and Exchange Commission (&ldquo;<U>SEC</U>&rdquo;) to be used to solicit votes for the election of their slate of highly-qualified
director nominees at the 2024 annual meeting of stockholders of Comtech Telecommunications Corp., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On October 17, 2024, Mr. Porcelain
was quoted in the following article published by The Deal:</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.25pt"><B>Buyers
Express Interest in Comtech&rsquo;s 911 Unit</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; border-top: #22273E 3pt solid; border-bottom: #22273E 1.5pt solid"><FONT STYLE="letter-spacing: -0.25pt"><B>The
terrestrial and wireless network unit of the satellite communications technology company has received buyout interest, people familiar
with the situation say.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="letter-spacing: 0.4pt; background-color: white"><B>By&nbsp;Ronald
Orol</B></FONT></P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; color: #161829">October 17, 2024 04:06 PM</P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white"><FONT STYLE="color: #161829">Some strategic players
and private equity firms have expressed an interest in buying a 911 safety network unit owned by&nbsp;</FONT><FONT STYLE="color: blue">Comtech
Telecommunications Corp.</FONT><FONT STYLE="color: #161829">&nbsp;(CMTL), sources familiar with the situation said.</FONT></P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white; color: #161829">Comtech, which declined comment, likely
has already started privately shopping the unit, sources said. The satellite communications maker on Wednesday, Oct. 16, reported that
it missed a regulatory filing deadline while its also said that it anticipates that fourth-quarter results will be lower than expected.
Comtech shares dropped about 16% in midday Thursday trading on the news.</P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white"><FONT STYLE="color: #161829">The possibility for M&amp;A
emerged as&nbsp;</FONT><FONT STYLE="color: blue">Michael D. Porcelain</FONT><FONT STYLE="color: #161829">, 51, and&nbsp;</FONT><FONT STYLE="color: blue">Fred
Kornberg</FONT><FONT STYLE="color: #161829">, 88, who left the Comtech CEO positions in 2022 and 2021, respectively,&nbsp;</FONT><FONT STYLE="color: blue">nominated
themselves and six other</FONT><FONT STYLE="color: #161829">&nbsp;director candidates last month in a change-of-control contest focused
partly on having the Chandler, Ariz.-based company consider a possible sale of its terrestrial and wireless networks unit, which they
want renamed to 911 Public Safety.</FONT></P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white; color: #161829"></P>

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<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white; color: #161829">&quot;It is deeply disappointing that
the company's Q4 results fell below expectations and that it failed to meet its SEC filing deadline,&quot; Porcelain said in a statement
Thursday. &quot;This situation only reinforces the need for significant change at the board level, and it's critical that our slate of
eight highly qualified nominees be installed to better protect and serve the interests of investors.&quot;</P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white"><FONT STYLE="color: #161829">Possible buyers for the
911 unit include&nbsp;</FONT><FONT STYLE="color: blue">Axon Enterprise Inc.</FONT><FONT STYLE="color: #161829">&nbsp;(AXON);&nbsp;</FONT><FONT STYLE="color: blue">Bandwidth
Inc.</FONT><FONT STYLE="color: #161829">&nbsp;(BAND);&nbsp;</FONT><FONT STYLE="color: blue">Federal Signal Corp.</FONT><FONT STYLE="color: #161829">&nbsp;(FSS);&nbsp;</FONT><FONT STYLE="color: blue">CentralSquare
Technologies LLC</FONT><FONT STYLE="color: #161829">, a public safety and public administration software company owned by&nbsp;</FONT><FONT STYLE="color: blue">Bain
Capital LLC</FONT><FONT STYLE="color: #161829">&nbsp;and&nbsp;</FONT><FONT STYLE="color: blue">Vista Equity Partners LLC</FONT><FONT STYLE="color: #161829">;
and&nbsp;</FONT><FONT STYLE="color: blue">Thoma Bravo LP</FONT><FONT STYLE="color: #161829">, which acquired&nbsp;</FONT><FONT STYLE="color: blue">Everbridge
Inc.</FONT><FONT STYLE="color: #161829">&nbsp;in July, experts said.&nbsp;</FONT><FONT STYLE="color: blue">Highland Capital Partners LLC</FONT><FONT STYLE="color: #161829">&nbsp;and&nbsp;</FONT><FONT STYLE="color: blue">Motorola
Solutions Inc.</FONT><FONT STYLE="color: #161829">, which in 2022 acquired&nbsp;</FONT><FONT STYLE="color: blue">Rave Mobile Safety Inc.</FONT><FONT STYLE="color: #161829">&nbsp;for
$553 million, could also be interested, as well as other PE-backed companies, including RapidSOS.</FONT></P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white; color: #161829"><B>White Squire on Steroids</B></P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white"><FONT STYLE="color: #161829">In a move to defend itself
against a previous activist, Outerbridge Capital Management LLC, Comtech in October 2021 accepted a $100 million white squire defensive
infusion from&nbsp;</FONT><FONT STYLE="color: blue">White Hat Capital Partners LP</FONT><FONT STYLE="color: #161829">&nbsp;and&nbsp;</FONT><FONT STYLE="color: blue">Magnetar
Capital LLC</FONT><FONT STYLE="color: #161829">.</FONT></P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white; color: #161829">In January, White Hat and Magnetar invested
$45 million in Comtech and restructured their $100 million preferred share investment. As part of the deal, the conversion price for the
duo's investment dropped to $7.99 a share from $24.50, a major improvement for the investors. The agreement also included an improved
dividend rate and the issuance of warrants under an asset sale scenario.</P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white; color: #161829">White Hat and Magnetar also struck a
voting agreement. In June, the duo filed an amended 13D reporting owning a 39.2% stake in Comtech convertible preferred shares. Their
voting agreement gives Magnetar and White Hat voting power for 16.5% and 3.5% of shares, respectively, about 20%, and the rest of their
stake must be voted proportionally to how other shares vote in the contest. Meanwhile, the Porcelain group owns a 7.7% stake. Nevertheless,
a person familiar with the situation said that both Magnetar and White Hat &quot;stand to make a lot of money&quot; with a sale of the
911 unit, considering their convertible preferred shares.</P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white"></P>

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<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white"><FONT STYLE="color: #161829">Even so, it's unclear whether
they would support the incumbent or dissident slate. White Hat co-founder&nbsp;</FONT><FONT STYLE="color: blue">Mark Quinlan</FONT><FONT STYLE="color: #161829">&nbsp;is
chairman of the board of Comtech, which has a $125 million market capitalization.</FONT></P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white; color: #161829">A new credit agreement reached in June,
meanwhile, also has raised concerns among investors. In June, Comtech secured a new credit agreement for $162 million in term loans and
a $60 million asset-based revolving credit facility. The combined interest rate for the two agreements is 14%, but after accounting for
warrants issued to lenders, the effective rate is 18%, a company follower said.</P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white; color: #161829">In a statement last month, the dissident
CEO group suggested that 911 could be sold for a similar or greater price to the $533 million Motorola paid to buy Rave Mobile Safety,
with proceeds used to eliminate all long-term debt and to redeem existing outstanding preferred stock. Following a transaction at or near
that price, Comtech wouldn't have any debt, and it would give the White Hat-Magnetar duo a opportunity to exit the stock quickly, a person
familiar with the situation said.</P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white; color: #161829">Joe Gomes, an analyst at Noble Capital
Markets, said in a report Thursday that the firm is maintaining a market perform rating for Comtech in light of the delayed filings and
lower fourth-quarter result expectations.</P>

<P STYLE="font: 10pt CrimsonPro,serif; margin: 0 0 12pt; background-color: white; color: #161829">&quot;It appears the operating turnaround
is being pushed to the right. The proxy fight adds another layer of intrigue to the shares,&quot; Gomes said.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Michael Porcelain, together with the other participants
named herein, intend to file a preliminary proxy statement and accompanying GOLD universal proxy card with the Securities and Exchange
Commission (&ldquo;<U>SEC</U>&rdquo;) to be used to solicit votes for the election of their slate of highly-qualified director nominees
at the 2024 annual meeting of stockholders of Comtech Telecommunications Corp., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MR. PORCELAIN STRONGLY ADVISES ALL STOCKHOLDERS OF
THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN
THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The participants in the proxy solicitation are anticipated
to be Keith Hall, Michael Hildebrandt, Fred Kornberg, Michael Porcelain, Robert Schassler, Sanyogita Shamsunder, Oleg Timoshenko, and
Jay Whitehurst.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date hereof, Mr. Porcelain directly beneficially
owns 336,516 shares of Common Stock, par value $0.10 per share, of the Company (the &ldquo;<U>Common Stock</U>&rdquo;), consisting of
(i) 279,872 shares of Common Stock, including 2,615 shares of Common Stock held in record name, and (ii) 56,644 shares of Common Stock
issuable within sixty days of the date hereof. As of the date hereof, Mr. Kornberg directly beneficially owns 539,434 shares of Common
Stock consisting of (i) 7,958 shares of Common Stock held in Mr. Kornberg&rsquo;s ROTH IRA and (ii) 531,476 shares of Common Stock (100
shares of which have been transferred to record name) held in the Fred Kornberg Grantor Retained Annuity Trust (GRAT) #26 U/A DTD 05/09/2024,
for which Mr. Kornberg serves as trustee. As of the date hereof, Mr. Timoshenko directly beneficially owns 1,293,202 shares of Common
Stock. As of the date hereof, Mr. Whitehurst directly beneficially owns 10,745 shares of Common Stock. As of the date hereof, neither
Dr. Shamsunder nor Messrs. Hall, Hildebrandt or Schassler own any shares of Common Stock.</P>

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