<SEC-DOCUMENT>0001019056-25-000233.txt : 20251105
<SEC-HEADER>0001019056-25-000233.hdr.sgml : 20251105
<ACCEPTANCE-DATETIME>20251105172450
ACCESSION NUMBER:		0001019056-25-000233
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20251105
DATE AS OF CHANGE:		20251105

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HEIDRICK & STRUGGLES INTERNATIONAL INC
		CENTRAL INDEX KEY:			0001066605
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EMPLOYMENT AGENCIES [7361]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				362681268
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-62045
		FILM NUMBER:		251455228

	BUSINESS ADDRESS:	
		STREET 1:		233 S WACKER DRIVE
		STREET 2:		SUITE 4900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606-6303
		BUSINESS PHONE:		3124961200

	MAIL ADDRESS:	
		STREET 1:		233 S WACKER DRIVE
		STREET 2:		SUITE 4900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAK CAPITAL ONE LLC
		CENTRAL INDEX KEY:			0001385702
		ORGANIZATION NAME:           	
		EIN:				731650481
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D

	BUSINESS ADDRESS:	
		STREET 1:		590 MADISON AVENUE, 31ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-486-3291

	MAIL ADDRESS:	
		STREET 1:		590 MADISON AVENUE, 31ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAK Capital
		DATE OF NAME CHANGE:	20070109
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: MAK CAPITAL ONE LLC -->
          <cik>0001385702</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock, $0.01 par value</securitiesClassTitle>
      <dateOfEvent>10/27/2025</dateOfEvent>
      <previouslyFiledFlag>true</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001066605</issuerCIK>
        <issuerCUSIP>422819102</issuerCUSIP>
        <issuerName>HEIDRICK &amp; STRUGGLES INTERNATIONAL INC</issuerName>
        <address>
          <com:street1>233 S Wacker Drive</com:street1>
          <com:street2>Suite 4900</com:street2>
          <com:city>Chicago</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60606-6303</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>David N Smith</personName>
          <personPhoneNum>212-609-6800</personPhoneNum>
          <personAddress>
            <com:street1>MAK Capital One L.L.C</com:street1>
            <com:street2>590 Madison Avenue, 31st Floor</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10022</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>Howard M. Berkower, Esq.</personName>
          <personPhoneNum>212-609-6800</personPhoneNum>
          <personAddress>
            <com:street1>250 West 55th Street</com:street1>
            <com:street2>13th Floor</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10019</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001426156</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>MAK Capital Fund LP</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>D0</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1213762.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1213762.00</sharedDispositivePower>
        <aggregateAmountOwned>1213762.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>5.8</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
        <commentContent>For item 13:

This calculation is based upon 20,790,543 Shares outstanding as of October 31, 2025, as disclosed on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 3, 2025.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001385702</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>MAK Capital One L.L.C.</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1213762.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1213762.00</sharedDispositivePower>
        <aggregateAmountOwned>1213762.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>5.8</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
        <commentContent>For item 13:

The calculation is based upon 20,790,543 Shares outstanding as of October 31, 2025, as disclosed on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 3, 2025.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001426157</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Michael A. Kaufman</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1213762.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1213762.00</sharedDispositivePower>
        <aggregateAmountOwned>1213762.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>5.8</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>For item 13:

The calculation is based upon 20,790,543 Shares outstanding as of October 31, 2025, as disclosed on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 3, 2025.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, $0.01 par value</securityTitle>
        <issuerName>HEIDRICK &amp; STRUGGLES INTERNATIONAL INC</issuerName>
        <issuerPrincipalAddress>
          <com:street1>233 S Wacker Drive</com:street1>
          <com:street2>Suite 4900</com:street2>
          <com:city>Chicago</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60606-6303</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item2>
        <filingPersonName>MAK Capital Fund, a Bermuda Islands limited partnership ("MAK Fund");

MAK Capital One L.L.C., a Delaware limited liability company ("MAK Capital");

MAK Fund is a pooled investment limited partnership. MAK Capital is the investment manager of MAK Fund, and Mr. Michael A. Kaufman ("Mr. Kaufman") is the managing member of MAK Capital.

MAK Capital is the investment manager of MAK Fund and other pooled investment vehicles; Mr. Kaufman is the managing member of MAK Capital.</filingPersonName>
        <principalBusinessAddress>MAK Capital Fund, a Bermuda Islands limited partnership whose address is: c/o Wakefield Quin, Victoria Place, 31 Victoria Street, Bermuda for MAK Fund.

MAK Capital One L.L.C., a Delaware limited liability company whose address is 590 Madison Avenue, 31st Floor, New York, NY 10022

Michael A. Kaufman, a United States citizen, whose address is  590 Madison Avenue, New York, NY 10022.</principalBusinessAddress>
        <principalJob>MAK Capital Fund LP, a Bermuda Islands limited partnership;

MAK Capital One L.L.C., a Delaware limited liability company; and

Michael A. Kaufman, a United States citizen;

MAK Fund is a pooled investment limited partnership. MAK Capital is the investment manager of MAK Fund, and Mr. Kaufman is the managing member of MAK Capital.</principalJob>
        <hasBeenConvicted>NO</hasBeenConvicted>
        <convictionDescription>NO</convictionDescription>
        <citizenship>US</citizenship>
      </item2>
      <item3>
        <fundsSource>The Reporting Persons acquired the Shares reported herein at an aggregate cost of $40,699,129. The funds used to purchase the Shares were obtained from the general working capital of MAK Fund which may at any given time include funds borrowed in the ordinary course in its margin account.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>The Shares reported herein as being beneficially owned by the Reporting Persons were acquired for investment purposes. The response to Item 6 below is incorporated herein by reference.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>The information contained in rows 7, 8, 9, 10, 11 and 13 on each of the cover pages of this Schedule 13D is incorporated by reference in its entirety into this Item 5.

Pursuant to Rule 13d-3 under the Act, each of the Reporting Persons may be deemed to beneficially own and share voting and dispositive power in respect of 1,213,762 Shares.

The calculation is based upon 20,790,543 Shares outstanding as of October 31, 2025, as disclosed on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 3, 2025.</percentageOfClassSecurities>
        <numberOfShares>There were no transactions in the Issuer's Shares that were effected by the Reporting Persons during the past sixty days.</numberOfShares>
        <transactionDesc>To the knowledge of the Reporting Persons, no person other than the Reporting Persons is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the Shares beneficially owned by the Reporting Persons identified in this Item 5.</transactionDesc>
        <listOfShareholders>Not applicable.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>MAK Fund entered into a Letter Agreement with the Issuer on October 27, 2025 (the "Agreement") pursuant to which it agreed to (i) keep confidential certain information it received from the Issuer and not to trade on such information; (ii) to vote in favor of the merger provided for in that certain Merger Agreement, dated October 5, 2025, between the Issuer, Heron Merger Sub, Inc. and Heron Bidco, LLC (the "Merger Agreement"); and (iii) not to: directly or indirectly, effect, seek, offer or propose or participate, in any acquisition of the assets or securities of the Issuer, any tender offer, merger or other business combination involving the Issuer or any solicitation of proxies or consents to vote any voting securities of the Issuer. These obligations terminate upon the termination of the Merger Agreement. This description of the Agreement, is qualified by the Agreement which is an exhibit to this Schedule 13D.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Exhibit No. 99.1.   Joint Filing Agreement

Exhibit No. 99.2   Non Disclosure and Voting Agreement</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>MAK Capital Fund LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Michael A. Kaufman</signature>
          <title>Managing Member</title>
          <date>11/05/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>MAK Capital One L.L.C.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Michael A. Kaufman</signature>
          <title>Managing Member</title>
          <date>11/05/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Michael A. Kaufman</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Michael A. Kaufman</signature>
          <title>Managing Member</title>
          <date>11/05/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

</edgarSubmission>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>EXHIBIT
99.1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>JOINT
FILING AGREEMENT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
Joint Filing Agreement, dated as of November 5, 2025, is by and among MAK Capital Fund LP , MAK Capital One L.L.C. and Michael
A. Kaufman (collectively, the &ldquo;Filers&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Each
of the Filers may be required to file with the United States Securities and Exchange Commission a statement on Schedule 13D with
respect to the Shares, $0.01 par value, of Heidrick &amp; Struggles International, Inc., beneficially owned by it from time to
time. Pursuant to and in accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, each
of the Filers hereby agree to be responsible for the timely filing of the Schedule 13D and any amendments thereto on behalf of
the Filers, and for the completeness and accuracy of the information concerning itself contained therein. Each of the Filers hereby
further agree to file this Joint Filing Agreement as an exhibit to the statement and each such amendment, as required by such
rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
Joint Filing Agreement may be terminated by any of the Filers upon five days prior written notice or such lesser period of notice
as the Filers may mutually agree.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>MAK CAPITAL FUND LP</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 27%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">MAK GP LLC, general partner</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Michael A. Kaufman</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Michael A. Kaufman,</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Managing Member</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>MAK CAPITAL ONE L.L.C.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Michael A. Kaufman</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Michael A. Kaufman,</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Managing Member</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Michael A. Kaufman</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>MICHAEL A. KAUFMAN</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal">Exhibit
99.2</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-size: 10pt">Execution
Version</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-size: 10pt">HIGHLY
CONFIDENTIAL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">October 27, 2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">MAK Capital Fund LP (&ldquo;<B>you</B>&rdquo;
or &ldquo;<B>your</B>&rdquo; or &ldquo;<B>MAK</B>&rdquo;)<BR>
Wakefield Quin, Victoria Place<BR>
31 Victoria Street, Bermuda</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">Ladies and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You
have requested information concerning Heidrick &amp; Struggles International, Inc. (the &ldquo;<B>Company</B>&rdquo;) in connection
with the evaluation of your investment in the Company (the &ldquo;<B>Purpose</B>&rdquo;). Except for <U>Section<FONT STYLE="font-family: Times New Roman, Times, Serif">
9,</FONT></U> references herein to the &ldquo;Company&rdquo; shall be deemed to include its subsidiaries. Certain capitalized
terms used herein are defined in Section<FONT STYLE="font-family: Times New Roman, Times, Serif"> 14(a).</FONT> Defined terms
used herein but not otherwise defined shall have the meaning assigned to them in that certain Merger Agreement, dated October
5, 2025, between Company, Heron Merger Sub, Inc. and Heron Bidco, LLC (&ldquo;<B>Parent</B>&rdquo;) (the &ldquo;<B>Merger Agreement</B>&rdquo;).
The transactions contemplated under the Merger Agreement are referred to herein as the &ldquo;<B>Merger</B>&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Confidentiality</U>.
(a) In consideration for, and as a condition of, such information being furnished to you and your affiliates, and your and such
affiliates&rsquo; general partners (but not limited partners), directors, managers, officers, employees, counsel, accountants,
investment bankers and consultants (collectively with your affiliates, your &ldquo;<B>Representatives</B>&rdquo;), you agree to
treat any and all information concerning the Company obtained by you or your Representatives (regardless of whether obtained before,
on or after the date of this letter agreement (this &ldquo;<B>Agreement</B>&rdquo;) and regardless of the manner or form in which
it is obtained, including all written, oral and electronic communications), together with any notes, analyses, compilations, studies,
interpretations, documents or records containing, referring to, relating to, based upon or derived from such information, in whole
or in part (collectively, the &ldquo;<B>Evaluation Material</B>&rdquo;), in accordance with the provisions of this Agreement,
and to take or abstain from taking the other actions hereinafter set forth.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Agreement, your &ldquo;<B>Representatives</B>&rdquo; shall not include, without the prior written consent of
the Company, your and your affiliates&rsquo; portfolio companies or any of your affiliated investment funds&rsquo; portfolio companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &ldquo;<B>Evaluation Material</B>&rdquo; does not include information that you can show by competent proof (i) is or becomes
generally available to the public other than as a result of a direct or indirect disclosure by you or your Representatives in
contravention of this Agreement, (ii) was within your possession on a non-confidential basis prior to its being furnished to you
by or on behalf of the Company, (iii) is received from a source other than the Company or any of its Representatives or (iv) was
or is independently developed by you or any of your Representatives without use of Evaluation Material or Transaction Information
(as defined below); <U>provided,</U> that in the case of clauses (ii) and (iii) above, the source of such information was not
known by MAK to be bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality
to the Company or to any other party with respect to such information.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Use
of Information</U>. You hereby agree that you and your Representatives will (a) use the Evaluation Material solely for the Purpose
and not for any other purpose, (b) keep the Evaluation Material confidential and (c) not disclose any of the Evaluation Material
in any manner whatsoever without the prior written consent of the Company; <U>provided</U>, <U>however,</U> that you may disclose
any of such information to your Representatives (i) who need to know such information solely for the Purpose and (ii) whom you
will cause to observe the terms of this Agreement. You will be responsible for any breach of the terms of this Agreement by any
of your Representatives as if you have committed the breach yourself (it being understood that such responsibility shall be in
addition to and not by way of limitation of any right or remedy the Company may have against your Representatives with respect
to such breach) and you agree to take all reasonable measures (including, but not limited to, court proceedings) to restrain your
Representatives from disclosure or improper use of the Evaluation Material.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Confidentiality
of Negotiations</U>. You and your Representatives agree not to, without the prior written consent of the Company, disclose to
any person that the Evaluation Material exists or has been made available to you, that discussions or negotiations are or have
been taking place concerning the Purpose or any of the terms, conditions or other facts with respect thereto, including the status
or timing thereof (the foregoing information, collectively, &ldquo;<B>Transaction Information</B>&rdquo;), or have any communications
whatsoever with any other person, including another person who may be interested in a possible transaction with the Company, concerning
the Purpose; <U>provided</U>, <U>however,</U> that you may make such disclosure to the extent that (a) you have been advised in
writing by your outside legal counsel that such disclosure is required by applicable law, rule, regulation or legal, administrative,
regulatory or self-regulatory process, including the regulations of any securities exchange (collectively, &ldquo;<B>Law</B>&rdquo;),
(b) you limit the disclosure to only that information required by applicable Law to be disclosed, (c) to the extent permitted
by applicable Law and except pursuant to a routine, ordinary course regulatory audit from regulatory authorities or self-regulatory
organizations having authority over you or your Representatives that is not targeted at the Company, you consult with the Company
in writing prior to making such disclosure and provide the Company with a draft of, and the ability to comment on, such disclosure
at least five business days prior to its issuance, and (d) prior thereto neither you nor your Representatives have taken any actions
that would reasonably be expected to cause such disclosure to be required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Third
Party Requests to Disclose Information</U>. In the event that you or any of your Representatives are required by applicable Law,
as advised in writing by your outside legal counsel, to disclose any Evaluation Material pursuant to a subpoena, court order,
civil investigative demand or similar judicial process or similar request issued by a court of competent jurisdiction or by a
governmental or regulatory authority, you will promptly notify the Company in writing of the existence, terms and circumstances
surrounding such request, so that the Company may seek a protective order or other appropriate remedy or waive compliance with
the applicable provisions of this Agreement. You agree to cooperate with the Company in connection with seeking any such order
or other appropriate remedy. If and to the extent, in the absence of a protective order or the receipt of a waiver by the Company,
you are legally required, as advised in writing by your outside legal counsel, to disclose any Evaluation Material to any court
or governmental or regulatory authority to avoid suffering exposure to censure or civil or criminal fine or penalty, you will
only disclose that portion of the Evaluation Material that such counsel advises is required by applicable Law to be disclosed
and shall use reasonable efforts (at the Company&rsquo;s expense) to obtain reliable assurances that confidential treatment will
be accorded to any Evaluation Material that you are so required to disclose in accordance with the terms of this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Competitive
Value of Information</U>. You acknowledge the competitive value of the Evaluation Material and Transaction Information and the
damage that could result to the Company if the Evaluation Material or Transaction Information were used or disclosed except as
authorized by this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination
of Interest; Return or Destruction of Evaluation Material</U>. At any time upon the written request of the Company for any reason,
you and your Representatives will either (a) promptly destroy all copies of the Evaluation Material in your or your Representatives&rsquo;
possession (including expunging all Evaluation Material from any computer or other storage medium or device containing such information;
<U>provided, however</U>, that neither you nor your Representatives will be required to expunge any system back-up media such
as copies of any computer records or files containing Evaluation Material which have been created pursuant to automatic archiving
or back-up procedures on secured central storage servers and which cannot reasonably be expunged) or (b) promptly deliver to the
Company at your own expense all remaining copies of the Evaluation Material in your and your Representatives&rsquo; possession;
<U>provided</U>, <U>however</U>, that you and your Representatives may retain copies of Evaluation Material as required by Law,
bona fide compliance policy, professional obligations or bona fide document retention policies. In addition, you agree promptly
to certify to the Company that you have complied with your obligations under this paragraph. Notwithstanding the return or destruction
of the Evaluation Material, you and your Representatives will continue to be bound by your obligations hereunder for the full
term hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Restrictions
on Trading</U>. You hereby acknowledge that you are aware, and that you will advise your Representatives who are informed as to
the matters which are the subject of this Agreement, that United States securities laws prohibit any person who is in possession
of material, non-public information concerning the matters which are the subject of this Agreement from purchasing or selling
securities of the Company or from communicating such information to any other person under circumstances in which it is reasonably
foreseeable that such person is likely to purchase or sell securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Non-Reliance</U>.
You understand and acknowledge that neither the Company nor any of its Representatives makes any representation or warranty, express
or implied, as to the accuracy or completeness of the Evaluation Material. You agree that neither the Company nor any of its Representatives
shall have any liability to you or to any of your Representatives relating to or resulting from the use of the Evaluation Material
or any errors therein or omissions therefrom.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Standstill</U>.
From the date hereof until the Expiration Date (as defined below) (such period, the &ldquo;<B>Restricted Period</B>&rdquo;), unless
you shall have been specifically invited to do so in writing by the Company, neither you nor any of your affiliates will in any
manner, directly or indirectly: (i) effect or seek, offer or propose (whether publicly or otherwise) to effect, or announce any
intention to effect or cause or participate in or in any way assist or encourage any other person to effect or seek, offer or
propose (whether publicly or otherwise) to effect or participate in: (A) any acquisition of any securities (or beneficial ownership
thereof) or assets of the Company, including rights or options to acquire such ownership or any other securities, rights or interests,
including options, swaps, derivatives or convertibles or other similar instruments, whether real or synthetic, that give you the
right to vote or to direct the voting of any securities of the Company or otherwise convey the economic interest of beneficial
ownership of any securities of the Company; (B) any tender or exchange offer, merger or other business combination involving the
Company; (C) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to
the Company; or (D) any &ldquo;solicitation&rdquo; of &ldquo;proxies&rdquo; (as such terms are defined in Rule 14a-l of Regulation
14A under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), disregarding clause (iv) of
Rule 14a-1(l)(2) and including any otherwise exempt solicitation pursuant to Rule 14a-2(b)) or consents to vote any voting securities
of the Company; (ii) form, join or in any way participate in a &ldquo;group&rdquo; (as defined in Section 13(d)(3) of the Exchange
Act and the rules and regulations thereunder) with respect to any voting securities of the Company or otherwise act in concert
with any person in respect of any such securities; (iii) otherwise act, alone or in concert with others, to seek to control, advise,
change or influence the management, Board of Directors, governing instruments, shareholders, policies or affairs of the Company;
(iv) enter into any discussions or arrangements with any third party with respect to any of the foregoing; or (v) make any public
disclosure, or take any action that could reasonably be expected to cause the Company or any other person to be required to make
any public disclosure, with respect to the matters set forth in this Agreement. You also agree during the Restricted Period not
to request the Company (or any of its Representatives), directly or indirectly, to amend or waive any provision of this paragraph
(including this sentence).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Voting
Commitment</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>You
hereby agree that, until the Effective Time or the date on which the Merger Agreement is validly terminated pursuant to Article
7 of the Merger Agreement in accordance with its terms (the &ldquo;<B>Expiration Date</B>&rdquo;), at any meeting of the stockholders
of the Company, however called, you and your affiliates shall cause all of the Company common stock beneficially owned by you
and your affiliates (the &ldquo;<B>Subject Securities</B>&rdquo;) to be voted: (a) in favor of (i) the Merger and the adoption
of the Merger Agreement, (ii) each of the other actions contemplated by the Merger Agreement and (iii) any proposal to adjourn
the applicable meeting; and (b) against any action which is intended, or would reasonably be expected, to result in any of the
conditions to the consummation of the Merger under the Merger Agreement not being fulfilled.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Prior
to the Expiration Date, you shall promptly (but in any event within three business days after receipt thereof) execute and deliver
to the Company or its proxy solicitor (or cause the holders of record of the Subject Securities to execute and deliver to the
Company or its proxy solicitor), any proxy card or voting instructions it receives that is sent by the Company to its stockholders
soliciting proxies with respect to any matter described in Section<FONT STYLE="font-family: Times New Roman, Times, Serif"> 10(a)
</FONT>above which shall be voted in the manner described in Section<FONT STYLE="font-family: Times New Roman, Times, Serif">
10(a) </FONT>above, and such vote shall not be amended, withdrawn or rescinded.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Stockholder
Information</U>. You hereby agree to permit the Company to publish and disclose in the proxy statement and any other filing or
disclosure required under the 1934 Act to be made by the Company in connection with the Merger (the &ldquo;<B>Proxy Statement</B>&rdquo;),
your identity and ownership of the Subject Securities and the nature of your commitments, arrangements and understandings under
this Agreement and agree to promptly furnish to the Company, any information it may reasonably require for the preparation of
any such disclosure documents; provided, that the Company shall (with respect to such filing or disclosure required to be made
by the Company) give you a reasonable opportunity to review and comment on such disclosures, and shall consider in good faith
any such reasonable comments prior to any such disclosures being made public. You acknowledge that the Company will publish and
disclose your identity and ownership of the Subject Securities and the nature of your commitments, arrangements and understandings
under this Agreement, in the Proxy Statement and any other filings or disclosure required under the 1934 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Specific
Performance</U>. You acknowledge that money damages would not be a sufficient remedy for any breach of this Agreement by you or
any of your Representatives and you consent to a court of competent jurisdiction entering an order finding that the Company has
been irreparably harmed as a result of any such breach and to the granting of injunctive relief without proof of actual damages
as a remedy for any such breach, and you further waive any requirement for the securing or posting of any bond in connection with
any such remedy. Such remedies shall not be deemed to be the exclusive remedies for a breach by you of this Agreement but shall
be in addition to all other remedies available at law or equity to the Company. In the event of litigation relating to this Agreement,
if a court of competent jurisdiction determines in a final non-appealable order that you or any of your Representatives have breached
this Agreement, then you will reimburse the Company for the reasonable legal fees and expenses incurred by the Company in connection
with enforcing its rights hereunder, including any appeal therefrom.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Governing Law; Jurisdiction; WAIVER OF JURY TRIAL</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Agreement and all disputes or controversies arising out of or relating to this Agreement shall be governed by, and construed in
accordance with, the internal Laws of the State of Delaware, without regard to the Laws of any other jurisdiction that might be
applied because of the conflicts of Laws principles of the State of Delaware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each of the parties irrevocably agrees that any claims arising out of or relating to this Agreement shall be brought and
determined in the Court of Chancery of the State of Delaware and, solely to the extent that such court lacks subject matter jurisdiction,
then an appropriate state or federal court having jurisdiction and sitting in New Castle County, Delaware. Each of the parties
hereby irrevocably submits to the exclusive jurisdiction of the aforesaid courts and any proper appellate courts therefrom for
itself and with respect to its property, generally and unconditionally, with regard to any such action or proceeding arising out
of or relating to this Agreement. Each of the parties agrees not to commence any action, suit or proceeding relating thereto except
in the courts described above in Delaware, other than actions in any court of competent jurisdiction to enforce any judgment,
decree or award rendered by any such court in Delaware as described herein. Each of the parties further agrees that notice as
provided herein shall constitute sufficient service of process and the parties further waive any argument that such service is
insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or
as a defense, counterclaim or otherwise, in any action or proceeding arising out of or relating to this Agreement, (i) any claim
that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for any reason, (ii) that
it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts
(whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment
or otherwise) and (iii) that (A) the suit, action or proceeding in any such court is brought in an inconvenient forum, (B) the
venue of such suit, action or proceeding is improper or (C) this Agreement, or the subject matter hereof, may not be enforced
in or by such courts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>THE PARTIES HEREBY IRREVOCABLY WAIVE ANY RIGHT THEY MAY HAVE TO TRIAL BY JURY IN CONNECTION WITH ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Miscellaneous</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Interpretation</U>. For purposes of this Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
term &ldquo;<B>person</B>&rdquo; shall be broadly interpreted to include the media and any corporation, partnership, group, individual
or other entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The term &ldquo;<B>affiliate</B>&rdquo; shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules
and Regulations under the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
word &ldquo;<B>including</B>&rdquo; and words of similar import when used in this Agreement will mean &ldquo;including, without
limitation,&rdquo; unless otherwise specified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Amendments
and Waivers</U>. This Agreement may only be amended or waived by a separate writing signed by the party against which enforcement
of such amendment or waiver is sought. Any attempted waiver or modification in violation of this provision shall be void. It is
understood and agreed that no failure or delay by the Company in exercising any right, power or privilege hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or future exercise thereof or the exercise
of any other right, power or privilege hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Severability</U>.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest
extent permitted by Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Counterparts</U>. This Agreement may be executed in one or more textually identical counterparts (including by electronic
or digital signature, .pdf, .tif, .gif, .jpg or similar attachment to email or by electronic signature service (any such delivery,
an &ldquo;<B>Electronic Delivery</B>&rdquo;), all of which shall be considered one and the same agreement and shall become effective
when one or more such counterparts have been signed by each of the parties hereto and delivered to the other parties. No party
hereto may raise the use of an Electronic Delivery to deliver a signature, or the fact that any signature or agreement or instrument
was transmitted or communicated through the use of an Electronic Delivery, as a defense to the formation of a contract, and each
party hereto forever waives any such defense, except to the extent such defense relates to lack of authenticity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notices</U>.
All notices, requests, claims, consents, demands and other communications under this Agreement shall be in writing and shall be
deemed given (a) on the date of actual delivery if delivered personally, (b) on the date of actual delivery if sent by overnight
courier (providing proof of delivery) or (c) on the date sent by email (provided no &ldquo;bounce back&rdquo; or similar message
of non-delivery is received with respect thereto) if sent during normal business hours of the recipient, and on the next business
day if sent after normal business hours of the recipient, in each case at the addresses, or email addresses, set forth below (or
at such other address or email address as shall be specified by like notice).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Assignment</U>. This Agreement and the rights and obligations herein may not be assigned or otherwise transferred, in
whole or in part, by either party without the express written consent of the other party; <U>provided</U>, <U>however</U>, that
the Company may so assign or otherwise transfer to Parent the Company&rsquo;s rights hereunder with respect to the confidentiality
of the Evaluation Material, without your consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination</U>.
Except as otherwise set forth herein, this Agreement and all obligations hereunder shall terminate on the earlier of (1) the date
that is two years after the date hereof, and (2) the date the proposed transaction is either terminated or completed; <U>provided</U>,
<U>however</U>, that the provisions relating to conflicts waiver, governing Law, venue and waiver of jury trial shall be binding
in perpetuity or until the latest date permitted by Law; <U>provided, further</U>, that any liability for breach of this Agreement
prior to such termination shall survive such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Entire
Agreement</U>. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and
supersedes all other prior agreements and understandings, both written and verbal, between the parties with respect to the subject
matter hereof (including any click-through or similar electronic agreement found on any electronic data room used to make the
Evaluation Material available to you or your Representatives).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>[The
remainder of this page is intentionally left blank.]</I></FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Please
confirm your agreement with the foregoing by signing and returning one copy of this Agreement to the undersigned, whereupon this
Agreement shall become a binding agreement between you and the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>HEIDRICK &amp; STRUGGLES INTERNATIONAL, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Tracey Heaton&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Tracey Heaton</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Legal Officer &amp;Corporate Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Address:&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">233 South Wacker Drive</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Suite 4900</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chicago, IL 60606-9303</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">E-mail:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">theaton@heidrick.com</FONT></TD></TR>
</TABLE>

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





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt">Accepted and agreed as of
the date first written above:</FONT></P>

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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>MAK CAPITAL FUND LP</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 55%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Michael A. Kaufman</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Michael A. Kaufman</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Managing Member of MAK GP LLC, general
    partner</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Address:&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">590 Madison Ave. 31<SUP>st</SUP> floor,
    New York, NY 10022</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: #0563C2"><U>Kaufman@makcap.com</U></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><I>[SIGNATURE PAGE TO CONFIDENTIALITY LETTER AGREEMENT]</I></P>


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