<SEC-DOCUMENT>0001193125-25-231925.txt : 20251006
<SEC-HEADER>0001193125-25-231925.hdr.sgml : 20251006
<ACCEPTANCE-DATETIME>20251006162502
ACCESSION NUMBER:		0001193125-25-231925
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251006
DATE AS OF CHANGE:		20251006

FILER:

	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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25837
		FILM NUMBER:		251377126

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d23059ddefa14a.htm
<DESCRIPTION>DEFA14A
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<TITLE>DEFA14A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;14A </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant&#8194;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a party other
than the Registrant&#8194;&#9744; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule</B><B></B><B><FONT
STYLE="white-space:nowrap">&nbsp;14a-6(e)(2))</FONT></B><B>&nbsp;</B> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material under <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Heidrick&nbsp;&amp; Struggles International, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid with preliminary materials. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item&nbsp;25(b) per Exchange Act
<FONT STYLE="white-space:nowrap">Rules&nbsp;14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Schedule 14A filing consists of communications from Heidrick&nbsp;&amp; Struggles International, Inc.,
a Delaware corporation (the &#8220;<U>Company</U>&#8221;), to its employees relating to the Agreement and Plan of Merger, dated October&nbsp;5, 2025, by and among the Company, Heron BidCo, LLC, a Delaware limited liability company
(&#8220;<U>Parent</U>&#8221;) and Heron Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The following contains an
employee FAQ made available to employees on October&nbsp;6, 2025. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Frequently Asked Questions </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Disclaimer: This document is intended to provide guidance on frequently asked employee questions relating to the transaction between Heidrick&nbsp;&amp;
Struggles and Advent/Corvex. The following Questions and Answers are not a complete summary, and are intended to provide a general summary of certain key issues. This summary is informal in nature and any
<FONT STYLE="white-space:nowrap">go-forward</FONT> employment, benefits or compensation terms will be separately communicated. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What was announced
today? </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We entered into an agreement to be taken private by an investor consortium led by Advent International and Corvex Private Equity, and including
several leading family offices. These investors will acquire all of our outstanding public shares and return the company to private ownership. This new structure will create the opportunity for more equity participation for current and future
partners and leaders, allowing for faster growth and a greater impact on clients. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What is the rationale for this agreement? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Partnering with this new consortium of investors will help Heidrick&nbsp;&amp; Struggles grow faster. With their support, we will create a large incentive
equity pool that will help us attract and retain the best people. This will help us to more rapidly advance our strategy and global leadership position in Executive Search, <FONT STYLE="white-space:nowrap">On-Demand</FONT> Talent, and Consulting.
The new consortium will also provide us with capital to grow our core businesses through selective M&amp;A. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Does this change our existing growth
strategy? </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No, we will continue to execute the growth strategy that we have communicated publicly with our investors. With the consortium&#8217;s deep
professional services expertise and long-term commitment to innovation, they will not only help accelerate our growth globally but also provide greater resources, flexibility, and scale to continue advancing our strategy and global leadership
position in Executive Search, <FONT STYLE="white-space:nowrap">On-Demand</FONT> talent, and Consulting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Who are Advent and Corvex? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Both firms are well-known to Heidrick&nbsp;&amp; Struggles as clients, partners, and investors. Advent is a highly successful private equity firm founded in
1984 with $100&nbsp;billion in AUM. Corvex is one of our biggest current shareholders in the public market and is a leading asset management firm. Both firms have proven track records of partnering with management teams and leveraging strong
resources to drive growth. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What other investors are part of the consortium? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to Advent and Corvex, the consortium includes a number of prominent family offices. Following the close of the transaction, Heidrick&nbsp;&amp;
Struggles partners and leaders will also hold a meaningful equity stake in the business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>How might private equity ownership impact our business?
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are three things that really excite us about this agreement. First, our new investors are explicitly backing our existing growth strategy and
our team. Second, this transaction creates a meaningful equity program to enable top contributors to share in value creation alongside our investors. Third, with the support of our new investors, Heidrick will move forward with greater resources,
flexibility, and scale to continue advancing our strategy and global leadership position in Executive Search, <FONT STYLE="white-space:nowrap">On-Demand</FONT> Talent, and Consulting. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>How might being owned by private equity impact our work with other PE clients? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Many advisory and professional services firms are backed by private equity. It&#8217;s very common for investors, including our new consortium, to purchase
from firms that are owned by other investors. This agreement will not impact our ability to create value for our current and future private equity clients. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What does it mean to be a private company? Are we privately held as of today? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Once the transaction closes, which is expected to close by the first quarter of 2026, our common stock will no longer be listed or traded on the Nasdaq stock
market or any public exchange. This means we will no longer engage in public reporting processes. One of the most notable differences as a private company is the new, substantially larger incentive equity pool for current and future partners and
leaders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>How will being a private company change our governance and risk management processes? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All of our stakeholders &#8211; clients, employees, investors, and our communities &#8211; expect our firm to operate with integrity, transparency,
responsibility and ethics, and to have <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> governance and risk management. This agreement does not change that, but we won&#8217;t adhere to the SEC reporting
regime following the close of the transaction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Will there be any changes to our leadership team or board of directors? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our leadership team will not change. Tom Monahan will continue to serve as CEO and Tom Murray will continue to serve as President. We will have a new Board of
Directors with board members appointed by the investor consortium. <B></B> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What does this mean for employees? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The agreement represents an exciting new chapter in Heidrick&nbsp;&amp; Struggles&#8217;s growth story, but it will not change our strategy or how we operate.
For your <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> responsibilities, it will be business as usual. As you&#8217;ve seen, we can and will change jobs and roles to better align with current and future
client needs. However, that&#8217;s not what this transaction is about. This is about giving us a capital structure and a level of employee ownership to power growth and attract great people. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Will anything change with respect to my pay or our HR policies and processes? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our new investors are focused on the outcomes we create and will ask us to generate those outcomes in ways that serve us best. Therefore, you can expect much
to stay the same. </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Pay: </B>There is no plan to change anyone&#8217;s compensation plan </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Reviews: </B>We will keep the same process and timelines </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Promotions: </B>There will be no changes to process or timelines </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Flexible Work Policy: </B>Our current flexible work policies will not change </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>PTO: </B>We have no plans to change our PTO policies and you can take scheduled PTO </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Who will participate in the new equity program? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following the closing of the transaction, we expect that all Search and HC Partners, as well key leaders in our ODT, corporate and operations areas will be
eligible to receive equity awards under the new equity program. Obviously, these equity awards will replace equity incentive opportunities that were available when we were a public company. Otherwise, these equity awards are in addition to our
existing cash compensation plans, which don&#8217;t change. An exciting feature of this new equity program is that we are also reserving equity awards to reward the next generations of partners and leaders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Should I talk to our clients about this news? </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do
not proactively reach out to current or prospective clients about this announcement. Some clients may ask you if this announcement has any impact on them. If asked, please reaffirm that this news does not change Heidrick&#8217;s strategy and
operations and does not impact our focus on creating outstanding value for their organization. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Are we allowed to trade Heidrick stock before the
transaction closes? </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, however, the firm is currently in a Blackout Period through and including Tuesday, November&nbsp;4, 2025. Consistent with the
Heidrick&nbsp;&amp; Struggles Insider Trading Policy, neither the Company nor any of its officers, directors, or employees may trade in any securities of the Company during this period. Outside of this period, trading should occur in accordance with
our standard practice. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What happens if I currently own Heidrick stock? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the terms of the agreement outlined in the press release, all Heidrick stockholders will receive $59.00 per share in cash. The agreement requires the
approval of stockholders and additional proxy information supporting this process will be filed in accordance with SEC regulations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What closing
conditions and regulatory approvals are required? </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The transaction is subject to the approval of Heidrick&#8217;s stockholders and the satisfaction of
required regulatory approvals and other customary closing conditions. The Heidrick Board of Directors unanimously approved the merger agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What should I do if I get questions from the media or third parties about this news? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please direct media inquiries to Bianca Wilson at bwilson@heidrick.com and direct investor/analyst questions to Nirupam Sinha at nsinha@heidrick.com. Please
refer any other inquiries you receive from external parties to Kate McCleary at kmccleary@heidrick.com. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What can I share on social media? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are still a public company, so we are limited in what information we can share. Please refrain from providing your own commentary or engaging in online
conversations about this news. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Who can I speak with if I have additional questions? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are operating as business as usual, so please reach out to your manager or normal point of contact. We will share additional information in the coming days
and weeks as needed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Forward-Looking Statements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This communication&nbsp;contains not only historical information, but also forward-looking statements made pursuant to the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company&#8217;s expectations or beliefs concerning future events, including the timing of the proposed transactions contemplated by that certain
Agreement and Plan of Merger, dated October&nbsp;5, 2025 (the &#8220;</I><B><I>Merger Agreement</I></B><I>&#8221;), by and among Heidrick&nbsp;&amp; Struggles International, Inc. (the &#8220;</I><B><I>Company</I></B><I>&#8221;), Heron BidCo, LLC
(&#8220;</I><B><I>Parent</I></B><I>&#8221;) and Heron Merger Sub, Inc. (&#8220;</I><B><I>Merger Sub</I></B><I>&#8221;) and other information relating to the proposed transactions contemplated by the Merger Agreement (the
&#8220;</I><B><I>Transaction</I></B><I>&#8221;). Forward-looking statements include information concerning possible or assumed future results of operations of the Company, the expected completion and timing of the proposed Transaction and other
information relating to the proposed Transaction. Without limiting the foregoing, the words &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;plans,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;forecasts,&#8221;
&#8220;should,&#8221; &#8220;estimates,&#8221; &#8220;contemplate,&#8221; &#8220;future,&#8221; &#8220;goal,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;projection,&#8221; &#8220;may,&#8221;
&#8220;will,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;assuming&#8221; and similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the
statements are not forward-looking. Where, in any forward-looking statement, the Company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such
forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond the Company&#8217;s control. Therefore, actual outcomes and results may differ
materially from what is expressed or forecast in the forward-looking statements.&nbsp;Those following important factors and uncertainties, among others, could cause actual results to differ materially from those described in the forward-looking
statements: (i)&nbsp;the risk that the Transaction may not be completed in a timely manner or at all, which may adversely affect the Company&#8217;s business and the price of the common stock of the Company, (ii)&nbsp;the failure to satisfy the
conditions to the consummation of the Transaction, including the adoption of the Merger Agreement by the stockholders of the Company and the receipt of regulatory approvals from various governmental entities (including any conditions, limitations or
restrictions placed on these approvals) and the risk that one or more governmental entities may deny approval, (iii)&nbsp;the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement,
(iv)&nbsp;the risk that the Merger Agreement may be terminated in circumstances that require the Company to pay a termination fee; (v)&nbsp;the effect of the announcement or pendency of the Transaction on the Company&#8217;s business relationships,
operating results and business generally, including the Company&#8217;s ability to attract, integrate, develop, manage, retain and motivate qualified consultants and senior leaders as a result of such effects, (vi)&nbsp;risks that the proposed
Transaction disrupts current plans and operations, (vii)&nbsp;risks related to diverting management&#8217;s attention from the Company&#8217;s ongoing business operations, (viii)&nbsp;the outcome of any legal proceedings that may be instituted
against the Company related to the Merger Agreement or the Transaction, (ix)&nbsp;the Company&#8217;s ability to fill or obtain new executive search assignments, which could impact demand for services and affect results of operations or financial
conditions, (x)&nbsp;unexpected costs, charges or expenses resulting from the proposed Transaction; (xi)&nbsp;the ability to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the proposed
Transaction; (xi)&nbsp;the impact of adverse macroeconomic or labor market </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>
conditions, including the impacts of inflation and effects of geopolitical instability, on demand for services, (xii)&nbsp;risks caused by delays in upturns or downturns being reflected in the
Company&#8217;s financial position and results of operations, (xiii)&nbsp;risks that the benefits of the Transaction are not realized when and as expected, (xiv)&nbsp;uncertainty as to timing of completion of the proposed Transaction, and
(xv)&nbsp;other factors described under the heading &#8220;Risk Factors&#8221; in the Company&#8217;s Annual <FONT STYLE="white-space:nowrap">Report&nbsp;on&nbsp;Form&nbsp;10-K&nbsp;for&nbsp;the&nbsp;year</FONT> ended December&nbsp;31, 2024, the
Company&#8217;s subsequent Quarterly <FONT STYLE="white-space:nowrap">Reports&nbsp;on&nbsp;Form&nbsp;10-Q,&nbsp;and&nbsp;in&nbsp;other</FONT> reports and filings with the SEC. Forward-looking statements speak only as of the date of this
communication or the date of any document incorporated by reference in this document. The Company cautions you that the important factors referenced above may not contain all of the factors that are important to you. In addition, the Company cannot
assure you that the Company will realize the results or developments expected or anticipated or, even if substantially realized, that they will result in the consequences or affect the Company or the Company&#8217;s operations in the way the Company
expects. The forward-looking statements included in this communication&nbsp;are&nbsp;made only as of the date hereof. Except as required by applicable law or regulation, the Company does not undertake to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Additional Information About the Acquisition and Where to Find
It </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This communication is being made in respect of the proposed Transaction involving the Company, Parent, and Merger Sub. The Company expects
to seek, and intends to file with the SEC a proxy statement and other relevant documents in connection with a special meeting of the Company&#8217;s stockholders for purposes of obtaining, stockholder approval of the proposed Transaction. The
Company may also file other relevant documents with the SEC regarding the proposed Transaction. This communication is not a substitute for the proxy statement or any other document that the Company may file with the SEC. The definitive proxy
statement (when available) will be sent or given to the stockholders of the Company and will contain important information about the proposed Transaction and related matters. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE
PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC BY THE COMPANY, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PROPOSED TRANSACTION. Investors will be able to obtain a free copy of the proxy statement and other documents containing important information about the Company and the proposed Transaction, once such
documents are filed by the Company with the SEC at the SEC&#8217;s website at www.sec.gov or from the Company at its website at <U>https://investors.heidrick.com/</U>. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Participants in the Solicitation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The Company,
and certain of its directors and executive officers, may be deemed to be participants in the solicitation of proxies in connection with the proposed Transaction. Information about the Company&#8217;s directors and executive officers is set forth in
(i)&nbsp;the Company&#8217;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2024, including under the headings &#8220;Item 10. Directors, Executive Officers and Corporate
Governance&#8221;, &#8220;Item 11. Executive Compensation&#8221;, &#8220;Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters&#8221; and &#8220;Item 13. Certain Relationships and Related
Transactions, and Director Independence&#8221;, which was filed with the SEC on March&nbsp;3, 2025, (ii) the Company&#8217;s Definitive Proxy Statement for its 2025 annual meeting of stockholders, which was filed with the SEC on April&nbsp;11, 2025,
under the headings &#8220;Directors&#8221;, <FONT STYLE="white-space:nowrap">&#8220;Non-Employee</FONT> Director Compensation&#8221;, &#8220;Executive Officers&#8221;, &#8220;Compensation Discussion and Analysis&#8221;, &#8220;Executive
Compensation&#8221;, &#8220;Stock Ownership Information&#8221;, and &#8220;Certain Relationships and Related Party Transactions&#8221;, (iii) to the extent holdings of Company securities by its directors or executive officers have changed since the
amounts set forth in the Company&#8217;s proxy statement for its 2025 annual meeting of stockholders, such changes have been or will be reflected on Forms 3, 4 and 5, filed with the SEC, (iv)&nbsp;the Company&#8217;s Current Report on Form <FONT
STYLE="white-space:nowrap">8-K,</FONT> which was filed on May&nbsp;22, 2025, and (v)&nbsp;in subsequently filed Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and Quarterly Reports on Form
<FONT STYLE="white-space:nowrap">10-Q.</FONT> Other information regarding the participants in the solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be set forth in the Company&#8217;s
definitive proxy statement and other relevant materials to be filed with the SEC regarding the proposed Transaction when such materials become available. Investors should read the proxy statement carefully when it becomes available. Copies of the
documents filed with the SEC by the Company will be available free of charge through the website maintained by the SEC at sec.gov and the Company&#8217;s website at <U>https://investors.heidrick.com/</U>. </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>No Offer </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>No person has commenced soliciting proxies in connection with the proposed Transaction referenced in this communication, and this communication is neither
an offer to purchase nor a solicitation of an offer to sell securities. </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The following email was sent from the Company&#8217;s Chief Executive Officer to the employees on
October&nbsp;6, 2025: </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>From:</B> Monahan, Tom </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>To:</B> H&amp;S Worldwide; Atreus All </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CC:</B> Management
Committee </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Date:</B> 10/6/25 at 8:30 am ET </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subject:
An Exciting Milestone for Heidrick&nbsp;&amp; Struggles </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Colleagues, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today marks an important milestone in our journey, as we welcome a new set of investor partners to support our next stage of growth and impact. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moments ago, we announced that Heidrick&nbsp;&amp; Struggles has entered into an agreement to become a private firm once again. A consortium of investors led
by Advent International and Corvex Private Equity, and including several prominent family offices, will acquire all of Heidrick&#8217;s outstanding public shares. These investors know our company very well, as many are already major clients,
significant shareholders, or both. You can read more about this news in the full press release here: [<U>LINK</U>]. As you would also imagine, this new investor consortium will include significant investment from a large &#8211; and still growing
&#8211; number of Heidrick leaders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This investment creates a tremendous opportunity for us to grow, strengthen our future and gain competitive advantage
in the market. With our new investor partners, we will more rapidly advance our strategy of creating unrivalled value for our clients through discovery and empowerment of great leadership. Once this transaction closes, these expanded resources will
allow us to pursue opportunities more quickly, including making additional investments in our people, technology, and the innovative solutions necessary to build differentiated, deep, and durable client relationships. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The most immediate evidence of this will be the creation of a substantial new equity pool &#8211; above and beyond our existing compensation plans &#8211; for
current and future partners and leaders. This enhancement to our platform will not only improve our tremendously strong employment value proposition, but will enhance our already great culture through broad partner and leader ownership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As we have discussed &#8211; despite our leading position in the market &#8211; we see enormous, immediately addressable opportunities in our flagship
executive search business and in every one of our service lines. Once this transaction closes, we will be able to pursue those opportunities faster as a well-capitalized private entity with significant ownership by current and future partners and
leaders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today&#8217;s announcement is the first step in a process. This transaction is expected to close by the first quarter of 2026, subject to the
approval of Heidrick&#8217;s stockholders and the satisfaction of customary regulatory approvals and other closing conditions. For all of us, it is business as usual and full steam ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I look forward to hosting two <B>Global Town Halls at 10:30 a.m. ET and 8:00 p.m. ET </B>to share additional information on this announcement. You may also
find this list of FAQs helpful. In the meantime, if you receive inquiries from outside the company, please direct them to Bianca Wilson for media inquiries and Nirupam Sinha for investor inquiries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you for everything you have done to make Heidrick a world-class global leadership advisory firm. The most important part of Heidrick is our people
&#8211; you are the foundation of our firm and our success. It is because of every single one of you that we continue to deepen our client relationships and tap into emerging opportunities while collaborating across teams, regions, and solutions. We
should all take pride in how we have evolved as a firm &#8211; and in how we will continue to grow to meet our clients&#8217; needs with this opportunity. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I am proud of this team and will continue to keep you updated as we progress on this exciting journey
together. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Best, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tom </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
communication&nbsp;contains not only historical information, but also forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the
Company&#8217;s expectations or beliefs concerning future events, including the timing of the proposed transactions contemplated by that certain Agreement and Plan of Merger, dated October&nbsp;5, 2025 (the &#8220;<B>Merger Agreement</B>&#8221;), by
and among Heidrick&nbsp;&amp; Struggles International, Inc. (the &#8220;<B>Company</B>&#8221;), Heron BidCo, LLC (&#8220;<B>Parent</B>&#8221;) and Heron Merger Sub, Inc. (&#8220;<B>Merger Sub</B>&#8221;) and other information relating to the
proposed transactions contemplated by the Merger Agreement (the &#8220;<B>Transaction</B>&#8221;). Forward-looking statements include information concerning possible or assumed future results of operations of the Company, the expected completion and
timing of the proposed Transaction and other information relating to the proposed Transaction. Without limiting the foregoing, the words &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;plans,&#8221; &#8220;expects,&#8221;
&#8220;intends,&#8221; &#8220;forecasts,&#8221; &#8220;should,&#8221; &#8220;estimates,&#8221; &#8220;contemplate,&#8221; &#8220;future,&#8221; &#8220;goal,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221;
&#8220;projection,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;assuming&#8221; and similar expressions are intended to identify forward-looking statements. However, the absence
of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the Company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and
believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond the Company&#8217;s control.
Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements.&nbsp;Those following important factors and uncertainties, among others, could cause actual results to differ
materially from those described in the forward-looking statements: (i)&nbsp;the risk that the Transaction may not be completed in a timely manner or at all, which may adversely affect the Company&#8217;s business and the price of the common stock of
the Company, (ii)&nbsp;the failure to satisfy the conditions to the consummation of the Transaction, including the adoption of the Merger Agreement by the stockholders of the Company and the receipt of regulatory approvals from various governmental
entities (including any conditions, limitations or restrictions placed on these approvals) and the risk that one or more governmental entities may deny approval, (iii)&nbsp;the occurrence of any event, change or other circumstance that could give
rise to the termination of the Merger Agreement, (iv)&nbsp;the risk that the Merger Agreement may be terminated in circumstances that require the Company to pay a termination fee; (v)&nbsp;the effect of the announcement or pendency of the
Transaction on the Company&#8217;s business relationships, operating results and business generally, including the Company&#8217;s ability to attract, integrate, develop, manage, retain and motivate qualified consultants and senior leaders as a
result of such effects, (vi)&nbsp;risks that the proposed Transaction disrupts current plans and operations, (vii)&nbsp;risks related to diverting management&#8217;s attention from the Company&#8217;s ongoing business operations, (viii)&nbsp;the
outcome of any legal proceedings that may be instituted against the Company related to the Merger Agreement or the Transaction, (ix)&nbsp;the Company&#8217;s ability to fill or obtain new executive search assignments, which could impact demand for
services and affect results of operations or financial conditions, (x)&nbsp;unexpected costs, charges or expenses resulting from the proposed Transaction; (xi)&nbsp;the ability to obtain the necessary financing arrangements set forth in the
commitment letters received in connection with the proposed Transaction; (xi)&nbsp;the impact of adverse macroeconomic or labor market conditions, including the impacts of inflation and effects of geopolitical instability, on demand for services,
(xii)&nbsp;risks caused by delays in upturns or downturns being reflected in the Company&#8217;s financial position and results of operations, (xiii)&nbsp;risks that the benefits of the Transaction are not realized when and as expected,
(xiv)&nbsp;uncertainty as to timing of completion of the proposed Transaction, and (xv)&nbsp;other factors described under the heading &#8220;Risk Factors&#8221; in the Company&#8217;s Annual
<FONT STYLE="white-space:nowrap">Report&nbsp;on&nbsp;Form&nbsp;10-K&nbsp;for&nbsp;the&nbsp;year</FONT> ended December&nbsp;31, 2024, the Company&#8217;s subsequent Quarterly
<FONT STYLE="white-space:nowrap">Reports&nbsp;on&nbsp;Form&nbsp;10-Q,&nbsp;and&nbsp;in&nbsp;other</FONT> reports and filings with the SEC. Forward-looking statements speak only as of the date of this communication or the date of any document
incorporated by reference in this document. The Company cautions you that the important factors referenced above may not contain all of the factors that are important to you. In addition, the Company cannot assure you that the Company will realize
the results or developments expected or anticipated or, even if substantially realized, that they will result in the consequences or affect the Company or the </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Company&#8217;s operations in the way the Company expects. The forward-looking statements included in this communication&nbsp;are&nbsp;made only as of the date hereof. Except as required by
applicable law or regulation, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Information About the Acquisition and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication is being made in respect of the proposed Transaction involving the Company, Parent, and Merger Sub. The Company expects to seek, and intends
to file with the SEC a proxy statement and other relevant documents in connection with a special meeting of the Company&#8217;s stockholders for purposes of obtaining, stockholder approval of the proposed Transaction. The Company may also file other
relevant documents with the SEC regarding the proposed Transaction. This communication is not a substitute for the proxy statement or any other document that the Company may file with the SEC. The definitive proxy statement (when available) will be
sent or given to the stockholders of the Company and will contain important information about the proposed Transaction and related matters. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER
RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC BY THE COMPANY, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
COMPANY AND THE PROPOSED TRANSACTION. Investors will be able to obtain a free copy of the proxy statement and other documents containing important information about the Company and the proposed Transaction, once such documents are filed by the
Company with the SEC at the SEC&#8217;s website at www.sec.gov or from the Company at its website at <U>https://investors.heidrick.com/</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in the Solicitation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company, and
certain of its directors and executive officers, may be deemed to be participants in the solicitation of proxies in connection with the proposed Transaction. Information about the Company&#8217;s directors and executive officers is set forth in
(i)&nbsp;the Company&#8217;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2024, including under the headings &#8220;Item 10. Directors, Executive Officers and Corporate
Governance&#8221;, &#8220;Item 11. Executive Compensation&#8221;, &#8220;Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters&#8221; and &#8220;Item 13. Certain Relationships and Related
Transactions, and Director Independence&#8221;, which was filed with the SEC on March&nbsp;3, 2025, (ii) the Company&#8217;s Definitive Proxy Statement for its 2025 annual meeting of stockholders, which was filed with the SEC on April&nbsp;11, 2025,
under the headings &#8220;Directors&#8221;, <FONT STYLE="white-space:nowrap">&#8220;Non-Employee</FONT> Director Compensation&#8221;, &#8220;Executive Officers&#8221;, &#8220;Compensation Discussion and Analysis&#8221;, &#8220;Executive
Compensation&#8221;, &#8220;Stock Ownership Information&#8221;, and &#8220;Certain Relationships and Related Party Transactions&#8221;, (iii) to the extent holdings of Company securities by its directors or executive officers have changed since the
amounts set forth in the Company&#8217;s proxy statement for its 2025 annual meeting of stockholders, such changes have been or will be reflected on Forms 3, 4 and 5, filed with the SEC, (iv)&nbsp;the Company&#8217;s Current Report on Form <FONT
STYLE="white-space:nowrap">8-K,</FONT> which was filed on May&nbsp;22, 2025, and (v)&nbsp;in subsequently filed Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and Quarterly Reports on Form
<FONT STYLE="white-space:nowrap">10-Q.</FONT> Other information regarding the participants in the solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be set forth in the Company&#8217;s
definitive proxy statement and other relevant materials to be filed with the SEC regarding the proposed Transaction when such materials become available. Investors should read the proxy statement carefully when it becomes available. Copies of the
documents filed with the SEC by the Company will be available free of charge through the website maintained by the SEC at sec.gov and the Company&#8217;s website at <U>https://investors.heidrick.com/</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Offer </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No person has commenced soliciting proxies in
connection with the proposed Transaction referenced in this communication, and this communication is neither an offer to purchase nor a solicitation of an offer to sell securities. </P>
</DIV></Center>

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