<SEC-DOCUMENT>0001193125-25-239085.txt : 20251014
<SEC-HEADER>0001193125-25-239085.hdr.sgml : 20251014
<ACCEPTANCE-DATETIME>20251014163634
ACCESSION NUMBER:		0001193125-25-239085
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251014
DATE AS OF CHANGE:		20251014

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:		251392250

	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>d56223ddefa14a.htm
<DESCRIPTION>DEFA14A
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<TITLE>DEFA14A</TITLE>
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<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:12pt; 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="margin-top:0pt; 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 WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<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
<FONT STYLE="white-space:nowrap">Rule&nbsp;14a-6(e)(2))</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<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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<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:12pt;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 of the Company on October&nbsp;14, 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional/Updated
FAQs as of October&nbsp;14 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What assumptions about the growth of our business does this new capital structure assume? Are we going on a hiring spree
and dropping the bar on capability or culture as a result?</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Many of you will remember that at our investor day in late 2024, we first shared our
long-term, through-cycle organic growth and margin targets for the business. The blended growth rate we shared was in the <FONT STYLE="white-space:nowrap">5-8%</FONT> range for the whole business. As to the underlying assumptions for those targets:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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">The biggest assumption by far is executive wage inflation, since almost 90% of our revenue is priced off this
variable.&nbsp;(And it is worth noting that this has compounded at about 3.5% across time, and a little faster of late for the types of roles our clients come to us to support).</P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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">We also assumed that Heidrick Consulting (HC) and <FONT STYLE="white-space:nowrap">On-Demand</FONT> Talent (ODT)
would get to the lower end of &#8216;normal&#8217; profit ranges over time, and that we would pick up some leverage from corporate expense and R&amp;D as we grew. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For simple rounding purposes, let&#8217;s assume a 7% growth rate. Let&#8217;s also assume 4% wage inflation, and 4% p.a. HC pricing increases to cover our
own costs.&nbsp;This leaves about 3% growth of our existing consultant population (a number we already report quarterly) &#8211; to be achieved through new consultant promotions, some external hiring and (ideally) some productivity pickup. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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">This requires us to do an exceptional job retaining top performers and engaging, retaining and developing our
next generation. We know firsthand that the highest impact future consultants are already here in the AEM and principal ranks.</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To be
blunt, if that&#8217;s all we accomplish, we should be a little disappointed, given our now even more attractive value proposition, hugely upgraded development paths and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">off-the-charts</FONT></FONT> quality of our global AEM population. But it does give you some sense how focused we are on keeping the bar high and growing at a very achievable
sustainable rate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Are we going to have to significantly cut costs as a result of going private?</B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The short answer is no.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The longer answer is reflected in the
targets we publicly discussed during our investor day in late 2024. Those targets contemplated a few hundred basis points of margin expansion from just getting HC and ODT to &#8220;normal&#8221; profit for these types of businesses, and a modest
pickup from leverage in corporate expenses and R&amp;D. We think we will pick up roughly another 100 bps of EBITDA margin through a reduction of services and technology costs as a result of being private and having access to better terms and
procurement by being on a new (consolidated) purchasing platform. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our new investor partners will be tightly focused on engaging our talent, so this work
will not come at the cost of additional bureaucracy or operating constraints.</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 will be focused on the outcomes we create and will expect us to generate those outcomes in ways that serve us best.
Therefore, you can expect much to stay the same. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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>: Equity-based ownership in the firm will be a new feature for many colleagues &#8211; and a future
opportunity for many more. Beyond that there is no plan to change anyone&#8217;s cash compensation opportunities. In fact, the merger agreement stipulates that for the eighteen months following the consummation of the transaction cash compensation
opportunities will be maintained at current levels and there will be no negative changes to cash compensation opportunities.&nbsp;That being said, we will keep tweaking and evolving our programs so that we can remain highly competitive to attract
the top talent we need to grow and to ensure that our culture remains focused on great client outcomes. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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>Reviews</B>: We will keep the same process and timelines. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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>Promotions</B>: While the transaction itself will not change processes or timelines &#8211; we hope that the
major changes we are making to our learning and development strategy will accelerate impact and career progression. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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>Flexible Work Policy</B>: Our current flexible work policies will not change. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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>PTO</B>: We have no plans to change our PTO policies and you can take your 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, HC, and ODT Partners, as well as key leaders from corporate and operational areas, will be
eligible to receive, based on firm and client impact, equity-based awards under the new equity-based compensation program. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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">The new equity-based compensation program will replace equity incentive opportunities that were available when we
were a public company under our current equity plan. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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">The equity-based awards under the new equity-based compensation program will be in addition to our existing cash
compensation plans, which are not changing (<I>as discussed in the FAQ above</I>). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is worth noting that 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>
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 <P STYLE="margin-top:0pt; 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 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>
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 <P STYLE="margin-top:0pt; 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>
<P STYLE="margin-top:18pt; 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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