<SEC-DOCUMENT>0000921895-18-001031.txt : 20180320
<SEC-HEADER>0000921895-18-001031.hdr.sgml : 20180320
<ACCEPTANCE-DATETIME>20180320160029
ACCESSION NUMBER:		0000921895-18-001031
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180320
DATE AS OF CHANGE:		20180320
EFFECTIVENESS DATE:		20180320

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACACIA RESEARCH CORP
		CENTRAL INDEX KEY:			0000934549
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				954405754
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37721
		FILM NUMBER:		18701879

	BUSINESS ADDRESS:	
		STREET 1:		520 NEWPORT CENTER DRIVE
		STREET 2:		12TH FLOOR
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		9494808300

	MAIL ADDRESS:	
		STREET 1:		520 NEWPORT CENTER DRIVE
		STREET 2:		12TH FLOOR
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Radoff Bradley Louis
		CENTRAL INDEX KEY:			0001380585

	FILING VALUES:
		FORM TYPE:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		1177 WEST LOOP SOUTH
		STREET 2:		SUITE 1625
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a11407003_03202018.htm
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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



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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Soliciting Material Under Rule 14a-12</TD></TR></TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ACACIA RESEARCH CORPORATION</P>



</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified in Its Charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIDUS DOUBLE ALPHA FUND, L.P.</P>

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

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

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

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

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

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

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

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

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

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

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

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



</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

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

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

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



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

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

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



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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Total fee paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

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

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of
its filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Amount previously paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filing Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Date Filed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Sidus Investment Management,
LLC and BLR Partners LP, together with the other participants named herein (collectively, &ldquo;Sidus&rdquo;), intend to make
a preliminary filing with the Securities and Exchange Commission of a proxy statement and accompanying proxy card to be used to
solicit votes for the election of Sidus&rsquo; slate of highly qualified director nominees to the Board of Directors of Acacia
Research Corporation, a Delaware corporation (the &ldquo;Company&rdquo;), at the Company&rsquo;s upcoming 2018 annual meeting of
stockholders, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or
continuations thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On March 20, 2018,
Sidus issued the following press release:</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>SIDUS
Investment Management AND BLR Partners ISSUE LETTER TO STOCKHOLDERS OF Acacia Research Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><I>Troubled by Destruction
of Value and Change in Strategic Direction Under Current Leadership </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><I>Announce Nomination
of Clifford Press and Alfred V. Tobia Jr. for Election at Upcoming 2018 Annual Meeting</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">NEW YORK, NY, March
20, 2018 &ndash; Sidus Investment Management, LLC and BLR Partners LP (together, &ldquo;Sidus,&rdquo; &ldquo;we&rdquo; or &ldquo;us&rdquo;),
collectively one of the largest stockholders of Acacia Research Corporation (&ldquo;Acacia&rdquo; or the &ldquo;Company&rdquo;)
(NASDAQ:ACTG), with aggregate ownership of approximately 4.1% of the Company&rsquo;s outstanding shares, today issued a letter
to Acacia&rsquo;s stockholders. In the letter, Sidus confirmed that it has formally nominated two independent, highly-qualified
candidates, Clifford Press and Alfred V. Tobia Jr., for election to the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;)
at the Company&rsquo;s upcoming 2018 annual meeting of stockholders (the &ldquo;2018 Annual Meeting&rdquo;). The full text of the
letter follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0in">March 20, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Dear Fellow Acacia
Stockholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">We collectively beneficially
own approximately 4.1% of the outstanding shares of Acacia, making us one of the Company&rsquo;s largest stockholders. We have
repeatedly attempted to privately address our concerns with the Company in a constructive manner. Unfortunately, the incumbent
Board and management team have elected to ignore us (and other stockholders as demonstrated by the termination of the Q&amp;A portion
of the Company&rsquo;s conference calls and failure to participate in broker-sponsored research conferences or non-deal road shows),
leaving us little choice but to nominate a competing slate of director candidates for election at the upcoming 2018 Annual Meeting.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our concerns with Acacia&rsquo;s governance
and strategic direction have coincided with the appointment of Louis Graziadio as Executive Chairman of the Board on August 1,
2016 and the subsequent shift in Acacia&rsquo;s business model. In fact, since his appointment as Executive Chairman, Acacia&rsquo;s
stock price has declined by approximately 36% while the NASDAQ Composite Index has appreciated by approximately 30%.<FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>1</SUP></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">At the time of Mr. Graziadio&rsquo;s
appointment as Executive Chairman, the Company disclosed that he would &ldquo;not receive a salary for his service as Executive
Chairman&rdquo; other than what he would be entitled to as a director, and that Second Southern Corp. (&ldquo;Second Southern&rdquo;),
a company wholly owned by Mr. Graziadio and which he serves as President, would be entitled to certain payments as &ldquo;reimbursement&rdquo;
for its costs and expenses (including personnel, facilities and supplies) incurred in connection with Mr. Graziadio&rsquo;s performance
of his duties.<FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>2</SUP></FONT> We demand an accounting as to the costs and
expenses actually incurred by Second Southern. When reviewing the Company&rsquo;s proxy statement for the 2017 annual meeting of
stockholders, we were astonished to see that, despite not being an employee of the Company, Mr. Graziadio managed to obtain $2,417,426
in aggregate compensation for fiscal 2016, consisting of $375,000 paid to Second Southern, an option grant valued at $1,962,422
and a director fee of $80,004.</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>1</SUP></FONT> Calculated from August 1, 2016 to March 19, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>2</SUP></FONT> Acacia Form 8-K filed on August 5, 2016.</P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We are also concerned by the recent
appointment of James Sanders to the Board. Since October 1998, Mr. Sanders has served as secretary and general counsel of Boss
Holdings, Inc., a company of which Mr. Graziadio serves as Chairman and Chief Executive Officer. We question whether Mr. Sanders
is truly independent.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Furthermore, we are troubled that, following
Mr. Graziadio&rsquo;s appointment, the Company established an indirect subsidiary, AIP Operation LLC (&ldquo;AIP&rdquo;), to receive
contributions of corporate assets (without providing any consideration) and adopted a corresponding profits interest plan pursuant
to which an appreciation in these contributed assets provides additional compensation to certain of the Company&rsquo;s directors
and officers. For example, according to the Company&rsquo;s Form 10-K for fiscal 2017, the Company contributed the Veritone 10%
Warrant, which provides for the issuance of 809,400 shares of common stock of Veritone, Inc. (&ldquo;Veritone&rdquo;) at an exercise
price of $13.6088 per share, to AIP, and Acacia retains 60% of the membership interests in AIP with certain of its officers and
directors owning the remaining 40% through profits interests. We do not believe that it is appropriate for stockholders to take
the risk of loss on the capital invested while insiders receive such a significant percentage of the upside if it succeeds.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the compensation practices,
we are concerned about the new business model that the incumbent Board adopted under Mr. Graziadio&rsquo;s leadership, described
as &ldquo;an increased focus on partnering with high-growth and potentially disruptive technology opportunities which will include&hellip;
those in the areas of Artificial Intelligence (AI) and machine learning, machine vision, robotics and blockchain technologies.&rdquo;<FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>3</SUP></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on publicly available information,
it does not appear that either management or the Board of Acacia has any demonstrated record of success in technology investing
that gives us confidence in the Company&rsquo;s ability to execute this particular strategy. The Company&rsquo;s first foray into
this strategy saw Acacia commit nearly $54 million to an investment in Veritone &ndash; a cloud-based AI technology company. In
3Q17 Acacia reported an unrealized gain of $159 million on this investment, followed by an unrealized loss of $104 million in the
following quarter. Based on the price of Veritone stock today, Acacia has sustained a further unrealized loss of $31 million.<FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>4</SUP></FONT>
We are concerned that Acacia has such a high level of exposure to such a volatile stock, which has traded between $7.76 and $74.92
during the past year &ndash; especially because the Company entered into a lock-up agreement that prevented sales of Veritone stock
until February 15, 2018 and continues to be subject to Rule 144 volume limitations that inhibit Acacia&rsquo;s ability to liquidate
its position.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Although Acacia has a classified Board
and only two directors are up for election at the 2018 Annual Meeting, we believe that stockholders have an opportunity to effect
meaningful change because Mr. Graziadio is one of the directors up for election at the 2018 Annual Meeting. We have been advised
that Acacia has notified Broadridge Financial Solutions of a <B><U>April 9<SUP>th</SUP> record date</U></B> and a <B><U>June 7<SUP>th</SUP>
meeting date</U></B> for the 2018 Annual Meeting. It is crucial that stockholders take whatever steps may be needed with their
custodial banks and brokerage firms to ensure that they have the ability to vote their shares at the 2018 Annual Meeting.</P>

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Clifford Press</B> is a Managing
Member of Oliver Press Partners, LLC, an investment advisory firm. He previously served as a General Partner of Hyde Park Holdings,
Inc., a private equity investment firm that he co-founded. Mr. Press currently serves as a director of several public companies
including Stewart Information Services Corporation, Quantum Corporation and Drive Shack, Inc. He also previously served as a director
of public companies Coherent Inc. and SeaBright Holdings, Inc. We believe that Mr. Press&rsquo;s financial expertise and over 25
years of experience investing in a broad range of public and private companies, together with his governance oriented public company
board experience, makes him well qualified to serve on the Board.</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>3</SUP></FONT> Acacia press release dated February 13, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>4</SUP></FONT> Calculated as of March 19, 2018.</P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Alfred V. Tobia Jr.</B> is a Managing
Member of Sidus Investment Management, LLC, an investment firm he co-founded, and has been a technology investor for the past 16
years. He previously served as Senior Managing Director and Supervisory Analyst at Banc of America Securities LLC (formerly Montgomery
Securities). He also was a Senior Analyst at Wertheim Schroeder &amp; Co., where he was twice named to the Wall Street Journal&rsquo;s
Analyst All-Star team for stock selection. Mr. Tobia currently serves as a director of Harte Hanks, Inc. We believe Mr. Tobia&rsquo;s
expertise in corporate finance, strategic planning and the capital and credit markets, coupled with his executive experience through
the management of an investment fund, well qualifies him to serve on the Board.</P>

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

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">We strongly believe that the Company&rsquo;s
stockholders will benefit from the addition of Messrs. Press and Tobia to the Board and we look forward to providing stockholders
with an alternative to the status quo at the upcoming 2018 Annual Meeting.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">Regards,</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Alfred V. Tobia Jr.</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Sidus Investment Management LLC</P></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/107% Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Bradley L. Radoff</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">BLR Partners LP</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Contacts</B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(212) 277-5635</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Alfred V. Tobia Jr.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(212) 751-6644</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>CERTAIN INFORMATION CONCERNING
THE PARTICIPANTS</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Sidus Investment Management, LLC,
together with the other participants named herein (collectively, &quot;Sidus&quot;), intends to file a preliminary proxy statement
and accompanying proxy card with the Securities and Exchange Commission (&quot;SEC&quot;) to be used to solicit votes for the election
of its slate of director nominees at the 2018 annual meeting of stockholders of Acacia Research Corporation, a Delaware corporation
(the &quot;Company&quot;).</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">SIDUS STRONGLY ADVISES ALL STOCKHOLDERS
OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE
PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.
REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The participants in the proxy solicitation
are anticipated to be Sidus Investment Partners, L.P. (&ldquo;Sidus Partners&rdquo;), Sidus Double Alpha Fund, L.P. (&ldquo;Sidus
Double Alpha&rdquo;), Sidus Double Alpha, Ltd. (&ldquo;Sidus Double Alpha Offshore&rdquo;), Sidus Advisors, LLC (&ldquo;Sidus Advisors&rdquo;),
Sidus Investment Management, LLC (&ldquo;Sidus Management&rdquo;), Michael J. Barone, Alfred V. Tobia Jr., BLR Partners LP (&ldquo;BLR
Partners&rdquo;), BLRPart, LP (&ldquo;BLRPart GP&rdquo;), BLRGP Inc. (&ldquo;BLRGP&rdquo;), Fondren Management, LP (&ldquo;Fondren
Management&rdquo;), FMLP Inc. (&ldquo;FMLP&rdquo;), Bradley L. Radoff and Clifford Press.</P>

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

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">As of the date hereof, Sidus
Partners directly beneficially owns 167,448 shares of common stock, par value $0.001 per share (the &ldquo;Common Stock&rdquo;),
of the Company. As of the date hereof, Sidus Double Alpha directly beneficially owns 458,461 shares of Common Stock. As of the
date hereof, Sidus Double Alpha Offshore directly beneficially owns 209,967 shares of Common Stock. As of the date hereof, 194,124
shares of Common Stock were held in an account to which Sidus Management serves as the sub-advisor (the &ldquo;Managed Account&rdquo;).
Sidus Advisors, as the general partner of each of Sidus Partners and Sidus Double Alpha, may be deemed to beneficially own the
(i) 167,448 shares of Common Stock owned directly by Sidus Partners and (ii) 458,461 shares of Common Stock owned directly by
Sidus Double Alpha. Sidus Management, as the investment manager of each of Sidus Partners, Sidus Double Alpha and Sidus Double
Alpha Offshore, and as the sub-advisor of the Managed Account, may be deemed to beneficially own the (i) 167,448 shares of Common
Stock owned directly by Sidus Partners, (ii) 458,461 shares of Common Stock owned directly by Sidus Double Alpha, (iii) 209,967
shares of Common Stock owned directly by Sidus Double Alpha Offshore and (iv) 194,124 shares of Common Stock held in the Managed
Account. Each of Messrs. Barone and Tobia, as a Managing Member of Sidus Management, may be deemed to beneficially own the (i)
167,448 shares of Common Stock owned directly by Sidus Partners, (ii) 458,461 shares of Common Stock owned directly by Sidus Double
Alpha, (iii) 209,967 shares of Common Stock owned directly by Sidus Double Alpha Offshore and (iv) 194,124 shares of Common Stock
held in the Managed Account. As of the date hereof, BLR Partners directly beneficially owns 1,046,000 shares of Common Stock.
BLRPart GP, as the general partner of BLR Partners, may be deemed to beneficially own the 1,046,000 shares of Common Stock owned
directly by BLR Partners. BLRGP, as the general partner of BLRPart GP, may be deemed to beneficially own the 1,046,000 shares
of Common Stock owned directly by BLR Partners. Fondren Management, as the investment manager of BLR Partners, may be deemed to
beneficially own the 1,046,000 shares of Common Stock owned directly by BLR Partners. FMLP, as the general partner of Fondren
Management, may be deemed to beneficially own the 1,046,000 shares of Common Stock owned directly by BLR Partners. Mr. Radoff,
as the sole shareholder and sole director of each of BLRGP and FMLP, may be deemed to beneficially own the 1,046,000 shares of
Common Stock owned directly by BLR Partners. As of the date hereof, Mr. Press does not beneficially own any shares of Common Stock.</P>

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