<SEC-DOCUMENT>0001683168-20-002061.txt : 20200625
<SEC-HEADER>0001683168-20-002061.hdr.sgml : 20200625
<ACCEPTANCE-DATETIME>20200625161014
ACCESSION NUMBER:		0001683168-20-002061
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200619
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200625
DATE AS OF CHANGE:		20200625

FILER:

	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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37721
		FILM NUMBER:		20989363

	BUSINESS ADDRESS:	
		STREET 1:		4 PARK PLAZA
		STREET 2:		SUITE 550
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92614
		BUSINESS PHONE:		9494808300

	MAIL ADDRESS:	
		STREET 1:		4 PARK PLAZA
		STREET 2:		SUITE 550
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92614
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>acacia_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
<B>June 25, 2020 (June 19, 2020) </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ACACIA RESEARCH CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>001-37721</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>95-4405754</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 75%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4 Park Plaza, Suite 550</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Irvine, California</B></P></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>92614</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&rsquo;s telephone number, including area code:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(949)
480-8300</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former name or former address, if changed
since last report.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<U>see</U> General Instruction
A.2. below):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;</P></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, $0.001 par value per share</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">ACTG</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">The NASDAQ Stock Market, LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the re<FONT STYLE="color: Black">gistrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter). &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.02. Departure of Directors or Principal Officers;
Election of Directors; Appointment of Principal Officers</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On June 19, 2020,
Acacia Research Group (&ldquo;ARG&rdquo;), the primary operating subsidiary of Acacia Research Corporation (the &ldquo;Company&rdquo;),
entered into an Employment Agreement (the &ldquo;Amended Employment Agreement&rdquo;) with Marc W. Booth, the Company&rsquo;s Chief
Intellectual Property Officer. The Amended Employment Agreement amends and restates in its entirety Mr. Booth&rsquo;s prior Employment
Agreement with ARG, dated August 8, 2018 and amended July 9, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Pursuant to the
terms of the Amended Employment Agreement, Mr. Booth will (i) receive an annual salary of $425,000 and (ii) be eligible to receive
an annual bonus in an amount ranging from 25-75% of his annual salary, to be determined by the Board of Directors of the Company
(the &ldquo;Board&rdquo;) in accordance with annual performance objectives established by the Board on an annual basis. Either
ARG or Mr. Booth may terminate his employment upon 30 days&rsquo; written notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The foregoing
description of the Amended Employment Agreement does not purport to be complete and is subject to and qualified in its entirety
by reference to the full and complete text of the Amended Employment Agreement, which is filed hereto as Exhibit 10.1.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01. Financial Statements and Exhibits</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(d) Exhibits</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="acacia_ex1001.htm">Employment Agreement, dated June 19, 2020, by and between Acacia Research Group, LLC and Marc W. Booth.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">ACACIA RESEARCH CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">Date: June 25, 2020</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 45%"><U>/s/ Clifford Press&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Chief Executive Officer</TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>acacia_ex1001.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
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<P STYLE="margin: 0">Exhibit 10.1</P>

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

<P STYLE="margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">THIS EMPLOYMENT
AGREEMENT (the &ldquo;<B>Agreement</B>&rdquo;), dated June 19, 2020, is entered into by and between Acacia Research Group LLC,
a Texas limited liability company (the &ldquo;<B>Company</B>&rdquo;), and Marc Booth (&ldquo;<B>Executive</B>&rdquo;), on the following
terms and conditions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Company and Executive desire to enter into this Agreement, subject to the terms and conditions as set forth below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW,
THEREFORE</B>, in consideration of the foregoing and the mutual covenants set forth herein, the Company and Executive, intending
to be legally bound, hereby agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Definitions</B>.
For purposes of this Agreement, the following terms shall have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">a.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>ARC</B>&rdquo; shall mean Acacia Research Corporation, a Delaware corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">b.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Board</B>&rdquo; shall mean the Board of Directors of ARC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Position and Responsibilities</B>. Executive
shall be employed and serve as Chief IP Officer of the Company. Executive agrees that, at all times during his employment hereunder,
Executive shall be subject to and comply with the Company&rsquo;s personnel rules, policies and procedures, including but not
limited to ARC&rsquo;s and the Company&rsquo;s Insider Trading Policy (attached hereto as <U>Exhibit A</U>), Sexual Harassment
Policy (attached hereto as <U>Exhibit B</U>), Executive Handbook (which has been provided to Executive) and Executive Officer
Stock Ownership Guidelines (attached hereto as <U>Exhibit C</U>), in each case, as may be modified from time to time. Executive
shall devote his full working time and efforts to the Company&rsquo;s business to the exclusion of all other employment or active
participation in other business interests, unless otherwise consented to in writing by the Company. This shall not preclude Executive
from (a) devoting time to personal and family endeavors or investments, (b) serving on community and civic boards, (c) participating
in industry or trade associations, or (d) serving on a board of a public or private company that does not directly compete with
the Company; <U>provided</U>, that (x) such activities do not materially interfere with Executive&rsquo;s duties to the Company
or create a conflict of interest, and (y) the Board shall approve Executive&rsquo;s service on any board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Employment</B>. Executive&rsquo;s employment
with the Company may be terminated by the Company or Executive upon thirty (30) days&rsquo; written notice to the other party,
for any reason. This arrangement may not be changed during Executive&rsquo;s employment, unless agreed to in writing by the Compensation
Committee of the Board (the &ldquo;<B>Compensation Committee</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Compensation</B>. For all services rendered
by Executive pursuant to this Agreement, the Company shall pay Executive, subject to his adherence to all of the terms of this
Agreement, and Executive shall accept as full compensation hereunder, the following:</P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Salary</U>.
The Company shall pay Executive an annual salary (the &ldquo;<B>Base Salary</B>&rdquo;) of $425,000. The Base Salary shall be
subject to all appropriate federal and state withholding taxes and shall be payable bi-weekly, in accordance with the normal payroll
procedures of the Company. The Base Salary shall be subject to an annual review by the Compensation Committee and, without limiting
the generality of the foregoing, it is expressly contemplated that the Base Salary shall be reduced as Executive participates
in any capital interest or similar plan or program adopted by the Company or its affiliates. In the event of an adjustment to
the Base Salary, the term &ldquo;<B>Base Salary</B>&rdquo; shall refer to the adjusted amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1in">b.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Annual Bonus</U>. Executive shall be eligible for annual cash incentive compensation (the &ldquo;<B>Annual Bonus</B>&rdquo;)
ranging from 25-75% of Base Salary as shall be determined by the Board in accordance with annual performance objectives established
by the Board on an annual basis. The Annual Bonus, if any, shall be paid to Executive in the same manner and at the same time that
other senior-level executives of the Company receive their annual bonus awards, as determined by the Board or the Compensation
Committee. In order to be eligible for an Annual Bonus, Executive must be in good standing with the Company. The Annual Bonus shall
be subject to all appropriate federal and state withholding taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1in">c.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Benefits and Perquisites</U>. The Company shall make benefits available to Executive, including, but not limited to,
vacation and holidays, sick leave, health insurance, and the like, to the extent and on the terms made available to other similarly
situated employees of the Company. This provision does not alter the Company&rsquo;s right to modify or eliminate any employee
benefit and does not guarantee the continuation of any kind or level of benefits. All such benefits shall cease upon the termination
of Executive&rsquo;s employment under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1in">d.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expenses; Travel</U>. The Company shall reimburse Executive for all reasonable out-of-pocket business and travel expenses
incurred in connection with the performance of Executive&rsquo;s duties or professional activities on behalf of the Company in
accordance with the Company&rsquo;s reimbursement policies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Confidentiality</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1.05in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Confidential
Information</U>. The Company and Executive recognize that Executive will acquire certain confidential and proprietary
information relating to the Company&rsquo;s business and the business of the Company&rsquo;s affiliates. Such confidential
and proprietary information is information that derives independent economic value, actual or potential, from not being
generally known to the public or to other persons who can obtain economic value from its disclosure or use, and is the
subject of efforts that are reasonable under the circumstances to maintain its secrecy (&ldquo;<B>Confidential
Information</B>&rdquo;). Confidential Information may include, without limitation, the following: business plans,
projections, planning and strategies, marketing plans, materials, pricing, programs and related data, product information,
services, budgets, acquisition plans, the names or addresses of any employees, independent contractors or customers,
licensing strategy, statistical data, financial information or arrangements, manuals, forms, techniques, know-how, trade
secrets, software, any method or procedure of the Company&rsquo;s business, whether developed by the Company or developed, or
contributed to, by Executive during the course of Executive&rsquo;s employment, or made available to Executive by the Company
or any of the Company&rsquo;s affiliates in the course of Executive&rsquo;s employment, or any market development, research
or expansion projects, business systems and procedures and other confidential business and proprietary information.
Confidential Information may be contained in written materials, verbal communications, the unwritten knowledge of employees,
or any other tangible medium, such as tape, computer, or other means of electronic storage of information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1.05in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Obligation
of Confidentiality</U>. Executive acknowledges and agrees that all of the Confidential Information constitutes special, unique
and valuable assets of the Company and trade secrets, the disclosure of which would cause irreparable harm and substantial loss
to the Company and its affiliates. In view of the foregoing, Executive agrees that at no time will Executive, directly or indirectly,
and whether during or after his or her employment with the Company, use, reveal, disclose or make known any Confidential Information
without specific written authorization from or written direction by the Company. Executive further agrees that, immediately upon
termination or expiration of his or her employment for any reason whatsoever, or at any time upon request by the Company, Executive
will return to the Company all Confidential Information. Notwithstanding the foregoing, any restriction on Executive&rsquo;s use,
disclosure, or conveyance of Confidential Information shall not apply to (i) any Confidential Information that enters the public
domain through no fault of Executive&rsquo;s or any person affiliated with Executive; (ii) any Confidential Information that Executive
is required to disclose pursuant to applicable law or legal process, an order of a court of competent jurisdiction or a government
agency having appropriate authority, solely to the extent necessary to comply with such order; and (iii) any use or disclosure,
during the course of Executive&rsquo;s service with the Company of Confidential Information made necessary by the proper conduct
of the business of the Company and consistent with the instructions of the Company. Nothing herein shall prohibit Executive from
providing information in connection with: (a) any disclosure of information required by law or legal process; (b) reporting possible
violations of federal or state law or regulation to any governmental agency, commission or entity or self-regulatory organization
(collectively &ldquo;Government Agencies&rdquo;) (c) filing a charge or complaint with Government Agencies; (d) making disclosures
that are protected under the whistleblower provisions of federal or state law or regulation (collectively the &ldquo;Whistleblower
Statutes&rdquo;); or (e) from responding to any inquiry from, or assisting in any inquiry, investigation or proceeding brought
by Government Agencies in connection with (a) through (e).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.55in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Intellectual
Property</B>. Executive agrees that any and all discoveries, concepts, ideas, inventions, writings, plans, articles, devices,
products, designs, treatments, structures, processes, methods, formulae, techniques and drawings, and improvements or
modifications related to the foregoing that are in any way related to the Company&rsquo;s patent portfolios or any other
intellectual property owned by the Company or its affiliates, whether patentable, copyrightable or not, which are made,
developed, created, contributed to, reduced to practice, or conceived by Executive, whether solely or jointly with others, in
connection with Executive&rsquo;s employment with the Company (collectively, the &ldquo;<B>Intellectual Property</B>&rdquo;)
shall be and remain the exclusive property of the Company, and, to the extent applicable, a &ldquo;work made for hire,&rdquo;
and the Company shall own all rights, title and interests thereto, including, without limitation, all rights under copyright,
patent, trademark, statutory, common law and/or otherwise. By Executive&rsquo;s execution of this Agreement, Executive hereby
irrevocably and unconditionally assigns to the Company all right, title and interest in any such Intellectual Property.
Executive further agrees to take all such steps and all further action as the Company may reasonably request to effectuate
the foregoing, including, without limitation, the execution and delivery of such documents and applications as the Company
may reasonably request to secure the rights to Intellectual Property worldwide by patent, copyright or otherwise to the
Company or its successors and assigns. Executive further agrees promptly and fully to disclose any Intellectual Property to
the officers of the Company and to deliver to such officers all papers, drawings, models, data and other material
(collectively, the &ldquo;<B>Material</B>&rdquo;) relating to any Intellectual Property made, reduced to practice, developed,
created or contributed to by Executive and, upon termination, or expiration of his or her employment with the Company, to
turn over to the Company all such Material. Any intellectual property which was developed by Executive prior to
Executive&rsquo;s first date of employment with the Company, or which is developed by Executive during or after the
termination of this Agreement and is not in any way related to any of the Company&rsquo;s or any of its affiliates&rsquo;
intellectual property, shall be owned by Executive.</P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Covenants</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Exclusive
Service; Non-Solicitation</U>. During the term of Executive&rsquo;s employment, Executive agrees not to perform services for any
other entity, group or individual if such service would be in conflict with or interfere in any way with the Company&rsquo;s business
interests (as reasonably determined by the Company). During the term of Executive&rsquo;s employment and for a period of eighteen
(18) months after termination of Executive&rsquo;s employment for any reason, Executive shall not (a) solicit for employment and
then employ any employee of the Company or any of its affiliates or any person who is an independent contractor involved with
the Company or any of its affiliates (or any person who was during the prior six months an employee or independent contractor
of the Company or any of its affiliates), (b) pursue or otherwise solicit any Customer or Investment Opportunity of the Company
or any of its affiliates, or (c) induce, attempt to induce or knowingly encourage any Customer or Investment Opportunity of the
Company or any of its affiliates to divert any business or income from the Company or any of its affiliates or to stop or alter
the manner in which they are then doing business with the Company or any of its affiliates. In addition, in the event of the termination
of Executive&rsquo;s employment for any reason, Executive, for a period of two years following Executive&rsquo;s termination of
employment for any reason, will not serve as a director, officer, employee or consultant to any public company engaged in the
business of acting as a patent assertion entity (&ldquo;PAE&rdquo;); provided that (i) Executive may be employed by or provide
services to an affiliated group that has a business unit that acts as a PAE, which business unit comprises no more than fifteen
percent (15%) of such affiliated group&rsquo;s overall business as measured by revenue, provided that Executive does not provide
any direct services to the business unit (for the avoidance of doubt, it shall not be a violation of this Agreement for Executive
to render services to a different business unit or to serve the parent of such business unit), and comply with Executive&rsquo;s
obligations with respect to the Company&rsquo;s Confidential Information and (ii) Executive may become employed by or provide
services to any private equity fund, hedge fund, or other similar investment vehicle that invests in or holds a position in a
public entity that acts as a PAE, provided that Executive&rsquo;s services to such investment vehicle or its managers or advisors
do not involve investment or management decisions with respect to any of such investment vehicle&rsquo;s public portfolio companies
engaged as PAEs and Executive does not use any of the Company&rsquo;s Confidential Information. The term &ldquo;<B>Customer</B>&rdquo;
shall mean any individual or business firm that was or is a customer or client of, or one that was or is a party in an investor
agreement with, or whose business was actively solicited by, the Company or any of its affiliates at any time, regardless of whether
such customer was generated, in whole or in part, by Executive&rsquo;s efforts. The term &ldquo;<B>Investment Opportunity</B>&rdquo;
means any opportunity in which the Company or any of its affiliates or subsidiaries at any time sought to invest, regardless of
whether such opportunity was generated, in whole or in part, by Executive&rsquo;s efforts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1in">b.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Return of the Company&rsquo;s Property</U>. Upon the termination of Executive&rsquo;s employment in any manner, Executive
shall immediately surrender to the Company all lists, books and records of, or in connection with, the Company&rsquo;s business,
and all other property belonging to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1in">c.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cooperation</U>. During the term of this Agreement and thereafter, Executive agrees to cooperate with the Company and
its affiliates, agents, accountants and attorneys concerning any matter with which Executive was involved during Executive&rsquo;s
employment. Such cooperation shall include, but not be limited to, providing information to, meeting with and reviewing documents
provided by the Company and its affiliates, agents, accountants and attorneys during normal business hours or other mutually agreeable
hours upon reasonable notice and being available for depositions and hearings, if necessary and upon reasonable notice. If Executive&rsquo;s
cooperation is required after the termination of Executive&rsquo;s employment, the Company shall reimburse Executive for any reasonable
out of pocket expenses incurred in performing Executive&rsquo;s obligations hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1in">d.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Disparagement</U>. During the term of this Agreement and thereafter, Executive shall not make any statements (whether
written, electronic or oral) that disparage, denigrate, malign or criticize the Company or any of its affiliates, businesses,
products, directors, officers or employees. Notwithstanding the foregoing, in no event shall the provisions of this Section 7(d)
prohibit Executive from making truthful statements to the extent required by law or legal process.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General
Provisions</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in">a.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. The rights of the Company under this Agreement may, without the consent of Executive, be
assigned by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity that
at any time, whether by purchase, merger or otherwise, directly or indirectly, acquires all or substantially all of the assets
or business of the Company. The Company will require any successor (whether direct or indirect, by purchase, merger or otherwise)
to all or substantially all of the business or assets of the Company expressly to assume and to agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place;
<U>provided</U>, <U>however</U>, that no such assumption shall relieve the Company of its obligations hereunder. As used in this
Agreement, the &ldquo;<B>Company</B>&rdquo; shall mean the Company as hereinbefore defined and any successor to its business and/or
assets as aforesaid that assumes and agrees to perform this Agreement by operation of law or otherwise. Executive shall not be
entitled to assign any of Executive&rsquo;s rights or obligations under this Agreement. This Agreement shall inure to the benefit
of and be enforceable by Executive&rsquo;s personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If Executive should die while any amount is at such time payable to Executive hereunder, all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Executive&rsquo;s devisee, legatee,
or other designee or, if there be no such designee, to Executive&rsquo;s estate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in">b.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Remedies</U>.
Each of the parties to this Agreement will be entitled to enforce its rights under this Agreement specifically, to recover
damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in its favor.
The parties agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this
Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction for
injunctive relief without the need for an undertaking in order to enforce or prevent any violations of the provisions of this
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1in">c.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability and Reformation</U>. The parties intend all provisions of this Agreement to be enforced to the fullest extent
permitted by law. If, however, any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or
future law, such provision shall be fully severable, and this Agreement shall be construed and enforced as if such illegal, invalid,
or unenforceable provision were never a part hereof and the remaining provisions shall remain in full force and effect. Moreover,
any provision so affected shall be limited only to the extent necessary to bring the Agreement within the applicable requirements
of law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1in">d.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law and Venue</U>. This Agreement is to be governed by and construed in accordance with the laws of the State
of New York applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws
principles thereof. Any suit brought and any and all legal proceedings to enforce this Agreement whether in contract, tort, equity
or otherwise, shall be brought in the state or federal courts sitting in Manhattan, New York, the parties hereto hereby waiving
any claim or defense that such forum is not convenient.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1in">e.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Arbitration of Disputes</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1.5in"><I>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Agreement to Arbitrate</I>. The parties hereby agree that any and all disputes, claims or controversies arising out of or
relating to this Agreement, the employment relationship between the parties, or the termination of the employment relationship,
that are not resolved by their mutual agreement shall be resolved by final and binding arbitration by a neutral arbitrator. This
agreement to arbitrate includes any claims that the Company may have against Executive, or that Executive may have against the
Company and any of its affiliates or its or their officers, directors, employees, agents and representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1.5in"><I>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Covered Claims</I>. The claims covered by this agreement to arbitrate include, but are not limited to, claims for: wrongful
termination; breach of any contract or covenant, express or implied; breach of any duty owed to Executive by the Company or to
the Company by Executive; personal, physical or emotional injury; fraud, misrepresentation, defamation, and any other tort claims;
wages or other compensation due; penalties; benefits; reimbursement of expenses; discrimination or harassment, including but not
limited to discrimination or harassment based on race, sex, color, pregnancy, religion, national origin, ancestry, age, marital
status, physical disability, mental disability, medical condition, or sexual orientation; retaliation; violation of any local,
state, or federal constitution, statute, ordinance or regulation (as originally enacted and as amended), including but not limited
to Title VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act of 1967, Americans With Disabilities Act, Fair
Labor Standards Act, Executive Retirement Income Security Act, Immigration Reform and Control Act, Consolidated Omnibus Budget
Reconciliation Act, Family and Medical Leave Act, California Fair Employment and Housing Act, California Family Rights Act, California
Labor Code, California Civil Code, and the California Wage Orders or similar laws of other states. This Agreement shall not apply
to any dispute if an agreement to arbitrate such dispute is prohibited by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1.5in"><I>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Arbitration Process</I>. The Parties further agree that any arbitration shall be conducted before one neutral arbitrator
selected by the parties and shall be conducted under the Employment Arbitration Rules of the American Arbitration Association (&ldquo;<B>AAA
Rules</B>&rdquo;) then in effect. Executive may obtain a copy of the AAA Rules by accessing the AAA website at <FONT STYLE="color: blue">www.adr.org</FONT>,
or by requesting a copy from the President of the Board. By signing this Agreement, Executive acknowledges that he or she has had
an opportunity to review the AAA Rules before signing this Agreement. The arbitration shall take place in Manhattan, New York.
The arbitrator shall have the authority to order such discovery by way of deposition, interrogatory, document production, or otherwise,
as the arbitrator considers necessary to a full and fair exploration of the issues in dispute, consistent with the expedited nature
of arbitration. The arbitrator is authorized to award any remedy or relief available under applicable law that the arbitrator deems
just and equitable, including any remedy or relief that would have been available to the parties had the matter been heard in a
court. Nothing in this Agreement shall prohibit or limit the parties from seeking provisional remedies under California Code of
Civil Procedure section 1281.8 or similar state and local laws, including, but not limited to, injunctive relief from a court of
competent jurisdiction. The arbitrator shall have the authority to provide for the award of attorney&rsquo;s fees and costs if
such award is separately authorized by applicable law. Executive shall not be required to pay any cost or expense of the arbitration
that he would not be required to pay if the matter had been heard in a court. The decision of the arbitrator shall be in writing
and shall provide the reasons for the award unless the parties agree otherwise. The arbitrator shall not have the power to commit
errors of law or legal reasoning and the award may be vacated or corrected on appeal to a court of competent jurisdiction for any
such error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1.5in"><I>(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Federal Arbitration Act</I>. This agreement to arbitrate shall be enforceable under and subject to the Federal Arbitration
Act, 9 U.S.C. Sections 1, et. seq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1in">f.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement, Amendment and Waiver</U>. This Agreement contains the entire understanding and agreement between the
parties, and supersedes any other agreement between the Company and Executive, whether oral or in writing, with respect to the
subject matter hereof. This Agreement may not be altered or amended, nor may any of its provisions be waived, except by a writing
signed by both parties hereto or, in the case of an asserted waiver, by the party against whom the waiver is sought to be enforced.
Waiver of any provision of this Agreement, or any breach thereof, shall not be deemed to be a waiver of any other provision or
any subsequent alleged breach of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1in"><B>g.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><U>Clawback, Stock Ownership and Holding Period Requirements.</U> Notwithstanding any other provision in this Agreement
to the contrary, Executive shall be subject to the written policies of the Company&rsquo;s Board of Directors applicable to Company
executives, relating to recoupment or &ldquo;clawback&rdquo; of incentive compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-align: justify; text-indent: 1in">h.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Survival
and Counterparts</U>. The provisions of Section 1 (Definitions), Section 5 (Confidentiality), Section 6 (Intellectual
Property), Section 7 (Covenants) and Section 8 (General Provisions) of this Agreement shall survive the termination of this
Agreement. This Agreement may be executed in counterparts, with the same effect as if both parties had signed the same
document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the
same instrument. This Agreement shall supersede any prior or other agreement governing the subject matter hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of Page Intentionally Left
Blank; Signature Page Follows</I>]</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first above written.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><B>Company</B>:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">ACACIA RESEARCH GROUP LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD></TR>                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><B>Executive:</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="padding-left: 10pt">&nbsp;</TD>
               <TD STYLE="text-align: left"><B>MARC BOOTH</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 95px; width: 210px">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Statement of Policies and Procedures<BR>
Governing Material Nonpublic Information and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Prevention of Insider Trading</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Updated: June 13, 2019</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>I.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Purpose of this Policy</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in">The purchase or sale of securities
while possessing material nonpublic (&ldquo;inside&rdquo;) information or the disclosure of inside information (&ldquo;tipping&rdquo;)
to others who may trade in such securities is sometimes referred to as &ldquo;insider trading&rdquo; and is prohibited by federal
and state securities laws. As an essential part of your work, you may have access to material nonpublic information about Acacia
Research Corporation and/or its subsidiaries (including information about other companies with which Acacia does, or may do, business).
When we refer in this Policy to &ldquo;Acacia&rdquo; or the &ldquo;Company,&rdquo; we are referring to Acacia Research Corporation
and all its subsidiaries and divisions worldwide.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in">This Insider Trading Policy (the
&ldquo;Policy&rdquo;) was adopted by Acacia Research Corporation&rsquo;s Board of Directors on February 1, 2019 to prevent illegal
insider trading and to avoid even the appearance of improper conduct on the part of any Company director, officer, employee or
contractor. This Policy is designed to protect and further the reputation of Acacia for integrity and ethical conduct. Remember,
however, the ultimate responsibility for complying with the securities laws, adhering to this Policy and avoiding improper transactions
rests with you. It is imperative that you use your best judgment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>II.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Penalties for Insider Trading</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in">The penalties for violating the
insider trading laws include imprisonment, disgorgement of profits gained or losses avoided, civil fines of up to three times the
profit gained or loss avoided, and criminal fines of up to $5.0 million for individuals and $25.0 million for entities. Individuals
and entities considered to be &ldquo;control persons&rdquo;<SUP>1</SUP> who knew or recklessly disregarded the fact that a &ldquo;controlled
person&rdquo; was likely to engage in insider trading may be civilly liable for the greater of (i) $1 million or (ii) three times
the amount of the profit gained or loss avoided. Under some circumstances, individuals who trade on inside information may also
be subjected to private civil lawsuits. Moreover, as the material nonpublic information of Acacia is the property of the Company,
trading on or tipping Acacia&rsquo;s confidential information could result in serious employment sanctions, including dismissal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt"><SUP>1</SUP> A &ldquo;control person&rdquo; is an
entity or person who directly or indirectly controls another person, and could include the Company, its directors and officers.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;  text-indent: 0.5in">You should be aware that
stock market surveillance techniques are becoming more sophisticated all the time, and the chance that federal authorities will
detect and prosecute even a small insider trading violation is a significant one.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-indent: 0.5in">Employees who violate this
Policy may be subject to disciplinary action by the Company, including dismissal for cause. Any exceptions to the Policy, if permitted,
may only be granted by the Compliance Officer and must be provided before any activity contrary to the above requirements takes
place.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt"><FONT STYLE="font-size: 10pt"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Scope
and Applicability</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><B>A.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Covered Persons. </B>This Policy applies to Acacia&rsquo;s Board of Directors and to <I>all </I>employees and contractors
within all of Acacia&rsquo;s operations worldwide. All persons covered by this Policy are referred to as &ldquo;Covered Persons.&rdquo;
This Policy also applies to family members and domestic partners who share a Covered Person&rsquo;s household, and any other individual
whom the Compliance Officer may designate as a Covered Person because he or she has access to material nonpublic information concerning
the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;  text-indent: 0.5in"><B>B.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Covered Securities and Transactions</B>. This Policy applies to all transactions in the Company&rsquo;s equity securities,
including common stock and any other type of securities that the Company may issue, such as preferred stock, notes, bonds, convertible
debentures and warrants, and exchange-traded options (including puts and calls) and other derivative securities. This Policy applies
to sales, purchases, gifts, exchanges, pledges, options, hedges, puts, calls and short sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.05in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">This Policy applies to all
investment decisions you make regarding Company securities. For example, if you have the power to direct the purchase or sale of
Company securities by virtue of your position as a director or officer of a corporation or non-profit organization, or as a trustee
of a trust or executor of an estate, then all transactions in Company securities on behalf of the corporation, organization, trust
or estate are covered by this Policy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">This Policy also applies
to trading in securities of another company if you learn material nonpublic information about that company in the course of your
employment or association with Acacia.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><B>C.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Delivery of the Policy; Certifications</B>. This policy will be delivered to all Covered Persons upon its adoption by the
Company, and to all new directors, employees and where appropriate, contractors, at the commencement of their employment or service
with the Company. Thereafter, the Policy shall be distributed annually. All Covered Persons must certify their understanding of,
and intent to comply with, this Policy and send the original to the Company&rsquo;s Legal Department. A copy of the certification
that all Covered Persons must sign is attached hereto as <B><U>Exhibit A</U></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in"><FONT STYLE="font-size: 10pt"><B>IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Definitions</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><B>A.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Insider Trading. </B>In general, &ldquo;insider trading&rdquo; occurs when a person purchases or sells a security while
in possession of inside information in breach of a duty of trust or confidence owed directly or indirectly to the issuer of the
security, the issuer&rsquo;s stockholders or the source of the information. &ldquo;Inside information&rdquo; is information which
is considered both &ldquo;material&rdquo; and &ldquo;nonpublic.&rdquo; Insider trading is a crime, and it is strictly prohibited
by this Policy.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;  text-indent: 0.5in"><B>B.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Materiality</B>. A fact is considered &ldquo;material&rdquo; if there is a substantial likelihood that a reasonable investor
would consider it important in making a decision to buy, hold or sell securities or if disclosure of the information would be
expected to significantly alter the total mix of the information in the marketplace about the issuer of the security. Material
information can be either good or bad and is not limited to financial information. While it is impossible to list all types of
information that might be deemed &ldquo;material&rdquo; under particular circumstances, information dealing with the following
subjects affecting the Company is generally considered to be material:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>projections of future earnings, losses or financial liquidity problems;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>anticipated or actual financial results of the Company for the quarter and/or year;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>news of a pending or proposed joint venture, merger, acquisition, tender offer,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 1.05in">divestiture, recapitalization, strategic alliance,
licensing arrangement or purchase or sales of substantial assets;</P>

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<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>news of a significant sale or disposition or write-downs of assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>new major contracts, strategic partners, suppliers, customers or loss thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change in debt ratings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in dividend policies or amounts, or the declaration of a stock split;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>offerings of additional securities or financing developments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in senior management;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>major changes in accounting methods or policies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>cybersecurity risks and incidents, including vulnerabilities and breaches;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>major personnel changes, labor disputes or negotiations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>significant litigation or government investigations or the resolution thereof.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;  text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT><B>Nonpublic
Information</B>. Information is &ldquo;nonpublic&rdquo; if it has not been widely disclosed to the general public through major
newswire services, national news services and financial news services, or through filings with the Securities &amp; Exchange Commission
(&ldquo;SEC&rdquo;). For purposes of this Policy, information will be considered public, <I>i.e.</I>, no longer &ldquo;nonpublic,&rdquo;
after the close of trading on the second full trading day following the Company&rsquo;s widespread release of the information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Nonpublic information may include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information available to a select group of analysts or brokers or institutional investors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">undisclosed facts that are the subject of rumors, even if the rumors are
widely circulated; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.1in">information that has been entrusted to the Company on a confidential basis until a public announcement
of the information has been made and enough time has elapsed for the market to respond to a public announcement of the information
(normally two trading days).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT><B>Tipping</B>.
&ldquo;Tipping&rdquo; is the disclosure of material nonpublic information concerning the Company or its securities to an outside
person. Providing insider information to anyone who thereafter trades on the basis of that information may subject both you (the
&ldquo;tipper&rdquo;) and the other person (the &ldquo;tippee&rdquo;) to insider trading liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"><FONT STYLE="font-size: 10pt"><B>V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Prohibited
Activities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prohibitions.
</B>Except for limited exceptions described below, the following activities are prohibited under this Policy:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>No Covered Person may purchase, sell, transfer or effectuate any other transaction in Company
securities while in possession of material nonpublic information concerning the Company or its securities. This prohibition includes
sales of shares received upon exercise of stock options or upon vesting of Restricted Stock Units and Awards, and shares held in
the Company&rsquo;s 401(k) plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>No Covered Person may &ldquo;tip&rdquo; or disclose material nonpublic information concerning
the Company or its securities to any outside person (including family members, affiliates, analysts, investors, members of the
investment community and news media). Should a Covered Person inadvertently disclose such information to an outsider, the Covered
Person must promptly inform the Compliance Officer regarding this disclosure. The Company will take steps necessary to preserve
the confidentiality of the information, including requiring the outsider to agree in writing to comply with the terms of this Policy
and/or sign a confidentiality agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>No Covered Person may purchase Company securities on margin, hold Company
securities in a margin account, or otherwise pledge Company securities as collateral for a loan because, in the event of a margin
call or default on the loan, the broker or lender could sell the shares at a time when the Covered Person is in possession of material
nonpublic information, resulting in liability for insider trading. In addition, pledging of securities by Covered Persons, including
margin arrangements, can be perceived to undermine the alignment of their interests and incentives with the long-term interests
of other stockholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>Short-term and speculative trading in Company securities, as well as hedging and other derivative
transactions involving Company securities, can create the appearance of impropriety and may become the subject of an SEC investigation,
particularly if the trading occurs before a major Company announcement or is followed by unusual activity or price changes in the
Company&rsquo;s stock. These types of transactions can also result in inadvertent violations of insider trading laws and/or liability
for short-swing profits under Section 16(b) of the Securities Exchange Act of 1934.<SUP>2</SUP> Therefore, it is the Company&rsquo;s
policy to prohibit the following activities, even if you are not in possession of material nonpublic information:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.55in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>No Covered Person may trade in any interest or position relating to the future price of Company
securities, such as put or call options or other derivatives, or short sale of Company securities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.55in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>No Covered Person may hedge Company securities. A &ldquo;hedge&rdquo; is a transaction designed
to offset or reduce the risk of a decline in the market value of an equity security, and can include, but is not limited to, prepaid
variable forward contracts, equity swaps, collars, and exchange funds.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.55in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Covered Persons may not trade in securities of the Company on an active
basis, including short term speculation.<SUP>2</SUP></TD></TR></TABLE>

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

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

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

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

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><SUP>2</SUP> Under Section 16(b) of the Securities Exchange
Act of 1934, directors and executive officers of the Company are subject to liability for any &ldquo;short-swing&rdquo; profits
realized from a purchase and sale, or sale and purchase of equity securities of the Company within any period of less than six
months.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD>No Covered Person may trade in securities of another company if the Covered Person is in possession
of material nonpublic information about that other company which the Covered Person learned in the course of their work for Acacia.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B>Exceptions
to Prohibited Activities. </B>Prohibitions in trading securities under this Policy do not include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: left">The investment of 401(k) plan contributions in a Company stock fund in accordance
with the terms of the Company's 401(k) plan. However, any changes in your investment election regarding the Company&rsquo;s stock
are subject to trading restrictions under this Policy.</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: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: left; padding-right: 0in">The purchase of Company stock through periodic, automatic payroll contributions
to the Company's Employee Stock Purchase Plan (&ldquo;ESPP&rdquo;), if and when such ESPP is adopted. However, electing to enroll
in the ESPP, making any changes in your elections under the ESPP and selling any Company stock acquired under the ESPP are subject
to trading restrictions under this Policy.</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: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: left; padding-right: 0in">The exercise of vested employee stock options, either on a &ldquo;cash for stock&rdquo; or &ldquo;stock
for stock&rdquo; basis, where no Company stock is sold to fund the option exercise<SUP>3</SUP>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: left">The receipt of Company stock upon vesting of Restricted Stock Units and Awards,
as well as the withholding of Company stock by the Company in payment of tax obligations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: left; padding-right: 0in">Company securities purchased or sold under a Company authorized Rule 10b5-1 Trading Plan (see
Section X below).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: left">Transfers of Company stock by a Covered Person into a trust for which the Covered Person is a
trustee, or from the trust back into the name of the Covered Person.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Company
Compliance Officer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.05in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The Compliance Officer may
designate one or more individuals to perform the Compliance Officer&rsquo;s duties. The determinations of the Compliance Officer
under this Policy are final.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The duties of the Compliance Officer include, but
are not limited to, the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>assisting with implementation and enforcement of this Policy;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify; padding-right: 0.15in">circulating this Policy to all employees and ensuring that this Policy is
amended as necessary to remain up-to-date with insider trading laws;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="padding-right: 0.4in">pre-clearing all trading in securities of the Company by Covered Persons in accordance with the
procedures set forth in Section VIII below; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="padding-right: 0.3in">providing approval of any Rule 10b5-1 plans under Section X below and any prohibited transactions
under Section V above.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="padding-right: 0.6in">providing a reporting system with an effective whistleblower protection mechanism.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>3
</SUP>While vested employee stock options may be exercised at any time under this Policy, the sale of any stock acquired through
such exercise is subject to this Policy.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>VII. </B></FONT><B><U>Confidentiality
of Information Relating to the Company</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><B>A.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Access to Information. </B>Risk of insider trading violations by individuals affiliated with the Company can be substantially
limited by restricting the pool of individuals with access to material nonpublic information to the greatest extent possible. Access
to material nonpublic information about the Company, including Acacia&rsquo;s business, earnings and prospects, should be limited
to officers, directors and employees of the Company on a need-to-know basis. In addition, such information should not be communicated
to anyone outside of the Company, unless such person has signed an appropriate confidentiality agreement. When communication of
material nonpublic information about the Company to employees becomes necessary, all directors, officers and employees must take
care to emphasize the need for confidential treatment of such information and adherence to the Company&rsquo;s policies with regard
to confidential information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><B>B.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Disclosure of Information. </B>Material nonpublic Company information is the property of Acacia and the confidentiality
of this information must be strictly maintained within the Company. Only the Chief Executive Officer and the Chief Financial Officer
are authorized to disclose material nonpublic information about the Company to the public, members of the investment community
(including analysts) or to stockholders, unless one of these officers has expressly authorized disclosure by another employee in
advance. All inquiries regarding the Company should be directed to the Chief Executive Officer or to the Chief Financial Officer
and no other comment should be provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>VIII. </B></FONT><B><U>Pre-Clearance
Required for Trading by Covered Persons</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.55in">All Covered Persons must pre-clear planned transactions
in Company securities as provided below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; padding-right: 0in">The Covered Person proposing to effectuate a trade or other transaction in Company securities
must notify the Compliance Officer in writing of the amount and nature of the proposed transaction no earlier than two business
days prior to the proposed transaction date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: left; padding-right: 0in">The Covered Person proposing to effectuate such trade or other transaction
must certify to the Compliance Officer in writing that he or she is not in possession of material nonpublic information concerning
the Company or its securities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify; padding-right: 0.15in">The Compliance Officer must approve the proposed trade or other transaction
in writing.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: left; padding-right: 0in"><U>Note</U>: If the transaction order is not placed within ten (10) business days after receiving
clearance, clearance for the transaction must be re-requested since circumstances may have changed over that time period.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.05in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="padding-right: 0in">The Compliance Officer&rsquo;s decision on clearance, whether approved or denied, shall be kept
confidential.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Pre-clearance requests should be submitted by
completing one of the forms attached hereto as <B><U>Exhibit B </U></B>and <B><U>Exhibit C</U></B> and by following all associated
instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.05in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.05in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>IX.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Blackout
Periods Applicable to Covered Persons</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><B>A.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Trading During Blackout Periods. </B>No Covered Person may trade or effectuate any other transactions in Company securities
during regular blackout periods or during any special blackout periods designated by the Compliance Officer (except for the limited
exceptions described in Section V.B above). Remember that even during an open trading window, you may not trade in Company securities
if you are in possession of material nonpublic information concerning the Company or its securities.</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.05in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.05in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.05in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.05in; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.05in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><B>B.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Regular Blackout Periods Defined</B>. Subject to obtaining trading pre-approval from the Compliance Officer in accordance
with the procedures set forth in Section VIII above, Covered Persons may not trade in Company securities during the period that
ends ten business days prior to the end of the fiscal quarter and continues until the close of trading on the first full business
day after the Company&rsquo;s public release of quarterly or annual financial results. To provide clarity, the Compliance Officer
will notify Covered Persons, in advance of each quarter end, of the date on which the blackout period begins and ends. Trades made
pursuant to an approved 10b5-1 Trading Plan (see Section X below) are exempted from this restriction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><B>C.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Special Blackout Periods</B>. From time to time, the Compliance Officer may determine that trading in Company securities
is inappropriate during an otherwise open trading window due to the existence of material nonpublic information. Accordingly, the
Compliance Officer may prohibit trading at any time by announcing a special blackout period. The Compliance Officer will provide
notice of any modification of the trading blackout policy or any additional prohibition on trading during the period when trading
is otherwise permitted under this Policy. The existence of a special blackout period should be considered confidential information
and Covered Persons are prohibited from communicating the existence of a special blackout period to anyone who is not a Covered
Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt; text-indent: 0.5in"><B>D.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Blackout Periods Required by the Sarbanes-Oxley Act of 2002. </B>In order to comply with certain provisions of the Sarbanes-Oxley
Act of 2002, no director or executive officer of the Company may, directly or indirectly, purchase, sell or otherwise acquire
or transfer any equity security of the Company during any period of time that participants in the Company&rsquo;s 401(k) plan
are prohibited from trading interests in the Company&rsquo;s equity securities under such plan. The &ldquo;blackout period&rdquo;
is defined for purposes of this rule as any period of more than three consecutive business days during which the ability of 50
percent or more of the participants or beneficiaries located in the United States under all individual account plans of the Company
to purchase or sell any equity securities of the Company under any such plan is suspended by action of the Company or a fiduciary
of the plan. The Sarbanes-Oxley Act requires the Company to timely notify affected directors and executive officers and the SEC
of any such blackout period. If you are a director or executive officer of the Company, the Compliance Officer will disapprove
any requested transaction involving equity securities of the Company that would occur during a blackout period for participants
in the Company&rsquo;s 401(k) plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT><B>Hardship
Trading Exceptions</B>. The Compliance Officer may, on a case-by-case basis, authorize trading in Company securities during a trading
blackout period due to financial or other hardship. Any person wanting to rely on this exception must first notify the Compliance
Officer in <U>writing</U> of the circumstance of the hardship and the amount and nature of the proposed trade. Such person will
also be required to certify to the Compliance Officer in writing no earlier than two business days prior to the proposed trade
that he or she is not in possession of material nonpublic information concerning the Company or its securities. Upon authorization
from the Compliance Officer, the person may trade, although such person will be responsible for ensuring that any such trade complies
in all other respects with this Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>X.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>10b5-1
Trading Plans</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.55in">The Compliance Officer must pre-clear
any Rule 10b5-1 trading plan<SUP>4</SUP>. A Rule 10b5-1 trading plan is a contract to purchase or sell securities according to
a written instruction or plan established prior to making any transactions. The Rule 10b5-1 trading plan must be adopted in good
faith and without knowledge of material nonpublic information. Covered Persons who wish to enter into a Rule 10b5-1 trading plan
must obtain the prior written approval of the Compliance Officer. Prior written approval is likewise required before a Covered
Person may modify, in any way, an approved Rule 10b5-1 trading plan. Transactions effected under an approved Rule 10b5-1 trading
plan will not require further preclearance at the time of the trade and will not be subject to the trading blackout periods under
this Policy.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify">_________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>4
</SUP>A trading plan adopted pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, if properly structured, provides
an affirmative defense to a claim that the insider traded on the basis of material nonpublic information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.55in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in">In order to receive pre-clearance, a trading plan
must meet the following parameters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">No trading plan may be adopted, terminated, amended, revised or otherwise
modified except during a Window Period when that individual is not then in possession of any material nonpublic information.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">No plan participant may engage in extra-plan, corresponding hedging positions with respect to
Company stock.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left; padding-right: 0.3in">The effective date of the trading plan must be not less than thirty (30) days following adoption
of the trading plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">The trading plan may not be modified more than once every six (6) months following the plan&rsquo;s
adoption or any modification of the plan and such modifications shall not take effect until at least ninety (90) days after adoption
of such modification.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>A trading plan may be terminated upon prior written notice. If a trading plan is terminated
                                                                prior to its stated term and a new plan adopted in its place, the new trading plan shall not take effect until ninety (90)
                                                                days following its adoption. Notwithstanding the foregoing, a new trading plan adopted for the sole purpose of selling stock
                                                                to satisfy the tax obligations upon vesting of a restricted
stock grant may take effect in less than ninety (90) days following its adoption.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Purchases and sales made pursuant
to a Rule 10b5 -1 trading plan must still comply with all other applicable reporting requirements under federal and state securities
laws, including Form 4 filings pursuant to Section 16 of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>XI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Instructions
for Pre-clearance for the Purchase or Sale of Acacia Stock or Exercising of Acacia Stock Options </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Pre-clearance for Covered Persons
is mandatory. Please request pre-clearance for a transaction by giving a copy of the Advanced Notice for Personal Trading Form
for RSAs and RSUs, attached hereto as <U>Exhibit B</U>, and the Pre-Clearance to Exercise Options Form for stock options, attached
hereto as <U>Exhibit C</U>, to Jennifer Graff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in">I hereby certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>I have read and understand the Company&rsquo;s Insider Trading Policy Statement of Polices and
Procedures Governing Material Nonpublic Information and the Prevention of Insider Trading. I understand that the Company&rsquo;s
Compliance Officer is available to answer any questions I have regarding this Insider Trading Policy.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Since the effective date of the Insider Trading Policy, or such shorter period of time that I
have been a director, officer, employee or contractor of the Company, I have complied with the Insider Trading Policy.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>I will continue to comply with the Company&rsquo;s Insider Trading Policy
for as long as I am a director, officer, employee or contractor of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>I understand that failure to comply with the Insider Trading Policy could subject me to disciplinary
action or termination of the business or employment relationship with Acacia.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 30%"><FONT STYLE="font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 30%"><FONT STYLE="font-size: 10pt">Date</FONT></TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Printed Name (Please
print legibly)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in"></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 17 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ADVANCE NOTICE FOR PERSONAL TRADING
FORM</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 10%">TO:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 90%">Acacia Research Corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">FROM:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">_____________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">DATE:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">RE:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Advance Notice for Personal Trading</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in">I, the undersigned, hereby give advance notice
to Acacia Research Corporation that I intend to &#9744; purchase &nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"> &#9744;  </FONT>sell
up to______________ shares of Acacia Research Corporation common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in"> &#9744; These shares are held in my 401(k) plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in"> &#9744; <FONT STYLE="font-family: Times New Roman, Times, Serif">______
</FONT>of these shares were obtained from options that I exercised on <U>,</U> 20___:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o&nbsp;&nbsp;
</FONT>At $______ per share (the exercise price)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o&nbsp;&nbsp;
</FONT>Granted on ___________, 20___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-indent: 0.5in"><BR>
I hereby certify as of the date above that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0in">I have previously received and am familiar with the Company&rsquo;s insider trading policy;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">I have complied with all procedures established by the Company&rsquo;s insider
trading policy in connection with the transaction described above; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.2in">to my knowledge, I am not in possession of any material nonpublic information about the Company
and/or its affiliated companies.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">I acknowledge that I have ten (10) business days
from the date of approval, or until the window closes, whichever is shorter, in which to complete the trade I have requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">Signature:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">MANAGEMENT APPROVAL:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="font-size: 10pt">Date:</FONT>_________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>PRE-CLEARANCE TO EXERCISE OPTIONS</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, ________________ hereby notify Acacia Research
Corporation (the &ldquo;Corporation&rdquo;) that I elect to purchase____________ shares (the &ldquo;Exercised Shares&rdquo;)
of the Corporation&rsquo;s Common Stock (&ldquo;Common Stock&rdquo;) at the option exercise price of ________ per share
(the &ldquo;Exercise Price&rdquo;) pursuant to that certain option granted to me under the Acacia Research Corporation
20__Stock Incentive Plan on ____________, 20__(the &ldquo;Option&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Type of Option </U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______ Incentive Option (ISO)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______ Non-Statutory Option (Non-Qual)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Type of Transaction</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.5in; text-indent: -0.5in">____ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Exercise
(Purchase of the option shares with the intent to hold the shares for sale at a future date). <B>NOTE: </B>If you choose to
do a cash exercise, you may not sell the acquired share without subsequent approval during a period when the trading window
is open. Please refer to the Acacia Insider Trading Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.35in 0pt 0.5in; text-indent: -0.5in">____ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cashless Exercise (Same-day
purchase of the option shares and immediate sale of all the shares on the open market.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">____ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sell-to-Cover Exercise (Purchase
of the option shares and immediate sale of less than all the shares). <B>NOTE: </B>If you choose to do a Sell-to-Cover exercise,
you may not sell the remaining shares without subsequent approval during a period when the trading window is open. Please refer
to the Acacia Insider Trading policy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Concurrently with the delivery of this Notice of
Exercise to the Corporation, I shall pay, or cause to be paid to the Corporation the Exercise Price for the Exercised Shares in
accordance with the provisions of my agreement with the Corporation (or other documents) evidencing the Option and shall deliver
whatever additional documents may be required by such agreement as a condition for exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I hereby certify as of the date above that:&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>I have previously received and am familiar with the Corporation&rsquo;s Insider Trading Policy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>I have complied with all procedures established by the Corporation&rsquo;s Insider Trading Policy
in connection with the transaction described above; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>To my knowledge, I am not in possession of any material nonpublic information about the Corporation
and/or its affiliated companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">I acknowledge that I have ten (10) business days
from the date of approval, or until the window closes, whichever is shorter, in which to complete the trade I have requested. I
also acknowledge that I will notify Jennifer Graff by email as soon as I have given my broker any exercise instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 30%"><FONT STYLE="font-size: 10pt">Date</FONT></TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 30%"><FONT STYLE="font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">MANAGEMENT APPROVAL:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Date: _______________</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 20 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"><B>HARASSMENT, DISCRIMINATION AND RETALIATION PREVENTION
POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Acacia Research Corporation (the
&ldquo;Company&rdquo;) is committed to providing a workplace free of sexual harassment and discrimination (which includes harassment
or discrimination based on pregnancy, childbirth, breastfeeding and related medical conditions) as well as unlawful harassment
and discrimination based on such factors as race, color, religious creed (including religious dress and grooming practices), creed,
family status, national origin (including language use restrictions), ancestry, age for individuals over forty years of age, physical
disability (including HIV/AIDS), mental disability, medical condition (including cancer), genetic information, genetic condition,
genetic characteristics, actual or perceived marital status, registered domestic partner status, sexual orientation, gender, gender
identity, gender expression, alienage or citizenship status, domestic violence victim status, consumer credit history, caregiver
status, unemployment status, arrest records and conviction status under certain circumstances to the extent required by applicable
law, sexual and reproductive health decisions, military and veteran status, denial or use of family and medical care leave, and
any other factor made unlawful by federal, state, or local law. Discrimination and harassment are also prohibited on the basis
of a perception that a person has any of the above characteristics, or that the person is associated with a person who has, or
is perceived to have, any of the above characteristics. The Company strongly disapproves of and will not tolerate any form or unlawful
harassment or discrimination, including against employees or applicants by managers, supervisors, or co-workers, as well as by
third parties in the workplace or with whom the employee comes into contact in connection with their employment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">This policy applies to all Company
employees, paid or unpaid interns, volunteers, and any other persons providing services to the Company pursuant to a contract.
The Company also maintains a separate policy prohibiting sexual harassment, entitled &ldquo;<U>Sexual Harassment Prevention Policy,
New York Employees</U>,&rdquo; that supplements this policy and that applies only to all employees, paid or unpaid interns, volunteers,
contractors and any other persons providing services to or conducting business with the Company in New York. To the extent there
is any conflict between this policy and the Company&rsquo;s Sexual Harassment Policy, New York Employees, the Sexual Harassment
Policy, New York Employees will control over this policy as to those individuals subject to that policy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Harassment includes verbal, physical,
and visual conduct, as well as communication through electronic media of any type, that creates an intimidating, offensive or hostile
working environment or interferes with work performance. Such conduct constitutes harassment when (1) submission to the conduct
is made either an explicit or implicit condition of employment; (2) submission to or rejection of the conduct is used as the basis
for an employment decision; or (3) the harassment interferes with an employee&rsquo;s work performance or creates an intimidating,
hostile or offensive work environment. Harassing conduct can take many forms and includes, but is not limited to, slurs, jokes,
statements, gestures, pictures, or cartoons regarding an employee&rsquo;s sex, race, color, national origin, religion, age, physical
disability, medical condition, ancestry, marital status, sexual orientation, gender, gender identity, veteran status, or other
protected status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Sexually harassing conduct in
particular includes all of these prohibited actions as well as other unwelcome conduct such as requests for sexual favors, unwelcome
sexual advances, verbal conduct of a sexual nature (like name calling, suggestive comments, or lewd talk) or physical conduct
(including assault, unwanted touching, intentionally blocking normal movement or interfering with work because of sex or any other
protected basis). An employee who unlawfully harasses a co-worker may be personally liable for the harassment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">If
you believe you or a co-worker has been subjected to any form of unlawful discrimination or harassment, including sexual harassment,
you should immediately contact your supervisor or report the issue directly to the Director of Human Resources, either orally
or in writing. A manager or supervisor who learns of any misconduct which may be in violation of this policy or learns of an employee&rsquo;s
complaint or concern about a possible violation of this policy must immediately report the issue to the Company&rsquo;s Director
of Human Resources.</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Upon receipt of any complaint,
the Company will immediately undertake a prompt, impartial, and thorough investigation conducted by qualified personnel, preserving
confidentiality to the extent possible. All complaints under this policy will receive a timely response, documentation and tracking
of progress, and timely closure. The investigation will provide all parties appropriate due process and reach reasonable conclusions
based on the evidence collected, as well as determine appropriate options for remedial action to resolve the situation. If at the
end of the investigation misconduct is found, the Company will take appropriate remedial measures. If you have a complaint being
investigated under this policy, you can find out about the progress of the investigation by contacting the Director of Human Resources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Retaliation against Company
employees or any other person for the good faith reporting of possible acts or incidents of discrimination or harassment, as well
as for participating in any workplace investigation, will not be tolerated. If you believe you or a co-worker has been subjected
to any form of unlawful retaliation, you should immediately contact your supervisor or the Director of Human Resources, either
orally or in writing. Upon receipt of a retaliation complaint, the Company will undertake an investigation consistent with the
provisions of this policy. Company employees shown to have engaged in such retaliation will be disciplined, up to and including
discharge.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Sexual harassment and retaliation
for opposing sexual harassment or participating in investigations of sexual harassment are illegal. In addition to notifying the
Company about discrimination, harassment or retaliation complaints, affected employees may also direct their complaints to the
federal, state and/or local agencies with responsibility for enforcing laws related to harassment, discrimination or retaliation,
such as the California Department of Fair Employment and Housing (DFEH), New York State Division of Human Rights, or any of the
local offices of the U.S. Equal Employment Opportunity Commission (EEOC).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The U.S. Equal Employment
Opportunity Commission, California Department of Fair Employment and Housing, New York State Division of Human Rights and other
agencies are authorized to accept and investigate complaints of employment discrimination, harassment and/or retaliation, and to
mediate settlements. Certain agencies, such as the California Fair Employment and Housing Commission (FEHC), have authority to
issue accusations against employers, conduct formal hearings, and award reinstatement, back pay, damages, and other affirmative
relief. State and federal law also prohibit retaliation against employees because they have filed a complaint with the EEOC, New
York State Division of Human Rights, DFEH or other state agencies, participated in an</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">investigation, proceeding, or hearing with such agencies,
or opposed any practice made unlawful by applicable state or federal law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">The deadline for filing complaints
with the DFEH or New York State Division of Human Rights is one (1) year from the date of the alleged unlawful conduct. You can
contact the nearest DFEH office or the FEHC at the locations listed in the Company&rsquo;s DFEH poster or by checking the state
government listings online or in the local telephone directory. The New York State Division of Human Rights main office contact
information is: NYS Division of Human Rights, One Fordman Plaza, Fourth Floor, Bronx, New York 10458, (718) 741-8400, <FONT STYLE="color: blue">www.dhr.ny.gov<U>.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: 0.45in">Additional information
regarding governmental agencies responsible for accepting complaints and addressing issues related to harassment, discrimination
or retaliation for Company employees in New York is included in the Company&rsquo;s <U>Sexual Harassment Prevention Policy, New
York Employees</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: 0.45in"></P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-indent: 0.45in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXECUTIVE OFFICER STOCK OWNERSHIP GUIDELINES</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 23; Options: Last -->
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    <!-- Field: /Page -->

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



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
