<SEC-DOCUMENT>0001104659-24-050598.txt : 20240423
<SEC-HEADER>0001104659-24-050598.hdr.sgml : 20240423
<ACCEPTANCE-DATETIME>20240423161728
ACCESSION NUMBER:		0001104659-24-050598
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240423
DATE AS OF CHANGE:		20240423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TACTILE SYSTEMS TECHNOLOGY INC
		CENTRAL INDEX KEY:			0001027838
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37799
		FILM NUMBER:		24865047

	BUSINESS ADDRESS:	
		STREET 1:		1331 TYLER STREET NE STE 200
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55413
		BUSINESS PHONE:		866-435-3948

	MAIL ADDRESS:	
		STREET 1:		1331 TYLER STREET NE STE 200
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55413
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
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<DESCRIPTION>DEFA14A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</P>

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    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Filed by the Registrant&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Filed by a party other than the Registrant
<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
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    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
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    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting Material under &sect;240.14a-12</FONT></TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 14pt"><B>Tactile Systems Technology,
    Inc.</B></FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified in its Charter)</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Payment of Filing Fee (Check all boxes that apply):</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
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    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">No fee required</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><IMG SRC="tm2412326d2_def14aimg001.jpg" ALT="">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><B>Tactile
systems technology, inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Supplement to Proxy Statement
for the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2024 Annual Meeting of Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>To be Held on May 8, 2024</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">The following information supplements the Definitive Proxy
Statement on Schedule 14A (the &ldquo;Proxy Statement&rdquo;) that was filed by Tactile Systems Technology, Inc. (the
 &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo;) with the Securities and Exchange Commission (the
 &ldquo;SEC&rdquo;) on March 27, 2024 and provided to the Company&rsquo;s stockholders in connection with the solicitation of proxies
by the Company&rsquo;s Board of Directors for the Company&rsquo;s 2024 Annual Meeting of Stockholders (the &ldquo;Annual
Meeting&rdquo;) to be held on May 8, 2024. This supplement to the Proxy Statement (this &ldquo;Supplement&rdquo;) is being filed
with the SEC on April 23, 2024. All capitalized terms not otherwise defined herein shall have the respective meanings as set forth
in the Proxy Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information in this Supplement is in addition to the information
provided by the Proxy Statement, and except for the changes herein, this Supplement does not modify any other information set forth in
the Proxy Statement. The Proxy Statement contains important additional information and this Supplement should be read in conjunction with
the Proxy Statement.</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">The Company is providing this Supplement solely to provide supplemental
disclosure regarding two of the nominees for director, Daniel L. Reuvers and Sheri L. Dodd, who are standing for re-election at the Annual
Meeting.</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">If you have already voted by Internet, telephone, or mail, you do not
need to take any action unless you wish to change your vote. Proxy voting instructions already returned by stockholders (via Internet,
telephone, or mail) will remain valid and will be voted at the Annual Meeting unless revoked. Important information regarding how to change
your vote and revoke proxies is available in the Proxy Statement under the caption &ldquo;<FONT STYLE="background-color: white">Questions
and Answers about the Annual Meeting &ndash; Can I Change My Vote After I Have Submitted a Proxy?&rdquo; on page 69 of the Proxy Statement.</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; color: #212529"><B>Chief Executive Officer Transition </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #212529">On April 23, 2024, the Company announced
that Daniel L. Reuvers has informed the Company&rsquo;s </FONT><FONT STYLE="background-color: white">Board of Directors of his decision
to retire as Chief </FONT>Executive <FONT STYLE="background-color: white">Officer, effective as of June 30, 2024, and that the Board of
Directors has </FONT>appointed <FONT STYLE="color: #212529">Sheri L. Dodd as the Company&rsquo;s Chief Executive Officer, effective July
1, 2024 (the &ldquo;Effective Date&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><I><U>Ms. Dodd</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #212529">Ms.&nbsp;Dodd has been a member of the
Company&rsquo;s Board of Directors since January 1, 2021, and will remain on the Board following the </FONT>Effective <FONT STYLE="color: #212529">Date,
assuming the Company&rsquo;s stockholders re-elect her as a director at the Annual Meeting. Ms. Dodd is no longer a member of any of the
committees of the Board, and William W. Burke has taken her place as a member of the C</FONT>ompliance and Reimbursement Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are no changes to Ms. Dodd&rsquo;s biography set forth on page
11 of the Proxy Statement, other than her employment as President of Medtronic Canada at Medtronic, plc ended in April 2024, as well as matters
relating to her upcoming appointment as Chief Executive Officer on the Effective Date, as described in this Supplement.</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"><FONT STYLE="color: #212529">Ms. Dodd and the Company entered into
an offer letter dated April 23, 2024. In addition, the Compensation and Organization Committee </FONT>of <FONT STYLE="color: #212529">the
Board of Directors approved Ms.&nbsp;Dodd&rsquo;s initial compensation as Chief Executive Officer as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #212529">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #212529">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529">An initial&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">annual
base salary of $650,000 per year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; background-color: white; color: #212529">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #212529">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529">Ms.&nbsp;Dodd</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">will
be eligible to receive an annual cash bonus under the Company&rsquo;s management incentive plan in a target amount equal to 90% of her
actual base salary earned for 2024. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #212529">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529">Ms.&nbsp;Dodd</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">will
receive equity awards under our 2016 Equity Incentive Plan, to be granted on the second business day following our release of earnings
for the second fiscal quarter of 2024:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #212529">o</FONT></TD><TD>a grant of restricted stock units (&ldquo;RSUs&rdquo;) with a value of $875,000, which RSUs will vest in thirds over the first three
anniversaries of the date of grant; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; background-color: white; color: #212529">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #212529">o</FONT></TD><TD><FONT STYLE="color: #212529">a grant of performance stock units (&ldquo;PSUs&rdquo;) with a value of $850,000, which PSUs will be
earned and </FONT>vested over <FONT STYLE="color: #212529">three years consistent with the PSUs granted to the Company&rsquo;s other executive
officers in 2024.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; background-color: white; color: #212529">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #212529">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529">Ms.&nbsp;Dodd will be&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">entitled
to participate in all employee benefit plans and programs to the extent that she meets the eligibility requirements for each individual
plan or program.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; background-color: white; color: #212529">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #212529">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529">Ms.&nbsp;Dodd </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">will
enter into our standard Confidentiality, Assignment of Intellectual Property and Restrictive Covenants Agreement, and then become a participant
in our Executive Employee Severance Plan (the &ldquo;Executive Severance Plan&rdquo;) at the Chief Executive Officer level of benefits.</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; color: #212529"><I><U>Mr. Reuvers</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following his retirement as Chief Executive Officer, Mr. Reuvers will
<FONT STYLE="color: #212529">remain on the Board, assuming the Company&rsquo;s stockholders re-elect him as a director at </FONT>the <FONT STYLE="color: #212529">Annual
Meeting. </FONT>There are no changes to Mr. Reuvers&rsquo; biography set forth on page 12 of the Proxy Statement, other than matters relating
to his upcoming retirement as Chief Executive Officer on June 30, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #212529">In connection with Mr.
Reuvers&rsquo; planned retirement, the Company and Mr. Reuvers entered into a Transition Letter Agreement, dated as of April 23,
2024 (the &ldquo;Transition Agreement&rdquo;). The Transition Agreement provides that Mr. Reuvers will continue to </FONT>serve as
the Company&rsquo;s Chief Executive Officer through June 30, 2024, with the same compensatory and other terms as are currently in
effect. However, as a result of Mr. Reuvers&rsquo; voluntary retirement, he will not be eligible to earn or receive any payment
under the Company&rsquo;s annual executive bonus plan or any other form of cash incentive compensation for 2024, and his voluntary
retirement will not make him eligible to receive any payments or benefits under the Executive Severance Plan or under any other
Company severance plan or program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #212529">The Transition Agreement provides that,
effective on the Effective Date, Mr. </FONT>Reuvers will continue to be employed by the Company as an Advisor to the Chief Executive Officer
through March 31, 2025, which will be a non-executive role that includes providing transitional and operational assistance. In such <FONT STYLE="color: #212529">role</FONT>,
Mr. Reuvers will be paid an annualized salary of $525,000, subject to applicable withholdings, and will not be eligible to earn or receive
any form of cash incentive compensation for 2024 or any subsequent year or to receive any additional equity grants for 2024 or any subsequent
year. The Transition Agreement also provides that if Mr. Reuvers becomes ineligible for continued medical, dental or vision coverage under
the Company-sponsored plans, then the Company will pay the portion of the premium costs for such coverage under COBRA through the earlier
of December 31, 2025 or the date he is no longer eligible to continue COBRA coverage.</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: #212529">The Transition Agreement provides that
</FONT>Mr. <FONT STYLE="color: #212529">Reuvers</FONT> will not receive any compensation for his Board service through the 2025 Annual
Meeting of Stockholders or any subsequent period that he remains employed by the Company.</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">The Transition Agreement also provides that the equity awards currently
held by Mr. Reuvers will continue to be governed by the <FONT STYLE="color: #212529">terms</FONT> and conditions set forth in the applicable
award agreements, including that his equity awards will remain outstanding and continue to vest through the end of his employment or other
service with the Company.</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"></P>

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