<SEC-DOCUMENT>0001839882-23-009419.txt : 20230412
<SEC-HEADER>0001839882-23-009419.hdr.sgml : 20230412
<ACCEPTANCE-DATETIME>20230412161111
ACCESSION NUMBER:		0001839882-23-009419
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230412
DATE AS OF CHANGE:		20230412

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROADWIND, INC.
		CENTRAL INDEX KEY:			0001120370
		STANDARD INDUSTRIAL CLASSIFICATION:	NONFERROUS FOUNDRIES (CASTINGS) [3360]
		IRS NUMBER:				880409160
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34278
		FILM NUMBER:		23815818

	BUSINESS ADDRESS:	
		STREET 1:		3240 S. CENTRAL AVENUE
		CITY:			CICERO
		STATE:			IL
		ZIP:			60804
		BUSINESS PHONE:		708-780-4800

	MAIL ADDRESS:	
		STREET 1:		3240 S. CENTRAL AVENUE
		CITY:			CICERO
		STATE:			IL
		ZIP:			60804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROADWIND ENERGY, INC.
		DATE OF NAME CHANGE:	20080304

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TOWER TECH HOLDINGS INC.
		DATE OF NAME CHANGE:	20060210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKFOOT ENTERPRISES INC
		DATE OF NAME CHANGE:	20000726

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WM Argyle Fund, LLC
		CENTRAL INDEX KEY:			0001924978
		IRS NUMBER:				881704339
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		635 FLORENCE DRIVE
		CITY:			ELM GROVE
		STATE:			WI
		ZIP:			53122
		BUSINESS PHONE:		262-705-3180

	MAIL ADDRESS:	
		STREET 1:		635 FLORENCE DRIVE
		CITY:			ELM GROVE
		STATE:			WI
		ZIP:			53122
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>wmargyle-dfan14a_041223.htm
<DESCRIPTION>DEFINITIVE ADDITIONAL PROXY SOLICITING MATERIALS
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Exchange Act of 1934</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Filed by the registrant&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif;">&#9744;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Filed by a party other than the registrant&nbsp;&nbsp;&#9746;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12px"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9744;</TD><TD><FONT STYLE="font-size: 10pt">Preliminary proxy statement</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9744;</TD><TD><FONT STYLE="font-size: 10pt"><B>Confidential, for use of the
Commission only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9744;</TD><TD><FONT STYLE="font-size: 10pt">Definitive proxy statement</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9746;</TD><TD><FONT STYLE="font-size: 10pt">Definitive additional materials</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9744;</TD><TD><FONT STYLE="font-size: 10pt">Soliciting material pursuant to
Section&nbsp;240.14a-12</FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">BROADWIND,
    INC.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name
    of Registrant as Specified in Its Charter)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">WM ARGYLE FUND, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">JAY DOUGLAS ARMBURGER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">RYAN BOGENSCHNEIDER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CHRISTINE M. CANDELA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">JAMES M. ROBINSON IV</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-size: 10pt">Payment of filing fee (Check the appropriate
box):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9746;</TD><TD><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9744;</TD><TD><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary
materials.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 22px; text-align: left">&#9744;</TD><TD><FONT STYLE="font-size: 10pt">Fee computed on table in exhibit
required by Item 25(b) per Exchange Act Rules&nbsp;14a&#45;6(i)(1) and 0&#45;11.</FONT></TD>
</TR></TABLE>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 12, 2023, WM Argyle Fund, LLC issued the following press release:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WM
Argyle Fund Files Definitive Proxy Statement, </B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Says
Broadwind's Chronic Underperformance and Poor Governance Underscore the&nbsp;Urgent Need for New Board of Directors</B></FONT></P>

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milwaukee,
WI &ndash; April 12, 2023 &ndash; WM Argyle Fund, LLC (the &ldquo;Fund&rdquo;), one of the largest investors in Broadwind, Inc. (NASDAQ:
BWEN) (&ldquo;Broadwind&rdquo; or the &ldquo;Company&rdquo;), today announced that it has filed its definitive proxy materials with the
SEC proposing the election of its nominees to the Broadwind Board of Directors at the 2023 Annual Meeting of Stockholders.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
its proxy materials, the Fund urged stockholders to vote <B>FOR</B> Ryan Bogenschneider, Christine M. Candela and James M. Robinson IV
and to <B>WITHHOLD </B>on incumbent directors David P. Reiland, Thomas A. Wagner and Cary B. Wood, whose long tenure on the Board makes
them most responsible for the Company&rsquo;s poor performance.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Additional
information regarding WM Argyle Fund&rsquo;s plan to fix Broadwind may be found at&nbsp; <FONT STYLE="color: Blue">www.BWEN2023.com</FONT>.</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
full text of the letter sent to Broadwind stockholders is below:</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Fellow Stockholder,</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
years you have been waiting for Broadwind to deliver the more prosperous future it promised, but you have nothing to show for it. The
business cycle has been through peaks and troughs, yet the Company has firmly resided in the trough. Do not let the Board paint a rose-colored
future of tax credits and unfettered demand. Do not let the Board sell you on the idea that this time it is different.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board has had many opportunities to turn around Broadwind -- to invest in new products, improve operations and build a profitable company.
Instead, it has stayed in the trough of mediocrity, losing money, increasing debt, and diluting shareholders while paying themselves
and top executives generously. It is time for a change.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we agree with the Board that the Company will benefit from the Inflation Reduction Act (IRA) and the stock price has recently improved,
it is all based on a single order that has undetermined profitability. The Company, in its 2023 guidance, indicated that they do not
expect more orders for this year and wind tower capacity will be around 50%. So instead of $30 million in tax credits as previously hoped,
it is now $15 million. Furthermore, on the Q4 2022 conference call, management said that they are &ldquo;having discussions with various
institutions that might want to broker a deal for transferring these credits to a taxpayer who can take advantage of them right away.&rdquo;
Right away? Why wouldn&rsquo;t Broadwind be able to use them right away? Is it because they don&rsquo;t expect to turn a profit this
year? What about next year? If they transfer the tax credits, to presumably a profitable company, would shareholders get face value or
some lesser amount?</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
it is clear the Board only wants to mislead and mischaracterize our intentions and discussions. The Board stated in its letter to shareholders
on April 10, 2023, that, &ldquo;over the past year, we have tried in earnest to achieve a viable, constructive resolution with WM Argyle.&rdquo;
We clearly have different definitions of &ldquo;earnest.&rdquo; We requested a meeting with the Board on July 5, 2022, and again on July
25, August 17, and September 30, to no avail. On October 12, 2022, the Company notified us that they thought it would not be in the best
interest of shareholders to continue discussions, despite not granting even one meeting between the Board and WM Argyle. The only meeting
between WM Argyle and several members of the Board took place March 17, 2023. That is over 250 days after the first meeting request occurred.
Is that really an earnest effort?</FONT></P>

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

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


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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">So,
despite all of WM Argyle&rsquo;s efforts to resolve this issue amicably, the Board has decided to waste an estimated $1.6 million in
shareholder capital and countless hours to try to defend its indefensible track record as stewards of the Company. Instead of being grateful
for the trust you placed in them, as the Board&rsquo;s letter stated, the directors should be remorseful over their embarrassing track
record.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board cannot honestly dispute the facts of the Company&rsquo;s poor performance and its own poor track record. They cannot dispute the
fact that the Company is regularly unprofitable, has lost hundreds of millions of dollars since its creation, that none of its acquisitions
were successful, or that it needed a bank waiver to avoid a default on a credit agreement only a few months after the credit agreement
was signed.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nor
can the Board honestly dispute that in 2016, when a predecessor to WM Argyle was given unfettered access to the Board and management
to assess the Company&rsquo;s leadership, corporate structure, operations, financial performance and other aspects of its business, the
Company ended the year with very little long-term debt and over $20 million in cash and investments. When we contacted the Company again
after the second quarter of 2022, the Company had only $49,000 of cash on the balance sheet and more than $17 million in long-term debt.
There is no dispute about these facts and no one to blame except the Board for the poor performance over this timespan.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevertheless,
the Board wants you to believe that WM Argyle is &ldquo;self-serving&rdquo; and is trying to take &ldquo;effective&rdquo; control of
the Board. It is disappointing to see the Board resort to scare tactics, but with its woeful track record there is no positive story
to tell. If voting to replace directors who have been asleep at the wheel is &ldquo;self-serving&rdquo; then we hope many more &ldquo;self-serving&rdquo;
shareholders will act the same way, believing as we do, that the current Board cannot be trusted to build lasting shareholder value.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
reality, the only self-serving actions are those of the Board. The Board refused to constructively engage with WM Argyle, mischaracterized
our interactions and hastily added two new directors, whose skills duplicate those already found on the Board, to give the appearance
of responsible governance. These actions are just window dressing for a reactive and &ldquo;self-serving&rdquo; Board that cannot defend
its dismal performance.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
one of the largest shareholders of Broadwind, we are excited to offer you an alternative to the failed performance of the past. Our candidates
are eminently qualified in their respective fields and for the Board of Broadwind. They have vast experience working in profitable manufacturing
companies and have conducted transformative actions that provided significant shareholder returns and improved the long-term viability
of their respective companies.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
look forward to charting a future that results in positive shareholder returns, strong employee satisfaction, and a growing customer
base. We look forward to presenting more facts about the poor stewardship of the Board, and we are grateful for the opportunity to represent
your interest when the current Board clearly does not.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WM
Argyle Fund</FONT></P>

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
WM Argyle Fund</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WM
Argyle Fund, LLC, which owns 207,200 of the outstanding common shares of Broadwind, Inc., is an investment fund specifically created
to invest in Broadwind. We believe the Company has been underperforming due to strategic errors, operational inefficiencies, and inattentive
governance. We are looking to ensure the long-term performance of the Company by reconstituting the Broadwind Board with new members.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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


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


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<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Important
Information</B></FONT></P>

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

<P STYLE="font: 10pt Cambria, Times, Serif; margin: 0 0 0.25in; background-color: #FEFEFE"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WM
Argyle Fund, LLC, Jay Douglas Armburger, Ryan Bogenschneider, Christine M. Candela and James M. Robinson IV (collectively, the &ldquo;Participants&rdquo;)
have filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a definitive proxy statement and accompanying form of
GREEN universal proxy card to be used in connection with the solicitation of proxies from the stockholders of Broadwind, Inc. (the &ldquo;Company&rdquo;).
Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the definitive
proxy statement filed by the Participants with the SEC. All stockholders of the Company are advised to read the definitive proxy statement
and other documents related to the solicitation of proxies by the Participants when they become available, as they will contain important
information, including additional information related to the Participants. The definitive proxy statement and an accompanying GREEN universal
proxy card will be furnished to some or all of the Company&rsquo;s stockholders and are, along with other relevant documents, available
at no charge on the SEC website at <FONT STYLE="color: Blue">http://www.sec.gov/</FONT>.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Contacts:</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investors</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">InvestorCom
LLC<BR>
John Glenn Grau, 203-972-9300<BR>
<FONT STYLE="color: Blue"><U>info@investor-com.com</U></FONT></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Media</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mahony
Partners<BR>
Richard Mahony, 917-257-6811<BR>
<FONT STYLE="color: Blue"><U>info@mahonypartners.com</U></FONT></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
        you have any questions, require assistance with voting your proxy card,</I></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>or
    need additional copies of proxy material, please contact InvestorCom LLC</I></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>InvestorCom
    LLC</I></B></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19
    Old Kings Highway S., Suite 130</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Darien,
    CT 06820</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><U>proxy@investor-com.com</U></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>(203)
    972-9300 or Toll-Free (877) 972-0090</U></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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

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

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