<SEC-DOCUMENT>0001104659-22-024347.txt : 20220413
<SEC-HEADER>0001104659-22-024347.hdr.sgml : 20220413
<ACCEPTANCE-DATETIME>20220216181136
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-024347
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEE ENTERPRISES, Inc
		CENTRAL INDEX KEY:			0000058361
		STANDARD INDUSTRIAL CLASSIFICATION:	NEWSPAPERS:  PUBLISHING OR PUBLISHING & PRINTING [2711]
		IRS NUMBER:				420823980
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0926

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4600 E. 53RD STREET
		CITY:			DAVENPORT
		STATE:			IA
		ZIP:			52807
		BUSINESS PHONE:		5633832100

	MAIL ADDRESS:	
		STREET 1:		4600 E. 53RD STREET
		CITY:			DAVENPORT
		STATE:			IA
		ZIP:			52807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEE ENTERPRISES, INC
		DATE OF NAME CHANGE:	20050610

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEE ENTERPRISES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

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    <TD STYLE="text-align: center; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shaun J. Mathew, P.C.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To Call Writer Directly:<BR>
    +1 212 909 3035</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">shaun.mathew@kirkland.com</P></TD>
    <TD STYLE="width: 23%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">601 Lexington Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY 10022</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United States</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">+1 212 446 4800</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">www.kirkland.com</P></TD>
    <TD STYLE="vertical-align: bottom; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile:<BR>
                                            +1 212 446 4900</FONT></P>
                                                                                                                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR AND EMAIL</B></P>

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

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    <TD STYLE="width: 100%; font-size: 10pt">February&nbsp;16, 2022</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">Office of Mergers&nbsp;&amp; Acquisitions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission<BR>
100 F. Street, N.E.<BR>
Washington, DC 20549</P>

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

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    <TD STYLE="width: 12%; font-size: 10pt">Attention:</TD>
    <TD STYLE="width: 88%; font-size: 10pt">Christina Chalk (Senior Special Counsel)</TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="font-size: 10pt; width: 12%"><I>Re</I>:</TD>
    <TD STYLE="width: 88%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lee Enterprises,&nbsp;Incorporated</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Definitive Proxy Statement (DEFC14A) filed
    on Schedule 14A</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Filed on January&nbsp;24, 2022 by Lee
    Enterprises,&nbsp;Incorporated</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>File No.&nbsp;001-06227</B></P></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">Dear Ms.&nbsp;Chalk:</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: justify; text-indent: 0.5in">Set forth below is the response
of Lee Enterprises,&nbsp;Incorporated (referred to herein as &ldquo;<B>we</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) to the oral
comment made by the Staff of the Division of Corporation Finance (the &ldquo;<B>Staff</B>&rdquo;) of the Securities and Exchange Commission
(the &ldquo;<B>Commission</B>&rdquo;) on February&nbsp;15, 2022, with respect to the Company&rsquo;s definitive proxy statement, filed
with the Commission on January&nbsp;24, 2022 (the &ldquo;<B>Definitive Proxy Statement</B>&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; text-align: justify; text-indent: 0.5in">For the convenience of the
Staff, we have reproduced the Staff&rsquo;s comment in bold, italicized text and have followed such comment with the Company&rsquo;s
response. Capitalized terms used but not defined in the Company&rsquo;s response have the meanings ascribed to such terms in the Definitive
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; text-align: justify"><B><U>Oral Correspondence dated February&nbsp;15,
2022</U></B></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>1.</I></B></TD><TD STYLE="text-align: justify"><B><I>Given recent developments,
                                            please supplementally advise the Staff of your analysis of the voting standard applicable
                                            for the election of directors at the Company&rsquo;s 2022 Annual Meeting of Shareholders.</I></B></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 0.5in; text-align: justify"><U>RESPONSE</U></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: justify; text-indent: 0.5in">The Company supplementally
advises the Staff that the provisions of the By-Laws relating to majority voting for directors will not be applicable at the Annual Meeting
and that plurality voting will instead apply. As explained further below, this conclusion is not impacted by the Delaware Court of Chancery&rsquo;s
(the &ldquo;<B>Chancery Court</B>&rdquo;) recent decision to uphold the Board&rsquo;s rejection of the Purported Director Nomination
Notice submitted by Alden.</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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    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;16, 2022</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B><I>Determination
of the Applicable Voting Standard Under the Company&rsquo;s By-Laws</I></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; text-align: justify; text-indent: 0.5in">The voting standard applicable
to the election of directors at the Annual Meeting is determined by the operative provision of the By-Laws. For the Staff&rsquo;s reference,
the relevant provision of the By-Laws governing the voting standard applicable to director elections (the &ldquo;<B>Majority Voting By-Law</B>&rdquo;)
is reproduced below:<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></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 0pt 1in; text-align: justify">Each director shall be elected by the
vote of a majority of the votes cast with respect to the director&rsquo;s election at any meeting for the election of directors at which
a quorum is present; provided, however, that if, as of a date that is 14 days in advance of the date that the Corporation files its definitive
proxy statement (regardless of whether or not thereafter revised or supplemented) with the U.S. Securities and Exchange Commission (the
 &ldquo;SEC&rdquo;), the number of nominees exceeds the number of directors to be elected (a &ldquo;Contested Election&rdquo;), the directors
shall be elected by the vote of a plurality of the shares represented in person or by proxy at any such meeting and entitled to vote
on the election of directors. For purposes of these By-laws, a majority of the votes cast means that the number of shares voted &ldquo;for&rdquo;
a director&rsquo;s election must exceed the number of votes cast &ldquo;against&rdquo; that director&rsquo;s election (with &ldquo;abstentions&rdquo;
and &ldquo;broker non-votes&rdquo; not counted as a vote cast either &ldquo;for&rdquo; or &ldquo;against&rdquo; that director&rsquo;s
election). If an incumbent director nominee fails to receive a sufficient number of votes for re-election in an election that is not
a Contested Election, such director shall submit an irrevocable resignation contingent on acceptance of that resignation by the Board
of Directors in writing to the chairman of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance
Committee shall make a recommendation to the Board of Directors whether to accept or reject the resignation, or whether other action
should be taken. The Board of Directors shall act on the resignation, taking into account the Nominating and Corporate Governance Committee&rsquo;s
recommendation, and publicly disclose its decision and, if such resignation is rejected, the rationale behind its decision within 90
days from the date of the certification of the election results. The Nominating and Corporate Governance Committee in making its recommendation
and the Board of Directors in making its decision each may consider any factors and information that they consider appropriate and relevant.</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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<TD STYLE="vertical-align: top; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD>Article
                                            II, Section 8 of the By-Laws. A full copy of the By-Laws was filed with the Commission by
                                            the Company as Exhibit 3.1 to the Current Report on Form 8-K filed on June 27, 2019 and for
                                            the Staff&rsquo;s reference is <I>available at</I>: <U>https://www.sec.gov/Archives/edgar/data/58361/000118301019000005/bylaws.htm</U>.</TD>
</TR></TABLE>

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

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

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<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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    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><IMG SRC="tm222792d11_correspimg002.jpg" ALT=""></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;16, 2022</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</P></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
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<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: justify; text-indent: 0.5in">Accordingly, the By-Laws
provide for a majority voting standard in uncontested director elections, with an exception that establishes plurality voting as the
applicable standard in a contested election. As set forth above, the Majority Voting By-Law defines a &ldquo;Contested Election&rdquo;
as one where &ldquo;14 days in advance of the date that the Corporation files its definitive proxy statement (regardless of whether or
not thereafter revised or supplemented) with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;), the number of nominees
exceeds the number of directors to be elected.&rdquo; In other words, the Majority Voting By-Law establishes a fixed point in time prior
to the Company&rsquo;s commencement of its solicitation at which the applicable voting standard is determined. This provision, similar
to those governing many other public companies, provides &ldquo;certainty with respect to the election standard for a given meeting&rdquo;
rather than the alternative approach, which would &ldquo;defin[e] whether an election is contested at the moment of the meeting,&rdquo;
which could result in &ldquo;changing the standard from plurality vote to majority vote after proxies have been solicited&rdquo; and
could result in &ldquo;confusion and, perhaps opportunistic behavior.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></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 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B><I>Brief Timeline
of Events</I></B></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            June&nbsp;27, 2019, the Company announced that it had amended and restated its By-Laws, effective
                                            as of June&nbsp;26, 2019. Among other changes, these amendments included the addition of
                                            the Majority Voting Bylaw.</TD></TR></TABLE>

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

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<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            November&nbsp;26, 2021, Alden submitted the Purported Nomination Notice, which purported
                                            to nominate three individuals for election as directors at the Annual Meeting.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            December&nbsp;3, 2021, the Company sent a letter to Alden stating the Board determined the
                                            Purported Nomination Notice was invalid for noncompliance with the By-Laws and any nominations
                                            purported to be made pursuant to the Purported Nomination Notice would be disregarded.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            December&nbsp;15, 2021, Alden filed a complaint in the Chancery Court against the Company
                                            and its board of directors with respect to the rejection of the Purported Nomination Notice.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            December&nbsp;22, 2022, the Chancery Court held a hearing on Alden&rsquo;s motion to expedite.
                                            The Company opposed the motion to expedite on the basis that Alden&rsquo;s claims were not
                                            colorable. The Chancery Court granted the motion to expedite, determining that the claims
                                            were sufficiently colorable to warrant expedition, and ordered an expedited trial, which
                                            was later scheduled for February&nbsp;7, 2022.</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"></P>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify">Frederick
                                            H. Alexander and James D. Honaker, Morris, Nichols, Arsht &amp; Tunnell LLP, &ldquo;The Nuts
                                            and Bolts of Majority Voting,&rdquo; (as revised Dec. 7, 2006), <I>available at </I><U>https://www.morrisnichols.com/assets/htmldocuments/113.pdf</U>.</TD>
</TR></TABLE>

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

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<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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  <TR STYLE="vertical-align: top">
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  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;16, 2022</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;4</P></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            January&nbsp;14, 2022, the Company filed a preliminary proxy statement with the Commission
                                            in connection with the Annual Meeting. In the preliminary proxy statement, the Company noted
                                            that three directors would be elected at the Annual Meeting, advised shareholders of the
                                            pending litigation and indicated that director nominations from Alden would be disregarded
                                            &ldquo;[u]nless the Delaware Court of Chancery (or the Delaware Supreme Court) determines
                                            before the Annual Meeting that the Purported Nomination Notice is valid.&rdquo; Accordingly,
                                            the Company was required under Rule&nbsp;14a-6(a)&nbsp;to file a &ldquo;contested&rdquo;
                                            preliminary proxy statement on form PREC14A.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On January&nbsp;18, 2022,
                                            Alden&rsquo;s counsel informed the Company&rsquo;s counsel that one of Alden&rsquo;s three
                                            purported nominees, Carlos P. Salas, had withdrawn from Alden&rsquo;s slate of purported
                                            nominees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            January&nbsp;24, 2022, the Company filed the Definitive Proxy Statement with the Commission
                                            on form DEFC14A. For purposes of the Majority Voting By-Law, January&nbsp;10, 2022 was the
                                            date that was 14 days in advance of the date the Company filed the Definitive Proxy Statement.
                                            In light of the pending litigation pursuant to which a court would ultimately determine whether
                                            Alden&rsquo;s nominations were valid, the Company could not at such time unilaterally establish
                                            that the Purported Nomination Notice was invalid or that the nominations thereunder would
                                            be disregarded at the Annual Meeting. Accordingly, as of the date that was 14 days in advance
                                            of the date the Company filed the Definitive Proxy Statement, the number of nominees (six)
                                            exceeded the number of directors to be elected (three). Pursuant to the Majority Voting By-Law,
                                            plurality voting therefore applied to the election of directors at the Annual Meeting. The
                                            Company disclosed the applicable voting standard for the election of directors and the basis
                                            for its conclusion on page&nbsp;16 of the Definitive Proxy Statement:</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 1in; text-align: justify"><B>Voting Standard</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 0pt 1in; text-align: justify">The provisions of the By-Laws relating
to majority voting for directors will not be applicable at the Annual Meeting because Alden submitted the Purported Nomination Notice
stating it intends to nominate its purported nominees for election to the Board and the litigation regarding the validity of the Purported
Nomination Notice was pending as of the date that was 14 days in advance of the date that we filed the definitive version of this Proxy
Statement with the SEC. Accordingly, pursuant to the By-Laws, plurality voting will instead apply. Under the plurality voting provisions
of our By-Laws, directors will be elected by the vote of a plurality of the shares represented in person or by proxy at the Annual Meeting
and entitled to vote on the election of directors. Therefore, the three nominees for director who receive the most votes cast by the
shares represented in person or by proxy at the Annual Meeting and entitled to vote in the election will be elected 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 0pt 0.25in; text-align: justify">The Company also provided for a plurality
voting standard in the form of proxy card attached to the Definitive Proxy Statement, specifying the following voting options for the
Company&rsquo;s three director candidates: &ldquo;FOR ALL,&rdquo; &ldquo;WITHHOLD ALL&rdquo; and &ldquo;FOR ALL EXCEPT.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                            Company commenced mailing of the Definitive Proxy Statement on or about January&nbsp;24,
                                            2022, and subsequently commenced an active solicitation of proxies from its shareholders,
                                            including through calls and multiple mailings of materials. As of February&nbsp;15, 2022,
                                            the Company was advised by its proxy solicitor that over 30% of the outstanding shares have
                                            already voted by proxy with respect to the election of directors (and that an even higher
                                            percentage of the outstanding shares is currently represented for purposes of the quorum
                                            pursuant to broker discretionary voting on the auditor proposal, although we understand that
                                            figure would be reduced to the extent Alden ultimately delivers proxy materials to some or
                                            all shareholders before the Annual Meeting).</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"></P>

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<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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  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><IMG SRC="tm222792d11_correspimg002.jpg" ALT=""></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;16, 2022</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;5</P></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            January&nbsp;27, 2022, Alden filed a preliminary proxy statement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            February&nbsp;7, 2022, the Chancery Court held the trial.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            February&nbsp;14, 2022, the Chancery Court issued its decision denying Alden&rsquo;s requested
                                            relief and upholding the Board&rsquo;s rejection of the Purported Nomination Notice.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3
                                            </SUP></FONT>In its decision, the Court held that Alden failed to comply with multiple unambiguous
                                            requirements of the By-Laws.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            February&nbsp;15, 2022, Alden issued a press release indicating that it would be filing preliminary
                                            proxy materials in respect of a &ldquo;Vote No&rdquo; campaign. While the press release suggests
                                            that Alden is no longer intending to solicit proxies in favor of its nominees, Alden has
                                            not confirmed publicly or privately that it will not seek to appeal the Chancery Court decision.
                                            Indeed, on the same day, Alden also filed an investor presentation<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4
                                            </SUP></FONT>that included the names of its candidates and labeled them as &ldquo;alternative
                                            directors&rdquo; (see page&nbsp;9 and 26 thereto), suggesting that Alden may still appeal
                                            or otherwise aim to nominate its candidates. Alden&rsquo;s investor presentation further
                                            says that &ldquo;Mr.&nbsp;Zieser and Ms.&nbsp;Brown will bring new perspectives and relevant
                                            expertise&hellip;&rdquo; (see page&nbsp;27), and includes full biographies (on pages&nbsp;28
                                            and 29), again suggesting that Alden is and may continue to advocate for the election of
                                            their candidates.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            February&nbsp;16, 2022, Alden filed a revised preliminary proxy statement seeking to solicit
                                            votes in respect of its &ldquo;Vote No&rdquo; campaign. The form of proxy card attached appears
                                            to provide for a majority voting standard, rather than a plurality voting standard, as it
                                            provides voting options to vote &ldquo;AGAINST&rdquo; the Company&rsquo;s nominees rather
                                            than to &ldquo;WITHHOLD&rdquo; against the nominees.</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR>
<TD STYLE="vertical-align: top; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify">For
                                            the Staff&rsquo;s reference, a copy of the decision is attached as <U>Exhibit A </U>and is
                                            also <I>available at</I>: <U>https://courts.delaware.gov/Opinions/Download.aspx?id=329770</U>.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR>
<TD STYLE="vertical-align: top; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT></TD><TD>Exhibit
                                            99.1 of Alden DFAN14A filed on February 15, 2022, available at <U>https://www.sec.gov/Archives/edgar/data/58361/000092189522000586/ex991dfan14a08392012_021522.pdf</U>.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></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; text-align: justify; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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>

<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" STYLE="font-size: 10pt; text-align: center"><IMG SRC="tm222792d11_correspimg002.jpg" ALT=""></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;16, 2022</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;6</P></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">As
                                            previously disclosed, the Company will hold the Annual Meeting on March&nbsp;10, 2022.</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; text-align: justify"><B><I>Analysis</I></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; text-align: justify; text-indent: 0.5in">The Majority Voting By-Law
unambiguously provides that the applicable voting standard for the election of directors is determined as of a fixed date before the
filing of the Company&rsquo;s proxy materials. Specifically, plurality voting applies if, as of the date that is 14 days before the Company
files its definitive proxy statement, the number of nominees exceeds the number of directors to be elected. This makes sense because
it allows the Company to indicate with certainty what voting standard applies when it mails its proxy materials, including the proxy
card (which would have to be modified if a different voting standard applied), thereby avoiding potential shareholder confusion and expense
of remailing and re-solicitation if circumstances later change.</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: justify; text-indent: 0.5in">Here, January&nbsp;10, 2022
was the date that was 14 days before the Definitive Proxy Statement was filed. Despite its prior determination that Alden&rsquo;s nominations
were invalid, in light of the pending litigation pursuant to which the Chancery Court, not the Company, would ultimately determine whether
Alden&rsquo;s nominations were valid, the Company could not at such time unilaterally establish that the Purported Nomination Notice
was invalid or that the nominations thereunder would be disregarded at the Annual Meeting. Accordingly, as of the date that was 14 days
in advance of the date the Company filed the Definitive Proxy Statement, the number of nominees (six) exceeded the number of directors
to be elected (three). Pursuant to the Majority Voting By-Law, plurality voting therefore applied to the election of directors at the
Annual Meeting, and the Company clearly and unambiguously disclosed this conclusion and the basis therefor in the Definitive 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; text-align: justify; text-indent: 0.5in">The Company acknowledges
that, as of the date of this correspondence, the number of nominees now equals the number of directors to be elected in light of the
decision by the Chancery Court. However, this fact does not impact the determination of the applicable voting standard under the Majority
Voting By-Law, which fixes the voting standard as of the date 14 days prior to the date of the Definitive Proxy Statement. As noted above,
this is a common formulation in majority voting bylaws that is intended to facilitate certainty as to the applicable voting standard
before proxies are mailed and to avoid shareholder confusion and &ldquo;costly resolicitations and postponed annual meetings&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5
</SUP></FONT>that could result from allowing the voting standard to change based on events that take place after proxy statements are
mailed.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify">Charles
                                            Nathan, Latham &amp; Watkins LLP, &ldquo;Implementation of Majority Voting: The Devil in
                                            the Details,&rdquo; <I>The Corporate Governance Advisor</I>, May/June 2006, <I>available
                                            at</I> <U>https://www.lw.com/thoughtLeadership/implementation-of-majority-voting-details</U>.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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>

<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" STYLE="font-size: 10pt; text-align: center"><IMG SRC="tm222792d11_correspimg002.jpg" ALT=""></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;16, 2022</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;7</P></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right">&nbsp;</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; text-align: justify; text-indent: 0.5in">The Company further acknowledges
that Alden has claimed that &ldquo;[i]t is entirely disingenuous for the Company to deem this to be &lsquo;contested election&rsquo;
to enjoy the entrenchment benefits of &lsquo;plurality&rsquo; voting when the Board has deemed all along our director candidates were
invalid&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT> and that Alden has made similar
claims in the revised preliminary proxy statement it filed today. As an initial matter, the Company respectfully doubts the sincerity
of this assertion. The Company clearly disclosed the fact that plurality voting would apply in both its contested preliminary proxy statement
(filed on January&nbsp;14, 2022) and in the contested Definitive Proxy Statement (January&nbsp;24, 2022). If Alden genuinely disputed
the Company&rsquo;s determination under the Majority Voting By-Law that plurality voting would apply at the Annual Meeting, it would
have undoubtedly raised that assertion in the expedited trial before the Chancery Court (held on February&nbsp;7, 2022), the very subject
of which was the interpretation of the By-Laws. Alden did not, however, raise that issue before the Chancery Court. As noted above, the
Chancery Court ultimately held that Alden failed to comply with multiple clear and unambiguous provisions of the By-Laws. In practice,
Alden does not appear to be genuinely disputing the appropriate legal standard as applied here under the Majority Voting By-Law, but
it instead appears to be complaining in hindsight that the Company ought to simply disregard the Majority Voting By-Law to allow for
majority voting now that the Chancery Court has confirmed that its nominations are invalid.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As noted above, the Majority
Voting By-Law is unambiguous that plurality voting applies because the number of nominees exceeded the number of directors to be elected
as of January&nbsp;10, 2022. While the Company disputed the validity of Alden&rsquo;s nominations, Alden&rsquo;s actions compelled the
application of plurality voting in this context: it submitted purported nominations, filed a lawsuit with the Chancery Court seeking,
among other things, declaratory relief to declare their nominations to be valid, and filed a preliminary proxy statement in support of
its nominations. In light of the then-pending litigation and Alden&rsquo;s attempted solicitation in opposition, the Company was required
by Rule&nbsp;14a-6(a)&nbsp;to file a contested preliminary proxy statement and a contested definitive proxy statement. Moreover, the
Company recognized that, as of January&nbsp;10, 2022, it was the Chancery Court, not the Company, that would ultimately determine whether
the Alden nominees were valid. Accordingly, as the Majority Voting By-Law required the Company to determine the voting standard on such
date, and as the Company was not entitled to determine as of such date that the number of nominees as of such date did not include the
Alden nominees, under the Majority Voting By-Law, plurality voting applied for purposes of the Annual Meeting.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR>
<TD STYLE="vertical-align: top; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT></TD><TD>Alden
                                            DFAN14A filed on February 15, 2022, available at <U>https://www.sec.gov/Archives/edgar/data/58361/000092189522000586/dfan14a08392012_02152022.htm</U>.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: justify"><I>See, e.g.</I>, Alden&rsquo;s statement in today&rsquo;s
revised preliminary proxy statement: &ldquo;Irrespective of the voting standard actually employed for this year&rsquo;s election of directors,
if our proxy solicitation results in any director failing to receive a majority of the votes cast for his or her election, then we believe
it would clearly be inappropriate for any such director to continue to serve on the Board.&rdquo;</TD>
</TR></TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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>

<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" STYLE="font-size: 10pt; text-align: center"><IMG SRC="tm222792d11_correspimg002.jpg" ALT=""></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">February&nbsp;16, 2022</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;8</P></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right">&nbsp;</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; text-align: justify; text-indent: 0.5in">In this case, the benefits
of the Company&rsquo;s majority voting formulation are clear. Had the Company not adopted this formulation of majority voting bylaw pursuant
to which the voting standard is fixed as of the date 14 days prior to the date of the Definitive Proxy Statement, then upon receipt of
the Chancery Court decision, the Company would have been in the untenable position of having to change its voting standard and therefore
mail new proxy cards and solicit proxies just three weeks before the Annual Meeting after having solicited proxies for three weeks already,
burdening the Company with substantial additional expense, and importantly, disenfranchising shareholders holding over 30% of the outstanding
shares who, as of February&nbsp;15, 2022, had already cast ballots for the election of directors. Moreover, without this formulation,
even after suffering the foregoing effects, the Company would remain in a state of uncertainty as to the voting standard, as Alden has
yet to confirm publicly or privately whether it intends to appeal the Court&rsquo;s decision &ndash; the fact that Alden has subsequently
published investor materials continuing to tout its nominees reinforces the fact that the Company could not justifiably rely on Alden&rsquo;s
suggestion that it intends to run a &ldquo;Vote No&rdquo; campaign as a basis to conclude that Alden will not appeal. If Alden were to
succeed on an appeal, then, if the voting standard had not been fixed as of the date 14 days prior to the date of the Definitive Proxy
Statement, the voting standard would again flip back to a plurality standard, thereby creating even more unnecessary cost, expense, uncertainty,
and confusion on the part of shareholders. Any of these outcomes would be directly contrary to the purpose of the Majority Voting By-Law,
which is to fix the voting standard at a point in time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Alden is trying to have it
both ways. Presumably, it would have been satisfied with the plurality voting standard had it prevailed in the Chancery Court litigation
and its purported nominees had been eligible, and presumably, it would still be satisfied with the application of plurality voting standard
if it were to appeal and prevail on appeal. Where the Majority Voting By-Law unambiguously requires the voting standard to be fixed as
of the date 14 days before the date of the Definitive Proxy Statement, it cannot be the case that the voting standard can nonetheless
change back-and-forth depending on the outcome of litigation and any appeals and the whims of Alden as to whether it will appeal, run
a withhold campaign, or both.</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">* * *</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: justify; text-indent: 0.5in">If any supplemental information
is required by the Staff or if you have any questions regarding the foregoing, please direct any such requests or questions to me at
(212) 909-3035.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Sincerely,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Shaun J. Mathew, P.C.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Shaun J. Mathew, P.C.</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><I>cc</I>:</TD><TD STYLE="text-align: justify">C. Dana Waterman III</TD>
</TR></TABLE>

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B><U>Exhibit&nbsp;A</U></B></P>

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">STRATEGIC INVESTMENT</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">OPPORTUNITIES LLC,</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 1in">Plaintiff,</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in; width: 49%">v.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 2%">)</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 49%">C.A. No.&nbsp;2021-1089-LWW</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">LEE ENTERPRISES,</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">INCORPORATED, MARY E. JUNCK,</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">STEVEN FLETCHER, MARGARET</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">R. LIBERMAN, BRENT MAGID,</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">HERBERT W. MOLONEY, KEVIN D.</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MOWBRAY, DAVID PEARSON and</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">GREGORY P. SCHERMER,</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 1in">Defendants.</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  </TABLE>


<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>MEMORANDUM OPINION</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; text-align: center">Date Submitted: February&nbsp;7, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date Decided: February&nbsp;14, 2022</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: justify">John D. Hendershot, Matthew W. Murphy, and John
T. Miraglia, RICHARDS, LAYTON&nbsp;&amp; FINGER, P.A., Wilmington, Delaware; Adrienne Marie Ward, Lori Marks-Esterman, Peter M. Sartorius,
and Theodore J. Hawkins, OLSHAN FROME WOLOSKY LLP, New York, New York; <I>Counsel for Strategic Investment Opportunities LLC</I></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: justify">Michael A. Pittenger, Christopher N. Kelley,
Daniel M. Rusk,&nbsp;IV, and Justin T. Hymes, POTTER ANDERSON&nbsp;&amp; CORROON LLP, Wilmington, Delaware; Stefan Atkinson, Byron Pacheco,
and Brittney Nagle, KIRKLAND&nbsp;&amp; ELLIS LLP, New York, New York; <I>Counsel for Lee Enterprises,&nbsp;Incorporated, Mary E. Junck,
Steven Fletcher, Margaret R. Liberman, Brent Magid, Herbert W. Moloney, Kevin D. Mowbray, David Pearson, and Gregory P. Schermer</I></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: justify"><B>WILL, Vice Chancellor</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"></P>

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<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: justify; text-indent: 0.5in">A beneficial holder of Lee
Enterprises,&nbsp;Inc. seeks to nominate two director candidates at Lee&rsquo;s upcoming annual stockholder meeting. The plaintiff is a vehicle
for hedge fund Alden Global Capital, which made a bid for Lee at the same time that the plaintiff attempted to notice the director nominations.
After a board vote, Lee rejected the nomination for failing to comply with the terms of Lee&rsquo;s advance notice bylaw.</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: justify; text-indent: 0.5in">Noncompliance with two bylaw
requirements formed the grounds for Lee&rsquo;s rejection. First, the notice was not submitted by a stockholder of record. The plaintiff had
attempted to become a record holder three business days before Lee&rsquo;s nomination deadline but the transfer was not completed in time.
The plaintiff had also asked Cede&nbsp;&amp; Co.-the record holder for its shares-to provide what amounted to a cover letter for its
nomination in an alternative attempt to meet the requirement. Second, the plaintiff did not use Lee&rsquo;s nominee questionnaire forms, which
were made available to record holders.</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: justify; text-indent: 0.5in">This highly expedited litigation
followed, culminating in a trial on a paper record. The plaintiff claims that Lee breached the bylaws and that Lee&rsquo;s board of directors
breached its fiduciary duties by rejecting the plaintiff&rsquo;s nomination notice. The parties agree that the plaintiff&rsquo;s compliance with
the bylaws must first be assessed under principles of contract interpretation. They disagree on whether equity requires a further review,
what standard of review is required, and what the outcome of that review should be.</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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<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: justify; text-indent: 0.5in">On the question of the plaintiff&rsquo;s
compliance with the bylaws,&nbsp;I find that the nomination notice failed to satisfy both the record holder and form requirements. Lee&rsquo;s
rejection of the notice was therefore contractually proper.</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: justify; text-indent: 0.5in">Fundamental principles of
Delaware law mandate that the court go on to conduct an equitable review of the board&rsquo;s rejection of the nomination. Applying enhanced
scrutiny,&nbsp;I conclude that the board acted reasonably in enforcing a validly adopted bylaw with a legitimate corporate purpose. It
did not engage in manipulative conduct or move the goal posts to make compliance more difficult. The plaintiff could easily have met
the bylaw&rsquo;s record holder and-by extension- form requirements had it not delayed. Equity does not demand that the court override the
board&rsquo;s decision in those circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">My
verdict is therefore for the defendants.</FONT>&nbsp;<FONT STYLE="font-size: 10pt">The plaintiff&rsquo;s request for declaratory and injunctive
relief is denied.</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0in"></TD><TD STYLE="width: 0.5in"><B>I.</B></TD><TD><B>RELEVANT BACKGROUND</B></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; text-align: justify; text-indent: 0.5in">Unless otherwise noted, the
facts described in this section were proven by a preponderance of the evidence. To the extent that any conflicting evidence was presented,&nbsp;I
have weighed it and made findings of fact accordingly.<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B>A.</B></TD><TD><B>Lee Faces a Withhold Campaign</B></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; text-align: justify; text-indent: 0.5in">Defendant Lee Enterprises,&nbsp;Inc.
(&ldquo;Lee&rdquo; or the &ldquo;Company&rdquo;) is an Iowa-based print and digital local news provider in mid-sized markets across the United
States.<SUP>2</SUP> Its board of directors (the &quot;Board&quot;) is classified.<SUP>3</SUP> Each class serves a three-year term with
the term of one director class expiring each year.<SUP>4</SUP> The Board has eight members.<SUP>5</SUP></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: justify; text-indent: 0.5in">Lee&rsquo;s certificate of incorporation
authorizes the Board &ldquo;to make, alter, amend and repeal [Lee&rsquo;s] By-Laws, subject to the power of the stockholders to alter or repeal
the By-Laws made by the Board.&rdquo;<SUP>6</SUP> Its bylaws were first amended on February&nbsp;22, 2017.<SUP>7</SUP> The 2017 bylaws
required the nominating stockholder and nominees to provide certain information by a set deadline, but did not require that the nominating
stockholder be a holder of record or complete a specific questionnaire.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1
</SUP></FONT>Where facts are drawn from exhibits jointly submitted by the parties at trial, they are referred to according to the numbers
provided on the parties&rsquo; joint exhibit list (cited as &quot;JX &quot;) unless defined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2
</SUP></FONT>JX 218.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>
JX 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4
</SUP></FONT><I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5
</SUP></FONT>JX 218.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT>
JX 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT>
JX 10.</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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<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: justify; text-indent: 0.5in">In late 2018, Cannell Capital
LLC, a significant Lee stockholder, expressed concerns over the Company&rsquo;s direction and the composition of its Board.<SUP>8</SUP> Cannell
threatened to run a &ldquo;withhold the vote&rdquo; campaign against the directors who were up for renewal at Lee&rsquo;s February&nbsp;2019
stockholders meeting: defendants Mary Junck, then the Executive Chairman of the Board and a director since 1999; Herbert W. Moloney,
a director since 2001; and Kevin D. Mowbray, Lee&rsquo;s Chief Executive Officer and a director since 2016.<SUP>9</SUP></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: justify; text-indent: 0.5in">On February&nbsp;5, 2019,
Junck, Moloney, and Mowbray met with Institutional Shareholder Services (&ldquo;ISS&rdquo;) to discuss issues raised by Cannell.<SUP>10
</SUP>ISS issued a report two days later recommending that Lee stockholders vote for Junck, Moloney, and Mowbray.<SUP>11</SUP> In its
report,&nbsp;ISS noted that although Cannell&rsquo;s campaign &ldquo;highlighted governance issues that shareholders may want to monitor more
closely, the dissident critique does not rise to the level where removal of the company&rsquo;s board leadership would appear to be beneficial.&rdquo;<SUP>12
</SUP>Junck, Moloney, and Mowbray were each subsequently elected at the annual meeting for a three-year term. <SUP>13</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT>
JX 15; JX 16; JX 28.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT>
JX 16; JX 20.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT>
JX 27.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>11</SUP></FONT>
JX 28.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>13</SUP></FONT>
JX 32.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>B.</B></TD><TD><B>Lee Amends Its Bylaws</B></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; text-align: justify; text-indent: 0.5in">Around the same time, Lee&rsquo;s
Board began to assess amending its bylaws to &ldquo;modernize them and improve them.&rdquo;<SUP>14</SUP> The Board&rsquo;s Nominating and Corporate
Governance Committee met on February&nbsp;19 and May&nbsp;7, 2019 to discuss potential amendments.<SUP>15</SUP> The full Board met on
May&nbsp;8, 2019 and, upon the recommendation of the Nominating and Corporate Governance Committee, passed a resolution directing Lee&rsquo;s
management and counsel &ldquo;to prepare definitive documentation&rdquo; to enact several governance changes.<SUP>16</SUP> These changes
included shortening the deadline &ldquo;for nominating a director to 90 to 120 days,&rdquo; changing director elections from a plurality
to a majority voting standard, providing proxy access to the Company&rsquo;s long-term stockholders, and adopting an exclusive forum provision
under Delaware law.<SUP>17</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>14</SUP></FONT>
JX 228.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>15</SUP></FONT>
JX 30; JX 38.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>16</SUP></FONT>
JX 37.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>17</SUP></FONT>
<I>Id.</I></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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<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: justify; text-indent: 0.5in">Lee&rsquo;s counsel provided the
Board with draft amended bylaws on June&nbsp;5, 2019.<SUP>18</SUP> The Board held a special meeting on June&nbsp;12, 2019 to discuss
the proposed changes to Lee&rsquo;s corporate governance structure and bylaws.<SUP>19</SUP> The Board unanimously approved the Second Amended
and Restated By-Laws of Lee (the &ldquo;Bylaws&rdquo;), which took effect on June&nbsp;26, 2019.<SUP>20</SUP></P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>C.</B></TD><TD><B>The Advance Notice Bylaws</B></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; text-align: justify; text-indent: 0.5in">Article&nbsp;II Section&nbsp;2
of the Bylaws outline detailed requirements for stockholders seeking to nominate candidates to Lee&rsquo;s Board.<SUP>21</SUP> To make a nomination,
a stockholder must provide written notice to Lee&rsquo;s corporate Secretary between 90 and 120 days before the &ldquo;first anniversary of
the preceding year&rsquo;s annual meeting.&rdquo;<SUP>22</SUP></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: justify; text-indent: 0.5in">Section&nbsp;2(a)&nbsp;of
the Bylaws outlines how a Lee stockholder may nominate a director. It provides, in relevant part:</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-align: justify">Nominations of persons for election as directors
and the proposal of other business to be considered by the stockholders of the Corporation may be made at an annual meeting of stockholders
.. . . by any stockholder of the Corporation entitled to vote at the meeting who complies with the notice procedures set forth in this
Section&nbsp;2 and who is a stockholder of record at the time such notice is delivered to the Secretary of the Corporation (the &ldquo;Secretary&rdquo;),
on the record date for the determination of stockholders of the Corporation entitled to vote at the meeting, and at the time of the meeting.<SUP>23</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>18</SUP></FONT>
JX 39.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>19</SUP></FONT>
JX 42.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>20</SUP></FONT>
JX 41; JX 43 (&ldquo;Bylaws&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>21</SUP></FONT>
When referring to &quot;Section&nbsp;2&quot; of the Bylaws throughout this decision,&nbsp;I am referring to Article&nbsp;II Section&nbsp;2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>22</SUP></FONT>
Bylaws art. II, &sect;&sect; 2(a), 2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>23</SUP></FONT>
<I>Id. </I>art. II, &sect; 2(a).</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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<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: justify">Section&nbsp;2(b)&nbsp;of the Bylaws describes
the form a nomination notice must take, including:</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-align: justify">To be in proper form, a stockholder&rsquo;s notice
to the Secretary (the stockholder providing such notice, the &ldquo;Noticing Stockholder&rdquo;) under this Section&nbsp;2 must . . . as
to each person whom the Noticing Stockholder proposes to nominate for election or re-election as a director, set forth or provide (i)&nbsp;the
name, age, business address and residence address of such person . . . (viii)&nbsp;a completed and signed questionnaire and written representation
and agreement, each as may be required by Section&nbsp;2(b)(4).<SUP>24</SUP></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: justify">Section(b)(4)&nbsp;of the Bylaws specifies that
the signed questionnaire and written representation must be completed &ldquo;in the form to be provided by the Secretary upon written
request of any stockholder of record within 10 days of such request.&rdquo;<SUP>25</SUP></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: justify; text-indent: 0.5in">Section&nbsp;2(d)&nbsp;of
the Bylaws states that &ldquo;[o]nly such persons who are nominated in accordance with the procedures set forth in this Section&nbsp;2
shall be eligible to serve as a director&quot; and &quot;any proposed nomination . . . not in compliance with these By- laws . . . shall
be disregarded.&rdquo;<SUP>26</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>24</SUP></FONT>
<I>Id. </I>art. II, &sect; 2(b)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>25</SUP></FONT>
<I>Id. </I>art. II, &sect; 2(b)(4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>26</SUP></FONT>
<I>Id. </I>art. II, &sect; 2(d).</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>D.</B></TD><TD><B>Opportunities Invests in Lee</B></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; text-align: justify; text-indent: 0.5in">Plaintiff Strategic Investment
Opportunities LLC (&ldquo;Opportunities&rdquo;), a wholly owned affiliate of MNG Enterprises,&nbsp;Inc., acquired 3,400,000 shares of Lee
stock in late January&nbsp;2020. At the time, Alden Global Capital LLC-the indirect owner of MNG-served as Opportunities&rsquo; investment
manager pursuant to an investment management agreement.<SUP>27</SUP> Alden is a hedge fund and a significant investor in newspaper companies.<SUP>28</SUP></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: justify; text-indent: 0.5in">On January&nbsp;29, 2020,
Alden and its affiliates, including Opportunities, disclosed in a Schedule 13D filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
that they owned 5.9% of Lee&rsquo;s common stock.<SUP>29</SUP> On May&nbsp;15, 2020, Alden filed a Form&nbsp;13F with the SEC disclosing that
it managed over 3,500,000 shares of Lee stock on behalf of affiliates including Opportunities.<SUP>30</SUP> Alden continued to make similar
disclosures on quarterly Form&nbsp;13Fs through February&nbsp;2021.<SUP>31</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>27</SUP></FONT>
JX 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>28</SUP></FONT>
<I>See </I>JX 113.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>29</SUP></FONT>
JX 49.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>30</SUP></FONT>
JX 54.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>31</SUP></FONT>
JX 56; JX 62; JX 248.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">In March&nbsp;2021, Alden went through an internal
restructuring. It ceased managing assets of third parties, terminated its registration with the SEC as an investment advisor, and converted
into a family office.<SUP>32</SUP> As a part of that reorganization, Opportunities and Alden terminated the investment management agreement
and MNG took over the management of Opportunities&rsquo; investments.<SUP>33</SUP></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: justify; text-indent: 0.5in">And, as a result, Alden did
not disclose any interest in Lee in its May&nbsp;17, 2021 Form&nbsp;13F filing.<SUP>34</SUP> The next day, an investor relations firm
working for Lee emailed Alden to inquire about its recent 13F filing. The email asked if Alden could &ldquo;confirm [it] liquidated its
position over the quarter.&rdquo;<SUP>35</SUP> Alden&rsquo;s general counsel told Alden&rsquo;s President Heath Freeman that Alden &ldquo;no longer
ha[d] discretion over the [Lee shares] so [they were] removed from our filings&rdquo; and that he &ldquo;d[idn&rsquo;]t plan to return [that]
email.&rdquo;<SUP>36</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B>E.</B></TD><TD><B>Alden Decides to Bid for Lee and Nominate Board Candidates</B></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; text-align: justify; text-indent: 0.5in">Alden first began to evaluate
a potential acquisition of Lee in the fall of 2021. On October&nbsp;20, 2021, an investment banker at Moelis&nbsp;&amp; Company sent
a text to Freeman suggesting &ldquo;it may be a good time to make a run at Lee Enterprises.&rdquo;<SUP>37</SUP></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: justify; text-indent: 0.5in">Freeman responded, &ldquo;[l]et&rsquo;s
talk Lee.&rdquo;<SUP>38</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>32
</SUP></FONT>JX 68.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>33
</SUP></FONT>JX 67.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>34
</SUP></FONT><FONT STYLE="font-size: 10pt">JX 74. Form&nbsp;13F filings cover those investments in which a &ldquo;Manager exercises investment
discretion.&rdquo;&nbsp;U.S. Sec.&nbsp;&amp; Exch. Comm&rsquo;n, <I>Form&nbsp;13F</I>, https://www.sec.gov/pdf/form13f.pdf
(last visited Feb.&nbsp;13, 2022).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>35
</SUP></FONT>JX 77.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>36
</SUP></FONT><I>Id</I>.</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>37
</SUP></FONT><FONT STYLE="font-size: 10pt">JX 93.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>38
</SUP></FONT><FONT STYLE="font-size: 10pt"><I>Id</I></FONT>.</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Representatives
of Moelis met with Freeman later that month to discuss a potential acquisition of Lee. On November&nbsp;1, 2021, Moelis provided Alden
with financial models of different acquisition structures.<SUP>39</SUP> Moelis and Alden continued to engage in discussions about the
potential acquisition over the next several weeks.<SUP>40</SUP> On Friday, November&nbsp;19, 2021, Alden made the decision to bid for
Lee.<SUP>41</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Over the weekend, Alden considered nominating a slate of candidates for the three Board seats up for
election at Lee&rsquo;s 2022 annual meeting-those held by Mowbray, Junck, and Moloney.<SUP>42</SUP> Freeman turned to Moelis for help in
identifying potential nominees. During a November&nbsp;20, 2021 call, Moelis mentioned Colleen Brown, John Zieser, and Carlos Salas
as potential candidates.<SUP>43</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0.5in"></TD><TD STYLE="width: 30.05pt"><B>F.</B></TD><TD><B>Opportunities Attempts to Become a Record Holder</B></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Just after
midnight on November&nbsp;22, 2021, Chris Scholfield of Alden requested that its broker, J.P. Morgan Securities LLC and affiliates
(&ldquo;JPM&rdquo;), &ldquo;move 1,000 shares of LEE US to book entry form as soon as possible.&rdquo;<SUP>44 </SUP>Alden&rsquo;s Chief
Financial Officer Josh Kleban emailed JPM again a few hours later, acknowledging that the transfer &ldquo;can take 2-3 days&rdquo; and
requesting that JPM &ldquo;facilitate asap due to Thanksgiving and voting deadlines.&rdquo;<SUP>45</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>37
</SUP></FONT>JX 93.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>38
</SUP></FONT><I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>39
</SUP></FONT>JX 95; JX 97.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>40
</SUP></FONT><I>See </I>JX 98; JX 100; JX 101; JX 102; JX 103; JX 104; JX 106; JX 107; JX 108.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>41
</SUP></FONT>JX 232 (&ldquo;Freeman Dep. Tr.&rdquo;) 128-29.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>42
</SUP></FONT><I>Id</I>. at 59-71.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>43
</SUP></FONT><I>Id. </I>at 60-61.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>44 </SUP></FONT>JX
149.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>45
</SUP></FONT>JX 156.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">&ldquo;[B]ecause
of time constraints,&rdquo; Alden also requested that JPM arrange for certain letters attached to its email &ldquo;to be executed.&rdquo;<SUP>46</SUP>
The attachments included a letter from JPM to The Depository Trust Company and a proposed letter from Cede&nbsp;&amp; Co.-the record holder
of the Lee shares beneficially owned by Opportunities- to Lee.<SUP>47</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0.5in"></TD><TD STYLE="width: 30pt"><B>G.</B></TD><TD><B>Alden Bids for Lee and Opportunities Requests Lee&rsquo;s Form&nbsp;of</B> <B>Questionnaire</B></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Hours after contacting
JPM, on November&nbsp;22, 2021, Alden sent a non-binding proposal to Lee&rsquo;s Board offering to purchase Lee for $24 per share, a 30% premium
over the previous day&rsquo;s closing share price.<SUP>48</SUP> Later that day, Alden, MNG, and Opportunities jointly filed an amended Form&nbsp;13D
with the SEC disclosing ownership of 6.1% of Lee&rsquo;s common stock.<SUP>49</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>46
</SUP></FONT><I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>47
</SUP></FONT>JX 119.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>48
</SUP></FONT>JX 113.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>49 </SUP></FONT>JX
141. More precisely, Opportunities disclosed beneficial ownership of 6.1% of Lee&rsquo;s common stock; MNG disclosed that, as a managing
member of Opportunities, it could be deemed the beneficial owner of 6.1% of Lee&rsquo;s common stock; and Alden disclosed that, as the
investment manager of funds that collectively hold a majority voting interest in MNG, it could also be deemed a beneficial owner of
6.1% of Lee&rsquo;s common stock. <I>Id.</I></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Around noon on November&nbsp;22,
2021, Lee&rsquo;s Secretary C. Dana Waterman received an email attaching a letter from Opportunities, which &ldquo;request[ed] that Lee provide
[Opportunities] an electronic copy of the form of questionnaire . . . and written representation and agreement . . . as set forth under
Article&nbsp;II, Sections 2(b)(1)&nbsp;and (4)&rdquo; of the Bylaws.<SUP>50</SUP> Opportunities asked that it receive the forms &ldquo;as
soon as possible, but in any event no later than 12:00 p.m.&nbsp;Eastern time on Tuesday November&nbsp;23, 2021.&rdquo;<SUP>51</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Waterman forwarded
the letter to Junck, Moloney, and Mowbray, discussing its contents with those directors and certain of Lee&rsquo;s outside advisors on a call
later that day.<SUP>52</SUP> Opportunities&rsquo; letter was not provided to the rest of the Board at that time.<SUP>53</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Meanwhile, on the
afternoon of November&nbsp;22, 2021, Freeman spoke with the three prospective Board nominees Moelis had identified. Each agreed to serve
as a nominee.<SUP>54</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>50
</SUP></FONT>JX 132.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>51
</SUP></FONT><I>Id.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>52
</SUP></FONT>JX 116; JX 230 (&ldquo;Mowbray Dep. Tr.&rdquo;) 143-48.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>53
</SUP></FONT>Mowbray Dep. Tr. 143-44.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>54
</SUP></FONT>Freeman Dep. Tr. 59-70.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0.5in"></TD><TD STYLE="width: 30.05pt"><B>H.</B></TD><TD><B>Lee Rejects Opportunities&rsquo; Form&nbsp;Request</B></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">On November&nbsp;23,
2021, Waterman sent a letter from Lee rejecting Opportunities&rsquo; request for the forms.<SUP>55</SUP> The letter stated that the Bylaws required
the Secretary to provide forms &ldquo;upon written request of any stockholder of record within 10 days of such request&rdquo; but that &ldquo;the
Company&rsquo;s list of registered holders . . . confirmed that Opportunities was not a stockholder of record of the Company.&rdquo;<SUP>56</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">The letter
further explained that Lee had &ldquo;questions&rdquo; about the &ldquo;purported ownership&rdquo; of Lee shares by Opportunities and
its affiliates.<SUP>57 </SUP>It noted that &ldquo;Alden&rsquo;s public filings with respect to its purported ownership of the Company&rsquo;s
shares ha[d] created confusion over the nature of Alden&rsquo;s ownership interests in the Company.&rdquo;<SUP>58</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify"><SUP></SUP> Lee&rsquo;s letter
offered that &ldquo;[s]hould Opportunities subsequently become a stockholder of record of the Company and submit a compliant request
for the [forms], the Company w[ould] evaluate that request.&rdquo;<SUP>59</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0.5in"></TD><TD STYLE="width: 30pt"><B>I.</B></TD><TD><B>Opportunities Seeks to Become a Record Holder and Asks Cede to Submit the Nomination Notice</B></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">As of
November&nbsp;23, 2021, Alden&rsquo;s request to convert 1,000 of Opportunities&rsquo; shares in record name was not complete. Scholfield
updated Kleban on the lack of progress, who responded that &ldquo;the entire takeover bid [wa]s dependent on it.&rdquo;<SUP>60</SUP>
Kleban asked Scholfield about &ldquo;progress&rdquo; on the DTC and Cede letters, noting &ldquo;[t]his is why we went 2
routes.&rdquo;<SUP>61</SUP></P>

<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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>55
</SUP></FONT>JX 150.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>56
</SUP></FONT><I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>57
</SUP></FONT><I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>58
</SUP></FONT><I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>59
</SUP></FONT><I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>60
</SUP></FONT>JX 278.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>61
</SUP></FONT><I>Id</I>.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">The letters were
still &ldquo;being worked on.&rdquo;<SUP>62</SUP> JPM had sent Cede the draft letter on November&nbsp;22, 2021 but did not provide any information
about the individuals Opportunities was seeking to nominate.<SUP>63</SUP> The draft referred to an &ldquo;attached letter&rdquo; for additional
information about Opportunities&rsquo; nomination.<SUP>64</SUP> That &ldquo;attached letter&rdquo; was not provided to Cede.</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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">On November&nbsp;24,
2021, Cede responded with comments to the draft letter. Cede noted that it had not been provided with Opportunities&rsquo; nomination letter
and that it &ldquo;need[ed] to be included in the copy of the letter that [JPM] [wa]s asking Cede to sign[, or, i]n the alternative, the
Cede letter c[ould] reference the [nomination] letter as being provided separately by Opportunities.&rdquo;<SUP>65</SUP> Alden responded
that it would prefer the latter.<SUP>66</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>62
</SUP></FONT>JX 156.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>63
</SUP></FONT>JX 112.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>64
</SUP></FONT><I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>65
</SUP></FONT>JX 272.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>66
</SUP></FONT>JX 156.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Also on November&nbsp;24, 2021, the Board approved a rights
plan.<SUP>67</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">On November&nbsp;25,
2021-the Thanksgiving holiday-Freeman emailed JPM to say that getting shares into record name was &ldquo;very important&rdquo; to Alden.<SUP>68</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">As Lee had disclosed
in January&nbsp;2021, November&nbsp;26, 2021 was Lee&rsquo;s nomination deadline.<SUP>69</SUP> As of that day, none of Opportunities&rsquo; shares
were in record name. JPM was &ldquo;urgently chasing DTC and stressing the importance of getting [the Cede letter] completed today.&rdquo;<SUP>70</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Cede provided additional
comments noting that Opportunities&rsquo; letter was not &ldquo;attached&rdquo; to Cede&rsquo;s letter but was &ldquo;separate.&rdquo;<SUP>71</SUP> Cede&rsquo;s
edited and signed letter (the &ldquo;Cede Letter&rdquo;) stated that:</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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">At the request of [JPM], on behalf
of Opportunities, Cede&nbsp;&amp; Co. in its capacity as holder of record of the Shares, hereby delivers the nomination by
Opportunities of certain individuals for election as directors at the 2022 annual meeting of stockholders of the Company Cede
understands that Opportunities is also delivering a separate letter in connection with this Letter, which, Cede understands,
provides additional information regarding the nomination.<SUP>72</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>67
</SUP></FONT>JX 134; JX 154.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>68
</SUP></FONT>JX 166.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>69
</SUP></FONT>JX 57.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>70
</SUP></FONT>JX 179.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>71
</SUP></FONT><I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>72
</SUP></FONT>JX 177.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0.5in"></TD><TD STYLE="width: 30.05pt"><B>J.</B></TD><TD><B>Opportunities Delivers Its Nomination Notice and the Board Rejects It</B></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">On the afternoon
of November&nbsp;26, 2021, Opportunities&rsquo; counsel sent an email to Waterman and Lee&rsquo;s General Counsel that attached two documents: a &ldquo;notice
of stockholder nomination&rdquo; (the &ldquo;Nomination Notice&rdquo;) and the Cede Letter, which the email described as &ldquo;a letter signed
by Cede, as a stockholder of record.&rdquo;<SUP>73</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">The Nomination Notice
said &ldquo;[t]his letter serves as notice to Lee . . . as to the nomination by . . . Opportunities . . . of nominees for election to the
Board.&rdquo;<SUP>74</SUP> The Nomination Notice also explained that &ldquo;the process to move 1,000 shares of Common Stock into the record
name of Opportunities ha[d] begun.&rdquo;<SUP>75</SUP> The letter defined Opportunities as the &ldquo;Nominating Stockholder&rdquo;<SUP>76</SUP>-a
term not found in the Bylaws.</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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">The Nomination
Notice did not include Lee&rsquo;s form of questionnaire. Instead, it explained that for each of Brown, Salas, and Zieser, Opportunities
was submitting &ldquo;comprehensive customary written questionnaire[s] . . . that [are] substantially similar in scope to the forms
of written questionnaires provided by a company&rsquo;s secretary in like situations.&rdquo;<SUP>77</SUP> The submitted questionnaires gave
a detailed description of the nominees&rsquo; backgrounds and qualifications.<SUP>78</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>73
</SUP></FONT>JX 170.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>74
</SUP></FONT>JX 186.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>75
</SUP></FONT><I>Id.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>76
</SUP></FONT><I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>77
</SUP></FONT><I>Id.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>78
</SUP></FONT><I>Id.</I>; <I>see </I>JX 94, 96, 99.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">From November&nbsp;26
to December&nbsp;2, 2021, Lee&rsquo;s Corporate Governance Committee-which included Junck, Moloney, and Mowbray-met several times with Lee&rsquo;s
outside counsel to discuss Opportunities&rsquo; nomination.<SUP>79</SUP> On December&nbsp;1, 2021, Moloney shared with the Board an article
about Alden called &ldquo;A Secretive Hedge Fund is Gutting News Rooms&rdquo;<SUP>80</SUP> and Waterman sent a legal memorandum for discussion.<SUP>81</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">The full Board met
to discuss the Nomination Notice on December&nbsp;2, 2021.<SUP>82</SUP> The minutes provide that after opening statements by Junck, Lee&rsquo;s
counsel led a discussion about whether the Nomination Notice complied with the Bylaws. The Board voted and approved a motion to declare
the Nomination Notice invalid.<SUP>83</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">On December&nbsp;2, 2021, Opportunities
became a Lee stockholder of record.<SUP>84</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>79
</SUP></FONT>JX 190; JX 287; JX 288; JX 289; JX 290; JX 291; JX 292.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>80
</SUP></FONT>JX 286.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>81
</SUP></FONT>JX 191.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>82
</SUP></FONT>JX 196; Mowbray Dep. Tr. 199. The Board included Junck, Moloney, Mowbray, along with defendants Steven Fletcher, Margaret
Liberman, Brent Magin, David Pearson, and Gregory Schermer. JX 218.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>83
</SUP></FONT>JX 196.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>84
</SUP></FONT>JX 281.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">On December&nbsp;3,
2021, Lee&rsquo;s counsel responded to the Nomination Notice and Cede Letter. Lee&rsquo;s response informed Opportunities that the Nomination Notice
had been rejected because it did not comply with Section&nbsp;2 of the Bylaws:</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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">First, the purported nominations were
not made by a stockholder of record as required by the plain language of the Bylaws. Specifically, (1)&nbsp;Cede&nbsp;&amp; Co. was the
record holder of the shares that Opportunities beneficially owned, but Cede&nbsp;&amp; Co. did not make the nominations; and (2)&nbsp;Opportunities
purported to make the nominations but was not a record holder by the notice deadline. Second, the record holder failed to comply with
numerous requirements for the contents of the notice. Finally, the [November&nbsp;26, 2021 letters] did not include a completed and signed
questionnaire from each [p]roposed [n]ominee in the Company&rsquo;s form.<SUP>85</SUP></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 0in; text-align: justify">Lee&rsquo;s counsel also explained that, as
a result of those deficiencies, the Nomination Notice did &ldquo;not constitute a valid notice of nominations&rdquo; for the Company&rsquo;s 2022
annual meeting.<SUP>86</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">On December&nbsp;9, 2021, Lee informed
Alden that the Board had unanimously rejected Alden&rsquo;s proposal to acquire the Company.<SUP>87</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>85
</SUP></FONT>JX 200.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>86</SUP></FONT>
<I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>87</SUP></FONT>
JX 211.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0.5in"></TD><TD STYLE="width: 30pt"><B>K.</B></TD><TD><B>This Litigation and Subsequent Events</B></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">On
December&nbsp;15, 2021, Opportunities filed a Verified Complaint for Declaratory Judgment and Breach of Fiduciary Duties (the
 &ldquo;Complaint&rdquo;) in this court.<SUP>88</SUP> The Complaint advances two claims: breach of contract against Lee, and breach of
fiduciary against the members of the Board. In support of its breach of contract claim, Opportunities alleges that the Nomination
Notice complied with the plain language of the Bylaws and that the Company&rsquo;s rejection of the Nomination Notice violated the Bylaws&rsquo;
terms.<SUP>89</SUP> The breach of fiduciary duty claim, as pleaded, concerns the Board&rsquo;s approval of the Bylaws, refusal to provide
the forms to Opportunities, and rejection of the Nomination Notice.<SUP>90</SUP> Opportunities dropped the first aspect of that
claim regarding the Board&rsquo;s approval of the Bylaws.<SUP>91 </SUP>Opportunities seeks declaratory and injunctive relief.</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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">On December&nbsp;22,
2021, Vice Chancellor Slights granted a motion to expedite this litigation.<SUP>92</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">On January&nbsp;18,
2022, Opportunities informed Lee that it was no longer seeking to nominate Salas to the Board and would be moving forward with only Brown
and Zieser as its nominees.<SUP>93</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>88</SUP></FONT>
Dkt. 1 (&ldquo;Compl.&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>89</SUP></FONT>
<I>Id. </I>&para;&para; 75-76.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>90</SUP></FONT>
<I>Id. </I>&para;&para; 82-84.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>91</SUP></FONT>
Trial Tr. Feb.&nbsp;7, 2022, at 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>92</SUP></FONT>
Dkt. 20. The case was subsequently reassigned to me.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>93</SUP></FONT>
JX 270.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">On January&nbsp;24,
2022, Lee announced that its 2022 annual meeting of stockholders would be held on March&nbsp;10, 2022.<SUP>94</SUP> On January&nbsp;27,
2022, Opportunities filed with the SEC its preliminary proxy to elect its nominees.<SUP>95</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">After the parties
each submitted opening and answering pre-trial briefs, the court convened a trial on a paper record on February&nbsp;7, 2022.<SUP>96</SUP>
The record presented included 310 joint exhibits. The matter was submitted for decision that day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0in"></TD><TD STYLE="width: 30pt"><B>II.</B></TD><TD><B>LEGAL ANALYSIS</B></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Opportunities asks
the court to declare that its nominees may stand for election at Lee&rsquo;s 2022 annual meeting and seeks (in addition to declaratory relief)
a permanent injunction barring Lee from holding the meeting until the nominees are included on the ballot and Opportunities has sufficient
time to solicit proxies in support.<SUP>97</SUP> Its request for permanent injunctive relief requires Opportunities to show that &ldquo;the
merits of [its] claim are supported by the law and the preponderance of the evidence,&rdquo; irreparable harm, and that the balance of
the equities favors injunctive relief.<SUP>98</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>94
</SUP></FONT>JX 238.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>95</SUP></FONT>
JX 282.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>96</SUP></FONT>
Dkt. 81.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>97</SUP></FONT>
Pl.&rsquo;s Opening Pre-Trial Br. 65 (Dkt. 66); Compl. at Prayer for Relief &para;&para; A-F.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>98</SUP></FONT> <I>Rosenbaum
v. CytoDyn Inc.</I>, 2021 WL 4775140, at *13 (Del. Ch. Oct.&nbsp;13, 2021); <I>see N. River Ins. Co. v. Mine Safety Appliances
Co</I>., 105 A.3d 369, 384 (Del. 2014) (noting that a plaintiff &ldquo;must demonstrate &lsquo;actual, rather than probable success on the
merits&rsquo;&rdquo; when seeking a permanent injunction (quoting <I>Draper Comm&rsquo;ns,&nbsp;Inc. v. Del. Valley Broads. Ltd. P&rsquo;ship</I>, 505
A.2d 1283, 1288 (Del. Ch.1985))).</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Although the parties
also disagree on who the equities favor, the bulk of their briefing focuses on the merits. There are some areas of consensus that form
the boundaries of my merits-based analysis. The parties agree on which of the requirements in Section&nbsp;2 of the Bylaws are in question.
They agree that principles of contract law apply in interpreting the Bylaws. And they (largely) agree that the relevant Bylaw language
is not ambiguous.<SUP>99</SUP> Beyond that, there is little common ground, including on whether equity should provide an overlay and what
standard of review would apply to any equitable analysis. </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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Given these basic
disagreements,&nbsp;I begin by discussing the general legal principles that inform my analysis. I go on to address Opportunities&rsquo; breach
of contract claim and find, by a preponderance of the evidence, that Lee did not breach the Bylaws because the Nomination Notice was deficient.
I then turn to and equitable analysis that resolves Opportunities&rsquo; claim for breach of fiduciary duty. After determining that enhanced
scrutiny applies,&nbsp;I conclude that that equity does not provide a basis for overriding the Board&rsquo;s rejection of the Notice because
the Board has demonstrated that it acted reasonably. Because
Opportunities&rsquo; claims fail on the merits, it is not entitled to injunctive or declaratory relief.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>99
</SUP></FONT><I>See </I>JX 222. Opportunities notes that, to the extent there is any uncertainty or ambiguity, it should be interpreted
in favor of Opportunities and against Lee. <I>See </I>Pl.&rsquo;s Opening Pre- Trial Br. 44.</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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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 30.05pt"><B>A.</B></TD><TD><B>Advance Notice Bylaws</B></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Delaware law recognizes
that stockholders&rsquo; fundamental right &ldquo;to participate in the voting process includes the right to nominate an opposing slate.&rdquo;<SUP>100</SUP>
Beyond broadly requiring that corporations hold &ldquo;[a]n annual meeting of stockholders . . . for the election of directors,&rdquo; the
Delaware General Corporation Law is silent as to how a stockholder may propose a nominee for election.<SUP>101</SUP> Corporations have
come to fill this gap through their bylaws.<SUP>102</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">These so-called
advance notice bylaws have become &ldquo;commonplace&rdquo; tools for public companies to ensure &ldquo;orderly meetings and election contests.&rdquo;<SUP>103
</SUP>To serve that end and provide corporations with sufficient time and information to respond, advance notice bylaws often have two
primary aspects. The first is to set a time period by which stockholders must give notice of their intention to nominate director candidates
in advance of an annual meeting. The second is an informational requirement that serves an important disclosure function, allowing boards
of directors to knowledgably make recommendations about nominees and ensuring that stockholders cast well-informed votes.<SUP>104</SUP></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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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>100
</SUP></FONT><I>Linton v. Everett</I>, 1997 WL 441189, at *9 (Del. Ch. July&nbsp;31, 1997); <I>Harrah&rsquo;s Ent., lnc.</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>v. JCC
Hldg. Co.</I></FONT>, 802 A.2d 294, 310-11 (Del. Ch. 2002) (noting the &ldquo;fundamental electoral rights of stockholders . . . such
as the right . . . to elect new directors or enact a charter amendment&rdquo;); <I>Williams Cos. S&rsquo;holder Litig.</I>, 2021 WL 754593,
at *20 (Del. Ch. Feb.&nbsp;26, 2021) (discussing the &ldquo;subsidiary rights,&rdquo; including the right to nominate directors, that &ldquo;flow&rdquo;
from stockholders&rsquo; fundamental rights &ldquo;to vote, to sell, and to sue&rdquo;).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>101
</SUP></FONT>8 <I>Del. C. </I>&sect; 211(b).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>102
</SUP></FONT><I>See id. </I>&sect; 109(b)&nbsp;(&ldquo;The bylaws may contain any provision, not inconsistent with law or with the certificate
of incorporation, relating to the business of the corporation, the conduct of its affairs, and its rights or powers or the rights or
powers of its stockholders, directors, officers or employees.&rdquo;).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>103
</SUP></FONT><I>Openwave Sys. lnc. v. Harbinger Cap. P&rsquo;rs Master Fund l,&nbsp;Ltd</I>., 924 A.2d 228, 238-39 (Del. Ch. 2007); <I>see
also BlackRock Credit Allocation Income Tr. v. Saba Cap. Master Fund,&nbsp;Ltd.</I>, 224 A.3d 964, 980 (Del. 2020) (describing advance
notice bylaws as &ldquo;commonplace&rdquo;).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>104
</SUP></FONT><I>See Saba Cap.</I>, 224 A.3d at 980 (discussing an informational requirement); <I>Openwave</I>, 924 A.2d at 239 (describing
advance notice bylaws&rsquo; function of &ldquo;provid[ing] fair warning to the corporation so that it may have sufficient time to respond to
shareholder nominations&rdquo;); <I>see also </I>Arthur Fleischer,&nbsp;Jr., Gail Weinstein,&nbsp;&amp; Scott B. Luftglass, <I>Takeover
Defense: Mergers and Acquisitions</I>, &sect; 6.06[C][1] (9th ed. 2022) (&ldquo;Advance notice bylaw provisions provide several benefits
to a company, including giving a board time to evaluate the proposed candidates and preventing last-minute &rsquo;surprise attacks&rsquo; by third
parties for control or board representation.&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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Delaware courts
generally enforce clear and unambiguous advance notice bylaws to avoid &ldquo;uncertainty in the electoral setting.&rdquo;<SUP>105</SUP>
Because bylaws are part of a &ldquo;flexible contract between corporations and stockholders,&rdquo;<SUP>106</SUP> consideration of an advance
notice bylaw&rsquo;s application begins with a contractual analysis. Several questions form the heart of that inquiry: were the bylaws clear
and ambiguous, did the stockholder&rsquo;s nomination comply with the bylaws, and did the company interfere with the plaintiff&rsquo;s attempt to
comply.</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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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>105
</SUP></FONT><I>Saba Cap.</I>, 224 A.3d at 980 (declining to excuse stockholder&rsquo;s failure to comply with advance notice deadline for
providing supplemental information); <I>see also Openwave</I>, 924 A.2d at 239 (explaining that &ldquo;simple and unambiguous&rdquo; bylaws
are &ldquo;given the force and effect required&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>106
</SUP></FONT><I>Boilermakers Loc. 154 Ret. Fund v. Chevron Corp.</I>, 73 A.3d 934, 940 (Del. Ch. 2013).</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">The court&rsquo;s analysis
does not necessarily end if a stockholder fails to comply with the plain terms of an advance notice bylaw. If circumstances require, the
court will go on to consider whether the fiduciaries&rsquo; actions were unreasonable or inequitable. Equity will prohibit, for example, attempts
to &ldquo;utilize the corporate machinery&rdquo; for the &ldquo;purpose of obstructing the legitimate efforts of dissident stockholders in
the exercise of their right to undertake a proxy contest against management.&rdquo;<SUP>107</SUP> Delaware courts have also excused noncompliance
in limited situations where, for example, the bylaws are unreasonable or a board causes significant changes to the company&rsquo;s position
after compliance became impossible.<SUP>108</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">The court must
determine whether the advance notice bylaw &ldquo;has afforded the shareholders a fair opportunity to nominate director candidates.&rdquo;<SUP>109
</SUP>Where the bylaw was equitable at the time of adoption, the court will consider whether the board had a duty to waive the bylaw
requirement.<SUP>110</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>107
</SUP></FONT><I>Schnell v. Chris-Craft Indus.,&nbsp;Inc.</I>, 285 A.2d 437, 439 (Del.1971) (stating that such actions reflect &ldquo;inequitable
purposes, contrary to the established principles of corporate democracy&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>108
</SUP></FONT><I>See, e.g.</I>, <I>Hubbard v. Hollywood Park Realty Enters.,&nbsp;Inc</I>., 1991 WL 3151, at *11 (Del. Ch. Jan.&nbsp;14,
1991) (holding that a board had a duty to waive an advance notice bylaw where there was a &ldquo;radical shift in the board&rsquo;s position&rdquo;
after the nominations deadline had passed and stockholders sought to nominate an insurgent slate); <I>AB Value P&rsquo;rs, LP v. Kreisler Mfr.
Corp.</I>, 2014 WL 7150465, at *4 (Del. Ch. Dec.&nbsp;16, 2014) (discussing <I>Hubbard </I>and noting that the requisite &ldquo;compelling
facts indicating that enforcement&rdquo; of the bylaw would be inequitable were absent).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>109
</SUP></FONT><I>Hubbard</I>, 1991 WL 3151, at *11.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>110
</SUP></FONT><I>See AB Value</I>, 2014 WL 7150465, at *4 (holding that a change in stockholder composition, in which the board had no
involvement, did not give rise to a duty to waive an advance notice bylaw); <I>Openwave</I>, 924 A.2d at 242 (considering whether directors
breached their fiduciary duties when they &ldquo;considered waiving the bylaws and declined to do so&rdquo;); <I>Hubbard</I>, 1991 WL 31581,
at *8 (finding that &ldquo;[n]o inequity ha[d] been visited upon the shareholders by the [board&rsquo;s] commitment not to waive the by-law&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"></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 30.05pt"><B>B.</B></TD><TD><B>The Nomination Notice Did Not Comply with the Bylaws</B></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Bylaws are a contract
between the stockholders, directors, and company.<SUP>111</SUP> Thus, &ldquo;[w]hen construing a corporation&rsquo;s bylaws, the court is bound
by principles of contract interpretation.&rdquo;<SUP>112</SUP> If a &ldquo;bylaw&rsquo;s language is unambiguous, the Court need not interpret
it or search for the parties&rsquo; intent,&rdquo; giving the bylaw the &ldquo;force and effect&rdquo; required.<SUP>113</SUP> The bylaw will be
construed as written with words and phrases &ldquo;given their commonly accepted meaning&rdquo; unless context requires otherwise.<SUP>114</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>111
</SUP></FONT><I>Hill lnt&rsquo;l, lnc. v. Opportunity P&rsquo;rs L.P.</I>, 119 A.3d 30, 38 (Del. 2015) (&ldquo;The bylaws of a Delaware corporation
constitute part of a binding broader contract among the directors, officers and stockholders formed within the statutory framework of
the Delaware General Corporation Law.&rdquo;).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>112
</SUP></FONT><I>Brown v. Matterport</I>, 2022 WL 89568, at *3 (Del. Ch. Jan.&nbsp;10, 2022) (&ldquo;When construing a corporation&rsquo;s bylaws,
the court is bound by the principles of contract interpretation.&rdquo; (citing <I>Saba Cap.</I>, 224 A.3d at 977)).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>113
</SUP></FONT><I>Gentile v. SinglePoint Fin.,&nbsp;Inc.</I>, 788 A.2d 111, 113 (Del. 2001).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>114
</SUP></FONT><I>Hill Int&rsquo;l</I>, 119 A.3d at 38 (quoting <I>Airgas,&nbsp;Inc. v. Air Prods.&nbsp;&amp; Chems.,&nbsp;Inc.</I>, 8 A.3d 1182,
1188 (Del. 2010) (internal quotation marks omitted)).</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">Any ambiguity or lack of clarity in
an advance notice bylaw provision is to be resolved &ldquo;in favor of the stockholder&rsquo;s electoral rights.&rdquo;<SUP>115</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">The parties&rsquo; dispute
centers around whether the Nomination Notice complied with Section&nbsp;2 of the Bylaws. Two primary requirements of the Bylaws are in
question: one, the record holder requirement in Section&nbsp;2(a); and two, the form of questionnaire requirement in Sections 2(b)(1)(viii)&nbsp;and
2(b)(4).</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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">I consider each
in turn, finding that Opportunities&rsquo; nomination materials satisfy neither. The nomination was not made by a record holder and Lee&rsquo;s form
of questionnaire was not included with the Nomination Notice. Lee did not interfere with Opportunities&rsquo; ability to comply with the provisions.
The rejection of the Nomination Notice therefore did not constitute a breach of contract.</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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Opportunities further
asserts that if I find Lee complied with the Bylaws,&nbsp;I should alternatively determine whether the Bylaws &ldquo;improperly restrict
stockholder rights or impose unreasonable conditions on the ability of stockholders to put forth Nominees to the Board and violate public
policy.&rdquo;<SUP>116</SUP> I consider those issues in the subsequent section of this decision where I address the Board&rsquo;s rejection of
the nomination.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>115
</SUP></FONT><I>Saba Cap.</I>, 224 A.3d at 977 (quoting <I>Hill lnt&rsquo;l</I>, 119 A.3d at 38).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>116
</SUP></FONT>Compl. &para; 78.</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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<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: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD><U>The Record Holder Requirement</U></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">The Company&rsquo;s letter
rejecting Opportunities&rsquo; nominations stated that the Nomination Notice &ldquo;failed to satisfy Section&nbsp;2 of the Bylaws in several
respects,&rdquo; including that &ldquo;the purported nominations were not made by a stockholder of record.&rdquo;<SUP>117</SUP> Section&nbsp;2(a)&nbsp;of
the Bylaws requires that a stockholder giving notice of a nomination must be &ldquo;a stockholder of record at the time such notice is
delivered to the Secretary of the Corporation.&rdquo;<SUP>118</SUP> That language is unambiguous.</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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Opportunities acknowledges
that it was not a record holder at any point before the November&nbsp;26, 2021 nomination deadline.<SUP>119</SUP> It contends that the
Cede Letter &ldquo;furnishing&rdquo; Opportunities&rsquo; Nomination Notice satisfied the Bylaws&rsquo; requirements because Cede is a &ldquo;holder
of record&rdquo; of the Lee shares Opportunities beneficially owns.<SUP>120</SUP> It also asserts that the Cede Letter and Nomination Notice
should be viewed together because they were delivered as a single package and referenced each other.<SUP>121</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">The
Bylaws do not prohibit a record holder from making a nomination alongside of a beneficial holder. Rather, the Bylaws expressly
contemplate that a &ldquo;Noticing Stockholder&rdquo;-by
definition, a stockholder of record-may make a nomination on behalf of a beneficial owner.<SUP>122</SUP> The defendants acknowledge that
separate letters from a record holder and beneficial holder that, together, form a nomination could hypothetically satisfy Section&nbsp;2(a).
But the letters must still meet the requirements of the Bylaws. The Nomination Notice and Cede Letter do not for at least two reasons.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>117
</SUP></FONT>JX 200.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>118
</SUP></FONT>Bylaws art. II, &sect; 2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>119
</SUP></FONT>JX 215; <I>see </I>JX 168; JX 281.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>120
</SUP></FONT>Pl.&rsquo;s Pre-Trial Opening Br. 32-36; <I>see </I>JX 177.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>121
</SUP></FONT>Pl.&rsquo;s Pre-Trial Opening Br. 33-34; <I>see </I>JX 170.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>122
</SUP></FONT>Bylaws art. II, &sect;&sect; 2(a), 2(b)(1). Opportunities referred to itself as the &ldquo;Nominating Stockholder&rdquo; in
the Nomination Notice. <I>See </I>JX 173. That term appears nowhere in the Bylaws.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">First, Cede
did not &ldquo;ma[k]e&rdquo; the nomination, as the Bylaws require.<SUP>123</SUP> Section&nbsp;2(b)&nbsp;of the Bylaws specifies that
the Noticing Stockholder must &ldquo;propose to nominate for election&rdquo; the individual nominees.<SUP>124</SUP> The Cede Letter
stated that the nomination was &ldquo;<I>by Opportunities </I>of certain individuals for election.&rdquo;<SUP>125</SUP> Simply put,
Cede provided a cover letter for Opportunities&rsquo; nomination. The evidence demonstrates that Cede refused (as Opportunities requested)
to describe Opportunities&rsquo; separate letter detailing the nominations as &ldquo;attached&rdquo; because Opportunities had declined to
share a copy of its own nomination letter with Cede.<SUP>126</SUP> The non-committal language that Cede included in the Cede Letter
suggests that it distanced itself from having any role in the nomination: &ldquo;Cede understands that Opportunities is also
delivering a separate letter . . . regarding the nomination.&rdquo;<SUP>127</SUP></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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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>123
</SUP></FONT>Bylaws art. II, &sect; 2(a).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>124
</SUP></FONT><I>Id. </I>art. II, &sect; 2(b)(1). That language is also not ambiguous.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>125
</SUP></FONT>JX 177 (emphasis added).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>126
</SUP></FONT>JX 272; <I>see also </I>JX 179.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>127
</SUP></FONT>JX 177. The email from Opportunities&rsquo; counsel transmitting the nomination materials to Lee further make Cede&rsquo;s limited role
apparent. That email states that counsel was sending &ldquo;[o]n behalf of [his] client, Strategic Investment Opportunities LLC . . .
a notice of nomination and a letter signed by Cede&nbsp;&amp; Co.&rdquo; JX 170.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Second, Cede did
not provide, &ldquo;as to each person whom the Noticing Stockholder proposes to nominate,&rdquo; information required by the Bylaws, including
the nominees&rsquo; names, ages, and addresses, or employment history.<SUP>128</SUP> At the most basic level, the Cede Letter did not name the
nominees. It couldn&rsquo;t. Opportunities never told Cede who the nominees were.<SUP>129</SUP> Certain other representations required of a
Noticing Stockholder, such as a statement of its intent &ldquo;to appear in person or by proxy at the annual meeting to propose such .
.. . nominations,&rdquo; were also absent.<SUP>130</SUP></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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify">Opportunities argues
that its noncompliance should be excused on the grounds that Cede typically operates as a neutral party that declines to take steps beyond
transmitting a beneficial holder&rsquo;s nomination.<SUP>131</SUP> The defendants&rsquo; expert disagreed, assembling examples of Cede &ldquo;submit[ting]&rdquo;-rather
than &ldquo;deliver[ing]&rdquo;- nominations.<SUP>132</SUP> But that is beside the point. Lee&rsquo;s Bylaws required the Noticing Stockholder
(<I>i.e.</I>, a stockholder of record) to propose the nominees. Nothing in the Cede Letter reflects an intention by Cede to &ldquo;nominate&rdquo;
directors under any commonly accepted meaning of that word.<SUP>133</SUP> Cede did not nominate the candidates to Lee&rsquo;s Board-Opportunities
did.</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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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>128
</SUP></FONT>Bylaws art. II, &sect; 2(b)(1); JX 177.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>129
</SUP></FONT>JX 231 (&ldquo;Anstandig Dep. Tr.&rdquo;) at 113-114; JX 272.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>130
</SUP></FONT>Bylaws art. II, &sect; 2(d).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>131
</SUP></FONT>JX 226 (&ldquo;Davis Report&rdquo;) &para;&para; 64-65; <I>see </I>JX 235 (&ldquo;Grubaugh Report&rdquo;) &para; 51. Opportunities&rsquo;
expert states that Cede serves a &ldquo;ministerial function&rdquo; and &ldquo;does not act in its own capacity and will not make certain
statements on its own behalf.&rdquo; Davis Report</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&para; 64. The defendants assert that the Davis report should be considered
an inadmissible legal opinion or excluded for failure to provide a &ldquo;reasoned basis&rdquo; for conclusions under</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">The Cede Letter did
not satisfy the Bylaws&rsquo; record holder requirement. Section&nbsp;2(d)&nbsp;of the Bylaws provides that &ldquo;[o]nly such persons who are
nominated in accordance with the procedures set forth in . . . Section&nbsp;2 shall be eligible to serve as a director.&rdquo;<SUP>134
</SUP>The Company therefore did not breach the Bylaws by rejecting Opportunities&rsquo; notice for violating the record holder requirement.
This deficiency alone is fatal to Opportunities&rsquo; breach of contract claim.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">Delaware Rule&nbsp;of Evidence 702. <I>See
</I>Defs.&rsquo; Corrected Opening Pre-Trial Br. 44 n.169 (Dkt. 70). I decline to exclude the report. In my view, the Davis report is
not offering a legal opinion but proffering testimony more relevant to the factual issues in this case. Both the Davis report submitted
by Opportunities and the Hamermesh report submitted by the defendants address, at a high level, legal issues regarding advance notice
bylaws. The court views those recitations not as improper legal opinions but as introductory descriptions of relevant principles that
the court will assess in its decision. <I>See Beard Rsch.,&nbsp;Inc. v. Kates</I>, 2009 WL 7409282, at *6 (Del. Ch. Mar.&nbsp;31, 2009)
(&ldquo;[A]lthough it is critical in a jury trial for a court to exercise its gatekeeper function in advance of allowing an expert to
testify, the importance of addressing issues raised under <I>Daubert </I>and Rule&nbsp;702 before an expert testifies is more attenuated
in a bench trial.&ldquo;). I give the Davis report the weight deemed appropriate.&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>132
</SUP></FONT>Grubaugh Report &para;&para; 46-55.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>133
</SUP></FONT><I>Nominate</I>, Merriam-Webster, https://www.merriam-webster.com/dictionary/nominate (last visited Feb.&nbsp;13, 2022)
(defining &ldquo;nominate&rdquo; as to &ldquo;designate, name&rdquo; and &ldquo;to appoint or propose for appointment to an office or
place&rdquo;); <I>see Black&rsquo;s Law Dictionary </I>1075 (11th ed. 2019) (defining &ldquo;nominate&rdquo; as &ldquo;[t]o propose (a
person) for election or appointment&rdquo; and &ldquo;[t]o name or designate (a person) for a position&rdquo;).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>134</SUP></FONT>
Bylaws art. II, &sect; 2(d).</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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<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD><U>The Forms Requirement</U></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 0in; text-align: justify; text-indent: 0.5in">Another ground the
Company cited in rejecting Opportunities&rsquo; nomination materials was that they &ldquo;did not include a completed and signed questionnaire
from each Proposed Nominee in the Company&rsquo;s form.&rdquo;<SUP>135</SUP> Section&nbsp;2(b)(1)&nbsp;of the Bylaws states that the
Noticing Stockholder must submit &ldquo;a completed and signed questionnaire and written representation and agreement, each as may be
required by Section&nbsp;2(b)(4).&rdquo;<SUP>136</SUP> Section&nbsp;2(b)(4)&nbsp;provides that the questionnaire is to be &ldquo;in the form
to be provided by [Lee&rsquo;s] Secretary upon written request of any stockholder of record within 10 days of such request.&rdquo;<SUP>137
</SUP>That requirement is not ambiguous: the nominees were required to provide responses to Lee&rsquo;s form of questionnaire.<SUP>138</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>135
</SUP></FONT>JX 204.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>136
</SUP></FONT>Bylaws art. II, &sect; 2(b)(1)(viii).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>137
</SUP></FONT><I>Id. </I>art. II, &sect; 2(b)(4).&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>138</SUP></FONT>
The parties do not argue that the word &ldquo;form&rdquo; is ambiguous but disagree on which side the meaning of that word supports. In
Opportunities&rsquo; view, &ldquo;form&rdquo; implies a pre-made document that could have readily been provided to its nominees for completion
with little notice. The defendants, however, contend that there was a prepared form only for incumbent directors and that, for new nominees,
the documents were prepared on an <I>ad hoc </I>basis so that Lee could tailor its requests to the situation. <I>See </I>Defs.&rsquo; Answering
Pre- Trial Br. 42 n.85, 45 (Dkt. 74). Under either definition, a form of questionnaire prepared by Lee was not submitted with the Nomination
Notice. The reasonableness of that technical requirement is addressed later in this decision.</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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<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 0in; text-align: justify; text-indent: 0.5in">Opportunities concedes
that its nominees did not complete a questionnaire on a form provided by Lee. Instead, they completed a questionnaire &ldquo;substantially
similar in scope to forms of written questionnaire provided by a company&rsquo;s secretary in like situations.&rdquo;<SUP>139</SUP> That is,
Opportunities made its own judgment to provide &ldquo;information . . . that [it] believed complied with what the corporation was asking
for, what Lee wanted to know.&rdquo;<SUP>140</SUP></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 0in; text-align: justify; text-indent: 0.5in">Opportunities advances
two arguments intended to excuse its noncompliance with that requirement. The first argument is, in effect, that the questionnaire completed
by its nominees was close enough to any form the Company would have provided. The record demonstrates that Opportunities submitted extensive,
detailed information about its nominees to the Company.<SUP>141</SUP> But that is meaningless for purposes of assessing whether the Nomination
Notice satisfied the letter of Section&nbsp;2 of the Bylaws.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>139
</SUP></FONT>JX 186; <I>see also </I>JX 223.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>140
</SUP></FONT>Anstandig Dep. Tr. 157.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>141</SUP></FONT>
JX 171.</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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<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 0in; text-align: justify; text-indent: 0.5in">Opportunities&rsquo; second
argument is a practical one: it could not complete Lee&rsquo;s forms because Lee never sent them. That is, if Lee interfered with Opportunities&rsquo;
attempt to comply with the forms requirement, Lee could not refuse to put forward Opportunities&rsquo; slate of directors based
on the failure to meet the requirement.<SUP>142</SUP> Opportunities requested the form of questionnaire on November&nbsp;22, 2021.<SUP>143</SUP>
Waterman-after consulting with the Board&rsquo;s Executive Committee of Junck, Moloney, and Mowbray-refused to provide it because Opportunities
had not &ldquo;identif[ied] [itself] as a stockholder of record&ldquo; in making the request.<SUP>144</SUP></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 0in; text-align: justify; text-indent: 0.5in">Opportunities&rsquo; failure
to satisfy the record holder requirement is also determinative on the matter of the form requirement. If a record holder had asked for
the forms, Lee would have been contractually obligated to provide them within ten days. Opportunities, however, was a beneficial owner
on November&nbsp;22, 2019 when it demanded that Lee provide its forms promptly.<SUP>145</SUP> The Bylaws did not require Lee to comply.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>142
</SUP></FONT>Clear and unambiguous advance notice bylaw requirements act, in some respects, as conditions precedent to companies being
contractually obligated to take certain actions. &ldquo;Delaware courts follow the principle that a party who wrongfully prevents a thing
from being done cannot avail itself of the nonperformance it has occasioned.&ldquo; <I>W&nbsp;&amp; G Seaford Assocs. v. E. Short Mkts.</I>,
714 F. Supp. 1336, 1341 (D. Del. 1989) (describing the &ldquo;cardinal principle of contract law regarding conditions&ldquo; (citing
<I>Restatement (Second) of Contracts</I> &sect; 245 (1981))).</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>143
</SUP></FONT>JX 132.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>144
</SUP></FONT>JX 150.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>145</SUP></FONT>
JX 115.</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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<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 0in; text-align: justify; text-indent: 0.5in">As Lee&rsquo;s secretary stated in
his response to Opportunities&rsquo; request, if Opportunities &ldquo;subsequently bec[ame] a recordholder&rdquo; and
 &ldquo;submit[ed] a compliant request for the [forms],&rdquo; Lee would be obligated to &ldquo;evaluate that request as contemplated
by the Bylaws.&rdquo;<SUP>146</SUP> But Opportunities did not become a stockholder of record until December&nbsp;2, 2021-six days
after the Nomination Notice deadline. And it did not submit an additional request for Lee&rsquo;s forms.<SUP>147</SUP> Lee cannot be
said to have interfered with Opportunities&rsquo; attempted compliance.</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 0in; text-align: justify; text-indent: 0.5in">For purposes of
this contractual analysis, the Bylaws unambiguously required that Opportunities submit its nominees&rsquo; completed form of Lee&rsquo;s questionnaire.
Opportunities did not submit those forms with the Nomination Notice. This deficiency provided additional grounds for Lee to reject the
Nomination Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.5in"></TD><TD STYLE="width: 0.25in"><B>C.</B></TD><TD><B>The Board Did Not Improperly Reject the Nomination Notice</B></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 0in; text-align: justify; text-indent: 0.5in">Having found that
the Nomination Notice did not comply with the clear and unambiguous requirements of the Bylaws,&nbsp;I turn to whether the Board&rsquo;s rejection
of the Nomination Notice should nonetheless be set aside. I begin by considering the standard of review and go on to apply that standard
to the facts of this case. I conclude that, under the enhanced scrutiny standard of review, the directors&rsquo; decision to reject the Nomination
Notice was equitable.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>146
</SUP></FONT>JX 150.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>147</SUP></FONT>
JX 281.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD><U>The Standard of Review</U></TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">The parties agree on the fundamental
point that <I>Schnell </I>empowers the court to invalidate certain board actions, including those that inequitably manipulate the
corporate machinery to impair the rights of stockholders. Put simply, directors&rsquo; inequitable acts towards stockholders do not
become permissible because they are legally possible.<SUP>148 </SUP>There is less accord between the parties on whether the court
should even undertake that analysis in this case.</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 0in; text-align: justify; text-indent: 0.5in">In Opportunities&rsquo;
view, if the Nomination Notice failed to comply with the Bylaws, Opportunities should nevertheless prevail because the Board&rsquo;s actions
in enforcing the Bylaws cannot withstand enhanced scrutiny. It asserts that the Board&rsquo;s fiduciary duties obligated the directors to exercise
their discretion in favor of the stockholder franchise by waiving, or allowing Opportunities to cure, any legal defects.</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 0in; text-align: justify; text-indent: 0.5in">The defendants,
for their part, contend that if a stockholder fails to comply with the unambiguous requirements of an advance notice bylaw, the
Nomination Notice is &ldquo;invalid and of no force and effect.&rdquo; To continue on to an analysis of equitable principles, they
assert, a plaintiff stockholder must first prove manipulative conduct or &ldquo;compelling circumstances&rdquo; that could justify a
finding of irreparable conduct under <I>Blasius</I>.<SUP>149</SUP> In the absence
of that showing, the defendants say that the court&rsquo;s inquiry should end because the business judgment
rule&nbsp;applies.<SUP>150</sup></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>148
</SUP></FONT><I>Schnell</I>, 285 A.2d at 439; <I>see ln re lnvs. Bancorp, lnc. S&rsquo;holder Litig.</I>, 177 A.3d 1208, 1222 (Del. 2017)
(&ldquo;[D]irector action is &lsquo;twice-tested,&rsquo; first for legal authorization, and second by equity.&rdquo;).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>149
</SUP></FONT><I>See Blasius Indus.,&nbsp;Inc. v. Atlas Corp.</I>, 564 A.2d 651 (Del. Ch. 1988).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>150</SUP></FONT>
To forgo any further review where a clear and unambiguous advance notice bylaw is enforced begs the question of when the court would look
to the reasonableness of the board&rsquo;s application of its requirements. Take a scenario posed by Opportunities&rsquo; counsel. &ldquo;Imagine a
bylaw that says to be in proper form, your advance notice of nomination has to be handwritten, in cursive, in purple ink, on pink paper
that has a watermark of a hippopotamus wearing a spacesuit.&rdquo; Trial Tr. Feb.&nbsp;7, 2022 at 57. That bylaw might not violate any
provision of the DGCL or the company&rsquo;s certificate of incorporation. But it would be ridiculous and do nothing to serve the purposes of
advance notice bylaws. To uphold a board&rsquo;s rejection of a nomination notice for failing to satisfy that requirement would be inconsistent
with <I>Schnell</I>.</P>


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">As Opportunities
points out, the defendants&rsquo; approach would put the rabbit in the hat. If the court must find that the board acted for the primary purpose
of disenfranchisement to trigger a more stringent review, it will have already made a normative judgment about whether the board engaged
in manipulative conduct requiring judicial intervention. Then-Vice Chancellor Strine described <I>Blasius </I>as more of an &ldquo;after-the-fact
label placed on a result&ldquo; than a standard of review that guides the court&rsquo;s decision making for that reason.<SUP>151</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>151
</SUP></FONT><I>Mercier v. Inter-Tel (Del.),&nbsp;Inc</I>., 929 A.2d 786, 788, 806 (Del. Ch. 2007) (describing the &ldquo;trigger&ldquo;
for the application of <I>Blasius </I>to be a &ldquo;label for a result&rdquo; rather than &ldquo;useful guide to determining what standard
of review should be used by a judge to reach an appropriate result&rdquo;); <I>Chesapeake Corp. v. Shore</I>, 771 A.2d 293, 323 (Del.
Ch. 2000) (&ldquo;In reality, invocation of the <I>Blasius </I>standard of review usually signals that the court will invalidate the
board action under examination. Failure to invoke <I>Blasius </I>typically indicates that the board action survived (or will survive)
review under <I>Unocal.&rdquo;</I>).</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">At the other extreme,
business judgment deference would not permit the court to adequately assess the Board&rsquo;s enforcement of the advance notice bylaw.<SUP>152</SUP>
Delaware law necessarily leaves room for assessing whether a board&rsquo;s actions in enforcing a clear advance notice bylaw were justified,
consistent with the doctrine of <I>Schnell</I>. This court must have the opportunity to consider whether the bylaw is being enforced fairly,
in furtherance of a legitimate corporate purpose, or whether equity demands that it be set aside in the given context.<SUP>153</SUP></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 0in; text-align: justify; text-indent: 0.5in">The Delaware Supreme
Court has observed that board action interfering with the stockholder franchise often arises in a takeover context.<SUP>154</SUP> Here,
Opportunities&rsquo; nominations were part and parcel of Alden&rsquo;s hostile bid to acquire Lee.<SUP>155</SUP> I cannot ignore the defensive mindset
in which the Board was operating when it rejected the Nomination Notice.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>152
</SUP></FONT><I>See Kallick v. Sandridge Energy</I>, 68 A.3d 242, 258-59 (Del. Ch. 2013).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>153
</SUP></FONT><I>See CytoDyn</I>, 2021 WL 477510, at *19 n.188 (&ldquo;The Board is obliged to review a nomination notice carefully and
with an open mind.&rdquo;); <I>Healthcor Mgmt., L.P. v. Allscripts Healthcare Sols.,&nbsp;Inc</I>., C.A. No.&nbsp;7557-CS, at 3-4 (Del.
Ch. May&nbsp;25, 2012) (TRANSCRIPT) (&ldquo;[T]he board is subject to . . . review for how it uses a[n advance notice] by-law and whether
it&rsquo;s using it for proper purposes consistent with its duty of loyalty.&ldquo;).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>154
</SUP></FONT><I>See Stroud v. Grace</I>, 606 A.2d 75, 92 n.3 (Del. 1992) (&ldquo;Board action interfering with the exercise of the franchise
often arose during a hostile contest for control where an acquiror launched both a proxy fight and a tender offer.&ldquo;); <I>Unitrin,&nbsp;Inc.
v. Am. Gen. Corp</I>., 651 A.2d 1361, 1379 (Del. 1995).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>155</SUP></FONT>
JX 113; JX 115; <I>see generally supra </I>Parts I.G,&nbsp;I.I.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">In my view, enhanced
scrutiny-Delaware&rsquo;s intermediate standard of review-is the appropriate standard of review to apply in this case. Whether labeled as <I>Unocal
</I>or <I>Blasius</I>, enhanced scrutiny review &ldquo;recognize[s] the inherent conflicts of interest that arise when a board of directors
acts to prevent shareholders from effectively exercising their right to vote either contrary to the will of the incumbent board members
generally or to replace the incumbent board members in a contested election.&rdquo;<SUP>156</SUP> That is so here, even though a minority
of the Board members were at risk of losing his or her board seat.<SUP>157</SUP></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 0in; text-align: justify; text-indent: 0.5in">Delaware law&rsquo;s requires
that the court&rsquo;s inquiry be undertaken &ldquo;with a special sensitivity&rdquo; where directors&rsquo; actions may affect the stockholder franchise
or the result of director elections.<SUP>158</SUP> Chancellor Allen&rsquo;s iconic decision in <I>Blasius </I>reaffirmed the proposition that
Delaware courts will hold directors to account where they take actions that impair the stockholder franchise.<SUP>159</SUP> But the court&rsquo;s
careful review of alleged vote manipulation
cannot appropriately be confined to the sort of blunt efforts to disenfranchise stockholders confronted in <I>Blasius</I>. Enhanced scrutiny
may be invoked beyond that scenario, where the board&rsquo;s actions &ldquo;could have the effect of influencing the outcome of corporate director
elections or other stockholder votes having consequences for corporate control.&rdquo;<SUP>160</sup></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>156
</SUP></FONT><I>MM Cos. v. Liquid Audio,&nbsp;Inc.</I>, 813 A.2d 1118, 1129 (Del. 2003); <I>see also Coster v. UIP Cos.</I>, 255 A.3d
952, 962 (Del. 2021).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>157
</SUP></FONT><I>See CytoDyn</I>, 2021 WL 4775140, at 14 (&ldquo;When it comes to the enforcement of bylaws against stockholders, the
board does not act simply as an arms-length contracting partner.&rdquo;); <I>Aprahamian v. HBO&nbsp;&amp; Co.</I>, 531 A.2d 1204, 1206
(Del. Ch. 1987) (&ldquo;A candidate for office, whether as an elected official or as a director of a corporation, is likely to prefer
to be elected rather than defeated. He therefore has a personal interest in the outcome of the election even if the interest is not financial
and he seeks to serve from the best of motives.&rdquo;).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>158
</SUP></FONT><I>Kallick</I>, 68 A.3d at 258-59 (explaining when Delaware courts apply enhanced scrutiny &ldquo;with a special sensitivity
towards the stockholder franchise&rdquo;).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>159</SUP></FONT>
<I>Blasius</I>, 564 A.2d at 660-63.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>160
</SUP><I>Mercier</I>, 929 A.2d at 810; <I>see Giuricich v. Emtrol Corp.</I>, 449 A.2d 232, 239 (Del.
1982) (&ldquo;[Delaware courts] will not allow the wrongful subversion of corporate democracy by manipulation of the corporate machinery
.. . . [and] careful judicial scrutiny will be given [to] a situation in which the right to vote for the election of successor directors
has been effectively frustrated and denied&rdquo;); <I>Blasius</I>, 564 A.2d at 659 (&ldquo;[W]hen viewed from a broad, institutional
perspective, it can be seen that matters involving the integrity of the shareholder voting process involve consideration not present
in any other context in which directors exercise delegated power.&ldquo;).</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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<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD><U>Application of the Standard of Review</U></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 0in; text-align: justify; text-indent: 0.5in">The enhanced scrutiny
standard of review requires a context-specific application of the directors&rsquo; duties of loyalty, good faith and care.<SUP>161</SUP> Fundamentally,
the standard to be applied is one of reasonableness.<SUP>162</SUP> The defendants must &ldquo;identify the proper corporate objectives
served by their actions&rdquo; and &ldquo;justify their actions as reasonable in relation to those objectives.&rdquo;<SUP>163</SUP> If the
incumbent directors actions&rsquo; &ldquo;operate[d] as a reasonable limitation
upon the shareholders&rsquo; right to nominate candidates for director,&rdquo; they will generally be validated.<SUP>164</sup></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>161
</SUP></FONT><I>See Reis v Hazelett Strip-Casting Corp.</I>, 28 A.3d 442, 457 (Del. Ch. 2011).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>162
</SUP></FONT><I>Mercier</I>, 929 A.2d at 810 (providing that the standard of review to be applied where directors&rsquo; actions affect
the corporate franchise is &ldquo;a reasonableness standard consistent with the <I>Unocal </I>standard&rdquo;).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>163</SUP></FONT>
<I>Id. </I>at 810.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>164
</SUP></FONT><I>Hubbard</I>, 1991 WL 3151, at *11.&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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">Here, the Board
was justified in rejecting the Nomination Notice.<SUP>165</SUP> Opportunities failed to comply with a validly enacted bylaw that had a
legitimate purpose. The relevant bylaw requirements could readily have been satisfied by any stockholder. And there is no evidence of
manipulative conduct.</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 0in; text-align: justify; text-indent: 0.5in">To start, though
the Board rejected the Nomination Notice under the shadow of Alden&rsquo;s bid, the Bylaws were adopted on a clear day long before Alden surfaced.
Cannell&rsquo;s withhold campaign had concluded four months before the Bylaws&rsquo; adoption, but the Board was not faced with an imminent threat-much
less a threat from Alden-at that time.<SUP>166</SUP> This reality may be why Opportunities wisely dropped its claim that the Board members
breached their fiduciary duties by approving the challenged aspects of the Bylaws.<SUP>167</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>165
</SUP></FONT><I>See CytoDyn</I>, 2021 WL 4775140, at *15 (&ldquo;Delaware courts have reserved space for equity to address the inequitable
<I>application </I>of even validly-enacted advance notice bylaws.&ldquo;); <I>AB Value</I>, 2014 WL 7150465, at *3 (&ldquo;[B]ylaws are
said to be &rsquo;useful in permitting orderly shareholder meetings, but if notice requirements unduly restrict the stockholder franchise
or are applied inequitably, they will be struck down.&rsquo;&ldquo; (quoting <I>Openwave</I>, 924 A.2d at 239)).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>166
</SUP></FONT><I>See AB Value</I>, 2014 WL 7150465, at *3; <I>supra </I>nn.9-14 and accompanying text.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>167</SUP></FONT>
<I>See </I>Trial Tr. Feb.&nbsp;7, 2022, at 6. This claim was initially included in Count II of the Complaint. Compl. &para; 82.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">Next, the Bylaws&rsquo;
record holder requirement was neither facially problematic nor unreasonable as a matter of policy.<SUP>168</SUP> It is not an empty formalism.
Under Delaware law, corporations are entitled to &ldquo;rely upon record ownership, not beneficial ownership, in determining who is entitled
to notice of and to vote at the meeting of stockholders.&rdquo;<SUP>169</SUP> The reason for that is simple: the corporation wants to
confirm that an individual or entity making proposals has &ldquo;skin in the game.&rdquo;<SUP>170</SUP> Reliance on record ownership ensures
order and gives the corporation certainty that the party attempting to take action based on a right incidental to share ownership is,
in fact, a stockholder.<SUP>171</SUP> As Mowbray testified, the requirement gave the Company clarity on &ldquo;who holds our stock&ldquo;
and was &ldquo;by and far the cleanest way and the fairest way for all shareholders to know who actually owns the stock.&rdquo;<SUP>172</sup></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>168
</SUP></FONT><I>See IBS Fin. Corp. v. Seidman&nbsp;&amp; Assoc., LLC</I>, 136 F.3d 940, 948 (3d Cir. 1998) (holding that the board properly
exercised its discretion to reject board nominees where the charter was violated and the provision was enforceable because it did not
offend public policy and was &ldquo;reasonable on its face&ldquo;); <I>see also Bay Cap. Fin., L.L.C. v. Barnes&nbsp;&amp; Noble Educ.,&nbsp;Inc.</I>,
2020 WL 1527784, at *5, *8 (Del. Ch. Mar.&nbsp;30, 2020) (enforcing an advance notice bylaw where the stockholder failed to satisfy the
recordholder requirement); <I>Travel Ctrs. of Am., LLC v. Brog</I>, C.A. No.&nbsp; 3516-CC, at 255-61 (Del. Ch. Apr.&nbsp; 3, 2008) (TRANSCRIPT)
(enforcing a stock certificate requirement for a nominating stockholder).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>169
</SUP></FONT><I>Berlin v. Emerald P&rsquo;rs</I>, 552 A.2d 482, 494 (Del. 1988); <I>see </I>8 <I>Del. C. </I>&sect; 219(c).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>170
</SUP></FONT>Hamermesh Report &para;&para; 32-38.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>171</SUP></FONT>
<I>Salt Dome Oil Corp. v. Schenck</I>, 41 A.2d 583, 585 (Del. 1945) (explaining that insistence on record holder status can prevent &ldquo;corporate
chaos&ldquo; from &ldquo;intervention by strangers in intracorporate affairs&ldquo;); Marcel Kahan&nbsp;&amp; Edward B. Rock, <I>The Hanging
Chads of Corporate Voting</I>, 96 Geo. L.J. 1227, 1233 (2008) (&ldquo;[T]here is a statutory and judicial concern for definiteness which
is maximized by a system of reliance on the stock list. Whatever flaws are generated by giving entitlements to record owners, it has the
benefit that the owner is clearly specified and known to the company.&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>172
</SUP></FONT>Mowbray Dep. Tr. 120-23. The minutes of the Board&rsquo;s December&nbsp;2, 2021 meeting state that: &ldquo;The Board considered
that Alden failed to become a record holder of any Company shares by the advance notice deadline, but still attempted to deliver a nomination
notice in spite of the By-Laws requirement that the nominating party must be a record holder. The Board and its advisors also discussed
how Alden attempted to circumvent the record holder requirement and how Alden&rsquo;s failure to become a record holder created further
potential invalidities with respect to representations and attestations required to be given under the By-Laws.&ldquo; JX 196; <I>see
also </I>Mowbray Dep. Tr. 120.&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"></P>

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<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 0in; text-align: justify; text-indent: 0.5in">There is also &ldquo;no
evidence of any manipulative conduct&ldquo; by the Board suggesting that its enforcement of the Bylaws was not made even handedly and in
good faith.<SUP>173</SUP> The Board did not, for example, &ldquo;significant[ly] change [the] corporate direction or policy&rdquo; after
the notice deadline had expired as in <I>Hubbard v. Hollywood Park Realty Enterprises</I>;<SUP>174</SUP> set meeting dates that made it
impossible for a stockholder to give timely notice of a nomination as in <I>Lerman v. Diagnostic Data,&nbsp;Inc.</I>;<SUP>175</SUP> amend
the date of the stockholder meeting to &ldquo;obtain an inequitable advantage&rdquo; as in <I>Schnell v. Chris-Craft Industries,&nbsp;Inc</I>;<SUP>176</SUP>
or fail to announce an interpretation of a bylaw that effectively thwarted a stockholders&rsquo; ability to present a stockholder proposal until
the nomination deadline had passed as in <I>Mesa Petroleum
Co. v. Unocal Corporation.</I><SUP>177</SUP> Here, nothing-and certainly no actions of the Board-precluded Opportunities from complying
with the Bylaws&rsquo; requirements.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>173
</SUP></FONT><I>Saba Cap.</I>, 224 A.3d at 981 (&ldquo;Delaware law protects stockholders in instances where there is manipulative conduct
or where the electoral machinery is applied inequitably.&ldquo;) <SUP></SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><SUP>174</SUP> 1991 WL 3151, at *11-13.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>175
</SUP></FONT>421 A.2d 906, 912-14 (Del. Ch. 1980).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>176</SUP></FONT>
285 A.2d at 439.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>177
</SUP></FONT>1985 WL 44692, at *6 (Del. Ch. Apr.&nbsp;22, 1985).</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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<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 0in; text-align: justify; text-indent: 0.5in">This leads to an
overarching point: Opportunities&rsquo; own delay is what ultimately prevented it from satisfying the Bylaws&rsquo; record holder (and, by extension,
form) requirements. The Bylaws plainly afforded Opportunities &ldquo;a fair opportunity to nominate director candidates.&ldquo;<SUP>178</SUP>
Alden had known about Lee&rsquo;s November&nbsp;26, 2021 director nomination deadline since early 2021.<SUP>179</SUP> Yet Opportunities waited
until the weekend before the nomination deadline to consider the Bylaw&rsquo;s nomination requirements.<SUP>180</SUP> It only began the process
of transferring shares into record name on November&nbsp;22, 2021-three business days before the deadline.<SUP>181</SUP></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>178
</SUP></FONT><I>Hubbard</I>, 1991 WL 3151, at *11; <I>see also AB Value</I>, 2014 WL 7150465, at *3 (&ldquo;The clearest set of cases
providing support for enjoining an advance notice bylaw involves a scenario where a board, aware of an imminent proxy contest, imposes
or applies an advance notice bylaw so as to make compliance impossible or extremely difficult, thereby thwarting the challenger entirely.&ldquo;);
<I>Blasius</I>, 564 A.2d at 661 (stating that a court may infer that the board breached its fiduciary duties when it adopts a bylaw with
 &ldquo;the primary purpose of impeding the exercise of stockholder power&rdquo;).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>179
</SUP></FONT>JX 57; JX 61.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>180
</SUP></FONT>Freeman Dep. Tr. 130-31.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>181</SUP></FONT>
JX 149. Alternatively, Opportunities could have engaged with Cede early enough that Cede could have requested the forms or provided the
nomination in compliance with Section&nbsp;2(a)&nbsp;of the Bylaws. Opportunities contends that would be beyond Cede&rsquo;s typical ministerial
role. But I cannot credit that argument because Opportunities never asked.</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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<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 0in; text-align: justify; text-indent: 0.5in">The decision to nominate
directors is generally not one that a well-intentioned stockholder should make hastily. Here, Opportunities chose to wait until the last
minute to begin the process of submitting a nomination. Submitting a nomination less than three hours before the deadline eliminated
any window of time for Opportunities to cure deficiencies.<SUP>182</SUP> That choice left no room for error. But Opportunities did not
submit a compliant notice.<SUP>183</SUP> In fact, the Board observed that Opportunities &ldquo;very likely ran out of time in moving
shares into their record name and developed its own nomination process to circumvent its failure.&rdquo;<SUP>184</SUP></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 0in; text-align: justify; text-indent: 0.5in">The Board&rsquo;s enforcement
of the forms requirement was, in effect, an extension of these same considerations. Requiring that nominees submit responses to a questionnaire
Lee created furthers the information-gathering and disclosure functions of advance notice bylaws.<SUP>185</SUP> And if only record holders
could make nominations, it seems justifiable that
Lee would not undertake the process of providing a questionnaire unless a record holder inquired. And Waterman invited Opportunities to
renew its request for the forms if it became a record holder.<SUP>186</Sup></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>182
</SUP></FONT><I>See </I>Bylaws art. XI &sect; 1(b); JX 170.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>183
</SUP></FONT><I>CytoDyn</I>, 2021 WL 4775140, at *17 (&ldquo;Given that Plaintiffs waited until the last minute to submit their Nomination
Notice, they were obligated to submit a compliant notice.&ldquo;); <I>Accipiter Life Scis. Fund, L.P. v. Helfer</I>, 905 A.2d 115, 127
(Del. Ch. 2006) (ruling against the stockholder plaintiff where it &ldquo;could easily have preserved its rights with reasonable diligence&ldquo;
but failed to do so); <I>see also Openwave</I>, 924 A.2d at 238-39 (explaining that advance notice bylaw deadlines &ldquo;provide fair
warning to the corporation so that it may have sufficient time to respond to shareholder nominations&ldquo;); <I>Saba Cap.</I>, 224 A.2d
at 980 (noting that &ldquo;missed deadlines could potentially frustrate the purpose of advance notice bylaws&ldquo;).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>184
</SUP></FONT>JX 196.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>185
</SUP></FONT><I>See </I>Hamermesh Report &para; 46. The plaintiffs note that the provision-and specifically, its requirements in conjunction
with the recordholder requirement-is unusual. Pl.&rsquo;s Answering Br. 34 n.16; <I>see </I>Davis Report &para; 52. But that is not the
test. The hypothetical abuses of the questionnaire requirement raised by Opportunities&rsquo; expert-such as the submission of arbitrary
and onerous questions to dissident stockholders&rsquo; nominees-are not before me. <I>See Openwave</I>, 924 A.2d at 240 (finding no grounds
for a challenge to a bylaw based on &ldquo;hypothetical&ldquo; abuse).&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>186</SUP> JX 150. The outcome might be different if Opportunities
had been a record holder when it requested the forms (or asked Cede to request the forms in its capacity as the stockholder of record)
and Lee refused its request anyway. In that scenario, if Opportunities had attempted to submit detailed information about its nominees
but had its nomination rejected for failure to use Lee&rsquo;s own &ldquo;form,&ldquo; one would question the purpose of the Board&rsquo;s
formalistic adherence to the bylaws. That is not, however, this case.</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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<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 0in; text-align: justify; text-indent: 0.5in">More generally, the
Board had a genuine interest in enforcing its Bylaws so that they retain meaning and clear standards that stockholders must meet. The
December&nbsp;2, 2021 Board minutes show that the directors were mindful of &ldquo;the reasonable expectation that Alden, like any other
shareholder, should abide by the plain language of the By-Laws.&rdquo;<SUP>187</SUP> That expectation was neither manipulative nor unfair.</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 0in; text-align: justify; text-indent: 0.5in">The Board&rsquo;s decision
to stand by the Bylaws&rsquo; requirements was not inequitable in these circumstances. The Board was undoubtedly not thrilled that Alden had
made a bid and that Opportunities sought to nominate director candidates. But the actions that it took in response to the nomination were
reasonable and appropriate. The Bylaws were validly enacted on a clear day. The Board did not unfairly apply those Bylaws or engage
in inequitable conduct that made Opportunities&rsquo; compliance difficult. The directors enforced requirements that were long known to Opportunities
and that could have been complied with had it not delayed. Those actions cannot constitute a breach of fiduciary duty and are far from
the sort of inequitable conduct that would require this court to intervene.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>187</SUP></FONT>
JX 196.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 30pt"><B>III.</B></TD><TD><B>CONCLUSION</B></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 0in; text-align: justify; text-indent: 0.5in">For the foregoing
reasons, Opportunities has not succeeded on the merits of its breach of contract claim or breach of fiduciary duty claim. Opportunities&rsquo;
request for declaratory and injunctive relief is denied. Final judgment is entered in favor of the defendants.</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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