<SEC-DOCUMENT>0000950170-24-105561.txt : 20240911
<SEC-HEADER>0000950170-24-105561.hdr.sgml : 20240911
<ACCEPTANCE-DATETIME>20240911165002
ACCESSION NUMBER:		0000950170-24-105561
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240911
DATE AS OF CHANGE:		20240911

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Iterum Therapeutics plc
		CENTRAL INDEX KEY:			0001659323
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38503
		FILM NUMBER:		241293128

	BUSINESS ADDRESS:	
		STREET 1:		FITZWILLIAM COURT, 1ST FLOOR
		STREET 2:		LEESON CLOSE
		CITY:			DUBLIN 2
		STATE:			L2
		ZIP:			D02 YW24
		BUSINESS PHONE:		(872) 225-6077

	MAIL ADDRESS:	
		STREET 1:		FITZWILLIAM COURT, 1ST FLOOR
		STREET 2:		LEESON CLOSE
		CITY:			DUBLIN 2
		STATE:			L2
		ZIP:			D02 YW24

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Iterum Therapeutics Ltd
		DATE OF NAME CHANGE:	20151124
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>itrm_proxy_letter_shareh.htm
<DESCRIPTION>DEFA14A
<TEXT>
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  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:18pt;font-family:Times New Roman;min-width:fit-content;">UNITED STATES</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:18pt;font-family:Times New Roman;min-width:fit-content;">SECURITIES AND EXCHANGE COMMISSION</font></p>
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  <p style="font-size:10pt;margin-top:4pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:18pt;font-family:Times New Roman;min-width:fit-content;">SCHEDULE 14A</font></p>
  <p style="font-size:10pt;margin-top:4pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Proxy Statement Pursuant to Section 14(a) of the</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Securities Exchange Act of 1934</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">(Amendment No.           )</font></p>
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    <td style="vertical-align:middle;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Filed by the Registrant </font><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">&#9746;</font></p></td>
    <td style="vertical-align:middle;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="vertical-align:middle;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Filed by a Party other than the Registrant </font><font style="color:#000000;white-space:pre-wrap;font-family:'Segoe UI Symbol',sans-serif;min-width:fit-content;">&#9744;</font></p></td>
    <td style="vertical-align:middle;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
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  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Check the appropriate box:</font></p>
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    <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-family:'Segoe UI Symbol',sans-serif;min-width:fit-content;">&#9744;</font></p></td>
    <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Preliminary Proxy Statement</font></p></td>
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  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
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    <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></p></td>
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    <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-family:'Segoe UI Symbol',sans-serif;min-width:fit-content;">&#9744;</font></p></td>
    <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Definitive Proxy Statement</font></p></td>
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    <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Definitive Additional Materials</font></p></td>
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    <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-family:'Segoe UI Symbol',sans-serif;min-width:fit-content;">&#9744;</font></p></td>
    <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Soliciting Material under &#167;240.14a-12</font></p></td>
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  <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;border-bottom:1pt solid #000000;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:24pt;font-family:Times New Roman;min-width:fit-content;">Iterum Therapeutics plc</font></p>
  <p style="font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">(Name of Registrant as Specified In Its Charter)</font></p>
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  <p style="font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</font></p>
  <p style="font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Payment of Filing Fee (Check all boxes that apply):</font></p>
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    <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-family:'Segoe UI Symbol',sans-serif;min-width:fit-content;">&#9746;</font></p></td>
    <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">No fee required.</font></p></td>
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    <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Fee paid previously with preliminary materials.</font></p></td>
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    <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-family:'Segoe UI Symbol',sans-serif;min-width:fit-content;">&#9744;</font></p></td>
    <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</font></p></td>
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  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:1pt solid #000000;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:2.25pt double #000000;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:4pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:1pt;font-family:Times New Roman;min-width:fit-content;"><br></font><font style="color:#000000;white-space:pre-wrap;font-size:1pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:1pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <div class="page-node-content"><div style="z-index:-3;flex-direction:column;display:flex;min-height:0.5in;justify-content:flex-end;position:relative;"></div></div>
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  <div style="z-index:-3;min-height:0.5in;position:relative;"></div>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">[The following communication was sent or made available commencing on September 11, 2024</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">to certain shareholders of Iterum Therapeutics plc]</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">September 11, 2024</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Dear Shareholder,</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Tahoma',sans-serif;min-width:fit-content;">&#xfeff;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">We are writing to you in connection with the upcoming extraordinary meeting of shareholders which has been adjourned until 23 September 2024 (the &#x201c;EGM&#x201d;).</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Now, more than ever before, the vote at the upcoming EGM is critical to the future of Iterum Therapeutics. We continue to focus on a strategic process to sell, license, or otherwise dispose of our rights to sulopenem with the goal of maximizing stakeholder value and have engaged a financial advisor to assist management and the board in evaluating strategic alternatives. Such process can be costly and time consuming.  In the meantime, having the flexibility to raise additional capital through the issue of new shares for cash will help ensure we can </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">continue to fund our strategic process with the goal of maximising stakeholder value</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> and ensure the advancement of oral sulopenem, a much needed treatment option.</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;">
   <tr style="visibility:collapse;">
    <td style="width:100%;"></td>
   </tr>
   <tr style="height:11pt;word-break:break-word;white-space:pre-wrap;text-align:left;">
    <td style="border-top:2.25pt double #000000;padding-top:0.01in;border-right:2.25pt double #000000;border-left:2.25pt double #000000;vertical-align:top;border-bottom:2.25pt double #000000;padding-right:0.01in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">YOUR VOTE IS EXTREMELY IMPORTANT</font></p><div class="item-list-element-wrapper" style="margin-left:0.33958333333333335in;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:0.3402777777777778in;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">&#x2022;</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">If we do not have the ability to raise additional capital, including through the issuance of shares for cash, to fund our operating expenses beyond January 2025 including repayment of the 6.500% exchangeable senior subordinated notes due January 2024 (the &#x201c;Exchangeable Notes&#x201d;), we will be severely limited in our ability to continue as a going concern and</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">subject to major insolvency risk</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> which may result in the bankruptcy, reorganization and/or the break-up of the Company which in turn would most likely lead to a </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">significant destruction of shareholder value</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">, including dilution or even an elimination of shareholders&#x2019; interests in the Company.  </font></div></div><div class="item-list-element-wrapper" style="margin-left:0.33958333333333335in;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:0.3402777777777778in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">&#x2022;</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Even with the recently completed Rights Offering in August, we currently have insufficient funds to repay the Exchangeable Notes.  </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">We require additional capital to repay the Exchangeable Notes and continue to fund the business</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. </font></div></div><div class="item-list-element-wrapper" style="margin-left:0.33958333333333335in;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:0.3402777777777778in;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">&#x2022;</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Our </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">ability to raise additional</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> capital through the issue of new shares for cash, even in another pro-rata rights offering, is </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">severely limited</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> without the disapplication of pre-emption rights.  </font></div></div><div class="item-list-element-wrapper" style="margin-left:0.33958333333333335in;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:0.3402777777777778in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">&#x2022;</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Having the flexibility to raise additional capital through the issue of new shares for cash will help ensure we can </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">continue to fund our strategic process</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. </font></div></div><div class="item-list-element-wrapper" style="margin-left:0.33958333333333335in;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:0.3402777777777778in;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">&#x2022;</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">We </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">may become subject to delisting from Nasdaq Capital Market </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">if we are unable to regain compliance with Nasdaq Listing Rule 5550(b)(1) by raising additional equity capital efficiently.</font></div></div><p style="margin-left:36pt;font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
   </tr>
  </table>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Tahoma',sans-serif;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">REMEMBER: Your vote is important, no matter how large or small your holdings may be.  Please take a moment to vote your shares &#x201c;FOR&#x201d; the pre-emption proposal set out in the proxy. </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Even if you have voted against the proposal previously, you may change your vote and revoke your proxy prior to the EGM by following the instructions set out in the proxy.</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">   If you have previously submitted your proxy or otherwise voted on the proposal at the EGM and do not wish to change your vote, you need not take any action.</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">  </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Sincerely,</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Tahoma',sans-serif;min-width:fit-content;">&#xfeff;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><img src="img109358456_0.jpg" alt="img109358456_0.jpg" style="width:112px;height:43px;">&#160;</p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">________________________</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Corey N. Fishman</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">President and Chief Executive Officer</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
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