LEGION PARTNERS ASSET MANAGEMENT, LLC

Legion Partners provides investment management services through pooled investment vehicles ("Clients"), structured as Delaware limited partnerships and Cayman Islands segregated portfolio companies, or through separately managed accounts, often side-by-side or co-investments. They specialize in fundamental research, long-term oriented investing, and building productive relationships with portfolio companies, involving long-term holdings and active engagement with management and boards to achieve superior long-term performance. Their investment strategy is detailed further in Item 8. Legion Partners prioritizes its Clients, which may limit the securities in which it invests or manages due to side-by-side or co-investments, while using the same investment strategy. They do not participate in wrap fee programs. As of December 31, 2024, their Assets Under Management (AUM) were approximately $218,764,000. The advisory fees are governed by each investor's agreement, typically involving a combination of Management Fees and performance-based fees, although sometimes only a performance-based fee is charged. Client investments may be heavily concentrated in a limited number of companies or industries, and their investment strategy may require Clients to hold investments for a significant period.

Legion Partners specializes in conducting deep fundamental analysis of publicly traded companies. This research enables Legion to identify and then focus resources and engagement efforts on selected issues with the potential to have the most significant impact on the rights and economics of long-term oriented shareholders of that company. Legion Partners may also collaborate with institutional investors and others on key policy issues. Legion Partners typically purchases securities with the intent of holding the investment for more than one year (with a target investment horizon of two to three years). However, Legion Partners may sell securities after holding such securities for less than a year or the target period for various reasons. Client investments may be heavily concentrated in only a limited number of companies or industries.

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