Shoals Securities Settlement: Who Qualified and What the $70 Million Fund Paid

The notice does not promise a particular payment amount. Your transactions are evaluated under the Plan of Allocation, and the remaining fund is divided proportionally among eligible claimants.

• The $70 million is the starting fund, not the amount available for payments. Taxes, administration and notice costs, and any court-approved fees and expenses are deducted first.
• Each approved claimant’s share is based on that person’s recognized claim compared with the total recognized claims of everyone whose claims are accepted. The notice estimates an average of about $0.34 per eligible share before deductions, but it is only an estimate.
• No payment will be sent if the calculated distribution is less than $10.

The notice says supporting documents are required, but it does not list the exact documents in the notice itself. The Proof of Claim form identifies what must be included.

• Use the Proof of Claim form and follow its instructions.
• Include every document the form asks for and sign the form.
• Submit it online or mail it so it is postmarked or received by August 25, 2026.

The Plan of Allocation uses detailed transaction rules. Buying Shoals stock during the class period does not by itself establish a payment amount.

• Transactions are matched using first-in, first-out (FIFO), meaning sales are first matched to shares held before the class period and then to the earliest class-period purchases.
• Shares sold on or before August 1, 2023 have a recognized loss of zero under the plan.
• Options themselves are not eligible. If stock was bought or sold by exercising an option, the exercise date and exercise price are used.
• Short sales and purchases used to cover short sales have a recognized loss of zero.
• A claimant with an overall market gain has a recognized claim of zero. For an overall market loss, the recognized claim may be capped at that market loss.

Excluding yourself, also called opting out, is different from objecting. It removes you from the settlement rather than asking the Court to change or reject it.

• You may ask to be excluded by sending a signed exclusion letter by First-Class Mail. It must state that you request exclusion from the Class in the Shoals Securities Settlement.
• The letter must provide your contact information and your Shoals common-stock purchases, acquisitions, and sales during the class period, including dates, share amounts, and prices.
• It must be postmarked or received by September 4, 2026.
• If you exclude yourself, you will not receive a settlement payment and cannot object. You may retain the ability to pursue a separate case about the released claims, subject to any defenses that may apply.

Submitting a claim is the only way to seek a payment. Staying in the class without submitting one still affects the legal claims covered by the settlement if the Court approves it.

• If you stay in the class and do nothing, you will not receive money from this settlement.
• Unless you properly exclude yourself, you will still be bound by the settlement if it is approved and cannot bring, continue, or join another case concerning the claims released by this settlement.
• The notice lists exceptions to the released claims, including claims arising under ERISA and specified derivative actions.

An objection tells the Court what you disagree with about the settlement, allocation plan, or requested fees and expenses. It does not remove you from the class.

• You may object only if you remain in the class.
• A written objection must be filed with the Court and sent to Lead Counsel and Defendants’ Counsel so all receive it by September 4, 2026.
• The objection must include contact information, a signature, transaction details, the specific reasons for the objection, supporting materials, and other information described in the notice.
• The hearing is scheduled for September 28, 2026, at 9:00 a.m. in Nashville. You do not have to attend. The Court may change the hearing arrangements.