AGILYSYS INC — Director's Dealing 2024

Dec 18, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AGILYSYS INC (AGYS)
CIK: 0000078749
Period of Report: 2024-12-03

Reporting Person: MAK CAPITAL ONE LLC (N/A)
Reporting Person: MAK Capital Fund LP (N/A)
Reporting Person: Kaufman Michael A (N/A)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-12-03	Call option (obligation to sell)	$144.2183	S	327600	Disposed		Common Stock (327600)	Direct
2024-12-03	Put option (right to sell)	$119.2982	P	327600	Acquired		Common Stock (327600)	Direct

Footnotes

F1: On December 3, 2024, MAK Capital Fund LP ("MAK Fund"), an affiliate of MAK Capital One LLC ("MAK Capital"), entered into a "zero-cost collar" arrangement (the "Contract") with an unaffiliated broker-dealer on the common stock, without par value, (the "Shares") of Agilysys, Inc. (the "Issuer"). Pursuant to the Contract, which included an initial hedge period that ended on December 15, 2024, MAK Fund wrote European call options and purchased European put options on 327,600 Shares. Only one of such options can be in-the-money on the applicable expiration date(s). On such dates, the Contract is expected to be physically settled by delivery of the Shares unless MAK Fund elects to pay cash to settle its obligations, if any, under the Contract.

F2: The Contract will expire in 16 equal increments in respect of 20,475 Shares each over a series of expiration dates expected to commence on March 3, 2026.

F3: On the final expiration date: (i) the call option will automatically be exercised (and the put option will expire unexercised) if the volume weighted average price of the Shares on the relevant expiration date (the "Reference Price") is greater than or equal to the call option strike price; (ii) the put option will automatically be exercised (and the call option will expire unexercised) if the Reference Price is less than or equal to the put option strike price; and (iii) the call option and the put option will each expire unexercised if the Reference Price is greater than the put option strike price but less than the call option strike price; provided that the applicable option buyer may elect to exercise the applicable options on the relevant expiration date regardless of whether or not the applicable options are in-the-money.

F4: MAK Capital acts as the investment manager of MAK Fund and Michael A. Kaufman ("Mr. Kaufman") is the managing member of MAK Capital. Each of MAK Capital and Mr. Kaufman disclaims such beneficial ownership, except to the extent of its pecuniary interest therein.