Mr. Sameet Kanade reports

STEEP HILL PROVIDES UPDATE ON INDEMNIFICATION LAWSUIT

On Aug. 31, 2023, the Delaware Court of Chancery issued a decision in the indemnification action filed by Jmichaele Keller against Steep Hill Inc.'s wholly owned Delaware subsidiary, Steep Hill Inc., in which he seeks indemnification of attorneys fees and expenses related to a 2021 arbitration. The court ruled that claims brought by Steep Hill in the arbitration against Mr. Keller's wholly owned company, Delft Blue Horizons BV, as well as Mr. Keller's affirmative claims for breach of contract and defamation against Steep Hill, which he was unsuccessful on at the arbitration, are entitled to indemnification. The court did not award Mr. Keller's indemnification for claims brought against him related to press releases he issued after he departed from Steep Hill. The amount of indemnification has not yet been determined.

Steep Hill is considering its options in lieu of the court's decision.

About Steep Hill Inc.

The company is in the process of restructuring its business and is exploring strategic alternatives.

We seek Safe Harbor.