On May 5, 2020, Mudrick Capital Management, LP.’s legal counsel delivered a letter to Quorum Health Corporation’s board of directors on behalf of Mudrick Capital, to supplement its April 29, 2020 letter requesting that the Board exercise its fiduciary out and terminate the restructuring support agreement. In the letter, Mudrick Capital expressed its view that the superior alternative transaction summarized in the term sheet adheres to the same general structure as the plan and improves upon its terms by (i) guaranteeing a cash recovery for the first lien lenders in an amount up to $100 million greater than that provided for in the plan, (ii) providing the senior notes with take back paper equivalent to 100% of the present value of the senior notes claims as compared to the Company’s position of 9.5%, (iii) reinstating all equity interest holders and (iv) providing for a backstopped equity rights offering raised at equity, the fulcrum security. Mudrick Capital concluded the letter by requesting a meeting with the Board and members of management at the earliest possible time and stated that, assuming that the Board agreed to proceed with the superior alternative transaction at such time, it would be appropriate for Mudrick to designate a director to fill the current vacancy on the Board.