On January 31, 2014, Red Mountain Capital Partners LLC announced that on January 29, 2014, it has entered into a letter agreement with Destination XL Group, Inc. Pursuant to that, Willem Mesdag was elected to the Company's Board. Under the terms of agreement, the Company also agreed to provide Red Mountain with certain information about its properties, employees, finances, businesses, and operations. Red Mountain also stated that it has entered in to confidentiality and standstill agreement with the Company, which expires on the later to occur of December 31, 2014 or 3 months after the date upon which no persons affiliated with Red Mountain is serving on the Company's board.

The standstill provisions include limitations on the ability of Red Mountain to (i) acquire more than 15% of the issued and outstanding common stock of the Company, (ii) solicit proxies to vote any common stock, (iii) submit a proposal to the Company for any extraordinary transaction involving the Company or any of its securities or assets, or (iv) seek to control or influence the Board of Directors or management or policies of the Company.