{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6d9-e2b42345b4ed", "slug": "0c4c719df1f7", "title": "Newell Brands Inc. (NWL)", "subtitle": "Jeffrey C. Smith · 2018-03", "author": "Jeffrey C. Smith", "date": "2018-03-05 00:00:00", "pageCount": 10, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Newell Brands Inc.", "targetTicker": "NWL", "document": { "id": "019dd923-622b-71dc-a6d9-e2b42345b4ed", "slug": "0c4c719df1f7", "title": "Newell Brands Inc. (NWL)", "rawTitle": "Starboard Value LP Letter to NWL Shareholders 03.05.2018", "authorId": "03_Starboard_Value", "authorName": "Jeffrey C. Smith", "authorDisplay": "Jeffrey C. Smith", "kind": { "slug": "shareholder-letter", "label": "Shareholder letter" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2018-03-Starboard_Value_LP_Letter_to_NWL_Shareholders_03.05.2018.pdf", "sourceUrl": "https://www.starboardvalue.com/wp-content/uploads/Starboard_Value_LP_Letter_to_NWL_Shareholders_03.05.2018.pdf", "sourceDate": "2018-03-05 00:00:00", "presentationDate": "2018-03-05 00:00:00", "ingestedAt": "2026-04-22 15:18:42+00", "status": "ready", "pageCount": 10, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Newell Brands Inc.", "targetTicker": "NWL", "metadata": { "local_root": "/tmp/legacy-images/0c4c719df1f7", "activist_firm": "Starboard Value LP", "origin_corpus": "contrarian", "extraction_seconds": 85.87679481506348 } }, "coverage": { "pageCount": 10, "pagesIndexed": 10, "pagesWithImages": 10, "pagesWithMetadata": 10, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 46, "chartCount": 1, "metricSlides": 0, "toolMatches": 5, "documentToolMatches": 2, "frameworkMatches": 3, "arcMatches": 1, "beatMatches": 4, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "evidence": "The document follows a structure similar to a consultant's gambit, presenting a situation, complication, and solution (nominees for the Board).", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:54:10.226901+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 1, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Situation & Context", "beatId": "3e4ab1f7-5162-41af-9d17-f5bdbff45cd4", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The letter begins with an executive summary, setting the context for the rest of the document.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 2, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 2, "name": "Problem & Complication", "beatId": "9154c2cc-8d30-45e4-9958-59cfad2e1c15", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The second page exposes a contradiction in the current Board's actions, presenting a complication.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 6, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Evidence & Proof", "beatId": "1cbdcb14-e100-4aed-872d-59a6cfbae98c", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides biographies of Starboard's nominees, serving as evidence and proof of their qualifications.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 7, "name": "Impact & Next Steps", "beatId": "00a789b3-0fe0-416a-831d-933630e70b0b", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The remaining pages provide additional information and disclosures, outlining next steps and impacts.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 2, "from": 2, "loop": { "name": "08_analogy", "slug": "08-analogy", "status": "active", "bestFor": "Complex concepts, new markets, technical explanations for non-experts", "canonId": "019dd956-6901-7032-ba44-96eaed94c949", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight", "description": "Explain the unfamiliar through a well-understood parallel domain", "familyLabel": null, "categoryName": "Explanation", "categorySlug": "explanation" }, "matchId": "1270fe01-eaa9-402a-a1bf-eb8dd5f57328", "evidence": "The graph on page 2 serves as an analogy to illustrate the contradiction.", "position": 0, "objective": "to highlight the contradiction in the current Board's actions", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:54:10.426903+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 6, "from": 3, "loop": { "name": "23_expert_witness", "slug": "23-expert-witness", "status": "active", "bestFor": "Technical validation, regulatory compliance, skeptical executives", "canonId": "019dd956-6f24-735e-aa4b-4ec8e0334778", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Authority's Credentials -> Their Finding/Opinion -> Applied to Our Case", "description": "Borrow credibility from a recognized authority to validate your position", "familyLabel": null, "categoryName": "Validation", "categorySlug": "validation" }, "matchId": "221f6d24-f93c-4e5a-af77-2d13261700ca", "evidence": "The biographies of Starboard's nominees serve as expert witness testimony.", "position": 1, "objective": "to provide credibility to Starboard's nominees", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:54:10.466403+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "0ee739a2-5e3f-4a72-b400-8a8e1890614f", "evidence": "Michael Polk (CEO) and the incumbent Newell Board", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "b4f5a7e7-0824-4604-97ad-e44cef9033b9", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "82c38fc6-8716-4ff4-8ef3-f41ef8e6d7e8", "evidence": "Dear Fellow Newell Shareholders, In our prior letter addressed to Michael Polk, CEO of Newell Brands Inc. ... we highlighted the extremely poor operating performance of Newell under the current leade", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:48:29.409984+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "32de5c09-44a6-48d7-9533-22a973fdf278", "evidence": "We believe that management is clearly providing an aspirational outlook for results later in the year... historical results show a pattern of poor and deteriorating results well below management's lo", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:48:29.490505+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Thesis: Activist defense (for management)", "slug": "activist-defense", "status": "active", "bestFor": null, "canonId": "019df269-16e3-7099-83d1-53afcc747cc6", "version": 1, "bodyDocId": "019df269-16b4-709a-9f8d-19d4cab4bea7", "description": "The mirror-image thesis. Management responding to an activist campaign,", "familyLabel": "thesis-archetype", "categoryName": "Competitive", "categorySlug": "competitive" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "9071ce6c-78d2-41b7-ac3d-d3978eba34ed", "evidence": "action of the current Board, in accordance with our reservation of rights, we have formally nominated two (2) additional director candidates", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:48:24.747162+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "db266ae8-e502-4558-9534-492b009dcdc1", "evidence": "The letter frames the current Board and management as dysfunctional and responsible for poor performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:14:02.901+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "antagonist-introduction" }, { "matchId": "b5ce9025-ecc6-4dbf-968a-8bbe239c6926", "evidence": "The slide uses historical data to expose a contradiction between management's promises and actual performance, and then uses that to frame the Board's actions as self-serving.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 21:14:06.728+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "fraud-exposure" }, { "matchId": "62ec6df0-b501-4db4-8a6e-4cae89f38f58", "evidence": "Outlines the process for replacing board members and nominating new candidates.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:14:04.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "management-change" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Letter-format communication to shareholders during an active proxy fight, signed by Jeffrey C. Smith. Includes one embedded chart (p.2) showing Newell adjusted operating margin decline vs. management's long-term target since the Jarden acquisition — a textbook before/after framing. Most of the document (pp. 4-7) is director-nominee biographies; pp. 8-10 are SEC proxy-solicitation participant boilerplate. Starboard's beneficial ownership is disclosed in share counts across multiple funds (~16.4M shares) but no explicit percentage stake is stated. Explicitly invokes Darden Restaurants precedent as template for full-board replacement strategy.", "kpisCited": [ { "detail": "Declined from 17.1% in Q2'17 to 9.1% expected in Q1'18E", "metric": "Adjusted operating margin" }, { "detail": "~17.5% (20% adjusted EBITDA less ~2.5% D&A) — well above recent results", "metric": "Management long-term margin target" }, { "detail": "Four directors (Franklin, Ashken, De Sole, L'Esperance) resigned in roughly one month", "metric": "Directors resigned" }, { "detail": "Expanded from 9 to 11 directors two weeks after the nomination deadline", "metric": "Board size" }, { "detail": "Over 50x total shareholder return in less than 15 years", "metric": "Jarden shareholder return under Franklin/Ashken" } ], "closingAsk": "Support Starboard's slate to replace the Board at the 2018 Annual Meeting and embark on a multi-year operational turnaround of Newell.", "extraction": { "at": "2026-04-22 15:18:42+00", "model": "unknown-legacy", "runId": null, "seconds": 85.87679, "promptVersion": null }, "scqaReward": "A refreshed, accountable Board executing a multi-year operational turnaround can restore margins toward the 20% long-term target and deliver outstanding returns from a depressed stock price.", "thesisTypes": [ "governance_board", "operational_turnaround", "management_change" ], "top3Reasons": [ "Four directors have abruptly resigned, exposing a dysfunctional Board", "Operating margin collapsed from 17.1% to 9.1% vs 20% management target", "Board expanded post-deadline to disenfranchise shareholders on director elections" ], "scqaSituation": "Newell Brands is an iconic consumer-products conglomerate formed via the Jarden acquisition, whose operating performance under CEO Michael Polk and the incumbent Board has sharply deteriorated.", "thesisSummary": "Newell Brands' governance has collapsed: four directors — Martin Franklin, Ian Ashken, Domenico De Sole and Ros L'Esperance — have resigned in roughly one month, signaling irreconcilable discord over the Company's direction under CEO Michael Polk. Operating margins have deteriorated from a 17.1% peak in Q2'17 to just 9.1% expected in Q1'18, well below management's 20% long-term target, and management has disclosed further margin erosion through the first half of 2018. After the Board unilaterally expanded from nine to eleven seats two weeks past the nomination deadline, Starboard nominated two additional candidates (Bridget Ryan Berman, Robert Steele) alongside its existing slate and is seeking to replace the full Board at the 2018 Annual Meeting, citing its successful Darden Restaurants precedent of full-board replacement with selective incumbent reinstatement.", "primaryDemands": [ "Replace the Board at the 2018 Annual Meeting with Starboard's slate", "Hold management and Board accountable for poor execution and value destruction", "Interview incumbent directors and add back up to two to maintain continuity", "Nominate Bridget Ryan Berman and Robert Steele as additional director candidates after Board expansion" ], "scqaResolution": "Replace the incumbent Board at the 2018 Annual Meeting with Starboard's full slate — including returning directors Franklin, Ashken and De Sole — then interview and potentially add back up to two incumbents.", "thesisOneLiner": "Newell's Board is dysfunctional — four directors have quit and margins have cratered to 9.1%; elect Starboard's slate at the 2018 Annual Meeting to drive an operational turnaround.", "precedentsCited": [ "Darden Restaurants full-board replacement (Starboard)", "Jarden Corporation (50x total shareholder return under Franklin/Ashken)" ], "scqaComplication": "Four directors have resigned in one month, adjusted operating margin has fallen from 17.1% to 9.1%, and the Board expanded seats after the nomination deadline to entrench itself and disenfranchise shareholders.", "narrativeInterest": 3, "notableSlidePages": [ 1, 2, 3 ], "peerCompaniesCited": [], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "This is a letter from an activist investor (Starboard Value) to Newell Brands shareholders.", "function": "expose_contradiction", "imagePath": "https://imgproxy.kitesheet.com/Ukr0dvrh-5L7pWZ0hM3POw-Muh9Kf0FWdp7v-kQVYJc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wYzRjNzE5ZGYxZjcvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 16, "componentCount": 3, "textChars": 319, "nDataPoints": 0, "notes": "This is a letter from an activist investor (Starboard Value) to Newell Brands shareholders.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:14:02.901+00", "seconds": 2.299, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-e2b42345b4ed/1", "deck": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe that this provides further indication that the current Board is dysfunctional.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcac-4096182b866b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.3, "x": 0.35, "y": 0.05 }, "kind": "image", "text": "Starboard Value logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:02.901+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "576045fa-0896-4832-a0fe-acd71a4e4396", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.8, "x": 0.1, "y": 0.2 }, "kind": "paragraph", "text": "Dear Fellow Newell Shareholders, In our prior letter addressed to Michael Polk, CEO of Newell Brands Inc. ... we highlighted the extremely poor operating performance of Newell under the current leadership team.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:02.901+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "210761bd-bf35-49ac-867f-082796219fc8", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "82c38fc6-8716-4ff4-8ef3-f41ef8e6d7e8", "evidence": "Dear Fellow Newell Shareholders, In our prior letter addressed to Michael Polk, CEO of Newell Brands Inc. ... we highlighted the extremely poor operating performance of Newell under the current leade", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:48:29.409984+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "db266ae8-e502-4558-9534-492b009dcdc1", "evidence": "The letter frames the current Board and management as dysfunctional and responsible for poor performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:14:02.901+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 1, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "3e4ab1f7-5162-41af-9d17-f5bdbff45cd4", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The letter begins with an executive summary, setting the context for the rest of the document.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/zXIAqf_c-OLcsVyXM_4lsVf-Cp1bADNRaW4_N4B998s/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wYzRjNzE5ZGYxZjcvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/0hUsCLYgwxXwwrtHx-cujhu0SV29t-3WJWVBb4xh3nU/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wYzRjNzE5ZGYxZjcvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/SfM5kwUo9dca0akG9TisJYNpkOjg0FTazB4gEc448G0/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wYzRjNzE5ZGYxZjcvcDAwMS5qcGc" }, { "page": 2, "type": "tension", "title": "The slide combines a performance chart with a narrative argument regarding corporate governance and board composition.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 7, "textChars": 747, "nDataPoints": 9, "notes": "The slide combines a performance chart with a narrative argument regarding corporate governance and board composition.", "elementsJson": [ "paragraph", "bar_chart_vertical", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:14:06.728+00", "seconds": 6.072, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-e2b42345b4ed/2", "deck": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed#slide-2", "deckJson": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "it shows a pattern of poor and deteriorating results well below management's long-term target.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcac-7d833118c68c", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.76, "x": 0.12, "y": 0.24 }, "kind": "chart", "text": "Bar chart showing quarterly adjusted operating margins from Q1'16 to Q1'18E", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:06.728+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8bab8cb8-a33c-4ae3-8a96-f33c7908c4fb", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Adjusted Operating Margin: 9.1%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcac-80a166106154", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.76, "x": 0.12, "y": 0.52 }, "kind": "paragraph", "text": "Despite the clear issues afflicting the Company... the Board has instead, we believe, attempted to disenfranchise shareholders with respect to the election of director candidates.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:06.728+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80e65a74-234d-4023-a175-3428f4ff6bde", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "We believe that management is clearly providing an aspirational outlook for results later in the year... historical results show a pattern of poor and deteriorating results well below management's long-term target.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:06.728+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3cafdc2-3e3d-4446-ac6b-3022c9cd400d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.47 }, "kind": "source-note", "text": "Source: Company filings; Newell management commentary; Starboard estimates; Wall Street estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:06.728+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7629f868-df5b-4efa-92a1-bcaf40f2730c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.2, "y": 0.21 }, "kind": "title", "text": "Newell Adjusted Operating Margin Since Jarden Acquisition", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:06.728+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d023e73b-9b02-4e59-b503-7fb3642050ac", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "32de5c09-44a6-48d7-9533-22a973fdf278", "evidence": "We believe that management is clearly providing an aspirational outlook for results later in the year... historical results show a pattern of poor and deteriorating results well below management's lo", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:48:29.490505+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "b5ce9025-ecc6-4dbf-968a-8bbe239c6926", "evidence": "The slide uses historical data to expose a contradiction between management's promises and actual performance, and then uses that to frame the Board's actions as self-serving.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 21:14:06.728+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 2, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 2, "name": "Problem & Complication", "beatId": "9154c2cc-8d30-45e4-9958-59cfad2e1c15", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The second page exposes a contradiction in the current Board's actions, presenting a complication.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 2, "from": 2, "loop": { "name": "08_analogy", "slug": "08-analogy", "status": "active", "bestFor": "Complex concepts, new markets, technical explanations for non-experts", "canonId": "019dd956-6901-7032-ba44-96eaed94c949", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight", "description": "Explain the unfamiliar through a well-understood parallel domain", "familyLabel": null }, "matchId": "1270fe01-eaa9-402a-a1bf-eb8dd5f57328", "evidence": "The graph on page 2 serves as an analogy to illustrate the contradiction.", "position": 0, "objective": "to highlight the contradiction in the current Board's actions", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:54:10.426903+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 3, "type": "setup", "title": "Page 3 of a shareholder letter; discusses proxy contest strategy and nominee qualifications.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 6, "textChars": 1507, "nDataPoints": 1, "notes": "Page 3 of a shareholder letter; discusses proxy contest strategy and nominee qualifications.", "elementsJson": [ "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:14:04.128+00", "seconds": 3.249, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-e2b42345b4ed/3", "deck": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed#slide-3", "deckJson": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "To be clear, this election contest is not simply a matter of disagreement over strategy. Rather, it is largely about extremely poor execution, lack of accountability, unacceptable governance, severe destruction of shareholder value.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcac-d5247307babb", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.4 }, "kind": "paragraph", "text": "While our intentions are to seek the election of a new Board which would already include several former directors... we believe this is the most effective means to ensure the new Board is seated and that the best incumbent directors are selected to rejoin the Board.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01030704-a9d6-449f-b090-70df0100061b", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.6 }, "kind": "paragraph", "text": "We have been working diligently with our slate of director nominees to formulate a new path forward... this election contest is not simply a matter of disagreement over strategy. Rather, it is largely about extremely poor execution, lack of accountability...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6725db21-b822-4301-94c2-9a2d17f1482f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.8 }, "kind": "paragraph", "text": "While these have been extremely challenging times for Newell, we believe that the recent poor financial and stock price performance has created a unique opportunity to invest in an iconic company and embark on a multi-year operational turnaround.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcff4972-9e2c-4730-9494-471344d8a8d5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "paragraph", "text": "action of the current Board, in accordance with our reservation of rights, we have formally nominated two (2) additional director candidates, Bridget Ryan Berman and Robert Steele, for election at the upcoming 2018 Annual Meeting.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de2bffae-2fef-4107-b55c-55606959ac0a", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.2 }, "kind": "paragraph", "text": "By way of background, Ms. Ryan Berman was the former Chief Executive Officer of Victoria's Secret Direct... Mr. Steele has extensive consumer packaged goods management experience, having held a variety of executive leadership positions during his 35 years at Procter & Gamble", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3330a33-2950-4d01-8d3b-a4315821115d", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Thesis: Activist defense (for management)", "slug": "activist-defense", "status": "active", "bestFor": null, "canonId": "019df269-16e3-7099-83d1-53afcc747cc6", "version": 1, "bodyDocId": "019df269-16b4-709a-9f8d-19d4cab4bea7", "description": "The mirror-image thesis. Management responding to an activist campaign,", "familyLabel": "thesis-archetype", "categoryName": "Competitive", "categorySlug": "competitive" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "9071ce6c-78d2-41b7-ac3d-d3978eba34ed", "evidence": "action of the current Board, in accordance with our reservation of rights, we have formally nominated two (2) additional director candidates", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:48:24.747162+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "62ec6df0-b501-4db4-8a6e-4cae89f38f58", "evidence": "Outlines the process for replacing board members and nominating new candidates.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:14:04.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "management-change" } ], "arcBeats": [ { "to": 6, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Evidence & Proof", "beatId": "1cbdcb14-e100-4aed-872d-59a6cfbae98c", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides biographies of Starboard's nominees, serving as evidence and proof of their qualifications.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 6, "from": 3, "loop": { "name": "23_expert_witness", "slug": "23-expert-witness", "status": "active", "bestFor": "Technical validation, regulatory compliance, skeptical executives", "canonId": "019dd956-6f24-735e-aa4b-4ec8e0334778", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Authority's Credentials -> Their Finding/Opinion -> Applied to Our Case", "description": "Borrow credibility from a recognized authority to validate your position", "familyLabel": null }, "matchId": "221f6d24-f93c-4e5a-af77-2d13261700ca", "evidence": "The biographies of Starboard's nominees serve as expert witness testimony.", "position": 1, "objective": "to provide credibility to Starboard's nominees", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:54:10.466403+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "setup", "title": "Includes a sign-off from Jeffrey C. Smith of Starboard Value LP.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 6, "textChars": 619, "nDataPoints": 3, "notes": "Includes a sign-off from Jeffrey C. Smith of Starboard Value LP.", "elementsJson": [ "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:14:03.62+00", "seconds": 2.56, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-e2b42345b4ed/4", "deck": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed#slide-4", "deckJson": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed.json" }, "components": [ { "bbox": { "h": 0.22, "w": 0.75, "x": 0.118, "y": 0.53 }, "kind": "list", "text": "Ian G.H. Ashken: Co-founded Jarden, 50x shareholder return in <15 years, former CFO/President.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:03.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3dcab894-6a87-4a93-843e-343987ca8d38", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.75, "x": 0.118, "y": 0.76 }, "kind": "list", "text": "Pauline J. Brown: 25+ years experience, former Chairman LVMH North America, former MD at The Carlyle Group.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:03.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61f5201b-f990-4557-a4d1-d872927bb43b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.75, "x": 0.118, "y": 0.28 }, "kind": "list", "text": "Bradley A. Alford: 30+ years experience, former CEO Nestlé USA, revenue growth $7.5B to $12.7B.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:03.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f52b2a6-08b8-4f25-8934-b50ed9ff1dee", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.52, "y": 0.09 }, "kind": "paragraph", "text": "Best Regards, Jeffrey C. Smith, Managing Member, Starboard Value LP", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:03.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9238251-dee3-4a65-8c3b-002e6b8d18e9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "His leadership principles included focusing management on \"making the complex, simple\" and developing a strategic focus on three key elements: people, innovation and execution. — Bradley A. Alford", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcac-50b72fc3756a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.118, "y": 0.248 }, "kind": "title", "text": "Biographies of Starboard's Nominees (in alphabetical order):", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:03.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23dfcd13-4dd0-4a8e-9fb1-6b79e0fa2a6c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 6, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Evidence & Proof", "beatId": "1cbdcb14-e100-4aed-872d-59a6cfbae98c", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides biographies of Starboard's nominees, serving as evidence and proof of their qualifications.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 6, "from": 3, "loop": { "name": "23_expert_witness", "slug": "23-expert-witness", "status": "active", "bestFor": "Technical validation, regulatory compliance, skeptical executives", "canonId": "019dd956-6f24-735e-aa4b-4ec8e0334778", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Authority's Credentials -> Their Finding/Opinion -> Applied to Our Case", "description": "Borrow credibility from a recognized authority to validate your position", "familyLabel": null }, "matchId": "221f6d24-f93c-4e5a-af77-2d13261700ca", "evidence": "The biographies of Starboard's nominees serve as expert witness testimony.", "position": 1, "objective": "to provide credibility to Starboard's nominees", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:54:10.466403+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "setup", "title": "Page 5 of a shareholder letter, focusing on director qualifications.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "sparse", "densityScore": 19, "componentCount": 4, "textChars": 123, "nDataPoints": 1, "notes": "Page 5 of a shareholder letter, focusing on director qualifications.", "elementsJson": [ "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:14:03.755+00", "seconds": 2.079, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-e2b42345b4ed/5", "deck": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed#slide-5", "deckJson": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "list", "text": "Biographical details for Ms. Brown, Mr. De Sole, Mr. Feld, and Mr. Franklin.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:03.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e871eab-eaba-429c-bf0e-fcc3be680abe", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.105, "x": 0.118, "y": 0.516 }, "kind": "title", "text": "Peter A. Feld", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:03.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41b490fa-3a0d-4b86-9d8f-f9a5b4174cbf", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.145, "x": 0.118, "y": 0.688 }, "kind": "title", "text": "Martin E. Franklin", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:03.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6d6dca2-8a37-40fd-9ae1-4c907dc61503", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.145, "x": 0.118, "y": 0.266 }, "kind": "title", "text": "Domenico De Sole", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:03.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7df79a4-a0fa-421d-a0df-fa481232eb35", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 6, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Evidence & Proof", "beatId": "1cbdcb14-e100-4aed-872d-59a6cfbae98c", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides biographies of Starboard's nominees, serving as evidence and proof of their qualifications.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 6, "from": 3, "loop": { "name": "23_expert_witness", "slug": "23-expert-witness", "status": "active", "bestFor": "Technical validation, regulatory compliance, skeptical executives", "canonId": "019dd956-6f24-735e-aa4b-4ec8e0334778", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Authority's Credentials -> Their Finding/Opinion -> Applied to Our Case", "description": "Borrow credibility from a recognized authority to validate your position", "familyLabel": null }, "matchId": "221f6d24-f93c-4e5a-af77-2d13261700ca", "evidence": "The biographies of Starboard's nominees serve as expert witness testimony.", "position": 1, "objective": "to provide credibility to Starboard's nominees", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:54:10.466403+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "setup", "title": "Page number 6 at the bottom.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 622, "nDataPoints": 0, "notes": "Page number 6 at the bottom.", "elementsJson": [ "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:14:07.829+00", "seconds": 5.826, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-e2b42345b4ed/6", "deck": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed#slide-6", "deckJson": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed.json" }, "components": [ { "bbox": { "h": 0.16, "w": 0.735, "x": 0.145, "y": 0.615 }, "kind": "list", "text": "Ms. Ryan Berman has over 35 years of experience... From 2011 to 2015, she served as Chief Executive Officer of Victoria's Secret Direct... Prior to Victoria's Secret Direct... Ms. Ryan Berman currently serves on the board...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:07.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02c0bd95-081c-4a84-8cc8-3335a9b36db5", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.735, "x": 0.145, "y": 0.113 }, "kind": "list", "text": "Mr. Lillie has an outstanding track record... He has over 20 years of experience... Prior to Jarden... Mr. Lillie currently serves on the boards...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:07.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14261cfe-9df4-46d3-934b-336a34cf2c75", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.735, "x": 0.145, "y": 0.323 }, "kind": "list", "text": "Mr. Lopez has over three decades of experience... Most recently, he was President and CEO of Extended Stay America... Prior to Extended Stay America... Mr. Lopez currently serves as a director...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:07.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac45cb3c-9a2c-411c-99ba-b3c2489b4a0d", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.165, "x": 0.118, "y": 0.094 }, "kind": "title", "text": "James (Jim) E. Lillie", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:07.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d516920-b012-449f-b14a-285106cd7234", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.125, "x": 0.118, "y": 0.304 }, "kind": "title", "text": "Gerardo I. Lopez", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:07.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "913ab182-ff90-4721-8f61-3441cf99c4fa", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.165, "x": 0.118, "y": 0.596 }, "kind": "title", "text": "Bridget Ryan Berman", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:07.829+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2716e16-e3e3-4b1c-8093-5bb7259783a3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 6, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Evidence & Proof", "beatId": "1cbdcb14-e100-4aed-872d-59a6cfbae98c", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides biographies of Starboard's nominees, serving as evidence and proof of their qualifications.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 6, "from": 3, "loop": { "name": "23_expert_witness", "slug": "23-expert-witness", "status": "active", "bestFor": "Technical validation, regulatory compliance, skeptical executives", "canonId": "019dd956-6f24-735e-aa4b-4ec8e0334778", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Authority's Credentials -> Their Finding/Opinion -> Applied to Our Case", "description": "Borrow credibility from a recognized authority to validate your position", "familyLabel": null }, "matchId": "221f6d24-f93c-4e5a-af77-2d13261700ca", "evidence": "The biographies of Starboard's nominees serve as expert witness testimony.", "position": 1, "objective": "to provide credibility to Starboard's nominees", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:54:10.466403+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "setup", "title": "Page number 7 at the bottom.", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 6, "textChars": 624, "nDataPoints": 1, "notes": "Page number 7 at the bottom.", "elementsJson": [ "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:14:04.546+00", "seconds": 2.509, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-e2b42345b4ed/7", "deck": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed#slide-7", "deckJson": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.73, "x": 0.148, "y": 0.112 }, "kind": "list", "text": "Mr. Smith is a Managing Member, CEO, and Chief Investment Officer of Starboard Value LP. Prior to founding Starboard, he was a Partner and Managing Director of Ramius LLC.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0502da93-d55d-4f80-a236-3674e94ab378", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.73, "x": 0.148, "y": 0.633 }, "kind": "list", "text": "Mr. Steele has extensive consumer packaged goods management experience... In his final position with Procter & Gamble... this business segment accounted for nearly $20 billion in sales.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0bd435aa-3e0d-44c6-8b4e-86fa6407e381", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.73, "x": 0.148, "y": 0.403 }, "kind": "list", "text": "Mr. Sonsteby served in a number of positions during his tenure at The Michaels Companies... As CFO of Brinker International from 2001 to 2010, Mr. Sonsteby oversaw Brinker's historic casual dining turnaround effort...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3de6f4c0-fb3c-4a00-ae96-fd6eb7c1c4bb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.18, "x": 0.118, "y": 0.384 }, "kind": "title", "text": "Charles M. Sonsteby", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04dafe9f-954c-42d1-9e0b-b3d828b32931", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.14, "x": 0.118, "y": 0.615 }, "kind": "title", "text": "Robert A. Steele", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de4745d5-2867-4652-9b63-87043ec9e24f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.118, "y": 0.093 }, "kind": "title", "text": "Jeffrey C. Smith", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7974126-fe99-43c7-95bc-f71e302ec060", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "00a789b3-0fe0-416a-831d-933630e70b0b", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The remaining pages provide additional information and disclosures, outlining next steps and impacts.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "setup", "title": "Page 8 of a shareholder letter/proxy document.", "function": "front_matter", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 5, "textChars": 528, "nDataPoints": 6, "notes": "Page 8 of a shareholder letter/proxy document.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:14:05.31+00", "seconds": 3.151, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-e2b42345b4ed/8", "deck": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed#slide-8", "deckJson": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed.json" }, "components": [ { "bbox": { "h": 0.095, "w": 0.764, "x": 0.118, "y": 0.215 }, "kind": "disclaimer", "text": "STARBOARD STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:05.31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "631ced13-de20-4fc2-8eca-c9f623c0af0f", "parentComponentId": null }, { "bbox": { "h": 0.435, "w": 0.764, "x": 0.118, "y": 0.505 }, "kind": "paragraph", "text": "As of the date hereof, Starboard V&O Fund directly beneficially owns 7,410,000 shares of Common Stock...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:05.31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71782dc1-5b1e-4aab-b8ad-d9f6d7289772", "parentComponentId": null }, { "bbox": { "h": 0.165, "w": 0.764, "x": 0.118, "y": 0.325 }, "kind": "paragraph", "text": "The participants in the proxy solicitation are anticipated to be Starboard Value and Opportunity Master Fund Ltd...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:05.31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7fb3c167-380f-4289-b033-a40c3f3a2aee", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.135 }, "kind": "paragraph", "text": "Starboard Value LP, together with the other participants named herein (collectively, \"Starboard\"), intends to file a preliminary proxy statement...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:05.31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1e33333-afd5-4950-b6e7-f9f65bc1cb64", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.584, "x": 0.208, "y": 0.095 }, "kind": "title", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:05.31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c330cc4-52a2-4c04-a24d-4e4737ed27ca", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "00a789b3-0fe0-416a-831d-933630e70b0b", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The remaining pages provide additional information and disclosures, outlining next steps and impacts.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 9, "type": "setup", "title": "This is a standard legal disclosure page from a proxy statement or shareholder letter appendix.", "function": "other", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 16, "componentCount": 1, "textChars": 226, "nDataPoints": 20, "notes": "This is a standard legal disclosure page from a proxy statement or shareholder letter appendix.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:14:04.812+00", "seconds": 2.646, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-e2b42345b4ed/9", "deck": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed#slide-9", "deckJson": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed.json" }, "components": [ { "bbox": { "h": 0.85, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "beneficial owner of the (i) 702,156 shares of Common Stock owned by Starboard Quebec LLC, (ii) 2,535,717 shares of Common Stock owned by Starboard Select LP and (iii) 1,714,600 shares of Common Stock owned by Starboard T LP...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.812+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55b2a249-0348-4097-a5d0-8e162e6a544b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "00a789b3-0fe0-416a-831d-933630e70b0b", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The remaining pages provide additional information and disclosures, outlining next steps and impacts.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "This appears to be a continuation of a table or list from a previous page, as it starts mid-sentence.", "function": "other", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 21, "componentCount": 2, "textChars": 474, "nDataPoints": 4, "notes": "This appears to be a continuation of a table or list from a previous page, as it starts mid-sentence.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:14:04.86+00", "seconds": 2.644, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-e2b42345b4ed/10", "deck": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed#slide-10", "deckJson": "/decks/019dd923-622b-71dc-a6d9-e2b42345b4ed.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.02, "x": 0.49, "y": 0.939 }, "kind": "other", "text": "10", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05d8e976-350a-4027-a06b-ed37603f873c", "parentComponentId": null }, { "bbox": { "h": 0.194, "w": 0.766, "x": 0.117, "y": 0.094 }, "kind": "paragraph", "text": "beneficially owns 97,836 shares of Common Stock. As of the date hereof, Mr. Lopez beneficially owns 2,000 shares of Common Stock. As of the date hereof, Ms. Ryan Berman beneficially owns 1,444 shares of Common Stock, including 135 shares directly owned by her spouse. As of the date hereof, Mr. Sonsteby beneficially owns 7,000 shares of Common Stock. As of the date hereof, Mariposa Associates, Ms. Brown and Mr. Steele do not beneficially own any shares of Common Stock.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:04.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efb36dad-6552-4cae-a05d-5f2533ec89e4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "00a789b3-0fe0-416a-831d-933630e70b0b", "matchId": "5809394e-0b38-44e9-a562-eaea664a3adb", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The remaining pages provide additional information and disclosures, outlining next steps and impacts.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 1, "label": "Situation & Context", "description": "The letter begins with an executive summary, setting the context for the rest of the document." }, { "from": 2, "to": 2, "label": "Problem & Complication", "description": "The second page exposes a contradiction in the current Board's actions, presenting a complication." }, { "from": 3, "to": 6, "label": "Evidence & Proof", "description": "The document provides biographies of Starboard's nominees, serving as evidence and proof of their qualifications." }, { "from": 7, "to": 10, "label": "Impact & Next Steps", "description": "The remaining pages provide additional information and disclosures, outlining next steps and impacts." } ], "loops": [ { "from": 2, "to": 2, "label": "Analogy", "description": "to highlight the contradiction in the current Board's actions" }, { "from": 3, "to": 6, "label": "Expert Witness", "description": "to provide credibility to Starboard's nominees" } ] }