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  "docSlug": "15539a2f63e5",
  "documentTitle": "Box, Inc. (BOX)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-08-16 00:00:00",
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  "notes": "This is a text-heavy page from a shareholder letter, likely part of a proxy contest.",
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      "kind": "callout",
      "text": "We believe the Board’s decision to allow KKR to syndicate 70% of the Preferred Financing only lends further credence to our view that Box’s true intention in completing the Preferred Financing was to “buy the vote.”",
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      "kind": "list",
      "text": "Separating the Chair & CEO roles... Proposing to remove the supermajority voting requirements... Claiming that the “Compensation Committee expects to migrate towards cash payouts next year”",
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      "kind": "paragraph",
      "text": "The Company claims to have brought on KKR as a “strategic partner” through the issuance of the unnecessary $500 million Preferred Financing. However, instead of showing conviction in the upside opportunity at Box, KKR chose to syndicate, or in other words, sell, 70% of the Preferred Financing to other investors, likely for a fee.",
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      "kind": "paragraph",
      "text": "Our views regarding Box’s troubling practices are substantiated by the fact that Institutional Shareholder Services (“ISS”), a leading proxy advisory firm, recommended WITHHOLD votes for all incumbent directors EVERY YEAR since 2016.",
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      "text": "Institutional Shareholder Services (“ISS”), a leading proxy advisory firm, recommended WITHHOLD votes for all incumbent directors with greater than one-year tenure in 2016, 2017, 2018, 2019, and 2020.",
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