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  "documentTitle": "Box, Inc. (BOX)",
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  "presentationDate": "2021-08-06 00:00:00",
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  "notes": "Uses direct quotes from company filings to expose the Board's dissatisfaction.",
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      "text": "If the Board is not happy with management and the Company's performance, why should stockholders be?",
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      "text": "If the Board is not happy with management and the Company’s performance, why should stockholders be?",
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      "text": "How can the Board ask stockholders to support the status quo when its own directors are clearly dissatisfied with performance?",
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      "text": "Despite claiming that the Company is executing well and asking stockholders to support the status quo, the Board has been making its true feelings known through its actions.",
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      "text": "In each of the last three years, the Board has apparently been so displeased with the Company's performance that it has cut management's bonuses that were earned based on previously agreed-upon targets.",
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      "text": "In each of FY2019, FY2020, and FY2021, Box's Compensation Committee chose to reduce payouts under the annual incentive plan because they were not satisfied with the Company's performance.",
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      "text": "In light of corporate performance for the quarter ended January 31, 2019, the Compensation Committee exercised its discretion to adjust the payouts for our named executive officers down to approximately 70% of their bonus targets. — Box FY2019 Executive Bonus Plan",
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      "text": "Source: Company filings. Note: Emphasis has been added by Starboard.",
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      "text": "FY2019, FY2020, FY2021 Executive Bonus Plan quotes showing 70%, 50%, and 90% payouts.",
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      "text": "Box's Board Has Retroactively Lowered Compensation In Three Consecutive Years",
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