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  "documentTitle": "Box, Inc. (BOX)",
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  "authorName": "Starboard Value",
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  "notes": "The slide uses a timeline-based chart to demonstrate the 'look-back' and 'rollover' features of an ESPP.",
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      "kind": "callout",
      "text": "“Cadillac” ESPPs are not in the best interests of common stockholders",
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      "text": "Stock price trajectory over time with purchase points A, B, C, D",
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      "text": "A: $12 stock, $8.50 purchase. B: $16 stock, $8.50 purchase. C: $8 stock, $6.80 purchase (rollover). D: $14 stock, $6.80 purchase.",
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      "text": "Below, we provide an illustrative example of the potential windfall to an employee under an ESPP with terms similar to those used by Box.",
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      "text": "Source: Infinite Equity report: “Cadillac” ESPP Considerations, October 31, 2019. Note: Shown for illustrative purposes only.",
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