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  "documentTitle": "Box, Inc. (BOX)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2021-08-06 00:00:00",
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  "notes": "The slide uses a combination of bulleted lists and two data tables to support the argument of poor governance and excessive dilution.",
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      "text": "Projected ISS burn rate is well above the ISS industry benchmark of 9.24%",
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      "text": "With an evergreen provision, shareholders have no venue to vote down an equity plan that continues to dilute their holdings.",
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      "text": "The Board has exhibited aggressive use of equity over the past several years, causing massive annual burn rates.",
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      "text": "Box continues to have a number of stockholder-unfriendly provisions, including the following: Classified board; No proxy access right; No right to call special meetings.",
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      "text": "Basic Dilution: 41.6%",
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      "text": "Despite recent reactionary changes in the midst of a contested election, several governance provisions restrict the ability of shareholders to hold the Board accountable, other than through a proxy contest.",
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      "text": "Source: Company filings, ISS, Starboard estimates. (1) Basic Dilution calculated as: (Shares Available + Outstanding Awards) ÷ Common Shares Outstanding (2) Projected Basic Dilution calculated using the following assumptions: Annual increases to Shares Available of 5% of outstanding shares as of Jan. 31 each year (evergreen feature). (3) Projected Common Shares Outstanding calculated using the following assumptions: Annual increases to Common Shares Outstanding of 5% of outstanding shares as of Jan. 31 each year.",
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      "text": "Basic Dilution: Shares Available 23.7M, Outstanding Awards 20.9M, Common Shares 154.7M, Basic Dilution 28.9%. Projected Future: Shares Available 57.3M, Outstanding Awards 20.9M, Common Shares 188.0M, Projected Basic Dilution 41.6%.",
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      "text": "Fiscal Year, Options Granted, RSUs Granted, Basic Weighted Avg. Shares Outstanding, Unadjusted Burn Rate, Projected ISS Calculation. FY2021, 31666, 10702574, 155849000, 6.89%, 13.75%. FY2020, 577082, 12436586, 147762000, 8.81%, 17.22%. FY2019, 717658, 10349570, 141351000, 7.83%, 15.15%. 3-Year Average, 7.84%, 15.37%.",
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      "kind": "title",
      "text": "Governance Risks Are Threatening Stockholder Value",
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