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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": "Uses a quote from the company's own proxy statement to highlight the contradiction.",
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      "kind": "callout",
      "text": "Box has chosen to not allow stockholders to vote on the more problematic evergreen provision",
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      "text": "Box is apparently not concerned with the negative consequences for common stockholders from this evergreen provision, simply because the Company believes it has enough shares available for issuance.",
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      "text": "Evergreen provisions are viewed as extremely stockholder-unfriendly, and we believe Box views the elimination of the evergreen provision as necessary to gain support for this proposal to pass at the Annual Meeting.",
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      "text": "Unfortunately, this again aligns with Box’s troubling pattern of claiming to be focused on improving governance, while taking actions that suggest the opposite.",
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      "text": "We believe Box is only seeking to eliminate the evergreen provision of the ESPP because the Company believes it is running low on available shares under the program, in large part due to the egregious terms of the program, not for the purpose of improving governance standards.",
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      "text": "However, we believe it is extremely telling that Box is not seeking to simultaneously remove the evergreen provision in the broader equity plan, which creates far more dilution for common stockholders.",
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      "kind": "paragraph",
      "text": "At the Annual Meeting, Box is seeking to eliminate the evergreen provision of its ESPP. However, Box is not allowing stockholders to vote on the evergreen provision of the broader equity plan.",
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      "kind": "quote",
      "text": "Our Board of Directors believes that the number of shares currently remaining available for issuance under the ESPP and the annual Evergreen Provision increase will not be sufficient for our needs.",
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      "kind": "quote",
      "text": "“Our Board of Directors believes that the number of shares currently remaining available for issuance under the ESPP and the annual Evergreen Provision increase will not be sufficient for our future needs.” — Box 2021 Proxy Statement",
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      "kind": "title",
      "text": "Box’s Evergreen Provisions Are Not in the Best Interests of Common Stockholders",
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