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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 a contradiction between internal board actions and external messaging.",
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      "kind": "callout",
      "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": "In each of the last three years, the Board of Directors has cut management's bonuses. Despite claiming the Company is executing well, the Board is clearly displeased.",
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      "text": "In each of FY2019, FY2020, and FY2021, Box's Compensation Committee chose to exercise “negative discretion” under the annual incentive plan due to dissatisfaction with the Company's performance.",
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      "kind": "quote",
      "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": "Three boxes detailing FY2019, FY2020, and FY2021 executive bonus plan adjustments (70%, 50%, 90% of targets).",
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      "text": "Box's Own Board Is Unhappy With the Company's Poor Performance",
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