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  "documentTitle": "Box, Inc. (BOX)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2021-08-06 00:00:00",
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  "notes": "This slide serves as a narrative bridge between the initial investment thesis and the current activist campaign.",
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      "text": "Our only goal has been to help Box create long-term value for the benefit of all stockholders",
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      "text": "On a related note, the Company’s attempts to portray Starboard as short-term oriented are nonsensical – we have been stockholders for two years and are seeking direct Board representation on behalf of common stockholders.",
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      "text": "Over the next few years, Box grew its revenue base but had decelerating growth rates and negative operating margins. During this time, Box’s stock price massively underperformed software peers and the broader market.",
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      "text": "When Box missed its commitments and reported poor results in December 2020, we again asked difficult questions about strategy, operations, leadership, and the right path forward for the Company.",
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      "text": "Box went public in January 2015, with a dual-class stock structure and several other governance deficiencies, and its Board was largely comprised of insiders and venture capital investors.",
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      "text": "For most of the past two years, we were able to work collaboratively and constructively with the Company in hopes of helping Box improve its performance.",
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      "text": "We initially engaged with Box in mid-2019 and filed a Schedule 13D in September 2019, disclosing a 7.5% ownership stake.",
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      "text": "Meanwhile, the Company’s management team and directors have been consistent sellers of stock since Box’s IPO.",
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      "text": "At this point, it appears our relationship soured, and the Board began to take defensive actions that we believe were not in the best interests of common stockholders.",
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      "text": "Starboard invested in Box two years ago based on our view that the Company could significantly improve its performance and create substantial value for the benefit of all stockholders after years of underperformance.",
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      "text": "We Have Attempted to Work With Box for Two Years",
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