{
  "docId": "019dd923-622b-71dc-a6da-20e710622d80",
  "docSlug": "0ffe179c4c4e",
  "documentTitle": "Box, Inc. (BOX)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-08-06 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 93,
  "pageCount": 184,
  "prevPage": 92,
  "nextPage": 94,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Uses strong, accusatory language ('buy the vote', 'smarter than to be fooled', 'implicit promise').",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-20e710622d80/93",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80#slide-93",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 1,
        "x": 0,
        "y": 0.89
      },
      "kind": "callout",
      "text": "The Company reactively removed the voting provision one day after investors filed a lawsuit",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5a2812b-c872-4731-a29e-bd62c0d2825a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Simply removing this voting obligation does not suddenly absolve the Board of its mistakes related to this transaction.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-8714-69ae9753d5a4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "list",
      "text": "One day after the Complaint was filed, the Board abruptly and reactively eliminated the voting obligations for the investors in the Preferred Financing.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3d5a673d-b9eb-471c-8ce6-1dfb5f7ff660",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.92,
        "x": 0.04,
        "y": 0.4
      },
      "kind": "list",
      "text": "However, we believe stockholders are smarter than to be fooled by this reactionary response.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "705d9f44-49ae-47c3-9187-f9e51d2fbc6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.88,
        "x": 0.08,
        "y": 0.45
      },
      "kind": "list",
      "text": "Simply removing this voting obligation does not suddenly absolve the Board of its mistakes related to this transaction.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cb819c8b-b2a5-42f9-afbe-90bfa2dd3d2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.54
      },
      "kind": "list",
      "text": "We believe there is almost certainly still an implicit promise from KKR and the other preferred equity investors that they will support the incumbent Board that handed them an attractive investment opportunity when the Company clearly did not need to raise money.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ddcc08f4-b646-4821-bb01-f90d1045771f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.31
      },
      "kind": "list",
      "text": "We believe the Board realized it had made a serious mistake and that stockholders were irate about the Company's attempt to \"buy the vote\".",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e05509ac-3fb3-48e2-a929-757d9008b4f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "As a result of the lawsuit and investor frustration, the Company immediately and reactively removed the voting provision.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8fbe0a59-2881-4168-b52a-93d5cda54be3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Company filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84760653-08d6-4d75-9927-3e0fc305e50a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.04,
        "y": 0.07
      },
      "kind": "title",
      "text": "Box Abruptly Removed the Voting Provision",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74228c14-66cd-43b7-a1f8-e92210e1ce58",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "79f71ca9-dd3f-4e20-b910-88589ae14db5",
      "evidence": "The slide frames the company's action as a deceptive, reactive cover-up for a governance failure.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}