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      "text": "Starboard believed the Preferred Financing was a mistake from the beginning",
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      "text": "From: Peter Feld... Do not do this. This is a major mistake and not in the best interest of shareholders.",
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      "text": "We strongly believe that Box had no need for the capital and that the transaction was specifically designed as an entrenchment mechanism meant to “buy the vote”.",
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      "text": "We asked Board members to explain their rationale in approving the transaction, to which they responded that the Company was seeking sponsorship and stakeholder representation.",
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      "text": "Due to Starboard’s belief that the Preferred Financing had no legitimate business purpose other than to “buy the vote” and was otherwise not in the best interest of common stockholders, Starboard informed the Company that any further expansion in the size of the transaction was unacceptable and refused to participate.",
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      "text": "We have been critical of the Preferred Financing from the moment it was speculated on by the media on the morning of April 8, 2021.",
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      "text": "In its proxy statement, Box entirely omits that while it did offer to allow Starboard to participate in the Preferred Financing, that offer was conditioned on the transaction being expanded from $500 million to $550 million, and that we agree to “standstill” at the upcoming Annual Meeting.",
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      "text": "Following the Company’s misleading assertions, we believe it is important for us to clarify our views on the Preferred Financing.",
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