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  "documentTitle": "Legion Partners | Activist Presentation Deck | 168 slides",
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  "authorName": "Legion Partners",
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      "kind": "callout",
      "text": "We believe the Investor Group’s nominees need to be involved in governance reforms in order to ensure shareholder friendly outcomes",
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      "text": "Legacy directors still responsible for: related party transactions, poor governance and compensation decisions, failure to respond to majority vote against fellow director, and failure to act until forced by Investor Group nominations",
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      "text": "Board changes appear orchestrated to keep in place failing CEO Steven Temares and his executive team. Legacy director Patrick Gaston has been appointed new Chairman despite 12 year tenure on Board. Three of four legacy directors have been appointed to Nomination and Governance Committee. \"Co-Chairmen Emeriti\" will likely have continued influence on Board decisions.",
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      "text": "Board continues to refuse to agree to use a universal proxy card in election despite shareholders' clear preference for choice",
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      "text": "Change-of-control provisions in bonds continue to serve as an entrenchment tool - to date Company has refused to approve the Investor Group's directors to protect shareholders from dilution in the event the put is triggered, while not hesitating to \"approve\" of the 5 newly added directors",
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      "text": "Steven Temares' involvement in the backdating options scandal from 2006 raises element of governance risk associated with his continued role as a director and CEO",
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      "text": "New director additions don't go far enough to add needed retail experience and fall short of change in CEO role - board refreshment process cannot be trusted given legacy of outgoing Board",
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      "text": "Source: SEC Filings, Capital IQ",
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      "text": "Additional Governance Failures",
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