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  "documentTitle": "Altair US LLC | Activist Presentation Deck | 16 slides",
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  "authorName": "Altair US, LLC",
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  "presentationDate": "2022-09-01 00:00:00",
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  "pageNumber": 11,
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  "nDataPoints": 3,
  "notes": "Uses numbered callouts to link specific claims to the company's own slide content.",
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      "kind": "callout",
      "text": "Avalara neglects to mention that its CEO stands to realize approximately $30 million in golden parachute compensation as a result of this transaction; we believe this would have been a vastly more attractive outcome to him than the “leadership changes” that the Board was apparently contemplating",
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      "text": "The Company suggests a three-month sale process is exceptional or evidence that the Board’s sale process was particularly robust; in reality, a three-month process is merely typical.",
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      "text": "Avalara appears to count as “independent” two directors with longstanding relationships with Vista, its principals and its portfolio companies. Marcela Martin serves on the Board of a Vista-controlled company, Cvent. Rajeev Singh has served on the board of a company that Vista acquired.",
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      "text": "The number of meetings does not, in our view, have any bearing on how comprehensive the process was or how aggressively the Board negotiated on behalf of shareholders.",
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      "text": "Source: Avalara Definitive Proxy Statement, filed with the SEC on September 12, 2022, at page 60.",
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      "kind": "title",
      "text": "In Our View, Avalara Overstates the Independence of Its Board",
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