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  "documentTitle": "Macellum Spartan Nash Presentation May 2022",
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  "presentationDate": "2022-05-01 00:00:00",
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  "pageNumber": 33,
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  "notes": "The slide uses a bulleted list to detail specific failures in the board's governance and refreshment process.",
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      "kind": "callout",
      "text": "THIS DEFENSIVE REFRESH IS NOT ONLY INCOMPLETE, BUT SUGGESTS TO US THAT THE LONG-OVERDUE REFRESHMENT WILL HAVE LIMITED IMPACT FOR MAXIMIZING SHAREHOLDER VALUE",
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      "text": "Despite a nomination deadline 6 months before the Annual Meeting, the Board chose not to make proactive outreach with a shareholder who had nominated 5 highly qualified candidates and did not request to interview any of them, until after Macellum proposed a settlement to avoid a proxy fight\nThree new directors lack requisite grocery and food distribution skills or a large shareholder perspective, something Mr. Hacker later admitted to representatives of Macellum that was missing from the Board\nPrior to our nomination, the Board had an average tenure of 16 years\nThe Board kept three long-tenured directors, with an average tenure of over 19 years, in key leadership roles as Chair of the Board, Chair of the Nominating and Corporate Governance Committee and Chair of the Audit Committee, also choosing not to add any of the new directors to the Nominating and Corporate Governance Committee",
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      "text": "Source: Company SEC Filings; SPTN Proxy Statements, Bloomberg LP, SpartanNash Corporate Governance Webpage.\nNOTE: For Messrs. Hacker and Voss, tenures include years of board service at Nash Finch prior to merger with Spartan Stores in 2013. For Ms. Atkins, tenure includes years of board service at Spartan Stores prior to merger with Nash Finch.\nMacellum Advisors GP, LLC",
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      "kind": "title",
      "text": "ISSUE #2: THE BOARD'S DEFENSIVE REFRESH FAILED TO ADD RELEVANT GROCERY AND FOOD DISTRIBUTION EXPERIENCE",
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