{
  "docId": "019f6b8f-4c74-71ab-b49c-80a5dc659c02",
  "docSlug": "jarvis-outerbridge-comtech-presentation-november-2021",
  "documentTitle": "Outerbridge Comtech Presentation November 2021",
  "authorId": "outerbridge-comtech-presentation-november-2021",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-11-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 76,
  "pageCount": 101,
  "prevPage": 75,
  "nextPage": 77,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "Includes a photo of Fred Kornberg and a callout box summarizing the activist's stance on the board's capability.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-4c74-71ab-b49c-80a5dc659c02/76",
  "deckHref": "/decks/019f6b8f-4c74-71ab-b49c-80a5dc659c02",
  "deckJsonHref": "/decks/019f6b8f-4c74-71ab-b49c-80a5dc659c02.json",
  "deckAnchorHref": "/decks/019f6b8f-4c74-71ab-b49c-80a5dc659c02#slide-76",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.62,
        "x": 0.19,
        "y": 0.85
      },
      "kind": "callout",
      "text": "This Board has proven time and time again that it is not capable of taking actions with the best interests of shareholders in mind and that truly independent and experienced nominees are desperately needed in the boardroom",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "563fdd78-9670-473e-96b4-b6de1f6a37be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.25,
        "x": 0.675,
        "y": 0.18
      },
      "kind": "image",
      "text": "Fred Kornberg",
      "attrs": null,
      "subkind": "headshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9fbbd9ee-6ec6-4529-85cb-a3f0d549689f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.6,
        "x": 0.03,
        "y": 0.13
      },
      "kind": "list",
      "text": "The Board, led by its CEO/Chair Fred Kornberg, who has served as a director for over 50 years since 1971, has been unable to hold Management accountable for its lagging performance, likely due to Fred’s tenure and status on the Board. Comtech has leased a facility from Fred Kornberg for more than $500 thousand a year since before 2008 – another indication of poor governance and the conflicts of interest surrounding this Board. While the phase-out of the combined CEO/Chair is set to occur in 2022, there is a plausible concern that duo Fred Kornberg and Mike Porcelain, a 20-year colleague and understudy of Mr. Kornberg, will NOT create the type of independence, oversight, and accountability that the separation of the CEO and Chair roles are intended to create. Instead, we fear that the structure will promote more of the same value destruction and shareholder-unfriendly practices and not deliver the type of change that is warranted. At issue is a fundamental disregard of modern expectations around Board composition and, in particular, the vetting process for highly qualified nominees with relevant experience. Shareholders expect a robust search and vetting process, and we question if such a process is in place at Comtech.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ade7b929-e9ae-48a9-a622-d6fae4e5744d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.02,
        "y": 0.03
      },
      "kind": "title",
      "text": "Comtech's Governance Profile is Unfriendly to Shareholders (cont.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61678a04-55ac-4773-9670-14f770fa7c39",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "fd9a0eb6-1b97-4d0c-987d-0ef7273361a1",
      "evidence": "Critique of board tenure, independence, and conflicts of interest.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 86,
      "from": 38,
      "beatId": "2a5f3126-c226-4162-856c-45752ac70cef",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Closing Ask",
      "beatSlug": null,
      "evidence": "The document presents a clear closing ask, urging shareholders to take action and support the change in leadership and strategy.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}