Callouts & quotes from 494+ activist slides

""Where Friends of Good Nutrition Meet Every Day" — Herbalife Independent Distributor Nutrition Club Presentation"

"The Independent Peer Group's median market cap and revenue are well within both ISS and Glass Lewis guidelines."

"If the person [Lead Director] is not independent or lacks substantive duties, the position is simply cosmetic."

"Lazard is the largest independent advisory firm yet has only a 9% share of the top 10 advisor global fee pool"

"Patch clearly does not drive search traffic and needs to be viewed independently from AOL's other businesses."

"Investors Generally Prefer That Independent Directors be a Substantial Majority of the Company's Board. — ISS"

"The pattern of troubling behavior has not changed. Strong, capable, and independent directors are required."

"“Three independent directors” includes Mr. Kiefaber and Ms. Ogilvie, both of whom are already on the Board"

"Frankly, we would be disappointed if every single independent director didn't buy at least 5,000 shares."

"Box needs a strong, independent Board to ensure that stockholder interests are of paramount importance"

"Elliott has nominated eight independent, highly qualified directors to Southwest's Board of Directors."

"Herbalife is a fantastic Business Opportunity! — Herbalife Independent Distributor Presentation (2009)"

"Least independent, least energy experience, most management directors and one of the longest tenures"

"The bottom line is that audits have done nothing to ensure that ANTA's distributors are independent."

"We think the Company's continued investment in Verifi requires an independent and fresh perspective."

"INDEPENDENT PROXY ADVISOR GLASS LEWIS BACKS ELLIOTT’S CASE FOR CHANGE AT PHILLIPS 66 — Streamline 66"

"An Independent Board Could Deliver Actions Which May Double the Stock Price over the Next Two Years"

"P&G’s 10 independent Directors, on the other hand, have had almost no CPG experience outside of P&G"

"That is why we think it is imperative that four new, independent directors are added to the Board."

"Shouldn't BlackRock Lead Independent Director be available to meet with a dissenting shareholder?"

"Shouldn't BlackRock Lead Independent Director be available to meet with a dissenting shareholder?"

"JFT's HK$1.5 Billion Valuation is a Farce, and is Based on a Reality-Independent Financial Model"

"Our independent director candidates stand for improved governance, oversight and accountability"

"In our opinion, Ströer's board of supervisors is oddly devoid of truly independent supervisors."

"Spruce Point believes investors should not be comforted by GFL's supposed "Independent" Board."

"Elect 5 highly qualified independent directors with relevant experience (Shareholder Nominees)"

"Savic had a 50/50 JV with (purportedly independent) CPI PG Chairman Edward Hughes' Lexxus a.s."

"Our Highly Qualified, Independent Candidates Are the Right Change Agents for Elanco This Year"

"We question whether Mr. Ferrari can truly act independently given these strong interconnects."

"GCP needs a truly independent Board that can mitigate any potential conflicts of interest."

"Spruce Point questions how truly "independent" is AMR's Compensation Committee Chairman."

"Growing and Sustaining Royalties — Herbalife Independent Distributor Presentation (2006)"

"Independent Slate sees ample opportunities to stabilize sales and drive earnings growth"

"We have nominated eight independent, highly qualified candidates for Southwest's Board."

"Thus, we don't believe view the research report as credibly independent of the Company."

"MLM Sponsors can be held responsible for misrepresentations by independent contractors"

"It is in investors’ best interests for the independent committee to accept our offer."

"A non-independent board member chairing the Risk Committee is far from best practices"

"The two import data services' independently obtained monthly data sets match closely."

"A non-independent board member chairing the Risk Committee is far from best practices"

"No current independent director of Box has ever purchased stock in the open market"

"No current independent director of Box has ever purchased stock in the open market"

"No current independent director of Box has ever purchased stock in the open market"

"Of the two “independent” geologists, only Ruijin Jiang, actually visited the site."

"From these candidates, Oasis is nominating 5 Independent Directors to Kao’s Board."

"The supposedly independent business continues to use TAL's web domain as its own."

"Independent fashion, apparel, retail, marketing, and finance experts who have:"

"Full upside potential under effective, independent management could be 100%+"

"Public independent advisory firms target compensation ratios of 55% or less"

"Some of the “independent” directors appear to us independent in name only."

"How independent and objective can Dan Quayle really be as a Board member?"

"We believe losses in the Display business must be analyzed independently"

"Never even one independent director with oil & gas operating experience"

"All directors are independent of the Manager other than Nicholas Botta"

"All directors are independent of Manager other than Nicholas Botta"

"All directors are independent of Manager other than Nicholas Botta"

"All directors are independent of Manager other than Nicholas Botta"

"All directors are independent of Manager other than Nicholas Botta"

"Lead "Independent" Director AND Joint Executor of Hess Estate"

"Lead "Independent" Director AND Joint Executor of Hess Estate"