Callouts & quotes from 287+ activist slides

"Mid-year compensation adjustments are extremely rare and reflect poor compensation practices"

"Management was paid 108% of incentive compensation despite missing all key guidance metrics"

"These businesses have, on average, a 10% operating margin before stock-based compensation."

"Red Lobster’s negative SSS would adversely weigh on management’s new compensation program"

"Red Lobster’s negative SSS would adversely weigh on management’s new compensation program"

"Red Lobster's negative SSS would adversely weigh on management's new compensation program"

"The compensation peer group is designed to justify, not evaluate, this plan, in our view."

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

"Asset managers have lower compensation ratios due to the operating leverage in the model"

"Performance compensation increased 10% in FY2020 despite organic revenue growth of 1.3%"

"We are concerned by the Board’s inability to craft well-designed compensation programs"

"We are concerned by the Board’s inability to craft well-designed compensation programs"

"It is clear that Board change is required to address Box’s serious compensation issues"

"For both advisory and asset management, non-compensation expense is approximately 20%"

"The top 1% of Herbalife's U.S. distributors receive ~88% of the “gross compensation.”"

"The top 1% of Herbalife’s U.S. distributors receive ~88% of the “gross compensation.”"

"Box's limited disclosure regarding executive compensation is out-of-line with peers"

"This suggests that the compensation committee is not establishing challenging goals"

"Detailed knowledge of executive compensation and succession and strategic planning"

"A meaningful percentage of incentive compensation should be tied to these targets."

"Detailed knowledge of executive compensation and succession and strategic planning"

"Herbalife’s compensation plan incentivizes orders without regard to retail demand"

"Red Lobster's frustrating results started to affect management's compensation."

"Red Lobster’s frustrating results started to affect management’s compensation."

"Red Lobster's frustrating results started to affect management's compensation."

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

"New compensation structure aligns with the firm’s and investors’ interests"

"New compensation structure aligns with the firm’s and investors’ interests"

"$83mm Total Compensation Paid to NEOs Despite Negative Shareholder Returns"

"New compensation structure aligns with the firm’s and investors’ interests"

"ACAS has consistently paid excessive compensation for failed performance"

"Box's stock-based compensation expense has grown faster than revenue"

"We have serious concerns with AOL's executive compensation practices"

"Box is still unprofitable after deducting stock-based compensation"

"Box is still unprofitable after deducting stock-based compensation"

"3 of the 4 incumbent nominees are from the Compensation Committee!"

"3 of the 4 incumbent nominees are from the Compensation Committee!"

"And A Substantial Part of Dauman’s Compensation is Cash Not Stock"

"2020 compensation Adj. EBITDA target 29% BELOW Investor Day goal!"

"Incremental Compensation Cost of $25M is a Reasonable Assumption"

"McOpCo managers do not have appropriate compensation incentives"

"Insider Compensation is Short-Termist and Misaligns Incentives"

"Nominee would receive compensation of $300,000 ($30,000 x 10)"

"Are the budgets wrong or are the compensation plans wrong?"

"Are the budgets wrong or are the compensation plans wrong?"

"Better Alignment of Metrics included in Stock Compensation"

"Low 2024 CEO compensation warrants committee support"