Callouts & quotes from 515+ activist slides

"Value Proposition: As CIO of Trian, Mr. Garden has worked with management teams and boards of directors at a number of world-class businesses to implement operational improvements."

"We intend to vote “AGAINST” incumbent directors, Robert Webb and Charlotte Swafford, who are up for election at the Annual Meeting, and urge our fellow shareholders to do the same."

"The Board should be reconstituted with new, truly independent directors from outside of Southwest who have best-in-class expertise in airlines, customer experience and technology."

"The Board should be reconstituted with new, truly independent directors from outside of Southwest who have best-in-class expertise in airlines, customer experience and technology."

"Based on information presented in a Tegus interview by a Strategy Director at Sportradar, they did not feel the price the NFL was asking for its rights was “economically viable.”"

"For these reasons, we believe Autodesk should delay the 2024 Annual Meeting and reopen the nomination window to give all shareholders the ability to nominate director candidates."

"Despite underperformance by the company, some directors' compensation has gone up. This implies very little accountability and lack of alignment to performance/financial results."

"Complacent leadership that does not see any upside opportunity vs. Highly credible independent directors nominated by a shareholder that sees a clear path to a $200+ share price"

"As such, we believe Board change is necessary at Autodesk, and we intend to nominate a minority slate of experienced director candidates for election at the 2025 Annual Meeting."

"In multiple engagements, Elliott has worked with companies to effect meaningful portfolio transformation, even after encountering initial skepticism from directors or management"

"In multiple engagements, Elliott has worked with companies to effect meaningful portfolio transformation, even after encountering initial skepticism from directors or management"

"Does Hess think this washes clean John Mullin’s relationship with the Hess family? Such closeness ought to be inappropriate for board membership, let alone lead directorship..."

"Does Hess think that washes clean John Mullin's relationship with the Hess family? Such closeness ought to be inappropriate for board membership, let alone lead directorship..."

"Investors should strongly evaluate O’s Board of Directors, and in particular, its audit committee members tasked with overseeing management’s accounting and financial policies."

"Without validation of ROVI’s strategy and strengthened oversight by new and independent directors, shareholders risk being set up for yet another costly round of disappointment"

"With these facts in mind, we respectfully ask BP's collective Board of Directors to: Answer, without further delay, the thirty-six questions which were refused at the 2024 AGM."

"Momo insiders have sold $2 billion of stock since the IPO. Momo Executives and Directors, except for Tang Yan, are on pace in 2018 to sell more than 2x what they sold in 2017."

"The coming years will be critical execution years to unlock value at Sony Semiconductors, creating the need for oversight by a dedicated management team and Board of Directors"

"Vivendi has had issues with management... and appointed conflicted directors... who focused on Vivendi's interest over TIM... and as a consequence has destroyed value in TIM"

"Using a similar standard, Kao external directors whose most senior role is running a local subsidiary of a multinational with less than 1,000 employees would be unqualified."

"Given the Company's history of failed execution, we believe shareholders would welcome the appointment to the Board of two new directors with refining-operating experience."

"While we do not take a definitive view on Verifi at this time, we have nominated director candidates we believe would ask the right questions to make data-driven decisions."

"We believe the Board, including newly-appointed directors, attempted to disenfranchise the Company’s shareholders by significantly abridging the director nomination window."

"Given the Company's history of failed execution, we believe shareholders would welcome the appointment to the Board of two new directors with refining-operating experience."

"A Partner At Joy’s firm, Herman Turkstra, was a Director of Philip Services and the law firm received fees of C$769K, C$921k and C$516K from 1995-1997 (Source: prospectus)"

"In our view, there continues to be a clear lack of operating discipline at the management level as well as ineffective oversight from the Board of Directors (the “Board”)."

"However, in the case of CEO Blackford, we find that nearly every company he has been involved with at the senior executive or Board Director level has faced controversies."

"We are concerned that the Board’s actions were not only self-serving but also directly adverse to the best interests of shareholders and their ability to elect directors."

"We question why the Board, including new members added between 2018 – 2021, chose to overlook problematic conflicts and keep highly-interconnected directors on the Board?"

"Through the May 2023 filing of Samsara’s audit committee report, its Audit Chairman and “Independent Director” Jonathan Chadwick served on a mind-blowing ten (10) boards!"

"Dr. Beckerle is a beneficiary of substantial donations from the Huntsman family. Despite this fact, the Board shockingly claims Dr. Beckerle is an “independent” director."

"We question why the Board, including new members added between 2018 – 2021, chose to overlook problematic conflicts and keep highly-interconnected directors on the Board?"

"An ex-director-level employee stated that the chip is just “some sales pitch,” and that “when promoting that it sounds good but in reality” it’s not “anything special.”"

"In Trian’s limited interactions with DuPont’s Board, it has become clear to us that management maintains a significant information advantage over the Board of Directors"

"In Trian’s limited interactions with DuPont’s Board, it has become clear to us that management maintains a significant information advantage over the Board of Directors"

"In Trian’s limited interactions with DuPont’s Board, it has become clear to us that management maintains a significant information advantage over the Board of Directors"

"In Trian’s limited interactions with DuPont’s Board, it has become clear to us that management maintains a significant information advantage over the Board of Directors"

"What is the point in overcoming the conflict of interest by asking a third party to vote the shares using BlackRock’s (weak) policies on the Lead Independent Director?"

"What is the point in overcoming the conflict of interest by asking a third party to vote the shares using BlackRock’s (weak) policies on the Lead Independent Director?"

"Where will the Director's minimum be for year end 2019? How should other shareholders feel if a member of the Board only wants to own the bare minimum number of shares"

"Spruce Point reiterates that it prefers Perion's audit chair have no prior business dealings with the CEO (soon to be Director) to ensure objectivity and independence."

"Shareholders should vote AGAINST the proposed Fuji/Xerox transaction and FOR a new board of directors that can drive much needed change and maximize shareholder value"

"Target’s board lacks significant shareholder representation, owning less than 0.3% of the company. Independent directors own only 0.02% of the company in common stock"

"The Board decided to spend an estimated $100mm+ of shareholder money engaging in a proxy contest, while 8 out of 11 Directors have not even met Nelson Peltz in person"

"Ancora strongly believes that our director nominees will be able to help restore Forward Air to producing best-in-class results from a margin and return perspective."

"The true reason why Kao refused to even meet with Ms. Venator when one of their largest shareholders proposed her as a Director candidate remains a mystery to Oasis."

"Shifting the focus from the C-level management and Board of Directors’ sideshow drama will allow Yahoo’s core assets and overlooked businesses to take the spotlight"

"Please indicate your confirmation that the Exemption has been granted by the Board of Directors of the Company by executing this letter in the space provided below."

"Given the continuing evidence of a grossly mismanaged company, we see no option than for the Chairman of the Board and the Lead Independent Director to be removed."

"Starboard and BILL recently agreed to a Cooperation Agreement that results in the appointment of four new independent directors, including Peter Feld of Starboard."

"We are concerned that Director Avi Geller had an undisclosed role at Halevi Enterprises LLC according to legal filings in a legal case with Caribbean Sun Airlines."

"We have nominated three director candidates to the 10-person Board, and we are seeking only minority representation on the Board on behalf of common stockholders."

"Considering the size and complexity of XOM relative to FMCN, it is almost laughable that an “independent” director is diluting public shareholders to this extent."

"Compensation paid by John Hess’s family estate for serving as executor(1): $8 million directly to Board members $3 million directly to Lead Independent Directors"

"Doug Cole failed to disclose his role as a Director at Sysorex despite just joining the Board over a year ago. Sysorex is clearly a troubled company at present."

"These results are not reflective of a management team and Board of Directors that has earned the right, in our view, to execute a “bet the company” acquisition."

"As a result, we urge shareholders to follow our lead by voting “AGAINST” incumbent directors Robert Webb and Charlotte Swafford at the upcoming Annual Meeting."

"The actions of Mellanox’s non-executive directors suggest the opposite – that Mellanox’s stock grants are really just a way of boosting director compensation."

"Unlike most companies, and deviating from SEC guidelines, Amdocs provides limited details regarding executive or director remuneration on its proxy statement."

"Freedom Holdings has faced criticism for their questionable business practices, including their IPO model, Potemkin board of directors, and lack of oversight."