Callouts & quotes from 217+ activist slides

"Therefore, we strongly urge the Company to table all major divestiture decisions – unless the Company is absolutely certain of both the strategic rationale and value-creation, on an after-tax and risk-adjusted basis, and polls its shareholders in this regard – until after shareholders have the opportunity to vote on the composition of the Board at the upcoming 2018 Annual Meeting."

"The pattern is again similar to Sakti3 and Quantumscape: dangling groundbreaking data ("testing to over 2,000 cycles", "commercially viable formats", "high yield"); promoting its "first pilot line" just as QS has begun to do in recent weeks; and pointing to a major strategic investor, Samsung, as "a vote of confidence.""

"A vote for Trian’s nominees is a vote for a minority slate of four directors with extensive operating, strategic, and financial experience and a history of generating long-term shareholder value – individuals committed to working collaboratively with the continuing directors to achieve the great potential of DuPont"

"Ancora will vote “AGAINST” Chair George S. Mayes, Jr., Director Javier Polit and Director Laurie A. Tucker at the 2025 Annual Meeting to send a message that the status quo is unacceptable in light of the significant value that has been destroyed and the time-sensitive opportunity currently in front of Forward Air."

"We intend to vote all of our shares against the proposals related to the proposed acquisition, and, should the transaction be voted down by shareholders at the Company’s upcoming Special Meeting of Shareholders scheduled to be held on April 12, 2019, we have also nominated a slate of director candidates."

"We seek to safeguard shareholder value by giving shareholders an opportunity to vote on resolutions (the “Resolutions”) which, if passed in their entirety, will immediately: (i) remove seven directors from the Capricorn board... (ii) appoint as directors six highly qualified, independent candidates."

"We intend to vote “AGAINST” George S. Mayes, Jr., Javier Polit and Laurie A. Tucker at the 2025 Annual Meeting to hold them accountable for their missteps and to send a message to the Board that shareholders will not tolerate more episodes of avoidable value destruction at Forward Air."

"The Annual General Meeting of Phillips 66 (the “Company”) shareholders is scheduled to be held virtually on May 21, 2025. You can vote your shares using one of the voting options listed below. Elliott urges you to use the GOLD universal proxy card or voting instruction form."

"As Chair of the Compensation committee for each of the last 3 years, Glass Lewis has recommended that shareholders vote AGAINST Ms. Evans' continued service on the Board of Office Depot and has questioned whether she should even serve on any other public company board."

"Phillips 66 (NYSE: PSX) shareholders, it's time to vote for a brighter future and better corporate governance. Vote the GOLD card FOR Elliott's board nominees Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt, and FOR corporate governance enhancements."

"Believes Company Announcement to De-Stagger Board Two Days Before Annual Meeting and 10 Years after More than 85 percent of Common Shareholders Voted for this Measure is Too Little Too Late and Fails to Address Deeply Imbedded Issues with Taubman Governance Structure."

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to: Assess the corporate structure and determine whether management is capable of achieving best-in-class revenue growth and margins"

"Vivendi opportunistically used the 19 member cap in TIM's by-laws to allow its executives onto the Board, although a majority of other investors voted against this as well as objecting to using TIM's funds to pay for compensation for these additional directors"

"To ensure the election of Nelson Peltz and Jay Rasulo, it is essential that shareholders vote “FOR” Trian Nominees, Nelson Peltz and Jay Rasulo, and “WITHHOLD” on Disney Nominees Michael B.G. Froman and Maria Elena Lagomasino and All Three Blackwells Nominees"

"To ensure the election of Nelson Peltz and Jay Rasulo, it is essential that shareholders vote “FOR” Trian Nominees, Nelson Peltz and Jay Rasulo, and “WITHHOLD” on Disney Nominees Michael B.G. Froman and Maria Elena Lagomasino and All Three Blackwells Nominees"

"At Phillips 66 (NYSE: PSX), the numbers don't lie. The company has dramatically underperformed its peers since 2019, and shareholders have missed out on substantial returns. Vote the GOLD proxy card today to support a better tomorrow with #Streamline66."

"Skechers capital structure includes two classes of stock, with Class B holders entitled to 10 votes. The Greenberg’s thereby control 42.9% of the vote, while allies of the family such as Mr. Schwartzberg beneficially own 18.0% of the eligible votes."

"BlackRock’s vote ‘FOR’ is a contradiction of BlackRock pledge in 2020 of “Exiting investments that present a high sustainability-related risk, such as thermal coal producers” (BlackRock CEO Mr. Larry Fink, ‘Dear CEO Letter’, January 14th, 2020)"

"BlackRock’s vote ‘FOR’ is a contradiction of BlackRock pledge in 2020 of “Exiting investments that present a high sustainability-related risk, such as thermal coal producers” (BlackRock CEO Mr. Larry Fink, ‘Dear CEO Letter’, January 14th, 2020)"

"A 2018 shareholder proposal to declassify PPG’s Board received overwhelming support (99% of votes cast in favor), but insufficient voter turnout resulted in the proposal’s failure... a greater effort should be made to reach retail investors(1)"

"We believe the merits of the plaintiffs' lawsuit are strong and believe there is a high degree of probability that the Court will rule in their favor requiring Forward Air to hold a pre-closing shareholder vote on the Omni acquisition."

"Starboard believes the Series A Financing has no bona fide business purpose given the Issuer's substantial cash balance and was done solely to entrench the Board and "buy the vote" ahead of a potential election contest with Starboard."

"We urge you to vote FOR Elliott's nominees on the GOLD card, but you can help #Streamline66 by voting only for Elliott's highly qualified nominees - Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt - on either card."

"We urge you to vote FOR Elliott's nominees on the GOLD card, but you can help #Streamline66 by voting only for Elliott's highly qualified nominees - Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt - on either card."

"Phillips 66's Annual Meeting is scheduled to be held virtually on May 21, 2025. We strongly urge you to vote the GOLD card FOR Elliott's outstanding slate of director nominees, and FOR our proposed corporate governance enhancements."

"This document is not intended to be used to and does not itself solicit proxies to vote in any TIM shareholders' meeting, nor will EAUK accept proxies from any TIM shareholder to attend and vote in any TIM shareholders' meeting."

"Apparently, Spruce Point isn't the only one that has reservations about Director Harker's fitness for the Board. We see that she has consistently received the largest number of votes against her for the annual Director election."

"To ensure the election of Nelson Peltz and Jay Rasulo, it is essential that shareholders vote “FOR” Nelson Peltz and Jay Rasulo, and “WITHHOLD” on Michael B.G. Froman, Maria Elena Lagomasino, and all three Blackwells Nominees."

"This does not look to us like a Board that is trying to do everything it can to get votes in, and exploring all options to implement annual director elections in line with good governance and the clear will of shareholders."

"This does not look to us like a Board that is trying to do everything it can to get votes in, and exploring all options to implement annual director elections in line with good governance and the clear will of shareholders."

"We will generally vote for proposals looking to separate the CEO and Chairman roles unless the company has governance structures in place that can satisfactorily counterbalance a combined chairman and CEO/ president post."

"To ensure the election of Nelson Peltz and Jay Rasulo, it is essential that shareholders vote FOR Nelson Peltz and Jay Rasulo and WITHHOLD on Michael B.G. Froman, Maria Elena Lagomasino and all three Blackwells Nominees."

"We believe the Board’s decision to allow KKR to syndicate 70% of the Preferred Financing only lends further credence to our view that Box’s true intention in completing the Preferred Financing was to “buy the vote.”"

"We look forward to providing shareholders the opportunity to vote for new, highly qualified directors who will help the Company close the valuation gap and set it on the right course toward long-term value creation."

"We will vote AGAINST these three directors, who supported the disastrous acquisition of Omni in August 2023, leading to an approximately 80% decline in equity value and the accumulation of extremely burdensome debt."

"Although there are ~400,000 shareholders of Arconic, more than 80% of the shares are held by less than 5% of holders. We believe the Company's excuse that it could not achieve a supermajority vote is not credible"

"Considering shareholders' concerns regarding the proposed transaction, including whether a thorough review process was undertaken, we immediately call on the Board to put the spin-off to a shareholder vote."

"According to the independent expert report, Keisei’s true ROE over the past 3 and 5-year periods falls well below investor and proxy advisor thresholds which can trigger votes to hold management to account"

"Shareholders frustrated by the excessive compensation and poor performance can VOTE AGAINST the compensation committee (Robert A. McNamara, Jon A. Grove, Mary Ann King, Mark R. Patterson), in our view."

"Elliott urges you to vote FOR our highly qualified board nominees with decades of experience in refining, midstream operations and corporate governance, and FOR the Annual Election Policy Proposal."

"Elliott urges you to vote FOR our highly qualified board nominees with decades of experience in refining, midstream operations and corporate governance, and FOR the Annual Election Policy Proposal."

"Elliott urges you to vote FOR our highly qualified board nominees with decades of experience in refining, midstream operations and corporate governance, and FOR the Annual Election Policy Proposal."

"Apollo’s obligation to vote with HGV Board recommendations in a contested election, amongst other items, serves to entrench the Board and management. A contested election is not a “routine” matter."

"Elliott urges you to vote FOR our highly qualified board nominees with decades of experience in refining, midstream operations and corporate governance, and FOR the Annual Election Policy Proposal."

"The only viable explanation for this financing is a shameless and utterly transparent attempt to "buy the vote" and shows complete disregard for proper corporate governance and fiscal discipline."

"To prevent further value destruction, Ancora urges shareholders to vote “AGAINST” Board Chair George S. Mayes, Jr., Director Javier Polit and Director Laurie A. Tucker at the 2025 Annual Meeting"

"RFID could be a ~$200 million business that was growing double digits for Zebra in the past few years. Zebra has pivoted its talk from being a leader in "RFID solutions" to just "RFID readers"."

"ISS recommended shareholders vote against three incumbent AOL Board members, including James Stengel, who is Chair of AOL’s Compensation Committee and one of the directors we are challenging."

"Your vote on the enclosed Gold Card will set in motion a clear plan to improve Phillips 66's operating performance, strengthen Board accountability and increase the value of your investment."

"In closing, this year's shareholder vote represents a once-in-a-generation opportunity to put the right people and the right strategy in place to drive a turnaround of this iconic railroad."

"Phillips 66 (NYSE: PSX) shareholders, act today to #Streamline66. Vote the GOLD card FOR Elliott's highly qualified nominees and proposal to implement annual elections for all board seats."

"Shareholders should vote “AGAINST” to stop Management from continuing the value destruction and to set a path to unlock value by engaging in a full diagnostic and review of ACAS' assets"

"Should these directors not receive a majority of the votes cast at the Annual Meeting, we believe it would clearly be inappropriate for such directors to continue to serve on the Board."

"At BlackRock's AGM scheduled for May 15, 2024, Bluebell Capital Partners is proposing an amendment to the company's bylaws to require an Independent Board Chair (Item 6 - Vote: “FOR”)."

"At BlackRock's AGM scheduled for May 15, 2024, Bluebell Capital Partners is proposing an amendment to the company's bylaws to require an Independent Board Chair (Item 6 - Vote: "FOR")."

"Vote using the BLUE proxy card “FOR” Nelson Peltz and Jay Rasulo and “WITHHOLD” on Disney Nominees, Michael B.G. Froman and Maria Elena Lagomasino, and All Three Blackwells Nominees."

"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."

"That seems to us like a harsh repudiation of Red Cat and its management team, and a vote of no-confidence in the ability of the company to achieve what management says it will."

"As public market equity participants, we have an opportunity through this Consent Solicitation to vote our conscience, and to promote not only maximum value, but strong values"

"Regardless of which board shareholders choose, the Community Proposal will be put to a shareholder vote so all holders of record may decide the merits of selling the company"