Callouts & quotes from 18+ activist slides

"“The CEO is a headwind to a turnaround. Firing him is the tailwind.” — Top 10 Active Shareholder; “I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go.” — Top 10 Active Shareholder; “They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem.” — Top 10 Active Shareholder; “I have zero confidence this team can get this right and certainly not in the timeframe that is needed. I rarely call for wholesale change at a company, but that is what is needed here.” — Top 10 Active Shareholder; “Having the current CEO drive the process for a new strategy is not a good idea. I think that means we get glacial change and even if they say they are going to become SpaceX there is still going to be a fairly material overhang in the stock because of skepticism about the execution. This is a good time for the change.” — Top 10 Active Shareholder; “Would you ever see anyone issue a press release that says ‘35 year veteran of the company to drive significant strategic, operational and financial turnaround,’ which is what you would have to believe is possible if you think that Bob Jordan is the right CEO. You need a really different leader to right the ship.” — Top 10 Active Shareholder; “I don’t think this is the right CEO to lead the company and I would view his removal positively... Is this the leader you think is able to lead the company into the transformational change that is needed? I don’t think so and I am not sure other investors do either. I would be surprised if they did.” — Top 10 Active Shareholder; “So it is really [the CEO] has not done a good job running the company and what they have in front of them is considerably different than the job he came into, so this really is a natural time for a leadership succession. The Street would be widely supportive of a change.” — Top 10 Active Shareholder"

"It is about as competitive as wealth management is in the United States. There is a lot of margin to be made and because of that there is a lot of competition. The U.S. market is really crowded. Some get big and some get destroyed. Most grow small segments in market niches, and then sell the company as their primary strategy. Everywhere is less competitive than the U.S. market. Over the last 15 years there has been an evolution to integrated software, integrated payments, cards on file, mobile, online, all these things really being supported by software as a service or ISV. Pivotal was not really a player in the ISV business and was just behind significantly in the technology delivery, integration, flexibility and products and services offered to the ISV market. They were lagging in that business and using a gateway company, Worldnet, as their primary infrastructure. Most other payment products in the market owned their own infrastructure. When you own the infrastructure, you get to decide ultimately the product roadmap as opposed to when you use a third party, you have to compete for products, services and direction. I would say you would see a decline in those numbers because that market is being dominated by their competitors. — Former Nuvei Executive"

"“The rate limiter on [a new strategy] is the CEO. I don't have a lot of confidence he is the right person at this stage... The Street would be widely supportive of a change.” — Southwest Shareholder; “I have zero confidence this team can get this right... I rarely call for wholesale change at a company, but that is what is needed here.” — Southwest Shareholder; “The CEO is a headwind to a turnaround. Firing him is the tailwind.” — Southwest Shareholder; “I would rate them as the worst performing management team in airlines. This was a company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go.” — Southwest Shareholder"

"The rate limiter on [a new strategy] is the CEO. I don't have a lot of confidence he is the right person at this stage... The Street would be widely supportive of a change. — Southwest Shareholder; The CEO is a headwind to a turnaround. Firing him is the tailwind. — Southwest Shareholder; I have zero confidence this team can get this right... I rarely call for wholesale change at a company, but that is what is needed here. — Southwest Shareholder; I would rate them as the worst performing management team in airlines. This was a company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Southwest Shareholder"

"The rate limiter on [a new strategy] is the CEO. I don't have a lot of confidence he is the right person at this stage... The Street would be widely supportive of a change. — Southwest Shareholder; The CEO is a headwind to a turnaround. Firing him is the tailwind. — Southwest Shareholder; I have zero confidence this team can get this right... I rarely call for wholesale change at a company, but that is what is needed here. — Southwest Shareholder; I would rate them as the worst performing management team in airlines. This was a company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Southwest Shareholder"

"The rate limiter on [a new strategy] is the CEO. I don't have a lot of confidence he is the right person at this stage... The Street would be widely supportive of a change. — Southwest Shareholder; The CEO is a headwind to a turnaround. Firing him is the tailwind. — Southwest Shareholder; I have zero confidence this team can get this right... I rarely call for wholesale change at a company, but that is what is needed here. — Southwest Shareholder; I would rate them as the worst performing management team in airlines. This was a company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Southwest Shareholder"

"The rate limiter on [a new strategy] is the CEO. I don’t have a lot of confidence he is the right person at this stage… The Street would be widely supportive of a change. — Southwest Shareholder; The CEO is a headwind to a turnaround. Firing him is the tailwind. — Southwest Shareholder; I have zero confidence this team can get this right… I rarely call for wholesale change at a company, but that is what is needed here. — Southwest Shareholder; I would rate them as the worst performing management team in airlines. This was a company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Southwest Shareholder"

"“The CEO is a headwind to a turnaround. Firing him is the tailwind.” — Top 10 Active Shareholder; “I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go.” — Top 10 Active Shareholder; “They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem.” — Top 10 Active Shareholder"

""The CEO is a headwind to a turnaround. Firing him is the tailwind." — Top 10 Active Shareholder; "I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go." — Top 10 Active Shareholder; "They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem." — Top 10 Active Shareholder"

""The CEO is a headwind to a turnaround. Firing him is the tailwind." — Top 10 Active Shareholder; "I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go." — Top 10 Active Shareholder; "They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem." — Top 10 Active Shareholder"

""The CEO is a headwind to a turnaround. Firing him is the tailwind." — Top 10 Active Shareholder; "I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go." — Top 10 Active Shareholder; "They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem." — Top 10 Active Shareholder"

"“Because of the cost, people are going to start shifting gears, and they're going to be changing to a different pump because it's not sustainable for a transplant center, and I understand that TransMedics, they're going to tell you, this is going to be covered by Medicare and by private insurance and yadda, yadda. The reality is that this is going to drive the healthcare cost - you already know that the healthcare in America is destroyed - so this is going to kill the healthcare system.” — Transplant surgeon at Vanderbilt"

""the fundamental challenge is dollars per kilogram," and by that metric, it simply costs a lot more to launch a single small rocket with a single small satellite than it does to launch a single large rocket bundling many small satellites aboard it." Said Bruno, "While it is disheartening, a huge number of start-ups for micro launchers" are going to be "destroyed" and "that market [will not] recover." — ULA CEO Tory Bruno"

""they [PCS] don't have any standing authority to designate one event versus another unless it's something in their contract says that's the case, but that would be unusual." — Reinsurance expert; "many of the homes [destroyed] are bespoke and high value, so it will take extra effort to understand designs and replacement costs." — BMS"

"Hao said that since China stocks have listed on the US stock exchange, there have been similar cases. He thinks that Muddy Waters short sells only after serious investigation, and does not make fictitious reports. Otherwise, the goodwill, which is accumulated over many years, would be destroyed. "But the truth needs" — HAO Junbo"

"I would rate them as the worst-performing management team in airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Top Ten Active Shareholder"

"I would rate them as the worst-performing management team in airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Top Ten Active Shareholder"

"I would rate them as the worst-performing management team in airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Top Ten Active Shareholder"