Callouts & quotes from 25+ activist slides

"“When Nevro first launched, we looked at this and said, "There could be something to a high rate of stimulation. You're basically flooding the zone. What a great idea." And then you start going through the study design, and you start looking at real outcomes, and there were so many problems. Huge problems with their study, the Kapural study in 2015. There were so many problems that we just shook our heads in some of our small doctor groups.” “If you're a lazy implanter and you don't want to look for the right spot to implant and actually program patients, Nevro is perfect for you. You put the leads in exactly the same spot every single time, don't have to do any work, the rep turns it on and there you go. This requires physicians that don't care what the outcomes are, that are greaseballs, or that are just lazy.” “Some people use statistics to bend the truth. We catch Nevro on the little things, but the overall gestalt is that their device needs to work for a long period of time. We know from the Kumar study that stimulating with one modality, one waveform, fails as time goes on. You need to come up with something else that the body doesn't get used to. We've known that for years. Nevro is just starting to figure that out. They're behind on the eight-ball.” — High volume implanter/speaker/KOL"

""As an international entity, one would expect a nuanced understanding of regional markets. However, the track record of disastrous business decisions stemming from this ignorance is deplorable. It's disheartening to witness a company that fails to adapt to diverse market dynamics, making it challenging for employees to thrive in their respective regions. Secondly, the CEO's leadership is archaic and out of touch with modern business practices... Moreover, the company's apparent disregard for constructive feedback is alarming. Despite multiple negative Glassdoor reviews, there seems to be no initiative to introspect and address the root causes. Instead, employees are coerced into writing positive reviews, painting a false image of the company's internal atmosphere." - Dec 18, 2023; "The CEO often discusses plans and strategies, but these talks rarely translate into concrete actions, leading to frustration among employees. This has resulted in a high turnover rate, with experienced staff leaving and new hires struggling to piece together the remaining knowledge, ultimately starting from scratch." - July 12, 2024; "Driven by one man's ego. No strategy beyond acquisitions" - July 28, 2022; "CEO is a power crazed tyrant with absolutely no regard for employee wellbeing." - April 12, 2023"

""Full transparency, the ice cream mix for chocolate is the nasty stuff. The half and half that fails will be re-processed to sanitize it and add chocolate mix." — Former Saputo Executive. "I can think of few reasons why. I don't think they're doing it to be deceptive, but it certainly sounds deceptive. They're losing major customers. Not all assets have to be used at 100%. It's not practical capacity. World class is 80-85%." — Former Saputo Executive. "They implemented SAP and there was a specific module - the Dairy Management System - when I was there it was supposed to roll out on the third go live. They implemented it in waves. If 80% of your business is milk, this DMS When I was there it wasn't working. The purpose is to help you understand the costing of your milk and derive a dairy financial stamen. When I was there, they still didn't have it figured out when I left 2 years ago." — Former Saputo Executive. "I'd bet against them, that's my view. Picture the McDonald's, Burger King's of the world. If they are having bad years, then Saputo will have a bad year. If McDonald's isn't selling milkshakes, Saputo's not making them. There's a high degree of correlation." — Former Saputo Executive."

"I don’t think Omnia matters. All of the other manufacturers are pretty much doing the same thing with their batteries. It’s not a game changer. — KOL in the SCS field with prominent papers published; So Nevro had a good idea but they failed to maintain programming options having thrown their entire emphasis behind 10,000Hz. When it was proven that 1,000Hz was equal in efficacy, Nevro quaked in their boots. The Omnia is an attempt to save market share with a beleaguered cohort of doctors that are sick of explanting the device when the 10,000 Hz programming fails to work. — KOL, former high volume Nevro user; Omnia has burst, tonic, HF10, intermediate frequencies, and you can use multiple programs. When it came out, if one program doesn’t work, I can change to another. I’ve started using it. It hasn’t been any better than Boston Scientific but it works. — KOL and high volume implanter; If HF10 was as groovy as they thought it was, they wouldn’t have had to change the device to do paresthesia. They were forced into Omnia or they would have gone out of business. — KOL and former high volume Nevro implanter"

"The revised performance goals were set at aggressive levels that reflected our realistic expectations at the height of the COVID-19 pandemic. Achievement levels between threshold and target result in payouts from 0% to 100% of target awards. Achievement levels between target and maximum result in payouts from 100% to 200% of target awards. If we achieve corporate adjusted EBITDA of less than 85% of target, the payout for all other components may be capped at target. If corporate adjusted EBITDA is less than 75% of target, the threshold goal, then payment of any other component of the award would be at the discretion of our CEO and the Compensation Committee. The Compensation Committee believes that requiring a minimum adjusted EBITDA threshold be met to receive any payment with respect to the annual cash performance awards both aligns executives' interests with those of stockholders and prevents excessive annual cash performance award payments in times when our financial performance fails to meet our expectations. — Board's Annual Cash Bonus Compensation Philosophy (2021 Proxy Statement)"

""We are not surprised to see the involvement of an activist...An activist investor presents Box with an opportunity to improve sales execution...We note that Box has one of the lowest sales efficiencies across our entire coverage universe." — D.A. Davidson, September 2019; "...we’re not at all surprised that value-oriented investors have taken a significant stake...with Box spending ~41% of revenue on sales and marketing (higher than most SaaS peers in the ~30% range), we think a shift towards margin expansion could provide an avenue for unlocking shareholder value." — Raymond James, September 2019; "Although we have maintained a positive view on Box’s positioning and product portfolio, the company’s go-to-market execution has been consistently disappointing...if the solution selling strategy under COO Stephanie Carullo fails to materialize in a meaningful reacceleration in growth, we would expect Starboard to increasingly pressure Box’s management team to reevaluate its growth vs. margin framework." — Wells Fargo, September 2019"

"A lot of doctors in Germany are saying that Nevro's device only works for 2 to 2 ½ years and then the patient comes back with more pain. They say it fails and then they have to put in an Abbott or Boston Scientific device. It's a big issue here in Germany. These are credible people. People who do a lot of surgeries and are involved with the society. Every time there's a spinal cord stim meeting, this is an issue that colleagues talk about. People have become nervous and become afraid to use Nevro. — High volume European implanter; The Nevro marketing materials that state a 2% explant rate are just a flat out lie. — High volume KOL; Everyone thinks Nevro has a high explant rate. — High volume implanter; The Nevro explant rate was known all over. At every meeting, colleagues talked about the explant rate being high. [KOL name redacted] explants a bunch of Nevro a week. He was a big Nevro advocate and has a lot of explants. Everyone was drinking the Nevro kool-aid at the beginning. — KOL, high volume implanter"

"The revised performance goals were set at aggressive levels that reflected our realistic expectations at the height of the COVID-19 pandemic. Achievement levels between threshold and target result in payouts from 100% to 200% of target awards. If we achieve corporate adjusted EBITDA of less than 85% of target, the payout for all other components may be capped at target. If corporate adjusted EBITDA is less than 75% of target, the threshold goal, then payment of any other component of the award would be at the discretion of our CEO and the Compensation Committee. The Compensation Committee believes that requiring a minimum adjusted EBITDA threshold be met to receive any payment with respect to the annual cash performance awards both aligns executives' interests with those of stockholders and prevents excessive annual cash performance award payments in times when our financial performance fails to meet our expectations. — 2021 Proxy Statement"

"“A Perplexing Disappointment” — Morgan Stanley; “We think investors will likely be disappointed...management had pointed to this study as something to look forward to...” — UBS; “If you’re looking for certainty in immuno-oncology, Bristol-Myers Squibb’s latest trial data won’t help.” — FiercePharma; “There is no denying that this is a disappointing outcome.” — Evercore ISI; “BMY: another lung trial fails – SCLC indication can get pulled” — Evercore ISI; “Bristol-Myers cancer efforts aren’t in good shape.” — Bloomberg Intelligence; “This marks the second Phase III failure in 2L SCLC in 2 months. BMY SCLC market share is at risk…The failure of CM-451 is a significant miss for BMY.” — Cowen"

""We have transformed before, adding things like WiFi, larger bins and in-seat power, and we will continue to adapt as needed." — CEO Bob Jordan, April 2024; "...We’re not convinced [these] drive share shift when Southwest fails to offer a pricing advantage vs. a nonstop competitor." — J.P. Morgan, April 2023; "In-seat power, larger overhead bins and Wi-Fi are table stakes..." — Cowen, April 2024; "...Management reduced [their guidance] to $1.0 to $1.5B (vs $1.5B) of pre-tax profit improvements from network optimization and other initiatives. However, on our revised outlook, we’re now modeling $0 benefit in 2024... Network optimization so far has been inadequate..." — Seaport, April 2024"

"We have transformed before, adding things like WiFi, larger bins and in-seat power, and we will continue to adapt as needed. — CEO Bob Jordan, April 2024; ... We’re not convinced [these] drive share shift when Southwest fails to offer a pricing advantage vs. a nonstop competitor. — J.P. Morgan, April 2023; In-seat power, larger overhead bins and Wi-Fi are table stakes... — Cowen, April 2024; ...Management reduced [their guidance] to $1.0 to $1.5B (vs $1.5B) of pre-tax profit improvements from network optimization and other initiatives. However, on our revised outlook, we’re now modeling $0 benefit in 2024... Network optimization so far has been inadequate... — Seaport, April 2024"

"We have transformed before, adding things like WiFi, larger bins and in-seat power, and we will continue to adapt as needed. — CEO Bob Jordan, April 2024; ...We’re not convinced [these] drive share shift when Southwest fails to offer a pricing advantage vs. a nonstop competitor. — J.P. Morgan, April 2023; In-seat power, larger overhead bins and Wi-Fi are table stakes... — Cowen, April 2024; ...Management reduced [their guidance] to $1.0 to $1.5B (vs $1.5B) of pre-tax profit improvements from network optimization and other initiatives. However, on our revised outlook, we're now modeling $0 benefit in 2024... Network optimization so far has been inadequate... — Seaport, April 2024"

"We have transformed before, adding things like WiFi, larger bins and in-seat power, and we will continue to adapt as needed. — CEO Bob Jordan, April 2024; ...We’re not convinced [these] drive share shift when Southwest fails to offer a pricing advantage vs. a nonstop competitor. — J.P. Morgan, April 2023; In-seat power, larger overhead bins and Wi-Fi are table stakes... — Cowen, April 2024; ...Management reduced [their guidance] to $1.0 to $1.5B (vs $1.5B) of pre-tax profit improvements from network optimization and other initiatives. However, on our revised outlook, we're now modeling $0 benefit in 2024... Network optimization so far has been inadequate... — Seaport, April 2024"

"We have transformed before, adding things like WiFi, larger bins and in-seat power, and we will continue to adapt as needed. — CEO Bob Jordan, April 2024; We’re not convinced [these] drive share shift when Southwest fails to offer a pricing advantage vs. a nonstop competitor. — J.P. Morgan, April 2023; In-seat power, larger overhead bins and Wi-Fi are table stakes... — Cowen, April 2024; ...Management reduced [their guidance] to $1.0 to $1.5B (vs $1.5B) of pre-tax profit improvements from network optimization and other initiatives. However, on our revised outlook, we’re now modeling $0 benefit in 2024... Network optimization so far has been inadequate... — Seaport, April 2024"

"Spousal Liability. Your spouse must sign a document that makes your spouse liable for all financial obligations under the franchise agreement even though your spouse has no ownership interest ... This guarantee will place both your and your spouse's marital and personal assets, perhaps including your house, at risk if your franchise fails. — Goosehead Insurance Franchise Disclosure Document"

"Mr. Starrett's biography fails to disclose that he served on both the Boards of AFC Enterprises (Nasdaq: AFCE) from 1998 – 2005 and The Pantry (Nasdaq: PTRY) from 1999 – 2006 during the period when a financial restatement occurred."

"value proposition was not there — Lonza scientist; not a good investment — Samsung Biologics ex-lead scientist; would not feel comfortable — Chan Zuckerberg Biohub scientist; machine fails in 90% of experiments — Anonymous expert"

""[A]wards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle ... A vote against has been applied" — Legal & General Investment Management, 5/15/24"

"[A]wards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle ... A vote against has been applied — Legal & General Investment Management, 5/15/24"

"HASI, on the other hand, fails to back out non-cash earnings from PIK interest income and gains on securitizations, which divorces the metric from its underlying cash generation."

"Awards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle.... — Legal & General Investment Management, May 15, 2024"

"Awards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle.... — Legal & General Investment Management, May 15, 2024"

""Awards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle." — Legal & General Investment Management, May 15, 2024"

"The Crowne Plaza hotel ‘fails to meet the client's recovery needs’, said his lawyer."

"Cintas Fails To Make It To My Watchlist — Dilantha De Silva"