Recent Activist Campaigns

Recent Successful Campaigns for Board Representation:

• 325 Capital @ American Public Education, Inc. (settlement reached for 1 board seat)
• Alex Kinzler @ Barnwell Industries, Inc. (settlement reached for 2 board seats)
• Ancora Advisors @ Berry Global Group, Inc. (settlement reached for 3 board seats)
• Brad Radoff & JEC II Associates @ VirnetX Holding Corp. (settlement reached for 1 board seat)
• Driver Management @ First of Long Island Corp. (settlement reached for 1 board seat)
• Elliott Management @ Pinterest, Inc. (settlement reached for 1 board seat)
• Hestia Capital @ Pitney Bowes, Inc. (successful proxy contest for 4 board seats)
• Huffman Prairie @ Park Aerospace Corp. (settlement reached for 1 board seat)
• Impactive Capital @ Envestnet, Inc. (settlement reached for 2 board seats)
• Indaba Capital @ ON24 Inc. (settlement reached for 2 board seats)
• JCP Investment @ Kirby Corp. (settlement reached for 1 board seat)
• Lakeview Investment Group @ Miller Industries, Inc. (settlement reached for 4 board seats)
• Land & Buildings @ Apartment Investment and Management Company (successful proxy contest for 1 board seat)
• Legion Partners @ Primo Water Corp. (settlement reached for 2 board seats)
• Lion Point @ Semtech Corp. (settlement reached for 2 board seats)
• Rubric Capital and Velan Capital @ Heron Therapeutics Inc. (settlement reached for 3 board seats)
• Starboard Value @ Rogers Corp. (settlement reached for 2 board seats)
• Voss Capital @ Griffon Corp. (settlement reached for 1 board seat)
• Voss Capital @ Thunderbird Entertainment Group Inc. (settlement reached for 3 board seats)

Notable 2022 Successful Campaigns for Board Representation:

• Ancora Advisors @ C.H. Robinson Worldwide, Inc. (settlement reached for 2 board seats)
• Brad Radoff @ Enzo Biochem, Inc. (settlement reached for 2 board seats)
• Driver Management @ Codorus Valley Bancorp, Inc. (settlement reached for 3 board seats)
• Donerail @ Turtle Beach Corp. (settlement reached for 3 board seats)
• Elliott Management @ Cardinal Health, Inc. (settlement reached for 4 board seats)
• Elliott Management @ Duke Energy Corp. (settlement reached for 2 board seats)
• Elliott Management @ Suncor Energy (settlement reached for 3 board seats)
• Engaged Capital @ Quotient Technology Inc. (settlement reached for 2 board seats)
• ETFS Capital and Lion Point Capital @ WisdomTree Investments, Inc. (settlement reached for 2 board seats)
• Farallon Capital @ Toshiba (agreement reached to appoint 1 director)
• H Partners @ Harley-Davidson, Inc. (settlement reached for 1 board seat)
• Indaba @ Tabula Rasa HealthCare, Inc. (settlement reached for 2 board seats)
• IsZo Capital @ Nam Tai Property Inc. (successful solicitation to remove and replace 6 directors)
• Legion Partners @ Momentive Global, Inc. (settlement reached for 1 board seat)
• Outerbridge Capital @ Comtech Telecommunications Corp. (settlement reached for 2 board seats)
• Pale Fire Capital @ Groupon, Inc. (settlement reached for 2 board seats)
• RCF @ IAMGOLD Corp. (settlement reached for 3 board seats)
• Ryan Cohen @ Bed Bath & Beyond Inc. (settlement reached for 3 board seats)
• Sachem Head @ US Foods Holding Corp. (settlement reached for 3 board seats)
• Starboard Value @ Humana Inc. (agreement reached to appoint 2 mutually agreed directors)
• Starboard Value @ LivePerson, Inc. (settlement reached for 2 board seats)
• Starboard Value @ Mercury Systems, Inc. (settlement reached for 1 board seat)
• Voss Capital @ Griffon Corp. (successful proxy contest for 1 board seat)

Notable 2021 Successful Campaigns for Board Representation:

• Ancora Advisors @ Forward Air Corp. (settlement reached for 5 board seats)
• Bradley Radoff @ TETRA Technologies, Inc. (settlement reached for 1 board seat)
• Elliott Management @ Public Storage (settlement reached for 2 board seats)
• Elliott Management @ Principal Financial Group, Inc. (settlement reached for 2 board seats)
• Engaged Capital @ Evolent Health, Inc. (settlement reached for 1 board seat and proposal to declassify Board)
• HoldCo Asset Management @ Berkshire Hills Bancorp, Inc. (settlement reached for 2 board seats)
• Land & Buildings @ American Campus Communities, Inc. (settlement reached for 3 board seats)
• Legion Partners @ OneSpan Inc. (settlement reached for 2 board seats)
• Macellum Capital, Ancora Advisors, Legion Partners, and 4010 Capital @ Kohl’s Corporation (settlement reached for 3 board seats)
• Maran Partners @ Scott’s Liquid Gold-Inc (settlement reached for 3 board seats)
• MG Capital @ Alpha Metallurgical Resources, Inc. (f/k/a Contura Energy, Inc.) (settlement reached for 3 board seats)
• Ryan Cohen @ GameStop Corp. (settlement reached for 3 board seats)
• Saba Capital @ Templeton Global Income Fund (successful proxy contest for 4 board seats)
• Starboard Value @ eHealth, Inc. (settlement reached for 1 board seat)
• Starboard Value @ Corteva, Inc. (settlement reached for 3 board seats)
• WaterMill Asset Management @ ZIOPHARM Oncology Inc. (successful consent solicitation for 2 board seats and settlement agreement reached for 1 board seat)

Notable 2020 Successful Campaigns for Board Representation:

• Ancora Advisors @ J. Alexander's Holdings, Inc. (settlement reached for 1 board seat)
• AREX Capital @ ZAGG Inc. (settlement reached for 1 board seat)
• Daniel A. Ninivaggi (Protean Services LLC) @ Tenneco Inc. (settlement reached for 1 board seat)
• Elliott Management @ Evergy, Inc. (settlement reached for 2 board seats)
• Elliott Management @ Peabody Energy Corporation (settlement reached for 3 board seats)
• Elliott Management @ Twitter, Inc. (settlement reached for 1 board seat)
• Engaged Capital @ Apogee Enterprises, Inc. (settlement reached for 3 board seats)
• Engine Capital @ Harvard Bioscience Inc. (settlement reached for 1 board seat)
• Hestia Capital/Permit Capital @ GameStop Corp. (successful proxy contest for 2 board seats)
• H Partners @ Six Flags Entertainment Corporation (settlement reached for 1 board seat)
• Impactive Capital @ Avid Technology, Inc. (settlement reached for 1 board seat)
• JCP Investment @ Innovative Food Holdings, Inc. (settlement reached for 3 board seats)
• Lion Point @ Sierra Wireless Inc. (settlement reached for 2 board seats)
• Macellum Capital / Ancora Advisors @ Big Lots, Inc. (settlement reached for 3 board seats)
• Marathon Partners @ e.l.f. Beauty, Inc. (settlement reached for 1 board seat)
• Oaktree Capital @ Infinera Corporation (settlement reached for 1 board seat)
• Privet Fund @ Synalloy Corporation (successful proxy contest for 3 board seats)
• Saba Capital @ Eaton Vance Floating-Rate Income Plus Fund (successful proxy contest for 3 board seats)
• Starboard Value @ Acacia Research Corporation (settlement reached for 3 board seats)
• Starboard Value @ AECOM (settlement reached for 3 board seats)
• Starboard Value @ Box, Inc. (settlement reached for 3 board seats)
• Starboard Value @ GCP Applied Technologies, Inc. (successful proxy contest for 8 board seats)
• Starboard Value @ Merit Medical Systems, Inc. (settlement reached for 3 board seats)
• Stilwell Group @ Wheeler Real Estate Investment Trust, Inc. (successful proxy contest for 3 board seats)

Notable 2019 Successful Campaigns for Board Representation:

• Altiva Management @ Progenics Pharmaceuticals, Inc. (successful consent solicitation for 5 board seats)
• Elliott @ eBay, Inc. (settlement reached for 3 board seats)
• Engaged Capital @ Del Frisco’s Restaurant Group Inc. (settlement reached for 1 board seat and to terminate its poison pill)
• Engine Capital @ PFSweb, Inc. (settlement reached for 1 board seat)
• Hestia Capital/Permit Capital @ GameStop Corp. (settlement reached for 2 board seats)
• Hill Path Capital @ SeaWorld Entertainment, Inc. (settlement reached for 1 board seat)
• Horton Fund @ Safeguard Scientifics, Inc. (settlement reached for 1 board seat)
• Legion Partners, Macellum Advisors and Ancora Advisors @ Bed Bath & Beyond Inc. (settlement reached for 4 board seats)
• Legion Partners @ Vonage Holdings Corp. (settlement reached for 1 board seat)
• Macellum @ Citi Trends, Inc. (settlement reached for 1 board seat)
• Prescience Point @ MiMedx Group, Inc. (settlement reached for 2 board seats)
• Snow Park Capital @ Front Yard Residential Corporation (settlement reached for 2 board seats)
• Starboard @ Cerner Corp (settlement reached for 4 board seats)
• Starboard @ GCP Applied Technologies Inc. (settlement reached for 2 board seats)
• Starboard @ Magellan Health Inc (settlement reached for 4 board seats)
• Starboard @ Papa John’s International, Inc. (agreement reached for 3 board seats and Securities Purchase Agreement)
• Rice Brothers @ EQT Corp. (successful proxy contest for 7 board seats)
• Prescience Point @ MiMedx Group, Inc. (settlement reached for 2 board seats)
• VIEX @ A10 Networks, Inc. (settlement reached for 3 board seats)

Notable 2018 Successful Campaigns for Board Representation:

• Broadfin Capital @ BioDelivery Sciences International, Inc. (agreements reached for 3 board seats and for BDSI equity financing led by Broadfin)
• Elliott @ Commvault Systems, Inc. (settlement reached for 2 board seats)
• Engaged Capital @ Aratana Therapeutics, Inc. (settlement reached for 2 board seats)
• Engaged Capital @ Rent-A-Center, Inc. (settlement reached to nominate 1 new director)
• Engine Capital @ Team, Inc. (settlement reached for 2 board seats)
• Horton Fund/Sierra Group @ Safeguard Scientifics, Inc. (settlement reached for 2 board seats)
• Kanen Wealth Management @ Aqua Metals, Inc. (settlement reached for 2 board seats)
• Land & Buildings @ Life Storage, Inc. (settlement reached to appoint 3 new directors)
• Land & Buildings @ Taubman Centers, Inc. (successful proxy contest for 1 board seat)
• Lion Point @ Lattice Semiconductor Corporation (settlement reached for 3 board seats)
• Legion Partners/Ancora Advisors@ SPS Commerce, Inc.(settlement reached for 3 board seats)
• Legion Partners/ 4010 Capital @ Genesco Inc. (settlement reached for 2 board seats)
• Richmond Brothers @ Rockwell Medical Inc. (settlement reached for 2 board seats and to declassify the board)
• Starboard @ Bemis Company, Inc. (settlement reached for 4 board seats)
• Starboard @ Cars.com Inc. (settlement reached for 3 board seats)
• Starboard @ comScore, Inc. (settlement reached for 4 board seats)
• Starboard @ Forest City Realty Trust, Inc. (settlement reached for 5 board seats)
• Starboard @ Newell Brands Inc (settlement reached for 3 board seats)
• VIEX @ A10 Networks, Inc. (settlement reached for 1 board seat and Company agreed to submit proposal to declassify the board at the upcoming annual meeting)

Notable 2017 Successful Campaigns for Board Representation:

• Alden Global @ Fred’s, Inc. (settlement reached for 2 board seats)
• Ancora Advisors @ Edgewater Technology, Inc. (successful consent solicitation to remove and replace 4 directors)
• Ancora Advisors @ Potbelly Corp. (settlement reached for 1 board seat)
• Bandera Partners @ Rubicon Technology, Inc. (settlement reached for 1 board seat)
• Elliott @ Affinion Group Holdings, Inc. (settlement reached to nominate 1 director)
• Elliott @ Arconic Inc. (settlement reached to nominate 3 directors at the 2017 Annual Meeting, at the Annual Meeting all 3 directors were elected by shareholders)
• Exodus Capital @ Alcobra Ltd. (settlement reached for 2 board seats)
• Engaged @ Rent-A-Center, Inc. (successful proxy contest for 3 board seats)
• FrontFour @ Clubcorp Holdings, Inc. (settlement reached for 2 board seats)
• Harvest Capital @ Meet Group Inc. (settlement reached for 2 new independent directors)
• Legion Partners & CalSTRS @ Banc of California, Inc. (settlement reached for 2 new independent directors)
• Macellum @ Citi Trends, Inc. (successful proxy contest for 1 board seat)
• Purple Mountain/Jeereddi @ Tuesday Morning Corp. (settlement reached for Company to nominate 1 director nominee)
• Raging Capital @ Intermolecular, Inc. (settlement reached for 1 board seat)
• Richmond Brothers @ Rockwell Medical Inc. (successful proxy contest for 1 board seat)
• Sessa Capital @ Ashford Hospitality Prime, Inc. (settlement reached for 2 board seats and for another director at a later date)
• Sidus @ Harte Hanks Inc. (settlement reached for 2 board seats)
• Simcoe @ Exar Corporation (settlement reached for 1 board seat)
• Starboard @ comScore, Inc. (settlement reached for 4 board seats)
• Starboard @ Depomed, Inc. (settlement reached for 3 board seats including the replacement of the CEO)
• Starboard @ Perrigo Company plc (settlement reached for 5 board seats)
• SW Investment/Ronin Capital @ Peregrine Pharmaceuticals, Inc. (settlement reached to remove all incumbent directors and reconstitute the board)
• VIEX @ Maxwell Technologies Inc. (settlement reached for 1 board seat)

Notable 2016 Successful Campaigns for Board Representation:

• Bradley Radoff, Joshua Schechter and Oliver Press Investors, LLC @ Altisource Residential Corporation (settlement reached to add 2 new independent directors and purchase an additional $65 million of common stock)
• Elliott Management @ Alcoa, Inc. (settlement reached to expand board by 3 members)
• Elliott Management @ CDK Global, Inc. (settlement reached for 2 independent directors identified by Elliott)
• Engaged Capital @ Benchmark Electronics Inc. (successful proxy contest for 2 board seats)
• Engine Capital @ Sparton Corporation (settlement reached for 2 board seats)
• Harvest Capital @ Green Dot Corporation (successful proxy contest for 2 board seats)
• Iroquois Capital @ Neurotrope, Inc. (settlement reached for 2 board seats and resignation of CEO and two board members)
• JCP Investment @ CST Brands, Inc. (settlement reached for 1 board seat and initiate a strategic alternatives review)
• Land & Buildings @ FelCor Lodging Trust (settlement reached for 2 board seats)
• Legion Partners @ L.B. Foster Co. (settlement reached for 1 board seat)
• Lone Star Value @ Edgewater Technology, Inc. (settlement reached for expansion of board and 2 seats)
• Marathon Partners @ Shutterfly, Inc. (successful election of 2 out of three director nominees at annual meeting and overwhelming rejection of company’s executive compensation proposals)
• Potrero Capital @ Datawatch Corporation (successful withhold campaign and settlement reached for 1 board seat)
• Starboard @ Advance Auto Parts (settlement reached for Starboard CEO Jeff Smith to join the Board and Starboard to designate 2 additional directors)
• Starboard @ The Brink’s Company (settlement reached for 3 board seats and for CEO to step down and retire)
• Starboard @ Depomed, Inc. (settlement reached for 3 board seats)
• Starboard @ Insperity, Inc. (settlement reached for 1 board seat and an additional independent director to be added)
• Starboard @ Marvell Technology Group Ltd. (settlement reached for 3 board seats and an additional independent director to be added at a later date)
• Starboard @ Yahoo! Inc. (settlement reached for 4 board seats)
• TCS Capital @ Angie's List, Inc. (settlement reached for 3 board seats)
• Viex @ Support.com Inc (successful proxy contest for 5 board seats)
• Viex @ YuMe, Inc. (successful proxy contest for 2 board seats)
• William J. Pulte @ PulteGroup, Inc. (settlement reached for 1 board seat)

Recent Alternative Campaigns:

• Bradley Radoff & Etude Capital @ OHA Investment Corp. (agreement reached in connection with the consideration of a possible negotiated transaction)
• Broadfin Capital @ BioDelivery Sciences International, Inc. (agreements reached for 3 board seats and for BDSI equity financing led by Broadfin)
• Digirad @ Aviragen Therapeutics, Inc./Vaxart, Inc. (agreement reached following improved merger terms)
• Elliott @ NXP Semiconductors NV/QUALCOMM Inc. (agreement reached following improved merger terms)
• Engaged Capital @ HeartWare International, Inc. (settlement reached to appoint 1 new director and terminate its proposed acquisition of Valtech Cardio)
• Engine Capital @ Navigant Consulting, Inc. (agreement reached to extend share repurchase authorization)
• FrontFour Capital @ ILG, Inc. (withdrew nominations after announced merger with Marriott)
• Iroquois Capital @ Real Goods Solar, Inc. (agreement reached to stop soliciting proxies against Company’s proposals and for expense reimbursement)
• Karpus Management @ Morgan Stanley Investment Management Inc. (agreement reached for merger of Morgan Stanley Income Securities Inc. into a Morgan Stanley Open-End Mutual Fund)
• Karpus Management @ Federated Premier Intermediate Municipal Income Fund (settlement reached to conduct a cash tender offer for up to 20% of its outstanding common shares and to merge with another Federated Investment Management fund)
• Karpus Management @ First Trust/Aberdeen Global Opportunity Income Fund (settlement reached for a tender offer for up to 20% of the outstanding common shares)
• Karpus Management @ Madison Covered Call & Equity Strategy Fund /Madison Strategic Sector Premium Fund (settlement reached a tender offer for up to 15% of the outstanding common shares and an additional tender offer approximately 6 months after the close of the initial tender offer for up to 7.5% of the outstanding common shares)
• Karpus Management @ Madison Covered Call & Equity Strategy Fund /Madison Strategic Sector Premium Fund (successful campaign to block merger and the successful election of 2 director nominees)
• Karpus Management @ Western Asset Inflation-Linked Income Fund (settlement reached for a tender offer for up to 20% of the outstanding common shares)
• Marathon Partners @ J. Alexander's Holdings, Inc. (successful campaign against J. Alexander's proposed acquisition of 99 Restaurants)
• Potrero Capital @ Datawatch Corporation (successful withhold campaign and settlement reached for 1 board seat)

Recent Canadian Campaigns:

• Ancora Advisors @ Element Fleet Management Corp. (separate agreements reached for cumulative 4 board seats)
• Bradley L. Radoff/JEC Capital Partners @ Photon Control Inc.(settlement reached for 2 board seats)
• Engine Capital @ RDM Corporation (settlement reached for 1 board seat)
• Engaged Capital @ SunOpta, Inc. (settlement reached for 1 board seat)
• JCP Investment Management @ Crius Energy Trust (settlement reached for 1 board seat)
• Maglan Capital @ Madalena Energy (settlement reached for 1 board seat and the appointment of a new Chairman)
• Mangrove Partners @ Atlantic Power Corporation (settlement reached for 1 board seat)
• Waterton @ Hudbay Minerals Inc (settlement reached for reconstituted board)