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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934
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BOX, INC.(Name of Registrant as Specified In Its Charter)
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We thank you for your continuedsupport and partnership on ourmission to power how the worldworks together and to help ourcustomers during these challengingtimes.
—AaronLevie
May28,2020
DearFellowStockholders,
AtBox,ourmissionistopowerhowtheworldworkstogether.InFY20,wecontinuedtohelpourcustomers,includingBTGroup,Intuit,MGMStudios,MorganStanley,NHL,andU.S.ForestService,transformtheirbusinesseswithcloudcontentmanagement.
Wealsopositionedourselvesforlongtermgrowthandprofitability.Revenuegrew14%to$696millionyearoveryear,andwedeliveredourfirstfullyearofnon-GAAPprofitabilitywithnon-GAAPearningspershareof$0.03,upfromalosspershareof$0.12intheprioryear.Atthesametime,wemademeaningfulprogresstodrivemoreefficiencyacrossouroperations.TheseeffortshavealreadybeguntoyieldpositiveresultsandweexpectthemtohaveameaningfulimpacttoourfinancialperformanceinFY21andbeyond.
COVID-19Response
ThesearechallengingandunprecedentedtimesforallofusandIhopeyouandyourfamilyareallstayingsafeandhealthy.Whilethereisnoplaybookoroperatingmanualthatwecanfollow,we'vebeenactivelymonitoringCOVID-19developmentsandtakingproactivemeasuresearlytoprotectthehealthandsafetyofouremployees,whilelookingoutforcustomersbydeliveringtheresiliencyanduninterruptedserviceofourplatformtoenablesecure,remoteworkthroughBox.
TheCOVID-19pandemichasfundamentallychangedthewaybusinessesoperate.Ithasbroughttolighttheneedformoreorganizationstodevelopremoteworkstrategiestoenablesecurecollaborationandefficientbusinesscontinuityacrossadistributedworkforce.
Nearly100,000customers-includinghealthcareproviders,banks,disasterrelieforganizations,andgovernmentagencies-relyonBoxtodayformissioncriticalinfrastructuretopowertheirwork.Forexample,againstthebackdropofCOVID-19,theUSDAchoseBoxtopowertheorganization’ssecureremoteworkinitiativesandhelpdigitizeoperationswithin2,500farmservicecentersacrossthecountry.Weare100%committedtobeingthestrongestpartnerpossibleforourcustomersandarehonoredtohelpcustomerssuchastheUSDAfulfilltheirmissionsduringthesechallengingtimes.
OurMarketOpportunity
Everyenterpriseisgoingthroughsignificantdigitaltransformationtobetterservecustomersandemployees.Now,morethanever,companiesarere-imaginingtheirworkstylestoenableemployeestoworkfromanywhere,withanyone,inasecureway.Remoteworkandurgentdigitaltransformationstrategieshaveforcedenterprisestocompletelyrethinkhowtheymanage,share,secure,anddriveworkflowsaroundtheircriticalbusinesscontent.
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Legacyapproachesnolongerwork,especiallygiventhespeedatwhichbusinessesneedtotransformtheirworkstylesandprocessestoday.We’vebuilttheonlyplatformthatcantrulyhelpenterprisessolvethesechallenges.Overthepastfewyears,we’vebeenbuildingthecategory-definingcloudcontentmanagementplatform,focusedonourthreekeydifferentiators:(1)frictionlesssecurityandcompliance;(2)secureexternalandinternalcollaborationandworkflow;and(3)world-classintegrationsandAPIsthatextendthevalueoftheBoxplatform.Weareproudtohaveachievedasignificantmilestoneinthatjourneybybeingnamedaleaderbyallthreemajoranalystfirms–Gartner,ForresterandIDC.
Weremainexcitedbythesizeofthemarketwe’regoingafter,andwe’reinthebestpositiontohelpenterprisestransformhowtheyworkanddigitizetheirbusinessesgoingforward.
DrivingProfitableGrowth
InFY20,welaidthefoundationtodriveasignificantlygreaterbalanceofgrowthandprofitabilityforFY21andbeyondwithafocusondeliveringgrowthmoreefficientlyandimplementingsignificantcostdisciplinechangesinthebusiness.Welaunchedournativeworkflowsolution,BoxRelay,andthemostadvancedcontentsecuritytechnology,BoxShield,inFY20,enablingustodeliverourpowerfulcloudcontentmanagementsuiteofproductstothemarket.Toefficientlydriveadoptionofourmorerobustproductoffering,werefinedourgo-to-marketstrategybyfocusingonexpandingtheuseofBoxwithinourlargeexistingcustomerbase,whilealsodrivingnewlogoacquisitionthroughourdirect,digitalandpartnerchannels.
Todrivegreaterprofitabilityaswescale,wereallocatedresourcestosupporthigherROIsegmentsandregions,focusedondeliveringbettergrossmarginsbyimprovingthecosttoserve,andimplementedanongoingplantorationalizeexpensesacrossthebusiness.Ourincreasedfocusoncostdiscipline,alongwiththenewinitiativeswelaunchedlastyear,willserveuswellamidstahighlydynamiceconomicenvironment.
Environmental,SocialandGovernance
Sinceourfounding,we’veputsignificantfocusonbuildingandmaintaininganunparalleledcultureatBox.TogetherwiththeBoxcommunity,ourboardofdirectorsandleadershipteamhavebeendedicatedtocultivatinganopen,inclusiveandcollaborativeenvironmentwhereemployeescandotheirbestwork.We’reproudtohaverecentlybeenrecognizedforthesecondyearinarowasoneofFortuneMagazine’stop100placestowork.
Andjustaswearefocusedoncontinuingtobringonworld-classtalentinthebusiness,we’realsocontinuingtobuildoutaworld-classboard,includingtheadditionofsixnew,highlyexperiencedboardmembersoverthepastcoupleofyears.Wearealsodeeplyfocusedonourcommunityandthebroaderworldaroundus.WithBox.org,wehavecommittedBox’stechnology,time,andresourcestosupportthousandsofamazingnon-profitorganizationsdoinggoodaroundtheworld.Weareproudtoworkwithnonprofitsaswide-rangingastheInternationalRescueCommitteeandOxfamtohelpthemaccomplishtheirprofoundmissionsofhelpingthemostvulnerableduringtimesofgreatneed.Thesepartnershipswillbeevenmorecriticalinlightofthedeeplychallenginghealthandeconomicenvironmentwe’venowentered.
Wealsocaredeeplyabouttheenvironmentandbuildingalastingfuturewecanallthrivein.Givenourplatformisbuiltonacloudarchitecture,alargepartofourmissionhasbeentomoveorganizationsfromlegacyorpaper-basedprocessesontoBox,sotheycanworksecurelyandefficientlyfromanywhere.WearealsofocusedoncontinuingtoreduceourcarbonfootprintthroughgreeninitiativesledbyBoxemployeesandourtransitiontodatacentersthatgenerateasignificantportionoftheirenergyfromrenewableresources.
Wearedeeplycommittedtobuildingaworld-classorganizationtohelpourcustomerstransformtheirbusinesses.And,whilewe’repleasedwiththeprogresswe’vemadetodate,weremaininsanelyfocusedondeliveringhealthy,long-termgrowthrates,andondrivingsignificantlymorenon-GAAPprofitabilityinFY21andbeyond.
AARONLEVIE
Cofounder, Chairman and CEO
Box, Inc.
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NOTICEOFANNUALMEETINGOFSTOCKHOLDERS
ToBeHeldat1:30p.m.PacificTimeonWednesday,July15,2020DATEANDTIME: Wednesday,July15,2020at1:30p.m.PacificTime
PLACE: Thisyear’sAnnualMeetingwillbeacompletelyvirtualmeetingofstockholders.YoucanattendtheAnnualMeetingbyvisitinghttp://www.virtualshareholdermeeting.com/BOX2020whereyouwillbeabletolistentothemeetinglive,submitquestionsandvoteonline.
ITEMSOFBUSINESS:
1. ToelectthreeClassIIIdirectorstoserveuntilthe2023annualmeetingofstockholdersanduntiltheirsuccessorsaredulyelectedandqualified;
2. Toapprove,onanadvisorybasis,thecompensationofournamedexecutiveofficers;
3. ToratifytheappointmentofErnst&YoungLLPasourindependentregisteredpublicaccountingfirmforourfiscalyearendingJanuary31,2021;and
4. TotransactsuchotherbusinessthatmayproperlycomebeforetheAnnualMeetingoranyadjournmentsorpostponementsthereof.
RECORDDATE: OurboardofdirectorshasfixedthecloseofbusinessonMay20,2020astherecorddatefortheAnnualMeeting(the“RecordDate”).OnlystockholdersofrecordonMay20,2020areentitledtonoticeofandtovoteattheAnnualMeeting.Furtherinformationregardingvotingrightsandthematterstobevoteduponispresentedintheaccompanyingproxystatement.
PROXYVOTING: YOURVOTEISIMPORTANT.WhetherornotyouplantoattendtheAnnualMeeting,weurgeyoutosubmityourvoteviatheInternet,telephoneormailassoonaspossibletoensureyoursharesarerepresented.ForadditionalinstructionsonvotingbytelephoneortheInternet,pleaserefertoyourproxycard.ReturningtheproxydoesnotdepriveyouofyourrighttoattendtheAnnualMeetingandtovoteyoursharesattheAnnualMeeting.
OnoraboutMay28,2020,weexpecttomailtoourstockholdersaNoticeofInternetAvailabilityofProxyMaterials(the“Notice”)containinginstructionsonhowtoaccessourproxystatementandannualreport.TheNoticeprovidesinstructionsonhowtovoteviatheInternetorbytelephoneandincludesinstructionsonhowtoreceiveapapercopyofourproxymaterialsbymail.TheaccompanyingproxystatementandourannualreportcanbeaccesseddirectlyatthefollowingInternetaddress:https://materials.proxyvote.com/10316T.Youwillbeaskedtoenterthesixteen-digitcontrolnumberlocatedonyourNoticeorproxycard.
WeappreciateyourcontinuedsupportofBox.
May28,2020
RedwoodCity,California
ByorderoftheBoardofDirectors,
AaronLevie
Cofounder,ChairmanandCEO
ImportantNoticeRegardingtheAvailabilityofProxyMaterialsfor
theAnnualMeetingofShareholdersToBeHeldonJuly15,2020
TheNoticeofAnnualMeeting,ProxyStatementandAnnualReportfor
thefiscalyearendedJanuary31,2020areavailableathttps://materials.proxyvote.com/10316T.
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PROXYSUMMARY 1
QUESTIONSANDANSWERSABOUTTHEPROXYMATERIALSANDOURANNUALMEETING 4
BOARDOFDIRECTORSANDCORPORATEGOVERNANCE 10NomineesforDirector 10ContinuingDirectors 12DirectorIndependence 16BoardLeadershipStructure 16LeadIndependentDirector 16BoardMeetingsandCommittees 16CompensationCommitteeInterlocksandInsiderParticipation 18ConsiderationsinEvaluatingDirectorNominees 18StockholderRecommendationsforNominationstotheBoardofDirectors 19CommunicationswiththeBoardofDirectors 19CorporateGovernanceGuidelinesandCodeofBusinessConductandEthics 20RiskManagement 20Corporate,Environmental,andSocialResponsibility 21DirectorCompensation 24
PROPOSALNO.1ELECTIONOFDIRECTORS 26Nominees 26VoteRequired 27
PROPOSALNO.2ADVISORYVOTEONTHECOMPENSATIONOFOURNAMEDEXECUTIVEOFFICERS 28VoteRequired 28
PROPOSALNO.3RATIFICATIONOFAPPOINTMENTOFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM 29FeesPaidtotheIndependentRegisteredPublicAccountingFirm 29AuditorIndependence 29AuditCommitteePolicyonPre-ApprovalofAuditandPermissibleNon-AuditServicesofIndependentRegisteredPublicAccountingFirm 29
VoteRequired 30
REPORTOFTHEAUDITCOMMITTEE 31
EXECUTIVEOFFICERS 32
EXECUTIVECOMPENSATION 33CompensationDiscussionandAnalysis 33ExecutiveSummary 33ProcessesandProceduresforCompensationDecisions 35PeerGroupCompensationData 36ExecutiveCompensationProgramElements 37OtherCompensationPolicies 42TaxandAccountingConsiderations 42SummaryCompensationTableforFiscalYear2020 45GrantsofPlan-BasedAwardsinFiscalYear2020 45OutstandingEquityAwardsat2020FiscalYear-End 46OptionExercisesandStockVestedinFiscalYear2020 47PensionBenefits&NonqualifiedDeferredCompensation 47
PotentialPaymentsuponTerminationorChangeofControl 47CEOPayRatio 49
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EQUITYCOMPENSATIONPLANINFORMATION 51
SECURITYOWNERSHIPOFCERTAINBENEFICIALOWNERSANDMANAGEMENT 52
RELATEDPERSONTRANSACTIONS 54Transactions 54PoliciesandProceduresforRelatedPartyTransactions 55
OTHERMATTERS 56FiscalYear2020AnnualReportandSECFilings 56
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Atour2020AnnualMeetingofStockholders,weareaskingstockholderstovoteonthreekeyitems.Thissectionhighlightsinformationcontainedinotherpartsofthisproxystatement.Weencourageyoutoreviewtheentireproxystatementformoredetailontheseitems,aswellasourAnnualReportforthefiscalyearendedJanuary31,2020.
ItemsofBusinessforVoteatourRegularMeetingofShareholders
WeareholdingtheAnnualMeetingforthefollowingpurposes,asmorefullydescribedinthisproxystatement:
Proposal
Number Description BoardRecommendation
1 ElectionofDirectors FOREachNominee
ToelectthreeClassIIIdirectorstoserveuntilthe2023annualmeetingofstockholdersanduntiltheirsuccessorsaredulyelectedandqualified
2 AdvisoryVoteontheCompensationofourNamedExecutiveOfficers FOR
Toapprove,onanadvisorybasis,thecompensationofournamedexecutiveofficers.
3 RatificationofAppointmentofIndependentRegisteredPublicAccountingFirm FOR
ToratifytheappointmentofErnst&YoungLLPasourindependentregisteredpublicaccountingfirmforourfiscalyearendingJanuary31,2021.
AttendingtheMeeting
How will the Annual Meeting be conducted?
TheAnnualMeetingwillbeacompletelyvirtualmeetingofstockholders.YoucanattendtheAnnualMeetingbyvisitingwww.virtualshareholdermeeting.com/BOX2020,whereyouwillbeabletolistentothemeetinglive,submitquestionsandvoteonline.YourNoticeofInternetAvailabilityofProxyMaterialscontainsinstructionsonhowtoaccesstheAnnualMeeting.Stockholdersmustenterthecontrolnumberfoundontheirproxycard,votinginstructionformornoticepreviouslyreceivedtogainaccesstothevirtualmeetingplatform.
How can I ask questions during the Annual Meeting?
Thevirtualformatallowsstockholderstocommunicatewithusinadvanceof,andduring,theAnnualMeetingsotheycanaskquestionsofourboardofdirectorsormanagement.DuringtheAnnualMeeting,wewillanswerquestionssubmittedduringtheAnnualMeetingandaddressthoseaskedinadvance,totheextentrelevanttothebusinessoftheAnnualMeeting,astimepermits.StockholderquestionsmaybesubmittedinthefieldprovidedinthewebportalatorbeforethetimethatmattersarebroughtbeforetheAnnualMeetingforconsideration.
What can I do if I need technical assistance during the Annual Meeting?
IfyouencounteranydifficultiesaccessingtheAnnualMeetingduringthecheck-inormeetingtime,pleasecallthetechnicalsupportnumberthatwillbepostedontheAnnualMeetinglog-inpage.
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If I can’t attend the Annual Meeting, can I vote or listen to it later?
YoudonotneedtoattendtheonlineAnnualMeetingtovoteifyousubmittedyourvoteviaproxyinadvanceofthemeeting.WhetherornotstockholdersplantoattendtheAnnualMeeting,weurgestockholderstovoteandsubmittheirproxyinadvanceoftheAnnualMeetingbyoneofthemethodsdescribedintheproxymaterials.AreplayoftheAnnualMeeting,includingthequestionsansweredduringthemeeting,willbeavailableatwww.virtualshareholdermeeting.com/BOX2020within24hoursofthemeeting.
AdditionalinformationabouthowtovoteyoursharesandattendtheAnnualMeetingcanbefoundinthe“QuestionsandAnswersabouttheProxyMaterialsandOurAnnualMeeting”sectionofthisproxystatement.
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DIRECTORSANDDIRECTORNOMINEESThefollowingtableprovidessummaryinformationabouteachdirectornomineeandourotherdirectorsasofMarch31,2020.
Name AgeDirector
Since Independent Class
CurrentTerm
Expires AC CC NCGC OC SkillsandExperience
SueBarsamian 60 2018 Yes III 2020
CarlBass 62 2020 Yes III 2020
JackLazar 54 2020 Yes III 2020
CONTINUINGDIRECTORS:
DanaEvan 60 2011 Yes I 2021
PeterLeav 49 2019 Yes I 2021
AaronLevie 35 2005 No I 2021
KimHammonds 52 2018 Yes II 2022
DanLevin 56 2010 No II 2022
BethanyMayer 58 2020 Yes II 2022 NON-CONTINUINGDIRECTORS:
RoryO’Driscoll 55 2010 Yes III 2020
DylanSmith 34 2005 No III 2020
JoshStein 46 2006 Yes II 2022
Chairperson ExecutiveManagementandLeadership
Member Technology
* Ifelected,termwillexpirein2023. Operations
AC AuditCommittee Go-To-Market
CC CompensationCommittee CorporateGovernance/PublicCompanyBoard
NCGC NominatingandCorporateGovernanceCommittee Finance/Investment/Accounting
OC OperatingCommittee EnterpriseIT
DIRECTORNOMINEES*
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BOX,INC.
PROXYSTATEMENT
FOR2020ANNUALMEETINGOFSTOCKHOLDERS
ToBeHeldat1:30p.m.PacificTimeonWednesday,July15,2020
Thisproxystatementandtheenclosedformofproxyarebeingprovidedtoyouinconnectionwiththesolicitationofproxiesbyourboardofdirectors(the“BoardofDirectors”)foruseatthe2020annualmeetingofstockholdersofBox,Inc.(“Box”or“thecompany”),aDelawarecorporation,andanypostponements,adjournmentsorcontinuationsthereof(the“AnnualMeeting”).TheAnnualMeetingwillbeheldvirtuallyonWednesday,July15,2020at1:30p.m.PacificTime.YoucanattendtheAnnualMeetingbyvisitingwww.virtualshareholdermeeting.com/BOX2020,whereyouwillbeabletolistentothemeetinglive,submitquestionsandvoteonline.TheNoticeofInternetAvailabilityofProxyMaterials(the“Notice”)containinginstructionsonhowtoaccessthisproxystatementandourannualreportisfirstbeingmailedonoraboutMay28,2020toallstockholdersentitledtovoteattheAnnualMeeting.
QUESTIONSANDANSWERSABOUTTHEPROXYMATERIALSANDOURANNUALMEETINGTheinformationprovidedinthe“questionandanswer”formatbelowisforyourconvenienceonlyandismerelyasummaryoftheinformationcontainedinthisproxystatement.Youshouldreadthisentireproxystatementcarefully.Informationcontainedon,orthatcanbeaccessedthrough,ourwebsiteisnotintendedtobeincorporatedbyreferenceintothisproxystatementandreferencestoourwebsiteaddressinthisproxystatementareinactivetextualreferencesonly.
Why are we holding a virtual Annual Meeting?
Similartopreviousyears,thisyearwehaveimplementedavirtualformatforourAnnualMeeting,whichwillbeconductedvialiveaudiowebcastandonlinestockholdertools.Webelieveavirtualformathelpstofacilitatestockholderattendanceandparticipationbyenablingstockholderstoparticipatefully,andequally,fromanylocationaroundtheworld,atnocost(otherthananycostsassociatedwithyourInternetaccess,suchasusagechargesfromInternetaccessprovidersandtelephonecompanies).OurvirtualmeetingthisyearalsoprotectsthesafetyofeveryoneinlightoftheCOVID-19outbreak.AvirtualAnnualMeetingmakesitpossibleformorestockholders(regardlessofsize,resourcesorphysicallocation)tohavedirectaccesstoinformationmorequickly,whilesavingthecompanyandourstockholderstimeandmoney,especiallyasphysicalattendanceatmeetingshasdwindled.Wealsobelievethattheonlinetoolswehaveselectedwillincreasestockholdercommunication.Forexample,thevirtualformatallowsstockholderstocommunicatewithusinadvanceof,andduring,theAnnualMeetingsotheycanaskquestionsofourboardofdirectorsormanagement.DuringtheAnnualMeeting,wewillanswerquestionssubmittedduringtheAnnualMeetingandaddressthoseaskedinadvance,totheextentrelevanttothebusinessoftheAnnualMeeting,astimepermits.
What matters am I voting on?
Youwillbevotingon:
• theelectionofthreeClassIIIdirectorstoserveuntilour2023annualmeetingofstockholdersanduntiltheirsuccessorsaredulyelectedandqualified;
• aproposaltoapprove,onanadvisorybasis,thecompensationofournamedexecutiveofficers;• aproposaltoratifytheappointmentofErnst&YoungLLPasourindependentregisteredpublicaccounting
firmforourfiscalyearendingJanuary31,2021;and• anyotherbusinessasmayproperlycomebeforetheAnnualMeetingoranyadjournmentsor
postponementsthereof.
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How does the Board of Directors recommend I vote on these proposals?
OurBoardofDirectorsrecommendsavote:
• “FOR”theelectionofSueBarsamian,CarlBass,andJackLazarasClassIIIdirectors;• “FOR”theapproval,onanadvisorybasis,ofthecompensationofournamedexecutiveofficers;and• “FOR”theratificationoftheappointmentofErnst&YoungLLPasourindependentregisteredpublic
accountingfirmforourfiscalyearendingJanuary31,2021.
Who is entitled to vote?
HoldersofourClassAcommonstockasofthecloseofbusinessonMay20,2020(the“RecordDate”)mayvoteattheAnnualMeeting.AsoftheRecordDate,therewere153,449,784sharesofourClassAcommonstockoutstandingandentitledtovote.EachstockholderwillbeentitledtoonevoteoneachproposalforeachshareofourClassAcommonstockheldbythemontheRecordDate.Stockholdersarenotpermittedtocumulatevoteswithrespecttotheelectionofdirectors.OurClassAcommonstockisreferredtointhisproxystatementasourcommonstock.
Registered Stockholders.Ifsharesofourcommonstockareregistereddirectlyinyournamewithourtransferagent,youareconsideredthestockholderofrecordwithrespecttothosesharesandtheNoticewasprovidedtoyoudirectlybyus.Asthestockholderofrecord,youhavetherighttograntyourvotingproxydirectlytotheindividualslistedontheproxycardortovoteliveattheAnnualMeeting.Throughoutthisproxystatement,werefertotheseregisteredstockholdersas“stockholdersofrecord.”
Street Name Stockholders.Ifsharesofourcommonstockareheldonyourbehalfinabrokerageaccountorbyabankorothernominee,youareconsideredtobethebeneficialownerofsharesthatareheldin“streetname,”andtheNoticewasforwardedtoyoubyyourbroker,bankorothernominee,whoisconsideredthestockholderofrecordwithrespecttothoseshares.Asthebeneficialowner,youhavetherighttodirectyourbroker,bankorothernomineeastohowtovoteyourshares.BeneficialownersarealsoinvitedtoattendtheAnnualMeeting.However,sinceabeneficialownerisnotthestockholderofrecord,youmaynotvoteyoursharesliveattheAnnualMeetingunlessyoufollowyourbroker,bankorothernominee’sproceduresforobtainingalegalproxy.Ifyourequestaprintedcopyofourproxymaterialsbymail,yourbroker,bankorothernomineewillprovideavotinginstructionformforyoutouse.Throughoutthisproxystatement,werefertostockholderswhoholdtheirsharesthroughabroker,bankorothernomineeas“streetnamestockholders.”
How many votes are needed for approval of each proposal?
• Proposal No. 1:TheelectionofdirectorsrequiresapluralityofthevotingpowerofthesharesofourcommonstockpresentvirtuallyorbyproxyattheAnnualMeetingandentitledtovotethereontobeapproved.“Plurality”meansthatthenomineeswhoreceivethelargestnumberofvotescast“For”suchnomineesareelectedasdirectors.Asaresult,anysharesnotvoted“For”aparticularnominee,whetherasaresultofstockholderabstentionorabrokernon-vote,willnotbecountedinsuchnominee’sfavorandwillhavenoeffectontheoutcomeoftheelection.Youmayvote“For”or“Withhold”oneachofthenomineesforelectionasadirector.
• Proposal No. 2:Theapproval,onanadvisorybasis,ofthecompensationofournamedexecutiveofficers,requirestheaffirmativevoteofatleastamajorityofthevotingpowerofourcommonstockpresentvirtuallyorbyproxyattheAnnualMeetingandentitledtovotethereontobeapproved.Youmayvote“For,”“Against,”or“Abstain”withrespecttothisproposal.Abstentionsareconsideredvotespresentandentitledtovoteonthisproposal,andthus,willhavethesameeffectasavote“Against”thisproposal.Brokernon-voteswillhavenoeffectontheoutcomeofthisproposal.However,becausethisproposalisanadvisoryvote,theresultwillnotbebindingonourBoardofDirectorsorourcompany.OurBoardofDirectorsandourCompensationCommitteewillconsidertheoutcomeofthevotewhendeterminingnamedexecutiveofficercompensationinthefuture.
• Proposal No. 3:TheratificationoftheappointmentofErnst&YoungLLPasourindependentregisteredpublicaccountingfirmforourfiscalyearendingJanuary31,2021,requirestheaffirmativevoteofamajorityofthevotingpowerofthesharesofourcommonstockpresentvirtuallyorbyproxyattheAnnualMeetingandentitledtovotethereontobeapproved.Abstentionsareconsideredvotespresentandentitledtovoteonthisproposal,andthus,willhavethesameeffectasavote“Against”thisproposal.Brokernon-voteswillhavenoeffectontheoutcomeofthisproposal.
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What is a quorum?
AquorumistheminimumnumberofsharesrequiredtobepresentattheAnnualMeetingtoproperlyholdanannualmeetingofstockholdersandconductbusinessunderouramendedandrestatedbylawsandDelawarelaw.Thepresence,virtuallyorbyproxy,ofamajorityofthevotingpowerofallissuedandoutstandingsharesofourcommonstockentitledtovoteattheAnnualMeetingwillconstituteaquorumattheAnnualMeeting.Abstentions,withholdvotesandbrokernon-votesarecountedassharespresentandentitledtovoteforpurposesofdeterminingaquorum.
How do I vote?
Ifyouareastockholderofrecord,therearefourwaystovote:
• byInternetatwww.proxyvote.com,24hoursaday,sevendaysaweek,until11:59p.m.EasternTimeonJuly14,2020(haveyourNoticeorproxycardinhandwhenyouvisitthewebsite);
• bytoll-freetelephoneuntil11:59p.m.EasternTimeonJuly14,2020at1-800-690-6903ifyouarea“registered”stockholderor1-800-454-8683ifyouarea“beneficial”stockholder(besuretohaveyourNoticeorproxycardinhandwhenyoucall);
• bycompletingandmailingyourproxycardsoitisreceivedpriortotheAnnualMeeting(ifyoureceivedprintedproxymaterials);or
• byattendingtheAnnualMeetingbyvisitingwww.virtualshareholdermeeting.com/BOX2020,wherestockholdersmayvoteandsubmitquestionsduringthemeeting(haveyourNoticeorproxycardinhandwhenyouvisitthewebsite).
EvenifyouplantoattendtheAnnualMeeting,werecommendthatyoualsovotebyproxysothatyourvotewillbecountedifyoulaterdecidenottoattendtheAnnualMeeting.
Ifyouareastreetnamestockholder,youwillreceivevotinginstructionsfromyourbroker,bankorothernominee.Youmustfollowthevotinginstructionsprovidedbyyourbroker,bankorothernomineeinordertodirectyourbroker,bankorothernomineeonhowtovoteyourshares.Streetnamestockholdersshouldgenerallybeabletovotebyreturningavotinginstructionform,orbytelephoneorontheInternet.However,theavailabilityoftelephoneandInternetvotingwilldependonthevotingprocessofyourbroker,bankorothernominee.Asdiscussedabove,ifyouareastreetnamestockholder,youmaynotvoteyoursharesattheAnnualMeetingunlessyouobtainalegalproxyfromyourbroker,bankorothernominee.
Can I change my vote?
Yes.Ifyouareastockholderofrecord,youcanchangeyourvoteorrevokeyourproxyanytimebeforetheAnnualMeetingby:
• enteringanewvotebyInternetorbytelephone;• completingandreturningalater-datedproxycard;• notifyingtheSecretaryofBox,Inc.,inwriting,atBox,Inc.,900JeffersonAve.,RedwoodCity,
California94063;or• attendingandvotingattheAnnualMeeting(althoughattendanceattheAnnualMeetingwillnot,byitself,
revokeaproxy).
Ifyouareastreetnamestockholder,yourbroker,bankorothernomineecanprovideyouwithinstructionsonhowtochangeyourvote.
What do I need to do to attend the Annual Meeting?
YouwillbeabletoattendtheAnnualMeetingonline,submityourquestionsduringthemeetingandvoteyourshareselectronicallyatthemeetingbyvisitingwww.virtualshareholdermeeting.com/BOX2020.ToparticipateintheAnnualMeeting,youwillneedthecontrolnumberincludedonyourNoticeorproxycard.TheAnnualMeetingwebcastwillbeginpromptlyat1:30p.m.PacificTimeonJuly15,2020.Weencourageyoutoaccessthemeetingpriortothestarttime.Onlinecheck-inwillbeginat1:15p.m.PacificTime,andyoushouldallowampletimeforthecheck-inprocedures.
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What is the effect of giving a proxy?
ProxiesaresolicitedbyandonbehalfofourBoardofDirectors.AaronLevie,DylanSmith,andDavidLeebhavebeendesignatedasproxyholdersbyourBoardofDirectors.Whenproxiesareproperlydated,executedandreturned,thesharesrepresentedbysuchproxieswillbevotedattheAnnualMeetinginaccordancewiththeinstructionsofthestockholder.Ifnospecificinstructionsaregiven,however,theshareswillbevotedinaccordancewiththerecommendationsofourBoardofDirectorsasdescribedabove.IfanymattersnotdescribedinthisproxystatementareproperlypresentedattheAnnualMeeting,theproxyholderswillusetheirownjudgmenttodeterminehowtovotetheshares.IftheAnnualMeetingisadjourned,theproxyholderscanvotethesharesonthenewAnnualMeetingdateaswell,unlessyouhaveproperlyrevokedyourproxyinstructions,asdescribedabove.
Why did I receive a Notice of Internet Availability of Proxy Materials instead of a full set of proxy materials?
InaccordancewiththerulesoftheSecuritiesandExchangeCommission(“SEC”),wehaveelectedtofurnishourproxymaterials,includingthisproxystatementandourannualreport,primarilyviatheInternet.TheNoticecontaininginstructionsonhowtoaccessourproxymaterialsisfirstbeingmailedonoraboutMay28,2020toallstockholdersentitledtovoteattheAnnualMeeting.Stockholdersmayrequesttoreceiveallfutureproxymaterialsinprintedformbymailorelectronicallybye-mailbyfollowingtheinstructionscontainedintheNotice.WeencouragestockholderstotakeadvantageoftheavailabilityofourproxymaterialsontheInternettohelpreducetheenvironmentalimpactandcostofourannualmeetingsofstockholders.
How are proxies solicited for the Annual Meeting?
OurBoardofDirectorsissolicitingproxiesforuseattheAnnualMeeting.Allexpensesassociatedwiththissolicitationwillbebornebyus.Wewillreimbursebrokers,banksorothernomineesforreasonableexpensesthattheyincurinsendingourproxymaterialstoyouifabroker,bankorothernomineeholdssharesofourcommonstockonyourbehalf.Inaddition,ourdirectorsandemployeesmayalsosolicitproxiesinperson,bytelephone,orbyothermeansofcommunication.Ourdirectorsandemployeeswillnotbepaidanyadditionalcompensationforsolicitingproxies.
How may my brokerage firm or other intermediary vote my shares if I fail to provide timely directions?
Brokeragefirmsandotherintermediariesholdingsharesofourcommonstockinstreetnamefortheircustomersaregenerallyrequiredtovotesuchsharesinthemannerdirectedbytheircustomers.Intheabsenceoftimelydirections,yourbrokerwillhavediscretiontovoteyoursharesonoursole“routine”matter:theproposaltoratifytheappointmentofErnst&YoungLLPasourindependentregisteredpublicaccountingfirmforourfiscalyearendingJanuary31,2021.Yourbrokerwillnothavediscretiontovoteonanyotherproposals,whichare“non-routine”matters,absentdirectionfromyou.
Where can I find the voting results of the Annual Meeting?
WewillannouncepreliminaryvotingresultsattheAnnualMeeting.WewillalsodisclosevotingresultsonaCurrentReportonForm8-KthatwewillfilewiththeSECwithinfourbusinessdaysaftertheAnnualMeeting.IffinalvotingresultsarenotavailabletousintimetofileaCurrentReportonForm8-KwithinfourbusinessdaysaftertheAnnualMeeting,wewillfileaCurrentReportonForm8-KtopublishpreliminaryresultsandwillprovidethefinalresultsinanamendmenttotheCurrentReportonForm8-Kassoonastheybecomeavailable.
I share an address with another stockholder, and we received only one paper copy of the proxy materials. How may Iobtain an additional copy of the proxy materials?
Wehaveadoptedaprocedurecalled“householding,”whichtheSEChasapproved.Underthisprocedure,wedeliverasinglecopyoftheNoticeand,ifapplicable,ourproxymaterialstomultiplestockholderswhosharethesameaddressunlesswehavereceivedcontraryinstructionsfromoneormoreofsuchstockholders.Thisprocedurereducesourprintingcosts,mailingcosts,andfees.Stockholderswhoparticipateinhouseholdingwillcontinuetobeabletoaccessandreceiveseparateproxycards.Uponwrittenororalrequest,wewilldeliver
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promptlyaseparatecopyoftheNoticeand,ifapplicable,ourproxymaterialstoanystockholderatasharedaddresstowhichwedeliveredasinglecopyofanyofthesematerials.Toreceiveaseparatecopy,or,ifastockholderisreceivingmultiplecopies,torequestthatweonlysendasinglecopyoftheNoticeand,ifapplicable,ourproxymaterials,suchstockholdermaycontactusatthefollowingaddress:
Box,Inc.
Attention:InvestorRelations
900JeffersonAve.
RedwoodCity,California94063
Tel:(877)729-4269
Streetnamestockholdersmaycontacttheirbroker,bankorothernomineetorequestinformationabouthouseholding.
What is the deadline to propose actions for consideration at next year’s annual meeting of stockholders or tonominate individuals to serve as directors?
StockholderProposals
Stockholdersmaypresentproperproposalsforinclusioninourproxystatementandforconsiderationatnextyear’sannualmeetingofstockholdersbysubmittingtheirproposalsinwritingtoourSecretaryinatimelymanner.Forastockholderproposaltobeconsideredforinclusioninourproxystatementforthe2021annualmeetingofstockholders,ourSecretarymustreceivethewrittenproposalatourprincipalexecutiveofficesnotlaterthanJanuary28,2021.Inaddition,stockholderproposalsmustcomplywiththerequirementsofRule14a-8undertheSecuritiesExchangeActof1934,asamended(the“ExchangeAct”)regardingtheinclusionofstockholderproposalsincompany-sponsoredproxymaterials.Stockholderproposalsshouldbeaddressedto:
Box,Inc.
Attention:Secretary
900JeffersonAve.
RedwoodCity,California94063
Ouramendedandrestatedbylawsalsoestablishanadvancenoticeprocedureforstockholderswhowishtopresentaproposalbeforeanannualmeetingofstockholdersbutdonotintendfortheproposaltobeincludedinourproxystatement.Ouramendedandrestatedbylawsprovidethattheonlybusinessthatmaybeconductedatanannualmeetingofstockholdersisbusinessthatis(i)specifiedinourproxymaterialswithrespecttosuchannualmeeting,(ii)otherwiseproperlybroughtbeforesuchannualmeetingbyoratthedirectionofourBoardofDirectors,or(iii)properlybroughtbeforesuchmeetingbyastockholderofrecordentitledtovoteatsuchannualmeetingwhohasdeliveredtimelywrittennoticetoourSecretary,whichnoticemustcontaintheinformationspecifiedinouramendedandrestatedbylaws.Tobetimelyforour2021annualmeetingofstockholders,ourSecretarymustreceivethewrittennoticeatourprincipalexecutiveoffices:
• notearlierthanMarch14,2021;and• notlaterthantheendofthedayonApril13,2021.
Intheeventthatweholdthe2021annualmeetingofstockholdersmorethan30daysbeforeormorethan60daysaftertheone-yearanniversaryoftheAnnualMeeting,noticeofastockholderproposalthatisnotintendedtobeincludedinourproxystatementmustbereceivednoearlierthanthecloseofbusinessonthe120thdaybeforethe2021annualmeetingofstockholdersandnolaterthanthecloseofbusinessonthelaterofthefollowingtwodates:
• the90thdaypriortothe2021annualmeetingofstockholders;or• the10thdayfollowingthedayonwhichpublicannouncementofthedateofour2021annualmeetingof
stockholdersisfirstmade.
Ifastockholderwhohasnotifiedusofhis,heroritsintentiontopresentaproposalatanannualmeetingofstockholdersdoesnotappeartopresenthis,heroritsproposalatsuchannualmeeting,wearenotrequiredtopresenttheproposalforavoteatsuchannualmeeting.
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NominationofDirectorCandidates
HoldersofourcommonstockmayproposedirectorcandidatesforconsiderationbyourNominatingandCorporateGovernanceCommittee.Anysuchrecommendationsshouldincludethenominee’snameandqualificationsformembershiponourBoardofDirectorsandshouldbedirectedtoourSecretaryattheaddresssetforthabove.Foradditionalinformationregardingstockholderrecommendationsfordirectorcandidates,seethesectiontitled“BoardofDirectorsandCorporateGovernance—StockholderRecommendationsforNominationstotheBoardofDirectors.”
Inaddition,ouramendedandrestatedbylawspermitstockholderstonominatedirectorsforelectionatanannualmeetingofstockholders.Tonominateadirector,thestockholdermustprovidetheinformationrequiredbyouramendedandrestatedbylaws.Inaddition,thestockholdermustgivetimelynoticetoourSecretaryinaccordancewithouramendedandrestatedbylaws,which,ingeneral,requirethatthenoticebereceivedbyourSecretarywithinthetimeperiodsdescribedaboveunderthesectiontitled“StockholderProposals”forstockholderproposalsthatarenotintendedtobeincludedinaproxystatement.
AvailabilityofBylaws
Acopyofouramendedandrestatedbylawsisavailableonourwebsiteathttp://www.box.com/investors.YoumayalsocontactourSecretaryattheaddresssetforthaboveforacopyoftherelevantbylawprovisionsregardingtherequirementsformakingstockholderproposalsandnominatingdirectorcandidates.
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BOARDOFDIRECTORSANDCORPORATEGOVERNANCEOurbusinessaffairsaremanagedunderthedirectionofourBoardofDirectors,whichiscurrentlycomposedoftwelvemembers.ThesizeofourBoardofDirectorswillbereducedtoninedirectorsupontheconclusionoftheAnnualMeetingastwoofourdirectorswillnotbestandingforre-electionandanotherdirectorwillberetiringfromtheBoardofDirectorseffectiveattheconclusionoftheAnnualMeeting.SevenofourdirectorsareindependentwithinthemeaningofthelistingstandardsoftheNewYorkStockExchange.OurBoardofDirectorsisdividedintothreestaggeredclassesofdirectors.Ateachannualmeetingofstockholders,aclassofdirectorswillbeelectedforathree-yeartermtosucceedthesameclasswhosetermisthenexpiring.
Thefollowingtablesetsforththenames,agesasofMarch31,2020,andcertainotherinformationforeachofthenomineesforelectionasaClassIIIdirectorattheAnnualMeeting,eachofthecontinuingmembersofourBoardofDirectorsandcertainnon-continuingmembersofourBoardofDirectorswhoarenotstandingforre-electionorhaveresignedeffectiveattheconclusionoftheAnnualMeeting:
Name AgeDirectorSince Independent Class
CurrentTerm
Expires
Expiration
ofTerm
forWhich
Nominated
Audit
Committee
Compensation
Committee
Corporate
GovernanceCommittee
Operating
Committee
DirectorNominees:SueBarsamian 60 2018 Yes III 2020 2023CarlBass 62 2020 Yes III 2020 2023JackLazar 54 2020 Yes III 2020 2023ContinuingDirectors:DanaEvan 60 2011 Yes I 2021PeterLeav 49 2019 Yes I 2021AaronLevie 35 2005 No I 2021KimHammonds 52 2018 Yes II 2022DanLevin 56 2010 No II 2022BethanyMayer 58 2020 Yes II 2022Non-ContinuingDirectors:RoryO’Driscoll 55 2010 Yes III 2020DylanSmith 34 2005 No III 2020JoshStein 46 2006 Yes II 2022
ChairpersonMember
NomineesforDirector
Sue BarsamianhasservedasamemberofourBoardofDirectorssinceMay2018.Ms.BarsamianservedasChiefSalesandMarketingOfficerforHPESoftwareofHewlettPackardEnterprisefromNovember2016toSeptember2017andtransitionedthisbusinessthroughitsmergerwithMicroFocusinSeptember2017.FromAugust2015toNovember2016,sheservedasGeneralManagerofEnterpriseSecurityProductsatHewlettPackardEnterprise.From2006to2015,sheservedinvariousrolesatHewlettPackard.From2012to2017,Ms.BarsamianservedontheBoardoftheNationalActionCouncilforMinoritiesinEngineering(NACME),andsheservedasChairmanoftheBoardofNACMEfrom2016to2017.SinceSeptember2019shehasservedontheBoardofTrusteesforKansasStateUniversity.Ms.BarsamiancurrentlyservesontheboardofdirectorsofNortonLifeLockCorporation,aconsumercybersafetycompany.Ms.BarsamianholdsaBachelorofSciencedegreewithhonorsinelectricalengineeringfromKansasStateUniversity.Shecompletedherpost-graduatestudiesattheSwissFederalInstituteofTechnologyinZurich,Switzerland.
Ms.BarsamianwasselectedtoserveonourBoardofDirectorsbecauseofherenterprisesoftwaresalesandglobalgo-to-marketstrategyexperience.
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Carl BasshasservedasamemberofourBoardofDirectorssinceMay2020.Mr.BassservedasthePresidentandChiefExecutiveOfficerofAutodesk,Inc.,asoftwarecompany,fromMay2006toFebruary2017.HeservedastheInterimChiefFinancialOfficerofAutodesk,Inc.fromAugust2014toNovember2014.FromJanuary2006toJune2018,Mr.BassservedontheboardofdirectorsofAutodesk,Inc.SinceFebruary2016,Mr.BasshasservedontheboardofdirectorsofZendesk,Inc.,aproviderofcustomerservicesoftware.FromNovember2015toSeptember2017,heservedontheboardofdirectorsofHPInc.,aproviderofsoftwareandtechnology.FromJuly2011toMarch2015,heservedontheboardofdirectorsofE2open,Inc.,asoftwarecompany,untilitwasacquiredbyInsightVenturePartnersinMarch2015.Mr.BassholdsaB.A.inmathematicsfromCornellUniversity.
Mr.BasswasselectedtoserveonourBoardbecauseofhisextensiveexperienceasanexecutiveinthetechnologyindustry.
Jack LazarhasservedasamemberofourBoardofDirectorssinceMarch2020.Mr.LazarhasbeenanindependentbusinessconsultantsinceMarch2016.FromJanuary2014untilMarch2016,Mr.LazarservedastheChiefFinancialOfficeratGoPro,Inc.,aproviderofwearableandmountablecapturedevices.FromJanuary2013untilJanuary2014,hewasanindependentbusinessconsultant.FromMay2011untilJanuary2013,Mr.LazarwasemployedbyQualcommandservedasSeniorVicePresident,CorporateDevelopmentandGeneralManagerofQualcommAtheros,Inc.,adeveloperofcommunicationssemiconductorsolutions.FromSeptember2003untilitwasacquiredbyQualcomminMay2011,Mr.LazarservedinvariouspositionsatAtherosCommunications,Inc.,aproviderofcommunicationssemiconductorsolutions,mostrecentlyasSeniorVicePresidentofCorporateDevelopment,ChiefFinancialOfficerandSecretary.Mr.LazarhasservedontheboardsofdirectorsofSiliconLaboratories,ananalogandmixedsignalsemiconductorcompany,sinceApril2013,ResideoTechnologies,aproviderofcomfortandsecuritysolutions,sinceOctober2018,andCasperSleep,aproviderofsleep-centricproductstoconsumers,sinceApril2019.FromOctober2013untilitssaletoAdobeinDecember2016,heservedontheboardofdirectorsofTubeMogul,Inc.,anenterprisesoftwarecompanyfordigitalbranding,andfromJune2018untilitssaletoNVIDIAinApril2020,heservedontheboardofdirectorsofMellanoxTechnologies,acommunicationssemiconductorcompany.Mr.LazaralsoservedontheboardofdirectorsofQuantennaCommunications,Inc.,awirelesssemiconductorcompany,fromJuly2016untilitssaletoOnSemiconductorinJune2019.Mr.Lazarisacertifiedpublicaccountant(inactive)andholdsaB.S.inCommercewithanemphasisinAccountingfromSantaClaraUniversity. Mr.LazarwasselectedtoserveonourBoardofDirectorsbecauseofhisexperienceinboththeenterpriseandconsumertechnologymarkets,alongwithastrongtrackrecordofhelpingcompaniesdrivedisciplinedgrowthandprofitability.
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ContinuingDirectors
Bethany MayerhasservedasamemberofourBoardofDirectorssinceApril2020.Ms.MayerisanexecutivepartnerwithSirisCapitalGroupLLC,aprivateequityfirm.Ms.MayerservedasExecutiveVicePresidentofCorporateDevelopmentandTechnologyofSempraEnergy,anenergyinfrastructurecompany,fromNovember2018toJanuary2019andservedasamemberoftheboardofdirectorsofSempraEnergyfromFebruary2017toNovember2018.From2014through2017,shewasthePresident,ChiefExecutiveOfficerandaboardmemberofIxia,amarketleaderintest,visibilityandsecuritysolutionsacquiredbyKeysightTechnologiesin2017.From2011through2014,Ms.MayerservedasSeniorVicePresidentandGeneralManagerofHP’sNetworkingBusinessunitandtheNFVbusinessunit.From2010until2011,sheservedasVicePresident,MarketingandAlliances,forHP’sEnterpriseServersStorageandNetworkingGroup.PriortojoiningHP,sheheldleadershiprolesatBlueCoatSystems,CiscoandAppleComputer.Presently,Ms.MayerisamemberoftheboardofdirectorsofLAMResearchCorporation,asemiconductorequipmentcompany;MarvellTechnologyGroup,aninfrastructuresemiconductorsolutionscompany;andSempraEnergy,anenergyservicesholdingcompany.Ms.MayerholdsaMastersinBusinessAdministrationfromCSU-MontereyBayandaBachelorofScienceinPoliticalSciencefromSantaClaraUniversity.
Ms.MayerwasselectedtoserveonourBoardofDirectorsbecauseofherdeeptechnologyexperienceandleadershiprolesscalingmulti-billiondollarenterprises.
Dana EvanhasservedasamemberofourBoardofDirectorssinceDecember2011.Since2013,Ms.EvanhasservedasaVenturePartneratIconVentures,aventurecapitalfirm,andsinceJuly2007hasinvestedinandservedontheboardsofdirectorsofcompaniesintheinternet,technologyandmediasectors.FromMay1996untilJuly2007,Ms.EvanservedasChiefFinancialOfficerofVeriSign,Inc.,aproviderofintelligentinfrastructureservicesfortheinternetandtelecommunicationsnetworks.Ms.EvancurrentlyservesontheboardofdirectorsofDomo,Inc.,abusinessintelligencetoolsanddatavisualizationcompany,FarfetchLimited,aglobaltechnologyplatformfortheluxuryfashionindustry,Proofpoint,Inc.,asecurity-as-a-serviceprovider,SVMKInc.(SurveyMonkey),anonlinesurveydevelopmentcloud-basedsoftware,andanumberofprivatelyheldcompanies,andpreviouslyservedontheBoardofDirectorsofCriteoS.A.,aperformancedisplayadvertisingcompany,andFusion-io,Inc.,aflashmemorytechnologycompany.Ms.EvanpreviouslyservedontheBoardsofDirectorsofOmniture,Inc.,anonlinemarketingandwebanalyticscompany,untilitwasacquiredbyAdobeSystemsIncorporatedinOctober2009andEverydayHealth,Inc.,aproviderofdigitalhealthandwellnesssolutions,untilitwasacquiredbyZiffDavis,LLCinDecember2016.Ms.Evanwasselectedasthe2019DirectoroftheYearbytheNationalAssociationofCorporateDirectors(NACD).Ms.EvanholdsaB.S.inCommercefromSantaClaraUniversityandisacertifiedpublicaccountant(inactive). Ms.EvanwasselectedtoserveonourBoardofDirectorsbecauseofherexperienceinoperations,strategy,accounting,financialmanagementandinvestorrelationsatbothpubliclyandprivatelyheldtechnologycompanies.
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Peter Leav hasservedasamemberofourBoardofDirectorssinceJune2019.Mr.LeavservesastheChiefExecutiveOfficerandmemberoftheBoardofManagersofMcAfee,LLC,acybersecuritycompany.Previously,Mr.LeayservedasPresident,ChiefExecutiveOfficer,andDirectorofBMCSoftware,Inc.,amanagementsolutionssoftwarecompany,fromDecember2016toApril2019.PriortojoiningBMC,Mr.LeavservedasPresident,ChiefExecutiveOfficer,andDirectorofPolycom,Inc.,avideo,voice,andcontentsolutioncompany,fromDecember2013throughSeptember2016.PriortojoiningPolycom,Mr.LeavservedasExecutiveVicePresidentandPresident,IndustryandFieldOperationsofNCRCorporation,aglobaltechnologycompany,fromJune2012toNovember2013,asExecutiveVicePresident,GlobalSales,ProfessionalServicesandConsumablesofNCRfromNovember2011toJune2012,andasSeniorVicePresident,WorldwideSalesofNCRfromJanuary2009toOctober2011.PriortojoiningNCR,heservedasCorporateVicePresidentandGeneralManagerofMotorola,Inc.,aproviderofmobilityproductsandsolutionsacrossbroadbandandwirelessnetworks,fromNovember2008toJanuary2009,asVicePresidentandGeneralManagerfromDecember2007toNovember2008,andasVicePresidentofSalesfromDecember2006toDecember2007.FromNovember2004toDecember2006,Mr.LeavwasDirectorofSalesforSymbolTechnologies,Inc.,aninformationtechnologycompany.Priortothisposition,Mr.LeavwasregionalsalesmanageratCiscoSystems,Inc.,amanufacturerofcommunicationsandinformationtechnologynetworkingproducts,fromJuly2000toNovember2004.Mr.LeavservedontheboardofdirectorsofHDSupply,Inc.,anindustrialdistributorcompany,fromOctober2014toJuly2017.Mr.Leavholdsabachelor’sdegreefromLehighUniversity. Mr.LeavwasselectedtoserveonourBoardofDirectorsbecauseofhisgeneralmanagement,technology,communicationsandglobalgo-to-marketstrategyandoperationsexperience.
Aaron Levieco-foundedourcompanyandhasservedasourChairmansinceDecember2013andasourChiefExecutiveOfficerandamemberofourBoardofDirectorssinceApril2005.Mr.LevieattendedtheUniversityofSouthernCaliforniafrom2003to2005. Mr.LeviewasselectedtoserveonourBoardofDirectorsbecauseoftheperspectiveandexperiencehebringsasoneofourfounders.
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Kim Hammonds hasservedasamemberofourBoardofDirectorssinceOctober2018.Ms.HammondsservedastheGroupChiefOperatingOfficeratDeutscheBankAG,aglobalfinancialservicescompany,fromJanuary2016toMay2018andasamemberoftheDeutscheBankManagementBoardfromAugust2016toMay2018.ShejoinedDeutscheBankasChiefInformationOfficerandGlobalCo-HeadTechnologyandOperationsinNovember2013fromTheBoeingCompany,aglobalaerospacecompany.Ms.HammondsjoinedBoeingin2008andservedinanumberofcapacities,includingmostrecentlyasChiefInformationOfficer/VicePresident,GlobalInfrastructure,GlobalBusinessSystemsfromJanuary2011toNovember2013.Ms.HammondsjoinedBoeingfromDellInc.,wheresheledITsystemsdevelopmentformanufacturingoperationsintheAmericas,anddirectedglobalITreliabilityandfactorysystems.Ms.HammondscurrentlyservesontheboardofdirectorsofTenableHoldings,Inc.,aproviderofcybersecuritysolutions,andZoomVideoCommunications,Inc.,anenterprisevideocommunicationscompany.Ms.HammondsholdsaB.S.inMechanicalEngineeringfromUniversityofMichiganandanMBAinMarketingfromWesternMichiganUniversity. Ms.HammondswasselectedtoserveonourBoardofDirectorsbecauseofherenterpriseITandglobalgo-to-marketstrategyexperience.
Dan LevinservedasourPresidentandChiefOperatingOfficerfromDecember2013untilJuly2017,andasourChiefOperatingOfficerfromJuly2010untilJuly2017.Mr.LevinhasservedasamemberofourBoardofDirectorssinceJanuary2010.FromMarch2009toJuly2010,Mr.Levinservedasanadvisortovarioustechnologystart-ups,includingourcompanysinceSeptember2009.FromJuly2008toMarch2009,Mr.LevinservedastheinterimChiefExecutiveOfficerofPicateersInc.,anonlinephotosalescompany.Previously,Mr.LevinservedinvariousexecutiverolesatIntuitInc.,abusinessandfinancialmanagementsolutionscompany,mostrecentlyasVicePresidentandGeneralManager,Healthcare.Mr.LevinholdsaB.A.intheindependentconcentrationofApplicationsofComputerGraphicstoStatisticalDataAnalysisfromPrincetonUniversity. Mr.LevinwasselectedtoserveonourBoardofDirectorsbecauseofhisextensiveexperiencewithtechnologycompanies.
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Non-ContinuingDirectors
RoryO’DriscollhasservedasamemberofourBoardofDirectorssinceApril2010.Mr.O’Driscollhasworkedinventurecapitalsince1994asaseniormemberoftheBankofAmericainvestmentteam,whichbecameScaleVenturePartnersin2007.Since2007,Mr.O’DriscollhasbeenaManagingPartneratScaleVenturePartners,aventurecapitalfirm.Mr.O’DriscollcurrentlyservesontheboardofdirectorsofBill.com,aproviderofbusinesspaymentsprocessingplatforms,andanumberofseveralprivatelyheldcompanies.Mr.O’DriscollholdsaB.Sc.fromtheLondonSchoolofEconomics.
Mr.O’DriscollwasselectedtoserveonourBoardofDirectorsbecauseofhisexperienceasadirectorofbothpubliclyandprivatelyheldtechnologycompanies.
Dylan Smithco-foundedourcompanyandhasservedasourChiefFinancialOfficerandasamemberofourBoardofDirectorssinceApril2005.Mr.SmithholdsaB.A.inEconomicsfromDukeUniversity. Mr.SmithwasselectedtoserveonourBoardofDirectorsbecauseoftheperspectiveandexperiencehebringsasoneofourfounders.
Josh SteinhasservedasamemberofourBoardofDirectorssinceJuly2006.SinceDecember2006,Mr.SteinhasbeenaManagingDirectorofseveralfundsaffiliatedwithDraperFisherJurvetson,aventurecapitalfirmhejoinedinMay2004.Mr.Steincurrentlyservesontheboardsofdirectorsofseveralprivatelyheldcompanies.Mr.SteinholdsaB.A.inPsychologyfromDartmouthCollegeandanM.B.A.fromtheStanfordGraduateSchoolofBusiness. Mr.SteinwasselectedtoserveonourBoardofDirectorsbecauseofhisknowledgeoftechnologycompaniesandhisexperienceasadirectorofprivatelyheldtechnologycompanies.
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DirectorIndependenceOurClassAcommonstockislistedontheNewYorkStockExchange.UnderthelistingstandardsoftheNewYorkStockExchange,independentdirectorsmustcompriseamajorityofalistedcompany’sboardofdirectors.Inaddition,thelistingstandardsoftheNewYorkStockExchangerequirethat,subjecttospecifiedexceptions,eachmemberofalistedcompany’saudit,compensation,andnominatingandcorporategovernancecommitteesbeindependent.UnderthelistingstandardsoftheNewYorkStockExchange,adirectorwillonlyqualifyasan“independentdirector”if,intheopinionofthatlistedcompany’sboardofdirectors,thatdirectordoesnothaveamaterialrelationshipwiththecompany(eitherdirectlyorasapartner,shareholderorofficerofanorganizationthathasarelationshipwithinthecompany).
AuditcommitteemembersmustalsosatisfytheadditionalindependencecriteriasetforthinRule10A-3undertheExchangeAct,andthelistingstandardsoftheNewYorkStockExchange.CompensationcommitteemembersmustalsosatisfytheadditionalindependencecriteriasetforthinRule10C-1undertheExchangeActandthelistingstandardsoftheNewYorkStockExchange.
OurBoardofDirectorshasundertakenareviewoftheindependenceofeachofourdirectors.Basedoninformationprovidedbyeachdirectorconcerninghisorherbackground,employmentandaffiliations,ourBoardofDirectorshasdeterminedthatnoneofMses.Barsamian,Evan,Hammonds,andMayerorMessrs.Bass,Lazar,Leav,O’DriscollandSteinhasamaterialrelationshipwiththecompany(eitherdirectlyorasapartner,shareholderorofficerofanorganizationthathasarelationshipwithinthecompany)andthateachofthesedirectorsis“independent”asthattermisdefinedundertheapplicablerulesandregulationsoftheSECandthelistingstandardsoftheNewYorkStockExchange.Inmakingthesedeterminations,ourBoardofDirectorsconsideredthecurrentandpriorrelationshipsthateachnon-employeedirectorhaswithourcompanyandallotherfactsandcircumstancesourBoardofDirectorsdeemedrelevantindeterminingtheirindependence,includingthebeneficialownershipofourcapitalstockbyeachnon-employeedirector,andthetransactionsinvolvingthemdescribedinthesectiontitled“RelatedPersonTransactions.”
BoardLeadershipStructureAaronLevieservesasboththeChairmanofourBoardofDirectorsandasourChiefExecutiveOfficer.Ourindependentdirectorsbringexperience,oversightandexpertisefromoutsideofourcompany,whileMr.Leviebringscompany-andindustry-specificexperienceandexpertise.Asoneofourfounders,Mr.Levieisbestpositionedtoidentifystrategicpriorities,leadcriticaldiscussionandexecuteourbusinessplans.WebelievethatthestructureofourBoardofDirectorsanditscommitteesprovideseffectiveindependentoversightofmanagementwhileMr.Levie’scombinedroleenablesstrongleadership,createsclearaccountabilityandenhancesourabilitytocommunicateourmessageandstrategyclearlyandconsistentlytostockholders.
LeadIndependentDirectorOurCorporateGovernanceGuidelinesprovidethatifourChiefExecutiveOfficerservesasChairmanofourBoardofDirectorsoriftheChairmanisnototherwiseindependent,ourBoardofDirectorswillappointaLeadIndependentDirector.BecauseMr.LevieisourChairmanandChiefExecutiveOfficer,ourBoardofDirectorshasappointedRoryO’DriscolltoserveasourLeadIndependentDirector.AsLeadIndependentDirector,Mr.O’Driscollpresidesoverregularlyscheduledexecutivesessionsofourindependentdirectors,servesasaliaisonbetweenourChairmanandourindependentdirectorsandperformssuchadditionaldutiesasourBoardofDirectorsotherwisedeterminesanddelegates.BecauseMr.O’DriscollwillnotstandforreelectionasadirectorattheAnnualMeeting,ourBoardofDirectorsintendstoappointanewLeadIndependentDirectortosucceedMr.O’Driscollonorbeforethedateofthisyear’sAnnualMeeting.
BoardandStockholderMeetingsandCommitteesDuringourfiscalyearendedJanuary31,2020,ourBoardofDirectorsheldelevenmeetings(includingregularlyscheduledandspecialmeetings),andeachincumbentdirectorattendedatleast75%oftheaggregateof(i)thetotalnumberofmeetingsofourBoardofDirectorsheldduringtheperiodforwhichheorshehasbeenadirectorand(ii)thetotalnumberofmeetingsheldbyallcommitteesofourBoardofDirectorsonwhichheorsheservedduringtheperiodsthatheorsheserved.
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AlthoughwedonothaveaformalpolicyregardingattendancebymembersofourBoardofDirectorsatannualmeetingsofstockholders,weencourage,butdonotrequire,ourdirectorstoattend.Eightdirectorsattendedour2019annualmeetingofstockholders.
OurBoardofDirectorshasestablishedanAuditCommittee,aCompensationCommittee,aNominatingandCorporateGovernanceCommittee,andanOperatingCommittee.ThecompositionandresponsibilitiesofeachofthecommitteesofourBoardofDirectorsisdescribedbelow.MemberswillserveonthesecommitteesuntiltheirresignationoruntilotherwisedeterminedbyourBoardofDirectors.
Audit Committee
OurAuditCommitteeconsistsofMr.O’DriscollandMses.EvanandHammonds,withMs.Evanservingasthechair.Mr.O’DriscollwillnotstandforreelectionattheAnnualMeeting.EachmemberofourAuditCommitteemeetstherequirementsforindependenceforauditcommitteemembersunderthelistingstandardsoftheNewYorkStockExchangeandSECrulesandregulations.EachmemberofourAuditCommitteealsomeetsthefinancialliteracyandsophisticationrequirementsofthelistingstandardsoftheNewYorkStockExchange.Inaddition,ourBoardofDirectorshasdeterminedthatMs.EvanisanauditcommitteefinancialexpertwithinthemeaningofItem407(d)ofRegulationS-KundertheSecuritiesActof1933,asamendedandthatsimultaneousservicebyMs.EvanontheauditcommitteeofmorethanthreepubliccompaniesdoesnotimpairherabilitytoeffectivelyserveonourAuditCommittee.OurAuditCommitteeis,amongotherthings,responsibleforthefollowing:
• selectingandhiringourindependentregisteredpublicaccountingfirm;• evaluatingtheperformanceandindependenceofourindependentregisteredpublicaccountingfirm;• pre-approvingtheauditservicesandanynon-auditservicestobeperformedbyourindependentregistered
publicaccountingfirm;• reviewingourfinancialstatementsandrelateddisclosuresandreviewingourcriticalaccountingpoliciesand
practices;• reviewingtheadequacyandeffectivenessofourinternalcontrolpoliciesandproceduresandourdisclosure
controlsandprocedures;• overseeingproceduresforthetreatmentofcomplaintsonaccounting,internalaccountingcontrols,oraudit
matters;• reviewinganddiscussingwithmanagementandtheindependentregisteredpublicaccountingfirmthe
resultsofourannualauditandthefinancialstatementsincludedinourpubliclyfiledreports;• reviewingandapprovinganyproposedrelatedpersontransactions;and• preparingtheAuditCommitteereportincludedinourannualproxystatement.
OurAuditCommitteeoperatesunderawrittencharterthatsatisfiestheapplicablerulesandregulationsoftheSECandthelistingstandardsoftheNewYorkStockExchange.AcopyofthecharterofourAuditCommitteeisavailableonourwebsiteathttp://www.box.com/investors.DuringourfiscalyearendedJanuary31,2020,ourAuditCommitteeheldfivemeetings.
Compensation Committee
OurCompensationCommitteeconsistsofMessrs.LeavandSteinandMses.BarsamianandEvan,withMr.Steinservingasthechair.Mr.SteinwillresignfromourBoardofDirectorsandtheCompensationCommitteeeffectiveattheconclusionoftheAnnualMeeting.EachmemberofourCompensationCommitteemeetstherequirementsforindependenceforcompensationcommitteemembersunderthelistingstandardsoftheNewYorkStockExchangeandSECrulesandregulations,includingRule10C-1undertheExchangeAct.EachmemberofourCompensationCommitteeisalsoanon-employeedirector,asdefinedpursuanttoRule16b-3promulgatedundertheExchangeAct.OurCompensationCommitteeis,amongotherthings,responsibleforthefollowing:
• reviewingandapprovingourChiefExecutiveOfficer’sandotherexecutiveofficers’annualbasesalaries,incentivecompensationplans,includingthespecificgoalsandamounts,equitycompensation,employmentagreements,severancearrangementsandchangeincontrolagreements,andanyotherbenefits,compensationorarrangements;
• administeringourequitycompensationplans;• overseeingouroverallcompensationphilosophy,compensationplansandbenefitsprograms;and• preparingtheCompensationCommitteereportincludedinourannualproxystatement.
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OurCompensationCommitteeoperatesunderawrittencharterthatsatisfiestheapplicablerulesandregulationsoftheSECandthelistingstandardsoftheNewYorkStockExchange.AcopyofthecharterofourCompensationCommitteeisavailableonourwebsiteathttp://www.box.com/investors.DuringourfiscalyearendedJanuary31,2020,ourCompensationCommitteeheldfivemeetings.
Nominating and Corporate Governance Committee
OurNominatingandCorporateGovernanceCommitteeconsistsofMses.EvanandBarsamianandMr.Stein,withMs.Evanservingasthechair.Mr.SteinwillresignfromourBoardofDirectorsandtheNominatingandCorporateGovernanceCommitteeeffectiveattheconclusionoftheAnnualMeeting.EachmemberofourNominatingandCorporateGovernanceCommitteemeetstherequirementsforindependenceunderthelistingstandardsoftheNewYorkStockExchangeandSECrulesandregulations.OurNominatingandCorporateGovernanceCommitteeis,amongotherthings,responsibleforthefollowing:
• evaluatingandmakingrecommendationsregardingthecomposition,organizationandgovernanceofourBoardofDirectorsanditscommittees;
• overseeingannualperformanceevaluationsoftheBoardofDirectorsanditscommittees;• evaluatingandmakingrecommendationsregardingthecreationofadditionalcommitteesorthechangein
mandateordissolutionofcommittees;• reviewingandmakingrecommendationswithregardtoourcorporategovernanceguidelines;and• reviewingandapprovingconflictsofinterestofourdirectorsandcorporateofficers,otherthanrelated
persontransactionsreviewedbyourAuditCommittee.
OurNominatingandCorporateGovernanceCommitteeoperatesunderawrittencharterthatsatisfiestheapplicablelistingstandardsoftheNewYorkStockExchange.AcopyofthecharterofourNominatingandCorporateGovernanceCommitteeisavailableonourwebsiteathttp://www.box.com/investors.DuringourfiscalyearendedJanuary31,2020,ourNominatingandCorporateGovernanceCommitteeheldtwomeetings
Operating Committee
OurOperatingCommitteewasformedinMarch2020andconsistsofMses.Barsamian,Hammonds,andMayerandMr.Lazar,withMs.Barsamianservingasthechair.AlthoughthelistingstandardsoftheNewYorkStockExchangeandSECrulesandregulationsdonotspecifyindependencerequirementsapplicabletoourOperatingCommittee,eachmemberoftheOperatingCommitteemeetsthegeneralrequirementsforindependenceunderthelistingstandardsoftheNewYorkStockExchangeandSECrulesandregulations.OurOperatingCommitteeisresponsibleforworkingwithourChiefExecutiveOfficer,ChiefFinancialOfficer,andmanagementtoidentifyandrecommendopportunitiesforfurtherimprovementingrowthandmarginperformance.
BecauseourOperatingCommitteewasformedinMarch2020,itheldnomeetingsduringourfiscalyearendedJanuary31,2020.
CompensationCommitteeInterlocksandInsiderParticipation
NoneofthemembersofourCompensationCommitteeisorhasbeenanofficeroremployeeofourcompany.Noneofourexecutiveofficerscurrentlyserves,orinthepastyearhasserved,asamemberoftheboardofdirectorsorcompensationcommittee(orotherboardcommitteeperformingequivalentfunctions)ofanyentitythathasoneormoreofitsexecutiveofficersservingonourBoardofDirectorsorCompensationCommittee.
ConsiderationsinEvaluatingDirectorNominees
OurNominatingandCorporateGovernanceCommitteeusesavarietyofmethodsforidentifyingandevaluatingdirectornominees.Initsevaluationofdirectorcandidates,ourNominatingandCorporateGovernanceCommitteewillconsiderthecurrentsizeandcompositionofourBoardofDirectorsandtheneedsofourBoardofDirectorsandtherespectivecommitteesofourBoardofDirectors.SomeofthequalificationsthatourNominatingandCorporateGovernanceCommitteeconsidersinclude,withoutlimitation,issuesofcharacter,integrity,judgment,diversityofexperience,independence,areaofexpertise,corporateexperience,lengthofservice,potentialconflictsofinterestandothercommitments.NomineesmustalsohavetheabilitytoofferadviceandguidancetoourChiefExecutiveOfficerbasedonpastexperienceinpositionswithahighdegreeofresponsibilityandbeleadersinthecompaniesorinstitutionswithwhichtheyareaffiliated.Directorcandidatesmusthavesufficient
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timeavailableinthejudgmentofourNominatingandCorporateGovernanceCommitteetoperformallBoardofDirectorsandcommitteeresponsibilities.MembersofourBoardofDirectorsareexpectedtopreparefor,attend,andparticipateinallBoardofDirectorsandapplicablecommitteemeetings.Otherthantheforegoing,therearenostatedminimumcriteriafordirectornominees,althoughourNominatingandCorporateGovernanceCommitteemayalsoconsidersuchotherfactorsasitmaydeem,fromtimetotime,areinourandourstockholders’bestinterests.
AlthoughourBoardofDirectorsdoesnotmaintainaspecificpolicywithrespecttoboarddiversity,ourBoardofDirectorsbelievesthatourBoardofDirectorsshouldbeadiversebody,andourNominatingandCorporateGovernanceCommitteeconsidersabroadrangeofbackgroundsandexperiences.Inmakingdeterminationsregardingnominationsofdirectors,ourNominatingandCorporateGovernanceCommitteemaytakeintoaccountthebenefitsofdiverseviewpoints.OurNominatingandCorporateGovernanceCommitteealsoconsiderstheseandotherfactorsasitoverseestheannualBoardofDirectorsandcommitteeevaluations.Aftercompletingitsreviewandevaluationofdirectorcandidates,ourNominatingandCorporateGovernanceCommitteerecommendstoourfullBoardofDirectorsthedirectornomineesforselection.
Twoofourdirector-nomineeshavebeennominatedpursuanttoanagreementweenteredintowithStarboardValueLPandcertainofitsaffiliatesonMarch22,2020.Formoreinformationaboutthisagreement,refertothesectionstitled“ProposalNo.1—ElectionofDirectors—AgreementwithStarboardValueLP”and“RelatedPersonTransactions—AgreementwithStarboardValueLP”below.
StockholderRecommendationsforNominationstotheBoardofDirectors
OurNominatingandCorporateGovernanceCommitteewillconsidercandidatesfordirectorrecommendedbystockholdersholdingatleastonepercent(1%)ofthefullydilutedcapitalizationofourcompanycontinuouslyforatleasttwelve(12)monthspriortothedateofthesubmissionoftherecommendation,solongassuchrecommendationscomplywithouramendedandrestatedcertificateofincorporationandamendedandrestatedbylawsandapplicablelaws,rulesandregulations,includingthosepromulgatedbytheSEC.OurNominatingandCorporateGovernanceCommitteewillevaluatesuchrecommendationsinaccordancewithitscharter,ouramendedandrestatedbylaws,ourpoliciesandproceduresfordirectorcandidates,aswellastheregulardirectornomineecriteriadescribedabove.ThisprocessisdesignedtoensurethatourBoardofDirectorsincludesmemberswithdiversebackgrounds,skillsandexperience,includingappropriatefinancialandotherexpertiserelevanttoourbusiness.EligiblestockholderswishingtorecommendacandidatefornominationshouldcontactourGeneralCounselorourLegalDepartmentinwriting.Suchrecommendationsmustincludeinformationaboutthecandidate,astatementofsupportbytherecommendingstockholder,evidenceoftherecommendingstockholder’sownershipofourcommonstockandasignedletterfromthecandidateconfirmingwillingnesstoserveonourBoardofDirectors.OurNominatingandCorporateGovernanceCommitteehasdiscretiontodecidewhichindividualstorecommendfornominationasdirectors.
Underouramendedandrestatedbylaws,stockholdersmayalsonominatepersonsforourBoardofDirectors.AnynominationmustcomplywiththerequirementssetforthinouramendedandrestatedbylawsandshouldbesentinwritingtoourGeneralCounselorourLegalDepartmentatBox,Inc.,900JeffersonAve.,RedwoodCity,California94063.Tobetimelyforour2021annualmeetingofstockholders,ourGeneralCounselorLegalDepartmentmustreceivethenominationnoearlierthanMarch14,2021andnolaterthanApril13,2021.
CommunicationswiththeBoardofDirectors
InterestedpartieswishingtocommunicatewithourBoardofDirectorsorwithanindividualmemberormembersofourBoardofDirectorsmaydosobywritingtoourBoardofDirectorsortotheparticularmemberormembersofourBoardofDirectorsandmailingthecorrespondencetoourGeneralCounselatBox,Inc.,900JeffersonAve.,RedwoodCity,California94063.IfaninterestedpartywishestocontacttheindependentmembersofourBoardofDirectors,theinterestedpartyshouldaddresssuchcommunicationtotheattentionoftheLeadIndependentDirectorattheaddressabove.OurGeneralCounsel,inconsultationwithappropriatemembersofourBoardofDirectorsasnecessary,willreviewallincomingcommunicationsand,ifappropriate,allsuchcommunicationswillbeforwardedtotheappropriatememberormembersofourBoardofDirectors,orifnoneisspecified,totheChairmanofourBoardofDirectors.
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StockholderEngagement
AsownersofBox,wevalueourstockholders’opinionsandfeedback.Maintaininganactivedialoguewithourstockholdersisconsistentwithourcorporatevaluesoftransparencyandaccountability,andweintendtocontinuetheseeffortsinthefuture.
Ourstockholderoutreachprogramincludespost-earningscommunications,conferences,roadshows,bustours,one-on-oneandgroupmeetings,technologywebcasts,andgeneralavailabilitytorespondtostockholderinquiries.
SinceourIPOover5yearsago,we'veheldanannual"InvestorDay"toprovidestockholderswithadetailedupdateonourstrategyandfinancialoutlookaswellasaccesstotheextendedexecutiveteam.
ThefeedbackwereceivefromstockholdersfromouroutreachprogramhelpsourBoard,leadershipteamandemployeesdevelopamutualunderstandingandtrustwithourstockholders.MembersofourBoardofDirectorsandseniorexecutivesdirectlyengagefromtimetotimewithstockholderstohearunfilteredconcernsandperspectivesthatshapeourcorestrategy.Theseeffortsarealsosupplementedbysurveysconductedbythirdpartiesthatenableustoreceivecandidfeedback.Employeesreceivequarterlyupdatesoninvestorsentimentfollowingourearningscallstoempowerthemtodrivealignmentwithcorporatefinancialobjectives.
CorporateGovernanceGuidelinesandCodeofBusinessConductandEthics
OurBoardofDirectorshasadoptedCorporateGovernanceGuidelinesthataddressitemssuchasthequalificationsandresponsibilitiesofourdirectorsanddirectorcandidatesandcorporategovernancepoliciesandstandardsapplicabletousingeneral.Inaddition,ourBoardofDirectorshasadoptedaCodeofBusinessConductandEthicsthatappliestoallofouremployees,officersanddirectors,includingourChiefExecutiveOfficer,ChiefFinancialOfficer,andotherexecutiveandseniorfinancialofficers.ThefulltextofourCorporateGovernanceGuidelinesandourCodeofBusinessConductandEthicsispostedontheCorporateGovernanceportionofourwebsiteathttp://www.box.com/investors.WewillpostamendmentstoourCodeofBusinessConductandEthicsorwaiversofourCodeofBusinessConductandEthicsfordirectorsandexecutiveofficersonthesamewebsite.
RiskManagement
Riskisinherentwitheverybusiness,andwefaceanumberofrisks,includingstrategic,financial,businessandoperational,cybersecurity,legalandcompliance,andreputational.Wehavedesignedandimplementedprocessestomanageriskinouroperations.Managementisresponsiblefortheday-to-daymanagementofrisksthecompanyfaces,whileourBoardofDirectors,asawholeandassistedbyitscommittees,hasresponsibilityfortheoversightofriskmanagement.Initsriskoversightrole,ourBoardofDirectorshastheresponsibilitytosatisfyitselfthattheriskmanagementprocessesdesignedandimplementedbymanagementareappropriateandfunctioningasdesigned.
OurBoardofDirectorsbelievesthatopencommunicationbetweenmanagementandourBoardofDirectorsisessentialforeffectiveriskmanagementandoversight.OurBoardofDirectorsmeetswithourChiefExecutiveOfficerandothermembersofourseniormanagementteamatquarterlymeetingsofourBoardofDirectors,where,amongothertopics,theydiscussstrategyandrisksfacingthecompany,aswellatsuchothertimesastheydeemappropriate.
WhileourBoardofDirectorsisultimatelyresponsibleforriskoversight,ourboardcommitteesassistourBoardofDirectorsinfulfillingitsoversightresponsibilitiesincertainareasofrisk.OurAuditCommitteeassistsourBoardofDirectorsinfulfillingitsoversightresponsibilitieswithrespecttoriskmanagementintheareasofinternalcontroloverfinancialreportinganddisclosurecontrolsandprocedures,legalandregulatorycompliance,anddiscusseswithmanagementandtheindependentauditorguidelinesandpolicieswithrespecttoriskassessmentandriskmanagement.OurAuditCommitteealsoreviewsourmajorfinancialriskexposuresandthestepsmanagementhastakentomonitorandcontroltheseexposures.OurAuditCommitteealsomonitorscertainkeyrisksonaregularbasisthroughoutthefiscalyear,suchasriskassociatedwithinternalcontroloverfinancialreportingandliquidityrisk.OurNominatingandCorporateGovernanceCommitteeassistsourBoardofDirectorsinfulfillingitsoversightresponsibilitieswithrespecttothemanagementofriskassociatedwithboardorganization,membershipandstructure,andcorporategovernance.OurCompensationCommitteeassessesriskscreatedbytheincentives
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inherentinourcompensationpolicies.Finally,ourfullBoardofDirectorsreviewsstrategicandoperationalriskinthecontextofreportsfromthemanagementteam,receivesreportsonallsignificantcommitteeactivitiesateachregularmeeting,andevaluatestherisksinherentinsignificanttransactions.
Corporate,Environmental,andSocialResponsibility
OurBoardofDirectorsbelievesoperatingsustainablybenefitsthecompany’smanydifferentstakeholdersanddriveslong-termvaluecreation.Weworktoconductourbusinessinwaysthatareconsistentwithourcompanyvaluesandpromoteaccountabilitytoourstockholdersandotherstakeholders.Wefocusoureffortswherewecanhavethemostpositiveimpactonourbusinessandsocietyandarecommittedtomanagingtherisksandopportunitiesthatarisefromsustainabilityissues.Box’scommitmenttocorporate,environmental,andsocialresponsibilityisfocusedonthefollowingkeyareas:
DiversityandInclusion
Our mission is to power howthe world works together. We work better together in a world where a diversity ofbackgrounds,beliefsandideascanflourish.Webelieveouremployeeshavethepowertocreatelastingchangeinourcommunitiesandourworld.Thiscorebeliefinformsourapproachtodiversityandinclusion(“D&I”). Bybeingintentional about community and belonging, we also believe we can drive even better results. Our D&I workfocusesonthreekeyareas:
Hiring: Sourcing top, underrepresented talent through proactive, external relationship building. Promoting ourexternalbrand.Drivingconsistencywiththeinterviewandselectionprocess.
Thriving:EnsuringthatBoxemployeeshaveexceptionalcareerexperiences.Monitoringcareerdevelopmentandprogressionprocessestoreinforceconsistencyandfairness.
Belonging:CreatingspacewhereallBoxemployeescanbringtheirwholeselvestowork.Removingblindspotsthatunintentionallycauseharm.Nurturinghealthy,diversecommunities.
Weaimtoachievethesevaluesthroughavarietyofkeyprograms,including:
• D&I Advisory Council: We have a council made up of executives from across the company who focus on
drivingD&Istrategicplanningfortheirorganizationalareasandhelpingtogaintractiononcompanyinitiatives.
• Employee Resource Groups: Wehave 12 employee resource groups and a multitude of employee interest
groups that offer a variety of programming, including educational and advocacy events, external speakers,networkingandsocialactivitiesandmore.Anyonecanjoinandallareencouragedtobeallies.
• Thrive Committees: Wehavelocal committees in eachof our office locations madeupof business leaders
paired with employee resource groups, Box.Org and other employee volunteers to help drive localprogrammingandbelongingefforts.
• Boxer Experience Surveys: We seek employee feedback on a semi-annual basis to help us listen and
respondtoissuesandconcernsraisedaroundouremployees’experienceatBox.
• LearningCurriculum:WeofferprogramsforallBoxerstopromotegreaterawarenessoncoreissuesaround
diversityandinclusion,includingprogramsfocusedonourcompanyvaluessuchas“MakeMomProud”andonovercomingbias.
Wehave received external recognition for these efforts, including being namedto the 2020 Bloomberg Gender-EqualityIndex,receivingatopscoreof 100onthe2020HumanRightsCampaignCorporateEqualityIndexandachievingplacementonFortune’s100BestWorkplacesforDiversity, BestWorkplacesintheBayArea,and100BestCompaniestoWorkFor2020lists.
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OurCommitmenttoOurCommunities
Wearecommittedtopoweringhowtheworlddoesmoregoodtogether.Box.orgmobilizesourtechnology,talent,partnersandinstitutionalassetstoenablenonprofitstoinnovateandfulfilltheirmissions.Foundedin2014,Box.orgnow serves over 8,000 nonprofits with over $3 million worth of donated or discounted Box access, employeevolunteerhoursandcashgrantsfromtheBox.orgFund.
In addition, we are subject to the UK Modern Slavery Act of 2015 (the “Modern Slavery Act”). As part of ouradherence to the Modern Slavery Act, we publish an annual statement detailing our efforts to combat modernslaveryandhumantrafficking,whichisavailableonourwebsiteathttp://www.box.com/investors.
EnvironmentalSustainability
Weare committed to making our world a better andmore sustainable place. Box helps companies digitize theirbusinesses and facilitate remote work for their employees, which contributes to the reduction of paper-basedprocessesandlessenstheneedtocommutetowork. Throughourabilitytoenableremotework,ourtechnologysupportsplansforbusinesscontinuityintimesofnaturaldisasterorinthefaceofapandemic,includingtheabilityto work securely from anywhere on any device with an internet connection. In addition, through our work withenvironmentally-focused non-profits and through our own initiatives, we seek to limit our impact on theenvironment.Ineachofourmajorofficelocations,ouremployeeshaveorganizedGreenTeams,withafocusonpromotingsustainability.Somehighlightsofourenvironmentalsustainabilityinitiativesinclude:
• Transitioningourthird-partydatacentersintofacilitiesthatuse100%renewableenergy;
• EnsuringourRedwoodCity,CaliforniaheadquartersisLEEDGoldcertified;
• Savingover240,000kgofgreenhousegasemissionssinceDecember2014throughon-siteelectricvehicle
chargingstations;
• Limitingtheuseofsingle-useplasticsinourcafes,savingnearly1millionbottlesfromlandfillsthroughuseofreusablebottlesandothersustainablepackaging;
• Approximately40%oftheemployeesinourRedwoodCityheadquarterslocationusepublictransportationto
gettoandfromworkpartlyasaresultofthefreelocaltransportationpassesweofferemployees.InourLondonandTokyooffices,lessthan10%ofouremployeesdrivetheircarstowork;theother90%usepublictransitorhumanpowertogettowork;and
• OurRedwoodCityheadquarterscafeteriasourcesthevastmajorityofitsingredientsfromlocalandorganic
farmerswithina100mileradius,andfeaturesseveralmeatlesslunchdayseachyeartopromotesustainability.
ComplianceandEthics
Our culture of integrity starts with our Code of Business Conduct and Ethics (the “Code”) and our complianceprogram, which includes risk assessment, development of policies and procedures, training, auditing andmonitoring,andinvestigationsandremediationofpotentialcompliancematters.AcopyoftheCodeisavailableonourwebsiteathttp://www.box.com/investors.
The Code applies to all directors and employees, including our executive officers. The Code is reviewed on anannual basis for any changes to law or policy and updated as appropriate. New employees are required tocomplete training on the Code, and all employees must complete additional Code training and a compliancecertificationeachyear.
Throughout the year, we require our employees to complete supplementary in-person and online trainingsassociated with the compliance risks of specific roles and business functions, while various additional guidancehelpsimproveawarenessof our policies andour expectations for ethical behavior andasafe work environmentconsistentwithourvaluesandtheCode.
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ComplianceandEthics
Westrivetocreateaculturewhereopen,honestcommunicationsaretheexpectation,nottheexception.Wewantall employees to feel comfortable approaching their manager or any member of the Box leadership team ininstances where our value “Make Mom Proud” has not been upheld. All complaints and concerns regardingpossible violations of, or non-compliance with, the Code, a written statement of company policy or a law orregulation,orretaliatoryactsagainstanyonewhomakessuchacomplaintorassistsintheinvestigationofsuchacomplaint,maybemadebyphoneorwebreportingusingourconfidentialhotlineatbox.ethicspoint.com.Reportsmaybemadeanonymouslyandconfidentially.
PoliticalContributions
AllBoxemployeesmustcomplywithalllocal,state,federal,foreignandanyotherapplicablelawsandregulationsregarding political contributions. Company funds or assets cannot be used for, or be contributed to, politicalcampaigns or practices under any circumstances unless pre-approved by Box’s General Counsel and, ifnecessary,theNominatingandCorporateGovernanceCommitteeoftheBoard.However,itisacceptableforBoxemployees to make lawful personal political contributions. More information regarding our policies on politicalcontributionscanbefoundintheCode,whichisavailableonourwebsiteathttp://www.box.com/investors.
Data,Privacy,Security,andCompliance
We are focused on maintaining appropriate data governance and systems so we can maintain the trust of ourcustomersandotherstakeholders,whichisfundamentaltoourbusinesssuccess.OurSecurityteamisresponsiblefor our cyber security practices, security operations and data and platform protection, and our Legal team isresponsibleforglobalprivacylawcomplianceandrelatedoperations.Ourdata,privacy,securityandcompliancepracticesinclude:
• Wemaintainatransparentwebsiteandplatform,includingprivacyandcookienotices,toinformour
customersabouthowwecollect,use,share,disclose,retainandprotectpersonalinformationincompliancewithdataprotectionprinciplesandcertifications.
• Weprovideannualdataprotectionandsecuritytrainingtoallemployees,supplementedwithperiodic,
targeteddataprotection,privacyandsecuritytraining,asneeded.
• Wearededicatedtoprovidinghighlyeffectivesecurity,complianceanddataprotectionforourcustomers.We
maintainindustrystandardcertificationsforsecurityandprivacythatareassessedannuallybythird-partyauditors,independentthird-partyassessorsand/orinternallytoverifyourcompliance.Thesecertificationsinclude:
• ServiceandOrganizationControls(“SOC”)1,2,and3;InternationalOrganizationforStandardization
27001/27018;PaymentCardIndustryDataSecurityStandard;HealthInsurancePortabilityandAccountabilityAct(HIPAA)/HealthInformationTechnologyforEconomicandClinicalHealthAct(“HITECH”);FinancialIndustryRegulatoryAuthority(“FINRA”)/SecuritiesandExchangeCommission17a-4;DepartmentofDefenseCloudComputingSecurityRequirementsGuide(SRG);ImpactLevel4forControlledUnclassifiedInformation;andFederalRiskandAuthorizationManagementProgram(“FedRAMP”)/FederalInformationSecurityManagementAct(FISMA)compliance.
• Weadheretocomprehensivedatatransferrequirementsandprivacyframeworks,includingbutnotlimited
to,U.S.-E.U.PrivacyShield,Asia-PacificEconomicCooperation’sCross-BorderPrivacyRulesSystemandPrivacyRecognitionforProcessors,andE.U.ProcessorGlobalBindingCorporateRulesandControllerGlobalBindingCorporateRules.
• WealsomaintaincloudcertificationswiththeUnitedKingdom’sG-CloudFrameworkandGermany’sTUV
RhinelandCertifiedCloudServicesstandards.
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DirectorCompensation
UnderourOutsideDirectorCompensationPolicy,membersofourBoardofDirectorswhoarenotemployeesofBox(“outsidedirectors”)receivecompensationintheformofequityandcash.
Onaperiodicbasis,ourCompensationCommitteereviewswithanindependentcompensationconsultantthecompensationpaidtooutsidedirectors.Followingtheendoffiscalyear2020,ourCompensationCommitteerevieweddataprovidedbyCompensia,anationally-recognizedindependentcompensationconsultingfirm,withrespecttothecompensationprovidedtooutsidedirectorsofourpeercompanies.Thatreviewshowedthatthecompany’soutsidedirectorcompensationpracticesweregenerallyatthemedianoftheselectedpeercompaniesbutthatanoverwhelmingmajorityofpeercompaniesusedonlyrestrictedstockunitsfortheirequitycompensationgrants.
Inadditiontothegeneralcompensationdatareviewed,duetotheformationoftheOperatingCommittee,Compensiawasaskedtoprovidedataregardingcompensationpaidtodirectorswhoserveonspecialcommittees.TheinformationprovidedshowedthatspecialcommitteecompensationvariedwidelyandCompensia’sadvicewasthatitwouldbecommontodeterminethelevelofpaybasedonthescopeofresponsibilitiesandriskforanoperatingcommitteeascomparedtootherstandingcommitteesoftheBoardofDirectors.
InApril2020,basedonthisreview,theCompensationCommitteerecommendedandtheBoardofDirectorsapprovedanamendmenttoourOutsideDirectorCompensationPolicytoprovideforthefollowing,effectiveApril9,2020:(i)areductionofeachInitialEquityAwardfrom$450,000to$400,000,(ii)anannualcashretainerof$20,000tothechairoftheOperatingCommitteeand$8,000toeachothermemberoftheOperatingCommitteeand(iii)InitialEquityAwardsandAnnualEquityAwardstobecomprisedentirelyofrestrictedstockunits.BeforethisamendmentinApril2020,ourOutsideDirectorCompensationPolicyprovidedforthefollowingcompensationtoouroutsidedirectors,pursuanttowhichouroutsidedirectorsreceivedtheequityandcashcompensationforfiscalyear2020describedinthesectionbelowentitled“CompensationforFiscalYear2020”:
Cash Compensation
Eachyear,eachoutsidedirectorwaseligibletoreceiveacashretainerof$30,000forservingonourBoardofDirectors.Inaddition,eachyear,outsidedirectorswerealsoeligibletoreceivethefollowingcashfeesforserviceonthecommitteesofourBoardofDirectors:
CommitteeCommitteeMember
AnnualRetainer
CommitteeChair
AnnualRetainer
AuditCommittee $8,000 $20,000CompensationCommittee $8,000 $12,000NominatingandCorporateGovernanceCommittee $4,000 $ 8,000
Inaddition,eachyearourLeadIndependentDirectorwaseligibletoreceiveacashretainerof$12,000forserviceasourLeadIndependentDirector.
Equity Compensation
UponjoiningourBoardofDirectors,eachnewly-electedoutsidedirectorwhojoinedourBoardofDirectorspriortoApril2020receivedanequityawardwithavalueof$450,000(“InitialEquityAward”).TheInitialEquityAwardwascomprisedofstockoptionsandrestrictedstockunits,eachhavingavalueof50%oftheaggregateInitialEquityAward.TheInitialEquityAwardvestsgenerallyoverathree-yearperiod,subjecttocontinuedservicethrougheachvestingdate.
Onthedateofeachannualmeetingofourstockholders,eachoutsidedirectorreceivedanequityawardwithavalueof$200,000(“AnnualEquityAward”).TheAnnualEquityAwardwascomprisedofstockoptionsandrestrictedstockunits,eachhavingavalueof50%oftheaggregateAnnualEquityAward.TheAnnualEquityAwardfullyvestsupontheearlierofthe12-monthanniversaryofthegrantdateorthenextannualmeeting,ineachcase,subjecttocontinuedservicethroughthevestingdate.AnoutsidedirectorwasnoteligibleforanAnnualAwardunlesstheoutsidedirectorhadbeenadirectorforatleastonefullcalendaryearorsincethepreviousyear’sannualmeeting.
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Notwithstandingthevestingschedulesdescribedabove,thevestingofeachequityawardwillaccelerateinfulluponachangeincontrol.
ThenumberofrestrictedstockunitssubjecttoanInitialEquityAwardorAnnualEquityAwardwasdeterminedbydividingthespecifiedvalueoftherestrictedstockunitsbytheaverageclosingpriceofashareofourClassAcommonstockforthe30-tradingdayperiodendingthetradingdaybeforethegrantdate.ThenumberofstockoptionssubjecttoanInitialEquityAwardorAnnualEquityAwardwasdeterminedbymultiplyingthenumberofsharesofourClassAcommonstockdeterminedintheprecedingsentencebytwo.
Compensation for Fiscal Year 2020
Thefollowingtableprovidesinformationregardingthetotalcompensationthatwasearnedbyeachofournon-employeedirectorsinourfiscalyearendedJanuary31,2020.
Director(1)
FeesEarned
orPaidin
Cash($)
Option
Awards($)(2)
Stock
Awards($)(2) Total($)
SueBarsamian(3) 39,957 84,747 97,708 222,412
DanaEvan(3) 66,000 84,747 97,708 248,455
KimHammonds(4) 38,000 — — 38,000
SteveKrausz(5) 14,663 — — 14,663
PeterLeav(6) 23,440 195,160 219,843 438,443
DanLevin(3) 18,505 84,747 97,708 200,960
RoryO’Driscoll(3)(7) 52,065 84,747 97,708 234,520
JoshStein(3)(8) 46,000 84,747 97,708 228,455(1) Messrs.BassandLazar,andMs.MayerdidnotserveasdirectorsduringourfiscalyearendedJanuary31,2020andaccordingly
receivednocompensationduringtheyearthen-ended.(2) Theamountsreportedrepresenttheaggregategrant-datefairvalueofthestockoptionsandrestrictedstockunitsawardedtothe
director,calculatedinaccordancewithFASBASCTopic718.Theassumptionsusedincalculatingthegrant-datefairvalueofthestockoptionsandrestrictedstockunitsreportedinthiscolumnaresetforthinNote10toourauditedconsolidatedfinancialstatementsincludedinourAnnualReportonForm10-K,asfiledwiththeSEConMarch19,2020.
(3) AsofJanuary31,2020,eachofMses.BarsamianandEvanandMessrs.Levin,O’DriscollandSteinheldanoptiontopurchase10,632sharesofourClassAcommonstockand5,316RSUs.100%ofthesharesofourClassAcommonstocksubjecttotheseoptionsandunderlyingtheRSUsvestonJune19,2020.
(4) Ms.HammondsjoinedtheBoardinOctober2018atwhichtimeshereceivedinitialequityawardsunderourOutsideDirectorCompensationPolicy.UndertheOutsideDirectorCompensationPolicy,Ms.HammondswasnoteligibletoreceiveadditionalequitygrantsinthefiscalyearendedJanuary31,2020.
(5) Mr.KrauszresignedfromourBoardofDirectors,effectiveasofour2019AnnualMeetingofStockholdersonJune19,2019.(6) Mr.Leavjoinedourboardofdirectorsfollowingour2019AnnualMeetingofStockholders,onJune19,2019.AsofJanuary31,
2020,Mr.Leavheldanoptiontopurchase23,922sharesofourClassAcommonstockand11,961RSUs.ThesharesofourClassAcommonstocksubjecttotheseoptionsvestin36equal,monthlyinstallmentsbeginningwiththefirstmonthlyanniversaryofthegrantdate.ThesharesofourClassAcommonstockunderlyingtheRSUsvestinthreeannualinstallmentsbeginningwiththefirstanniversaryofthegrantdate.
(7) Mr.O’Driscollwillnotstandforre-electionattheAnnualMeeting.(8) Mr.SteinwillresignfromourBoardofDirectorseffectiveattheconclusionoftheAnnualMeeting.
Ourdirectorswhoarealsoouremployeesreceivenoadditionalcompensationfortheirserviceasdirectors.DuringourfiscalyearendedJanuary31,2020,Messrs.LevieandSmithwereouremployees.Seethesectiontitled“ExecutiveCompensation”foradditionalinformationaboutthecompensat