Investor Presentaiton
Offer of Assistance Met With Disdain and Dismissal
2011 - 2018
Permit/Hestia
attempt to
engage
constructively
with GameStop's
management
and Board
March 29, 2019
Cooperation
Agreement to add
2 new directors to
expanded Board.
New directors
include Lizabeth
Dunn + 1 Company-
identified director
May-September 2019
Several unsuccessful
attempts to engage directly
with the Board
Numerous discussions with
management regarding:
Share repurchases
Expense reductions
Selling corporate jet
Exec & Board Compensation
Board member stock
ownership
Board refreshment
October 15, 2020
Permit/Hestia increase
ownership to 5.1%
Dec 15, 2020
Permit/Hestia
increase
ownership to
7.5%
January 15, 2020
Call with GameStop
management to
discuss being involved
in Board refreshment
process
Proposal to put 1
representative from
Permit or Hestia on
the Board
Proposal Rejected
March 23, 2020
Permit/Hestia
nominate 2
candidates to
the Board
April 14, 2020
Permit/Hestia have first
conversation with Lead
Director and Nominating
Committee members
Permit/Hestia offer to
expand Board by 1 and
add 2 nominees, but
indicated willingness to
consider other
alternatives
Proposal Rejected
April 17, 2020
Follow-up discussion
with Board to discuss
Permit/Hestia proposal
or examine other
possible alternatives
Proposal Rejected
No Counterproposal
April 22, 2020
Follow-up discussion
with Board to discuss
Permit/Hestia
proposal or possible
counterproposal
Proposal Rejected
Counterproposal:
Offer to discuss Board
refreshment in 2021
2011 - 2018
March 13, 2019
Permit/Hestia form an
investment group with
1.3% combined
ownership; send letter
to the Board expressing
concerns about the
Company's performance
and need for leadership
changes
2019
April 24, 2019
Company appointed Ms.
Dunn and Raul Fernandez
to Board.
Permit/Hestia had virtually
no engagement re: Mr.
Fernandez's selection
despite the terms of
Cooperation Agreement
September 26, 2019
Meeting at GameStop HQ
with Permit, Hestia and
GameStop management
Discussions included
performance improvement
initiatives, cost reductions and
Board refreshment
March 9, 2020
2020
GameStop announced 3 new directors;
4 directors to retire in 2020 and 2
directors to retire in 2021
March 10, 2020
Permit/Hestia express disappointment
to GameStop regarding lack of
engagement with Board; CEO
indicated Board did not take
Permit/Hestia proposal seriously
Despite numerous attempts, Permit and Hestia have had very little contact with GameStop's Board over the past year
restore
Source: 2020 definitive proxy statement submitted by Permit and Hestia.
GameStop
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