CAMPBELL: Okay, we can start now. Good morning all, how’s everyone doing? Lets open this particular B&N Fence Co. board meeting with roll call. LONG: Rachel Long here, good morning. Pete Carr? CARR: Here. LONG: Ruth Lee? LEE: Here. LONG: Jon Fowler? FOWLER: Here. CAMPBELL: Who just called in? MORENO: Hi guys. Alejandro Moreno. LONG: Marked present. Jackie Guzman? GUZMAN: Here. LONG: Sam Sato? SATO: Here. CAMPBELL: Great. I’d like to call the meeting to order. Will you lead the company pledge Sam? (PLEDGE IS READ) CAMPBELL: Thanks Sam. Let’s begin with -- FOWLER: I don’t know who’s speaking right now, but I can’t hear you. GUZMAN: Yeah, is it Debra? Speak up. CAMPBELL: Is this better? FOWLER: What? LEE: I’m so sorry, I also can’t hear you all. (INDISCERNIBLE NOISE) FOWLER: Jesus. LONG: Debra are you okay? CAMPBELL: There was something in my speaker, can you hear me now? LEE: That’s much better. CAMPBELL: Today's agenda will begin on the fourth page. Guzman can you speak to item one? GUZMAN: Thanks Debra -- CARR: Debra? CAMPBELL: Yes? GUZMAN: Excuse me? CARR: Can you talk about my thing? CAMPBELL: The email? CARR: Yes. CAMPBELL: I’m sorry Pete, it’s not in the agenda. Let’s not -- CARR: Amend the agenda. Motion? CAMPBELL: Pete, I’m not going to -- CARR: Motion to amend the agenda -- CAMPBELL: Pete -- CARR: -- All in favor? LONG: Only a chair can motion an agenda amendment. CARR: Campbell? SATO: Pete, please stop. CARR: No, I really need to say something. You saw how important -- SATO: Rachel can you mute Pete? LONG: Are you sure? CARR: Sam Sato don’t -- LONG: Done. FOWLER: Jesus. SATO: Can he still hear us? LONG: I believe so. SATO: We can’t let him continue this behavior. CAMPBELL: Alright Sato, sorry about that guys. Jackie continue. GUZMAN: Okay. I think if -- Well Debra, can I ask -- ask what was in the email? MORENO: Second that. CAMPBELL: That feels like a distraction. GUZMAN: Are you sure? CAMPBELL: Yes, it’s similar in topic to your amendment and not nearly as constructive. Continue. LONG: Item one. GUZMAN: Well -- Well Okay. This is a budget amendment. In the last fiscal quarter there was a surge in alternative purchasing, I don’t need to go into detail -- we all know about the competition. The rapid overvaluing of bio-fence components and associated products has pushed investors away from our more traditional portfolio. Fences are going out of style, or at least the style of fences are evolving. Thus, this requires an evolution of fence makers. A growing fence means growing business. The proposed amendment cuts from lumber and workforce, increasing the current budget for R&D a factor of forty to keep up with technology. Has everyone had a chance to go over the proposal specifics? LONG: Comments? FOWLER: Can you speak more to the long term value of these bio-fences? I’m afraid I’m not entirely well-versed. GUZMAN: You understand them as a concept and product I assume? FOWLER: I know the pitch, the term “fad” seems understandably relevant. GUZMAN: I’m sorry Jon, I think this is here to stay. Market share has increased 34% each of the last six quarters. One in twenty families now own a bio-fence. FOWLER: It’s just a wild new tech everyone’s jumping on it. Overvalued. GUZMAN: There is an enormous amount of confidence showing this product is of mainstream desire. FOWLER: It’s a complete affront to the values of this company. SATO: Let’s stay productive here. LEE: Are you proposing a similar monthly subscription service? GUZMAN: Yeah, we’d borrow the competitions payment model. Scale price with growth. LEE: What does the growth rate look like? GUZMAN: For sales? LEE: No, sorry. For the fences. GUZMAN: Well, with our full projected plan the fences can double every twenty-ish days. That’s using the competitions numbers. Much depends, obviously, on the quality of our development. MORENO: Sorry to interrupt guys, but Pete just left me a voicemail. It seems uh -- imperative. Relevant? CAMPBELL: I’m not sure if this is the time Alejandro. MORENO: Maybe we could motion to listen? FOWLER: That seems fair. CAMPBELL: Um -- SATO: I agree. As vice-chair I motion to listen to the voicemail. MORENO: Moved. FOWLER: Seconded. CAMPBELL: This is a distraction. LONG: Motion to listen to the voicemail. Lee? LEE: Yes. LONG: Fowler? FOWLER: Yes. LONG: Moreno? MORENO: Yes. LONG: Guzman? GUZMAN: Um -- yes. LONG: Sato? SATO: Yes. LONG: Thats a majority. Can you play it Alejandro? MORENO: Yeah give me -- uh, here we go. (INSERTED VOICEMAIL TRANSCRIPT: Fuck Sato and fuck Debra and fuck Jackie and fuck these bio-fucking fences and please Moreno share this to the fucking board verbatim because this is the death of us. I woke up this morning with a damn bio-fence through my kitchen window. I couldn’t get into my fridge and I couldn’t open the door to get outside, it surrounded my house. I called the fire department but road was blocked by a fence. I tried bleach, herbicide, weed killer, and nothing hurt it. I used clippers, machete, my chainsaw -- nothing. It’s indestructible. I look out my window and I see this straight fucking fence crossing everything in it’s path till the horizon. It’s growing and they’re all growing and they're dividing everything they come across. These bio-fences are going to partition the world. Moreno please listen to me or this is the fucking end. This is it. My heart is racing and I’ve never been this afraid. I see it, thin lines growing from property lines growing from fence lines growing from fear, crossing oceans, mountains, growing taller and taller and blocking the sun. My hands are shaking. I’m staring at it Moreno, right here in my kitchen. I’m trapped here with this fucking fence and there's no way through and I’m going to die here Moreno. Die in my own kitchen because of a fence. I need -- I need to -- There’s nothing I can do. Nothing is left I was just -- I just needed to tell the board. Why can't they see? Why can’t they --) (There is a long moment of silence.) MORENO: I’m not sure -- it seems quite panicked. CAMPBELL: It’s certainly more severe than he lead me to believe, the email was formal and unpressing. GUZMAN: I wonder if the bio-mechanics are out of whack. No way that meets operational performance expectations. SATO: Yes it sounded like a dysfunctional model. GUZMAN: Or release? CAMPBELL: This is a wide open door. LEE: There will be a massive market opening as the fences fail. We need to strike now. CAMPBELL: Is your amendment actionable immediately Jackie? GUZMAN: Within the week absolutely. CAMPBELL: Motion to pass? SATO: Moved. LEE: Seconded. CAMPBELL: Long? LONG: Motion to pass amendment 3.6. Any objections to a unanimous vote?