Filing Details

Accession Number:
0000921895-23-001374
Form Type:
13D Filing
Publication Date:
2023-05-25 20:00:00
Filed By:
Starboard Value LP
Company:
Vertiv Holdings Co (NYSE:VRT)
Filing Date:
2023-05-26
SEC Url:
13D Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
STARBOARD VALUE 21,339,000 21,339,000 21,339,000 21,339,000 5.6%
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD 10,920,814 10,920,814 21,339,000 10,920,814 2.9%
STARBOARD VALUE AND OPPORTUNITY S 1,239,531 1,239,531 1,239,531 Less than 1%
STARBOARD VALUE AND OPPORTUNITY C 935,428 935,428 935,428 Less than 1%
STARBOARD P FUND 3,506,249 3,506,249 3,506,249 Less than 1%
STARBOARD VALUE P GP 3,506,249 3,506,249 3,506,249 Less than 1%
STARBOARD VALUE R 4,441,677 4,441,677 4,441,677 1.2%
STARBOARD VALUE AND OPPORTUNITY MASTER FUND L 522,196 522,196 522,196 Less than 1%
STARBOARD VALUE L 522,196 522,196 522,196 Less than 1%
STARBOARD VALUE R GP 4,963,873 4,963,873 4,963,873 1.3%
STARBOARD X MASTER FUND LTD 2,388,023 2,388,023 2,388,023 Less than 1%
STARBOARD VALUE GP 21,339,000 21,339,000 21,339,000 5.6%
STARBOARD PRINCIPAL CO 21,339,000 21,339,000 21,339,000 5.6%
STARBOARD PRINCIPAL CO GP 21,339,000 21,339,000 21,339,000 5.6%
JEFFREY C. SMITH 21,339,000 5.6%
PETER A. FELD 21,339,000 5.6%
Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 1)1

Vertiv Holdings Co

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

92537N108

(CUSIP Number)

JEFFREY C. SMITH

STARBOARD VALUE LP

777 Third Avenue, 18th Floor

New York, New York 10017

(212) 845-7977

 

ANDREW FREEDMAN, ESQ.

MEAGAN REDA, ESQ.

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

May 25, 2023

(Date of Event Which Requires Filing of This Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

CUSIP No. 92537N108

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         21,339,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          21,339,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        21,339,000*  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.6%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

* Includes 3,506,249 Shares underlying certain forward purchase contracts exercisable within 60 days hereof.

2

CUSIP No. 92537N108

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         10,920,814  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          10,920,814  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        10,920,814  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        2.9%  
  14   TYPE OF REPORTING PERSON  
         
        CO  

  

3

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY S LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         1,239,531  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          1,239,531  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        1,239,531  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

4

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY C LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         935,428  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          935,428  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        935,428  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

5

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD P FUND LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         3,506,249  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          3,506,249  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,506,249*  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

* Consisting of 3,506,249 Shares underlying certain forward purchase contracts exercisable within 60 days hereof.

6

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE P GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         3,506,249  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          3,506,249  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,506,249*  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

* Consisting of 3,506,249 Shares underlying certain forward purchase contracts exercisable within 60 days hereof.

7

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE R LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         4,441,677  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          4,441,677  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        4,441,677*  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.2%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

* Includes 3,506,249 Shares underlying certain forward purchase contracts exercisable within 60 days hereof.

8

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         522,196  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          522,196  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        522,196  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

9

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE L LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         522,196  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          522,196  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        522,196  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

10

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE R GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         4,963,873  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          4,963,873  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        4,963,873*  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.3%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

* Includes 3,506,249 Shares underlying certain forward purchase contracts exercisable within 60 days hereof.

11

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD X MASTER FUND LTD  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         2,388,023  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          2,388,023  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,388,023  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        CO  

  

12

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         21,339,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          21,339,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        21,339,000*  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.6%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

* Includes 3,506,249 Shares underlying certain forward purchase contracts exercisable within 60 days hereof.

13

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD PRINCIPAL CO LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         21,339,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          21,339,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        21,339,000*  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.6%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

* Includes 3,506,249 Shares underlying certain forward purchase contracts exercisable within 60 days hereof.

14

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD PRINCIPAL CO GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         21,339,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          21,339,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        21,339,000*  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.6%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

* Includes 3,506,249 Shares underlying certain forward purchase contracts exercisable within 60 days hereof.

15

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        JEFFREY C. SMITH  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         21,339,000  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          21,339,000  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        21,339,000*  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.6%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

* Includes 3,506,249 Shares underlying certain forward purchase contracts exercisable within 60 days hereof.

16

CUSIP No. 92537N108

 

  1   NAME OF REPORTING PERSON  
         
        PETER A. FELD  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         21,339,000  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          21,339,000  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        21,339,000*  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.6%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

* Includes 3,506,249 Shares underlying certain forward purchase contracts exercisable within 60 days hereof.

17

CUSIP No. 92537N108

 

The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned (“Amendment No. 1”). This Amendment No. 1 amends the Schedule 13D as specifically set forth herein.

Item 3.Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and restated to read as follows:

The Shares purchased by each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard P LP, Starboard L Master, Starboard X Master and held in the Starboard Value LP Account were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted, as set forth in Schedule A, which is incorporated by reference herein.

The aggregate purchase price of 10,920,814 Shares beneficially owned by Starboard V&O Fund is approximately $125,627,210, excluding brokerage commissions. The aggregate purchase price of the 1,239,531 Shares beneficially owned by Starboard S LLC is approximately $14,080,473, excluding brokerage commissions. The aggregate purchase price of the 935,428 Shares beneficially owned by Starboard C LP is approximately $10,593,982, excluding brokerage commissions. The aggregate purchase price of the entered into over-the-counter forward purchase contracts providing for the purchase of 3,506,249 Shares by Starboard P LP is approximately $38,546,359, excluding brokerage commissions. The aggregate purchase price of the 522,196 Shares beneficially owned by Starboard L Master is approximately $5,942,574, excluding brokerage commissions. The aggregate purchase price of the 2,388,023 Shares beneficially owned by Starboard X Master is approximately $27,070,684, excluding brokerage commissions. The aggregate purchase price of the 1,826,759 Shares held in the Starboard Value LP Account is approximately $18,573,097, excluding brokerage commissions.

Item 5.Interest in Securities of the Issuer.

Items 5(a) – (c) are hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon 379,736,270 Shares outstanding, as of April 24, 2023, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on April 28, 2023.

A.Starboard V&O Fund
(a)As of the close of business on May 26, 2023, Starboard V&O Fund beneficially owned 10,920,814 Shares.

Percentage: Approximately 2.9%

(b)1. Sole power to vote or direct vote: 10,920,814
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 10,920,814
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Starboard V&O Fund during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
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CUSIP No. 92537N108

B.Starboard S LLC
(a)As of the close of business on May 26, 2023, Starboard S LLC beneficially owned 1,239,531 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 1,239,531
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,239,531
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Starboard S LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
C.Starboard C LP
(a)As of the close of business on May 26, 2023, Starboard C LP beneficially owned 935,428 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 935,428
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 935,428
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Starboard C LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
D.Starboard P LP
(a)As of the close of business on May 26, 2023, Starboard P LP beneficially owned 3,506,249 Shares, consisting of 3,506,249 Shares underlying certain forward purchase contracts.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 3,506,249
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 3,506,249
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Starboard P LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
E.Starboard P GP
(a)Starboard P GP, as the general partner of Starboard P LP, may be deemed the beneficial owner of the 3,506,249 Shares owned by Starboard P LP.

Percentage: Less than 1%

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CUSIP No. 92537N108

(b)1. Sole power to vote or direct vote: 3,506,249
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 3,506,249
4. Shared power to dispose or direct the disposition: 0

 

(c)Starboard P GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Starboard P LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
F.Starboard R LP
(a)Starboard R LP, as the general partner of Starboard C LP and the managing member of Starboard P GP, may be deemed the beneficial owner of the (i) 935,428 Shares owned by Starboard C LP and (ii) 3,506,249 Shares owned by Starboard P LP.

Percentage: Approximately 1.2%

(b)1. Sole power to vote or direct vote: 4,441,677
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 4,441,677
4. Shared power to dispose or direct the disposition: 0

 

(c)Starboard R LP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of each of Starboard C LP and Starboard P LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
G.Starboard L Master
(a)As of the close of business on May 26, 2023, Starboard L Master beneficially owned 522,196 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 522,196
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 522,196
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Starboard L Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
H.Starboard L GP
(a)Starboard L GP, as the general partner of Starboard L Master, may be deemed the beneficial owner of the 522,196 Shares owned by Starboard L Master.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 522,196
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 522,196
4. Shared power to dispose or direct the disposition: 0

 

20

CUSIP No. 92537N108

(c)Starboard L GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Starboard L Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
I.Starboard R GP
(a)Starboard R GP, as the general partner of Starboard R LP and Starboard L GP, may be deemed the beneficial owner of the (i) 935,428 Shares owned by Starboard C LP, (ii) 3,506,249 Shares owned by Starboard P LP and (iii) 522,196 Shares owned by Starboard L Master.

Percentage: Approximately 1.3%

(b)1. Sole power to vote or direct vote: 4,963,873
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 4,963,873
4. Shared power to dispose or direct the disposition: 0

 

(c)Starboard R GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of each of Starboard C LP, Starboard P LP and Starboard L Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
J.Starboard X Master
(a)As of the close of business on May 26, 2023, Starboard X Master beneficially owned 2,388,023 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 2,388,023
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 2,388,023
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
K.Starboard Value LP
(a)As of the close of business on May 26, 2023, 1,826,759 Shares were held in the Starboard Value LP Account. Starboard Value LP, as the investment manager of Starboard V&O Fund, Starboard C LP, Starboard P LP, Starboard L Master, Starboard X Master and the Starboard Value LP Account and the manager of Starboard S LLC, may be deemed the beneficial owner of the (i) 10,920,814 Shares owned by Starboard V&O Fund, (ii) 1,239,531 Shares owned by Starboard S LLC, (iii) 935,428 Shares owned by Starboard C LP, (iv) 3,506,249 Shares owned by Starboard P LP, (v) 522,196 Shares owned by Starboard L Master, (vi) 2,388,023 Shares owned by Starboard X Master and (vii) 1,826,759 Shares held in the Starboard Value LP Account.
21

CUSIP No. 92537N108

Percentage: Approximately 5.6%

(b)1. Sole power to vote or direct vote: 21,339,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 21,339,000
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard P LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
L.Starboard Value GP
(a)Starboard Value GP, as the general partner of Starboard Value LP, may be deemed the beneficial owner of the (i) 10,920,814 Shares owned by Starboard V&O Fund, (ii) 1,239,531 Shares owned by Starboard S LLC, (iii) 935,428 Shares owned by Starboard C LP, (iv) 3,506,249 Shares owned by Starboard P LP, (v) 522,196 Shares owned by Starboard L Master, (vi) 2,388,023 Shares owned by Starboard X Master and (vii) 1,826,759 Shares held in the Starboard Value LP Account.

Percentage: Approximately 5.6%

(b)1. Sole power to vote or direct vote: 21,339,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 21,339,000
4. Shared power to dispose or direct the disposition: 0

 

(c)Starboard Value GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard P LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
M.Principal Co
(a)Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 10,920,814 Shares owned by Starboard V&O Fund, (ii) 1,239,531 Shares owned by Starboard S LLC, (iii) 935,428 Shares owned by Starboard C LP, (iv) 3,506,249 Shares owned by Starboard P LP, (v) 522,196 Shares owned by Starboard L Master, (vi) 2,388,023 Shares owned by Starboard X Master and (vii) 1,826,759 Shares held in the Starboard Value LP Account.

Percentage: Approximately 5.6%

(b)1. Sole power to vote or direct vote: 21,339,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 21,339,000
4. Shared power to dispose or direct the disposition: 0

 

22

CUSIP No. 92537N108

(c)Principal Co has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard P LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
N.Principal GP
(a)Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 10,920,814 Shares owned by Starboard V&O Fund, (ii) 1,239,531 Shares owned by Starboard S LLC, (iii) 935,428 Shares owned by Starboard C LP, (iv) 3,506,249 Shares owned by Starboard P LP, (v) 522,196 Shares owned by Starboard L Master, (vi) 2,388,023 Shares owned by Starboard X Master and (vii) 1,826,759 Shares held in the Starboard Value LP Account.

Percentage: Approximately 5.6%

(b)1. Sole power to vote or direct vote: 21,339,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 21,339,000
4. Shared power to dispose or direct the disposition: 0

 

(c)Principal GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard P LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
O.Messrs. Smith and Feld
(a)Each of Messrs. Smith and Feld, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 10,920,814 Shares owned by Starboard V&O Fund, (ii) 1,239,531 Shares owned by Starboard S LLC, (iii) 935,428 Shares owned by Starboard C LP, (iv) 3,506,249 Shares owned by Starboard P LP, (v) 522,196 Shares owned by Starboard L Master, (vi) 2,388,023 Shares owned by Starboard X Master and (vii) 1,826,759 Shares held in the Starboard Value LP Account.

Percentage: Approximately 5.6%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 21,339,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 21,339,000

 

(c)None of Messrs. Smith or Feld has entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard P LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
23

CUSIP No. 92537N108

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

Item 6.Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

Item 6 is hereby amended to add the following:

As previously disclosed, Starboard V&O Fund entered into forward purchase contracts with UBS as the counterparty providing for the purchase of an aggregate of 5,164,268 Shares having an aggregate purchase price of approximately $52,981,222, (each a “September 2023 UBS Forward Contract”). Each of the September 2023 UBS Forward Contracts had a final valuation date of September 29, 2023, however, Starboard V&O Fund had the ability to elect early settlement after serving notice to the counterparty of such intention at least two scheduled trading days in advance of the desired early final valuation date. Starboard V&O Fund exercised certain of the September 2023 UBS Forward Contracts and thereby acquired the 2,251,327 Shares. Additionally, Starboard V&O Fund has sold certain of the September 2023 UBS Forward Contracts. Accordingly, Starboard V&O Fund is no longer a party to the September 2023 UBS Forward Contracts.

As previously disclosed, Starboard P LP entered into forward purchase contracts with UBS as the counterparty providing for the purchase of an aggregate of 4,643,679 Shares having an aggregate purchase price of approximately $51,200,627 (each an “April 2024 UBS Forward Contract”). Each of the April 2024 UBS Forward Contracts has a final valuation date of April 10, 2024, however, Starboard P LP has the ability to elect early settlement after serving notice to the counterparty of such intention at least two scheduled trading days in advance of the desired early final valuation date. Starboard P LP has sold certain of the April 2024 UBS Forward Contracts. Accordingly, Starboard P LP is a party to the remaining April 2024 UBS Forward Contracts providing for the purchase of an aggregate of 3,506,249 Shares.

24

CUSIP No. 92537N108

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: May 26, 2023

STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD

By: Starboard Value LP,

its investment manager

 

STARBOARD VALUE AND OPPORTUNITY S LLC

By: Starboard Value LP,

its manager

 

STARBOARD VALUE AND OPPORTUNITY C LP

By: Starboard Value R LP,

its general partner

 

STARBOARD VALUE R LP

By: Starboard Value R GP LLC,

its general partner

 

STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP

By: Starboard Value L LP,

its general partner

 

STARBOARD P FUND LP

By: Starboard Value P GP LLC,

its general partner

 

 

STARBOARD VALUE P GP LLC

By: Starboard Value R LP,

its member

 

STARBOARD VALUE L LP

By: Starboard Value R GP LLC,

its general partner

 

STARBOARD X MASTER FUND LTD

By: Starboard Value LP,

its investment manager

 

STARBOARD VALUE LP

By: Starboard Value GP LLC,

its general partner

 

STARBOARD VALUE GP LLC

By: Starboard Principal Co LP,

its member

 

STARBOARD PRINCIPAL CO LP

By: Starboard Principal Co GP LLC,

its general partner

 

STARBOARD PRINCIPAL CO GP LLC

 

STARBOARD VALUE R GP LLC

 

 
 
By:

/s/ Jeffrey C. Smith

  Name: Jeffrey C. Smith
  Title: Authorized Signatory

 

 
 

/s/ Jeffrey C. Smith

JEFFREY C. SMITH
Individually and as attorney-in-fact for Peter A. Feld

 

25

CUSIP No. 92537N108

Schedule A

Transactions in the Shares During the Past Sixty Days

Nature of the Transaction

Amount of Securities

Purchased/(Sold)

Price ($)

Date of

Purchase/Sale

 

STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD

 

Purchase of Common Stock 15,000 12.4425 04/13/2023
Purchase of Common Stock 40,321 12.4192 04/13/2023
Purchase of Common Stock 110,642 12.3970 04/14/2023
Purchase of Common Stock 55,321 12.5238 04/17/2023
Purchase of Common Stock 55,321 12.2800 04/18/2023
Purchase of Common Stock 41,490 12.2090 04/19/2023
Purchase of Common Stock 69,151 12.0744 04/21/2023
Sale of Common Stock (102,355) 13.9250 04/26/2023
Sale of Common Stock (51,177) 15.2451 05/09/2023
Sale of Common Stock (51,177) 15.3281 05/10/2023
Sale of Common Stock (102,355) 15.4713 05/17/2023
Sale of Forward Contract (1,125,909) 18.7171 05/25/2023
Exercise of Forward Contract 2,251,327 9.8446 05/26/2023
Sale of Common Stock (409,422) 19.3928 05/26/2023

 

STARBOARD VALUE AND OPPORTUNITY S LLC

 

Purchase of Common Stock 1,800 12.4425 04/13/2023
Purchase of Common Stock 4,839 12.4192 04/13/2023
Purchase of Common Stock 13,277 12.3970 04/14/2023
Purchase of Common Stock 6,639 12.5238 04/17/2023
Purchase of Common Stock 6,638 12.2800 04/18/2023
Purchase of Common Stock 4,979 12.2090 04/19/2023
Purchase of Common Stock 8,298 12.0744 04/21/2023
Sale of Common Stock (11,617) 13.9250 04/26/2023
Sale of Common Stock (5,809) 15.2451 05/09/2023
Sale of Common Stock (5,809) 15.3281 05/10/2023
Sale of Common Stock (11,618) 15.4713 05/17/2023
Sale of Common Stock (127,793) 18.7171 05/25/2023
Sale of Common Stock (46,470) 19.3928 05/26/2023

 

STARBOARD P FUND LP

 

Purchase of Forward Contract 7,798 12.4192 04/13/2023
Purchase of Forward Contract 15,596 12.3970 04/14/2023
Purchase of Forward Contract 7,798 12.5238 04/17/2023
Purchase of Forward Contract 7,798 12.2800 04/18/2023
Purchase of Forward Contract 5,849 12.2090 04/19/2023
Purchase of Forward Contract 9,748 12.0744 04/21/2023
Sale of Forward Contract (32,862) 13.9250 04/26/2023
Sale of Forward Contract (16,431) 15.2451 05/09/2023
Sale of Forward Contract (16,431) 15.3281 05/10/2023
Sale of Forward Contract (32,862) 15.4713 05/17/2023
Sale of Forward Contract (361,486) 18.7171 05/25/2023
Sale of Forward Contract (131,449) 19.3928 05/26/2023

 

 

CUSIP No. 92537N108

 

STARBOARD VALUE AND OPPORTUNITY C LP

 

Purchase of Common Stock 1,375 12.4425 04/13/2023
Purchase of Common Stock 3,696 12.4192 04/13/2023
Purchase of Common Stock 10,142 12.3970 04/14/2023
Purchase of Common Stock 5,071 12.5238 04/17/2023
Purchase of Common Stock 5,071 12.2800 04/18/2023
Purchase of Common Stock 3,803 12.2090 04/19/2023
Purchase of Common Stock 6,339 12.0744 04/21/2023
Sale of Common Stock (8,768) 13.9250 04/26/2023
Sale of Common Stock (4,384) 15.2451 05/09/2023
Sale of Common Stock (4,384) 15.3281 05/10/2023
Sale of Common Stock (8,767) 15.4713 05/17/2023
Sale of Common Stock (96,440) 18.7171 05/25/2023
Sale of Common Stock (35,069) 19.3928 05/26/2023

 

STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP

 

Purchase of Common Stock 775 12.4425 04/13/2023
Purchase of Common Stock 2,083 12.4192 04/13/2023
Purchase of Common Stock 5,717 12.3970 04/14/2023
Purchase of Common Stock 2,858 12.5238 04/17/2023
Purchase of Common Stock 2,859 12.2800 04/18/2023
Purchase of Common Stock 2,144 12.2090 04/19/2023
Purchase of Common Stock 3,573 12.0744 04/21/2023
Sale of Common Stock (4,895) 13.9250 04/26/2023
Sale of Common Stock (2,447) 15.2451 05/09/2023
Sale of Common Stock (2,447) 15.3281 05/10/2023
Sale of Common Stock (4,895) 15.4713 05/17/2023
Sale of Common Stock (53,838) 18.7171 05/25/2023
Sale of Common Stock (19,577) 19.3928 05/26/2023

 

STARBOARD X MASTER FUND LTD

 

Purchase of Common Stock 3,450 12.4425 04/13/2023
Purchase of Common Stock 9,274 12.4192 04/13/2023
Purchase of Common Stock 25,448 12.3970 04/14/2023
Purchase of Common Stock 12,724 12.5238 04/17/2023
Purchase of Common Stock 12,724 12.2800 04/18/2023
Purchase of Common Stock 9,543 12.2090 04/19/2023
Purchase of Common Stock 15,905 12.0744 04/21/2023
Sale of Common Stock (22,382) 13.9250 04/26/2023
Sale of Common Stock (11,191) 15.2451 05/09/2023
Sale of Common Stock (11,191) 15.3281 05/10/2023
Sale of Common Stock (22,382) 15.4713 05/17/2023
Sale of Common Stock (246,200) 18.7171 05/25/2023
Sale of Common Stock (89,527) 19.3928 05/26/2023

 

 

CUSIP No. 92537N108

STARBOARD VALUE LP

(Through the Starboard Value LP Account)

 

Purchase of Common Stock 2,600 12.4425 04/13/2023
Purchase of Common Stock 6,989 12.4192 04/13/2023
Purchase of Common Stock 19,178 12.3970 04/14/2023
Purchase of Common Stock 9,589 12.5238 04/17/2023
Purchase of Common Stock 9,589 12.2800 04/18/2023
Purchase of Common Stock 7,192 12.2090 04/19/2023
Purchase of Common Stock 11,986 12.0744 04/21/2023
Sale of Common Stock (17,121) 13.9250 04/26/2023
Sale of Common Stock (8,561) 15.2451 05/09/2023
Sale of Common Stock (8,561) 15.3281 05/10/2023
Sale of Common Stock (17,121) 15.4713 05/17/2023
Sale of Common Stock (188,334) 18.7171 05/25/2023
Sale of Common Stock (68,486) 19.3928 05/26/2023