InvestorsFriend makes a very valid point. 
How is it that you can nominate a new slate of directors with just 5%? That rule was obviously written at the same time our bankruptcy laws were. 
Work at Sears for 36 years (Peter Myers), get zero severance. Activists, by their very nature, are bottom feeders. 
Make the rule 20% to nominate a new slate and while at it, put employees ahead of creditors because when a creditor loses a client to bankruptcy, at least they have other revenue streams. Working-class employees? Not so much.