On December 31, 2020, Oasis Management Company Ltd submitted to Stratus Properties Inc a formal notice of its intent to (i) present a non-binding advisory proposal asking the board to increase the size of the board by 1 and appoint Laurie L. Dotter to fill the newly-created vacancy and (ii) nominate 2 individuals; Benson and Jaime Eugenio De La Garza Diaz for election to the board at the 2021 annual meeting of stockholders of the Company. Oasis Management stated that the notice further disclosed that the presentation of the proposal would be contingent upon there being less than 3 board seats up for election at the annual meeting and that if 3 or more board seats are up for election at the annual meeting, Oasis intends to withdraw the proposal and to nominate Dotter for election to the board as part of a slate of 3 directors including the nominees for election at the annual meeting.