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on the lead record there should be an option to Remove from Watch List.
To confirm - by clicking "subscribe" in the Lead Feed it performs the action of adding the person to your Watch List? If yes, I'm set. I couldn't find any other documentation on what the "subscribe" functionality enabled for the sales rep. I was under the impression that by clicking subscribe the rep could send themselves alerts as well. Would removing the lead from the Watch List suppress those alerts?
Thanks for the quick response.