{
  "schemaVersion": "deck-intelligence.v1",
  "id": "019dd923-622b-71dc-a6db-a29abe9ee487",
  "slug": "603c37a955d1",
  "title": "The Walt Disney Company (DIS)",
  "subtitle": "Trian Partners · 2024-03",
  "author": "Trian Partners",
  "date": "2024-03-29 00:00:00",
  "pageCount": 2,
  "kind": "shareholder-letter",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "targetCompany": "The Walt Disney Company",
  "targetTicker": "DIS",
  "document": {
    "id": "019dd923-622b-71dc-a6db-a29abe9ee487",
    "slug": "603c37a955d1",
    "title": "The Walt Disney Company (DIS)",
    "rawTitle": "p24 1343exhibit1",
    "authorId": "06_Trian_Partners",
    "authorName": "Trian Partners",
    "authorDisplay": "Trian Partners",
    "kind": {
      "slug": "shareholder-letter",
      "label": "Shareholder letter"
    },
    "sourceType": {
      "slug": "activist_investor",
      "label": "Activist investor"
    },
    "fileName": "p24-1343exhibit1.pdf",
    "sourceUrl": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001345471&type=DFAN14A",
    "sourceDate": null,
    "presentationDate": "2024-03-29 00:00:00",
    "ingestedAt": "2026-04-22 17:00:10+00",
    "status": "ready",
    "pageCount": 2,
    "orientation": "portrait",
    "aspectRatio": 0.77272725,
    "targetCompany": "The Walt Disney Company",
    "targetTicker": "DIS",
    "metadata": {
      "local_root": "/tmp/legacy-images/603c37a955d1",
      "activist_firm": "Trian Partners",
      "origin_corpus": "contrarian",
      "extraction_seconds": 91.6702070236206
    }
  },
  "coverage": {
    "pageCount": 2,
    "pagesIndexed": 2,
    "pagesWithImages": 2,
    "pagesWithMetadata": 2,
    "imageCoveragePct": 100,
    "metadataCoveragePct": 100,
    "componentCount": 11,
    "chartCount": 0,
    "metricSlides": 0,
    "toolMatches": 1,
    "documentToolMatches": 1,
    "frameworkMatches": 1,
    "arcMatches": 1,
    "beatMatches": 2,
    "loopMatches": 0,
    "patternMatches": 0,
    "storymakersMatch": false,
    "scoreAvailable": false,
    "reviewAvailable": false,
    "activistThesisAvailable": true,
    "pitchdeckMetadataAvailable": false,
    "pitchdeckProfileAvailable": false
  },
  "blocks": [],
  "matches": {
    "arcs": [
      {
        "arc": {
          "name": "AIDA",
          "slug": "aida",
          "status": "active",
          "bestFor": "Marketing presentations, product launches, sales enablement",
          "canonId": "019dd956-5fb4-77aa-866d-f9bdd47803af",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Attention -> Interest -> Desire -> Action",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "matchId": "09900a4f-9153-46e3-abdf-4f78652266c5",
        "evidence": "The presence of a CEO quote and a disclaimer suggests a narrative arc that aims to engage and inform shareholders.",
        "isPrimary": true,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 21:55:22.687237+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "beats": [
      {
        "to": 1,
        "arc": {
          "name": "AIDA",
          "slug": "aida",
          "status": "active",
          "bestFor": "Marketing presentations, product launches, sales enablement",
          "canonId": "019dd956-5fb4-77aa-866d-f9bdd47803af",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Attention -> Interest -> Desire -> Action",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 1,
        "name": "Attention",
        "beatId": "d79b87fb-ae84-4bfb-80bd-dd8b58eb57ed",
        "matchId": "09900a4f-9153-46e3-abdf-4f78652266c5",
        "beatType": {
          "name": "Attention",
          "slug": "aida-attention",
          "status": "active",
          "canonId": "019dd9b8-1086-7099-85c1-2f9cae7ea19d",
          "version": 1,
          "description": null
        },
        "evidence": "The CEO quote 'Help us Restore the Magic' grabs the reader's attention.",
        "position": 0,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Hook",
          "slug": "hook",
          "status": "active",
          "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5",
          "version": 1,
          "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      },
      {
        "to": 2,
        "arc": {
          "name": "AIDA",
          "slug": "aida",
          "status": "active",
          "bestFor": "Marketing presentations, product launches, sales enablement",
          "canonId": "019dd956-5fb4-77aa-866d-f9bdd47803af",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Attention -> Interest -> Desire -> Action",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 2,
        "name": "Desire",
        "beatId": "81f870f8-f245-46ad-8ac8-51160500fc5c",
        "matchId": "09900a4f-9153-46e3-abdf-4f78652266c5",
        "beatType": {
          "name": "Desire",
          "slug": "aida-desire",
          "status": "active",
          "canonId": "019dd9b8-11f0-704e-b2bb-fbb6a226467d",
          "version": 1,
          "description": null
        },
        "evidence": "The disclaimer and endnotes provide necessary information but do not directly contribute to desire.",
        "position": 1,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Evidence",
          "slug": "evidence",
          "status": "active",
          "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a",
          "version": 1,
          "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      }
    ],
    "loops": [],
    "tools": [
      {
        "tool": {
          "name": "Villain naming",
          "slug": "villain-naming",
          "status": "active",
          "bestFor": "When governance or specific decisions are the core thesis",
          "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2",
          "version": 1,
          "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369",
          "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "document",
        "agents": null,
        "matchId": "95fcc585-3b8c-40f1-bc9e-478734a73920",
        "evidence": "Maria Elena Lagomasino; Michael B.G. Froman",
        "pageRefs": null,
        "priority": null,
        "whenToUse": "When governance or specific decisions are the core thesis",
        "confidence": null,
        "extraction": {
          "at": "2026-04-29 12:07:49.936794+00",
          "model": "unknown-legacy",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": null,
        "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n  journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n  guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n  cannot.\n- It **forces the target to respond personally** — and their defensive\n  response usually generates more attention for your thesis.",
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      }
    ],
    "frameworks": [
      {
        "matchId": "d12adf40-dab0-46b0-93e3-e1ae6642afbc",
        "evidence": "Explicit instruction to vote for specific nominees and deadline provided.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 21:03:46.075+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 1,
        "frameworkName": "call-to-action"
      }
    ],
    "patterns": []
  },
  "storymakers": null,
  "score": null,
  "review": null,
  "activistThesis": {
    "tone": "adversarial",
    "notes": "Two-page 'Dear Fellow Walt Disney Company Shareholder' letter from Trian Partners during the final week of the 2024 Disney proxy fight. Page 1 is the signed appeal (castle watermark, 'Restore the Magic' branding, QR code linking to RestoreTheMagic.com). Page 2 is disclaimer + endnotes. Letter is signed corporately ('TRIAN PARTNERS') with no individual signatory, so author_name is null. Date inferred from footnotes citing data 'through 03/28/24' and the April 2 voting deadline; no explicit date on the document. Stake disclosed only in dollars ($3.5bn for Peltz, $800k for Rasulo), not as a %, so stake_disclosed_pct is null. Historical context: Trian lost this vote on April 3, 2024; outcome field left 'unknown' per extraction instructions.",
    "kpisCited": [
      {
        "detail": "Disney has underperformed peers and the broader market over 1, 2, 3, 4, and 5 years and during the tenure of each incumbent director (through 03/28/24)",
        "metric": "Total Shareholder Return (TSR) vs Media Industry Peers & S&P 500"
      },
      {
        "detail": ">$1 billion paid to NEOs since FY2013 despite lagging performance",
        "metric": "Named Executive Officer compensation"
      },
      {
        "detail": "~$3.5 billion of Disney stock (personally beneficially owned)",
        "metric": "Nelson Peltz Disney stake"
      },
      {
        "detail": "~$800,000 of Disney stock",
        "metric": "Jay Rasulo Disney stake"
      }
    ],
    "closingAsk": "Vote 'FOR' Nelson Peltz and Jay Rasulo and 'WITHHOLD' on Maria Elena Lagomasino, Michael B.G. Froman, and all three Blackwells nominees before the April 2 electronic/telephone voting deadline.",
    "extraction": {
      "at": "2026-04-22 17:00:10+00",
      "model": "unknown-legacy",
      "runId": null,
      "seconds": 91.670204,
      "promptVersion": null
    },
    "scqaReward": "Independent, shareholder-aligned directors with personal Disney stock ownership would restore Board focus, alignment, and accountability, sustaining Disney's 'newfound urgency' and unlocking the latent returns of the Disney flywheel.",
    "thesisTypes": [
      "governance_board",
      "management_change"
    ],
    "top3Reasons": [
      "Disney TSR has trailed Media peers and the S&P 500 over every 1-to-5-year window",
      "Board approved $1bn+ in executive pay since FY2013 despite persistent underperformance",
      "Incumbents failed to cultivate a readily apparent successor to Bob Iger"
    ],
    "scqaSituation": "Disney is the world's most advantaged consumer entertainment company, whose iconic film franchises and park experiences power a commercial flywheel that should generate strong financial results and shareholder returns.",
    "thesisSummary": "Trian urges Disney shareholders to vote FOR its two nominees, Nelson Peltz and Jay Rasulo, at the April 3, 2024 annual meeting and to WITHHOLD votes on incumbent directors Maria Elena Lagomasino and Michael B.G. Froman. The letter argues Disney has significantly underperformed its Media Industry Peers (Alphabet, Amazon, Apple, Comcast, Meta, Netflix, Paramount, Warner Bros. Discovery) and the S&P 500 over one-, two-, three-, four-, and five-year periods and during each incumbent's tenure. Trian blames questionable strategic and capital-allocation decisions, misaligned executive pay exceeding $1 billion since FY2013, and failed succession planning after Iger, citing ISS's critique of Lagomasino's compensation-committee leadership. Peltz personally holds ~$3.5bn of Disney stock and Rasulo ~$800k. The pitch is governance change, not a break-up: restore Board focus, alignment, and accountability to 'Restore the Magic.'",
    "primaryDemands": [
      "Elect Trian nominees Nelson Peltz and Jay Rasulo to the Disney Board",
      "Withhold votes from incumbent directors Maria Elena Lagomasino and Michael B.G. Froman",
      "Withhold votes from all three Blackwells nominees",
      "Restore Board focus, alignment, and accountability"
    ],
    "scqaResolution": "Shareholders should vote FOR Trian's nominees Nelson Peltz and Jay Rasulo and WITHHOLD on Lagomasino, Froman, and the three Blackwells nominees before the April 2 voting deadline.",
    "thesisOneLiner": "Disney has underperformed its peers across every recent time period under the incumbent board; elect Trian's Peltz and Rasulo to restore focus, accountability, and shareholder alignment.",
    "precedentsCited": [],
    "scqaComplication": "Under incumbent directors Lagomasino and Froman, Disney's TSR has trailed Media Industry Peers and the S&P 500 over every 1-to-5-year window, with $1bn+ executive pay and botched Iger succession signaling entrenched board failure.",
    "narrativeInterest": 3,
    "notableSlidePages": [
      1
    ],
    "peerCompaniesCited": [
      "Alphabet",
      "Amazon",
      "Apple",
      "Comcast",
      "Meta",
      "Netflix",
      "Paramount",
      "Warner Bros. Discovery"
    ],
    "valuationFrameworks": [
      "multiple_comparison"
    ],
    "visualCraftInterest": 3
  },
  "pitchdeck": {
    "metadata": null,
    "profile": null
  },
  "slides": [
    {
      "page": 1,
      "type": "tension",
      "title": "The slide functions as a formal proxy solicitation letter.",
      "function": "closing_ask",
      "imagePath": "https://imgproxy.kitesheet.com/NGEzhB26-RGPuCQS-hmiFVHCni-c9xSGxqUL3r1Y1EQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82MDNjMzdhOTU1ZDEvcDAwMS5wbmc",
      "rawType": "ceo_quote",
      "block": null,
      "metadata": {
        "slideType": "ceo_quote",
        "slideTypeCanon": {
          "name": "CEO quote",
          "slug": "ceo_quote",
          "status": "active",
          "canonId": "019de52d-09b6-71c8-93a5-f90a9772a8fa",
          "version": 1,
          "description": null
        },
        "function": "closing_ask",
        "functionCanon": {
          "name": "Closing ask (contrarian)",
          "slug": "closing_ask",
          "status": "active",
          "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 52,
        "componentCount": 7,
        "textChars": 737,
        "nDataPoints": 0,
        "notes": "The slide functions as a formal proxy solicitation letter.",
        "elementsJson": [
          "headline_text",
          "paragraph",
          "footnote",
          "screenshot"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:03:46.075+00",
          "seconds": 3.243,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-a29abe9ee487/1",
        "deck": "/decks/019dd923-622b-71dc-a6db-a29abe9ee487",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-a29abe9ee487#slide-1",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-a29abe9ee487.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.03,
            "w": 0.25,
            "x": 0.37,
            "y": 0.84
          },
          "kind": "callout",
          "text": "Help us Restore the Magic.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:03:46.075+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c15cf08c-2f78-4bb7-b80f-11b6fa361c3c",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "By voting for Trian's two nominees, Nelson Peltz and Jay Rasulo, you can help restore the Board's focus, alignment and accountability and help Restore the Magic at Disney.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:09:23+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-0933-75bb-9c0a-0efad58ce411",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.15,
            "x": 0.1,
            "y": 0.8
          },
          "kind": "image",
          "text": "QR code for voting",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Infographic",
              "slug": "infographic",
              "status": "active",
              "canonId": "019de52c-fe26-750c-9d7d-9f34e21324e8",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "infographic",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:03:46.075+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d936037d-aa58-4904-8140-10d7ac66439a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.75,
            "w": 0.55,
            "x": 0.37,
            "y": 0.11
          },
          "kind": "paragraph",
          "text": "Disney's annual meeting of shareholders is this week... [letter body text]",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:03:46.075+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8680cf29-5fa4-4571-9673-18918c2af453",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "Lagomasino oversaw consecutive years of problematic compensation decisions, resulting in significant shareholder opposition, which the committee [that she chaired] failed to promptly address. ISS also noted that “Lagomasino bears more responsibility than any other serving nominee for the failure ... to cultivate a readily apparent successor to Iger.” — ISS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:09:23+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-0933-75bb-9c0a-11a481e0ce8e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.55,
            "x": 0.37,
            "y": 0.88
          },
          "kind": "source-note",
          "text": "1-5: References to performance and ISS reports",
          "attrs": {
            "numbered": true
          },
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:03:46.075+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "370efa54-303f-457d-8528-85a879e387e8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.84,
            "x": 0.08,
            "y": 0.06
          },
          "kind": "title",
          "text": "DEAR FELLOW WALT DISNEY COMPANY SHAREHOLDER:",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:03:46.075+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "277a22c0-4525-4059-82db-d9bd80c208b9",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "d12adf40-dab0-46b0-93e3-e1ae6642afbc",
          "evidence": "Explicit instruction to vote for specific nominees and deadline provided.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 21:03:46.075+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 1,
          "frameworkName": "call-to-action"
        }
      ],
      "arcBeats": [
        {
          "to": 1,
          "arc": {
            "name": "AIDA",
            "slug": "aida",
            "status": "active",
            "bestFor": "Marketing presentations, product launches, sales enablement",
            "canonId": "019dd956-5fb4-77aa-866d-f9bdd47803af",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Interest -> Desire -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 1,
          "name": "Attention",
          "beatId": "d79b87fb-ae84-4bfb-80bd-dd8b58eb57ed",
          "matchId": "09900a4f-9153-46e3-abdf-4f78652266c5",
          "beatType": {
            "name": "Attention",
            "slug": "aida-attention",
            "status": "active",
            "canonId": "019dd9b8-1086-7099-85c1-2f9cae7ea19d",
            "version": 1,
            "description": null
          },
          "evidence": "The CEO quote 'Help us Restore the Magic' grabs the reader's attention.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Hook",
            "slug": "hook",
            "status": "active",
            "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5",
            "version": 1,
            "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "thumbSrc": "https://imgproxy.kitesheet.com/mMKuvcZqkucteUoWRmTZyyq_U0wx3eoifIqfXqSKyWo/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82MDNjMzdhOTU1ZDEvcDAwMS5wbmc",
      "imagePathAlt": "https://imgproxy.kitesheet.com/sDZkv2bSuXgnTD4k6kRTJDoeMmwJ3BvjZFZXwdtmRk0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82MDNjMzdhOTU1ZDEvcDAwMS5qcGc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/dePfEJre4-wQiQZzR5l5_4mGZ7uYssfSbJLpIIQRyFI/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82MDNjMzdhOTU1ZDEvcDAwMS5qcGc"
    },
    {
      "page": 2,
      "type": "appendix",
      "function": "appendix",
      "rawType": "appendix_disclosure",
      "block": null,
      "metadata": {
        "slideType": "appendix_disclosure",
        "slideTypeCanon": {
          "name": "Appendix disclosure",
          "slug": "appendix_disclosure",
          "status": "active",
          "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616",
          "version": 1,
          "description": null
        },
        "function": "appendix",
        "functionCanon": {
          "name": "Appendix",
          "slug": "appendix",
          "status": "active",
          "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 23,
        "componentCount": 4,
        "textChars": 403,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "paragraph",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 21:03:45.304+00",
          "seconds": 2.404,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6db-a29abe9ee487/2",
        "deck": "/decks/019dd923-622b-71dc-a6db-a29abe9ee487",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6db-a29abe9ee487#slide-2",
        "deckJson": "/decks/019dd923-622b-71dc-a6db-a29abe9ee487.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.8,
            "w": 0.42,
            "x": 0.05,
            "y": 0.07
          },
          "kind": "disclaimer",
          "text": "Except as otherwise set forth in this letter, the views expressed in this letter reflect the opinions of Trian Fund Management, L.P. and its affiliates...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:03:45.304+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "41b830ff-0200-4daa-b82f-ca53d37f1e63",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.32,
            "x": 0.63,
            "y": 0.07
          },
          "kind": "list",
          "text": "1 Source: FactSet. Note: Disney performance measures total shareholder return... 2 For information regarding the members of the Trian Group... 3 Disney has underperformed... 4 Named Executive Officers... 5 Source: ISS Report, 2024.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Numbered list",
              "slug": "numbered",
              "status": "active",
              "canonId": "019de52c-fcc0-7718-a284-a4250c805df2",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "numbered",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:03:45.304+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "45fef62b-1522-4d12-9b2c-3cc5a8d8c386",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.1,
            "x": 0.63,
            "y": 0.04
          },
          "kind": "title",
          "text": "ENDNOTES",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:03:45.304+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "198d3dfd-38a1-499a-8115-81ff34543675",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.1,
            "x": 0.05,
            "y": 0.04
          },
          "kind": "title",
          "text": "DISCLAIMER",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 21:03:45.304+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "91420ca3-67f6-4931-a648-2c03b88c6c37",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 2,
          "arc": {
            "name": "AIDA",
            "slug": "aida",
            "status": "active",
            "bestFor": "Marketing presentations, product launches, sales enablement",
            "canonId": "019dd956-5fb4-77aa-866d-f9bdd47803af",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Interest -> Desire -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 2,
          "name": "Desire",
          "beatId": "81f870f8-f245-46ad-8ac8-51160500fc5c",
          "matchId": "09900a4f-9153-46e3-abdf-4f78652266c5",
          "beatType": {
            "name": "Desire",
            "slug": "aida-desire",
            "status": "active",
            "canonId": "019dd9b8-11f0-704e-b2bb-fbb6a226467d",
            "version": 1,
            "description": null
          },
          "evidence": "The disclaimer and endnotes provide necessary information but do not directly contribute to desire.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Evidence",
            "slug": "evidence",
            "status": "active",
            "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a",
            "version": 1,
            "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [
    {
      "from": 1,
      "to": 1,
      "label": "Attention",
      "description": "The CEO quote 'Help us Restore the Magic' grabs the reader's attention."
    },
    {
      "from": 2,
      "to": 2,
      "label": "Desire",
      "description": "The disclaimer and endnotes provide necessary information but do not directly contribute to desire."
    }
  ],
  "loops": []
}