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  "documentTitle": "AOL, Inc. (AOL)",
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  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2012-05-23 00:00:00",
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  "notes": "The slide uses a rhetorical question at the bottom to challenge the Board's governance.",
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      "kind": "callout",
      "text": "So why does the Board believe AOL should be compared to the world's largest companies for purposes of compensation?",
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      "text": "Market Cap: 94.2x",
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      "text": "Apple, Microsoft, and Google, as well as other companies included in AOL's 2010 Peer Group, are clearly not peers of AOL in terms of scope or scale of the business.",
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      "text": "AOL's compensation peer group even included some of the largest companies in the world, such as Apple, Microsoft, and Google, whose market caps ranged from 66 to 94 times larger than AOL's.",
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      "text": "(1) AOL 2010 Proxy Peer Group... (2) Market caps based on 200-day average... (3) EBITDA calculated using the same method...",
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      "text": "Select Companies from AOL's 2010 Peer Group",
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