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  "docSlug": "eb305b39ce19",
  "documentTitle": "AOL, Inc. (AOL)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-23 00:00:00",
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  "notes": "Uses a red box to highlight the outlier performance of AOL compared to peer percentiles.",
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      "text": "AOL's EBITDA growth ranked lowest among its peers and free cash flow growth was near the lowest quartile, while its CEO and CFO bonus payouts ranked in the 83rd and 96th percentile compared to peers.",
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      "kind": "disclaimer",
      "text": "(1) AOL proxy filed on April 20, 2012. (2) Actual bonus payout statistics... (3) Independent Peer Group: ACOM, CCO, ELNK, GCI, IACI, IPG, LAMR, NYT, UNTD VCI, VCLK, WBMD, WPO, and YHOO.",
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      "text": "A significant portion of AOL’s bonus compensation is based on EBITDA and free cash flow. However, AOL’s EBITDA and free cash flow growth are substantially worse than peer medians while actual bonus compensation is substantially higher than peer medians.",
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      "text": "bonus payout: 96%",
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      "kind": "quote",
      "text": "“AOL’s short-term pay is significantly misaligned with performance.” – A leading independent compensation consulting firm",
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      "text": "CEO and CFO Bonus Payout Relative to Independent Peer Group",
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      "text": "Compared to the Independent Peer Group, it appears AOL’s short term pay is significantly misaligned with performance",
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      "name": "Cost Of Inaction",
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