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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 chart uses a red dashed line to indicate the median of the peer group.",
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      "text": "total cash compensation as % of EBITDA: 1.7%",
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      "text": "“AOL's actual total cash compensation is high as a percentage of EBITDA in relation to peers.” — A leading independent compensation consulting firm",
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      "text": "(1) Independent Peer Group excludes companies where the CEO departed prior to the end of the most recent fiscal year. Peer Group includes: ACOM, ELNK, GCI, IACI, IPG, LAMR, NYT, UNTD VCI, VCLK, WBMD, and WPO. Selected by independent compensation consulting firm engaged by Starboard. (2) EBITDA calculated as operating income before interest, taxes, depreciation, and amortization. EBITDA calculated using the same method for AOL and all Independent Peer Group companies. Note that, for reporting purposes, AOL calculates adjusted EBITDA differently than peers. Source: Compensation data from company proxy filings, financial data from S&P Insights.",
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