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  "documentTitle": "AOL, Inc. (AOL)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2012-05-23 00:00:00",
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  "notes": "The slide uses a 'villain' framing by highlighting the lack of disclosure as a deliberate act to obscure value from shareholders.",
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      "kind": "callout",
      "text": "Without the omitted material information, it is impossible to determine the value of the awarded compensation.",
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      "text": "Performance option: Vests upon the per share price of AOL's common stock reaching certain designated levels, which represent a percentage increase based on the fair market value of the trading price of AOL 's stock over a 20-day period preceding the grant date. AOL has not disclosed the grant date, the price levels at which the option vests, the exercise price of the option or the number of shares of common stock underlying the option.",
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      "text": "Non-qualified option: Vests automatically over a four-year period. AOL has not disclosed the grant date, the exercise price of the option or the number of shares of common stock underlying the option.",
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      "text": "Performance units based on total shareholder return (TSR) and revenue growth: Performance units are earned upon the achievement of certain TSR levels and revenue growth levels, respectively, with the number of performance units earned for a corresponding level of TSR or revenue representing a percentage of a Target Number of Performance Shares. AOL has not disclosed the Target Number of Performance Shares or the number of shares that can be earned in each instance.",
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      "text": "On March 28, 2012, approximately one week prior to the announcement of the patent transaction with Microsoft, the Compensation Committee approved a new Employment Agreement with Tim Armstrong and the grant of certain awards to Mr. Armstrong. While the timing certainly appears suspect, AOL has yet to disclose the material terms of the grants, thus making it impossible for shareholders to value the awarded compensation.",
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      "text": "AOL recently approved what appears to be another lucrative pay package for Tim Armstrong",
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