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  "documentTitle": "Office Depot, Inc. (ODP)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2013-08-02 00:00:00",
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  "notes": "Uses authority-citation to leverage Glass Lewis's reputation against the company's current practices.",
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      "text": "Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay.",
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      "kind": "list",
      "text": "Guaranteed Bonuses: \"Except for nominal fixed payments... we believe the compensation of executives should be strictly based on the performance of a company.\"",
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      "text": "Incentive Limits: \"Executives are eligible to receive unlimited compensation through the STI plan. We believe this runs contrary to best practices...\"",
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      "text": "No Performance Based Long-Term Incentive Awards: \"We believe shareholders benefit when equity of long-term incentive awards vest on the basis of metrics with pre-established goals...\"",
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      "text": "Peer Group Concerns: \"Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked... Glass Lewis has identified 16 peers with more than twice the Company's market capitalization...\"",
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      "text": "In last year’s proxy paper, Glass Lewis noted the following concerns regarding ODP’s compensation practices, many of which they have been highlighting for years:",
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      "text": "We believe shareholders benefit when equity of long-term incentive awards vest on the basis of metrics with pre-established goals and are thus demonstrably linked to the performance of the company...In this case, shareholders should be concerned with the Company’s failure to implement a performance-based long-term incentive plan with objective metrics and goals. — Glass Lewis",
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      "text": "Source: Glass Lewis Proxy Papers",
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      "kind": "title",
      "text": "Leading Proxy Governance Firms Have Raised Serious Concerns with Regard to ODP’s Compensation Practices",
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