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  "documentTitle": "Autodesk, Inc. (ADSK)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2024-08-01 00:00:00",
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  "notes": "Uses a split-chart approach to contrast historical performance periods.",
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      "kind": "callout",
      "text": "Are the budgets wrong or are the compensation plans wrong?",
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      "kind": "callout",
      "text": "99% STI Avg Payout & 95% LTI Avg Payout(1) for 44% Relative TSR(4) Underperformance",
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      "text": "Executive Incentive Payout: 99%",
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      "text": "Despite shareholder returns meaningfully declining, the Board continued to reward management with large and growing incentive bonuses.",
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      "text": "Source: Public company filings, Bloomberg. (1) Calculated as Actual Number of PSUs Earned divided by Target Number of PSUs earned over the trailing 3-year lookback period. (2) Represents TSR from 01/31/17 to 01/31/20. (3) Represents TSR from 06/19/17 to 01/31/20. (4) Represents TSR from 01/31/20 to 01/31/24. Performance is relative to S&P North American Technology Software Index.",
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      "kind": "title",
      "text": "...However, As Shareholder Returns Deteriorated, the Board Continued to Pay Executives Full Bonuses",
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      "name": "Cost Of Inaction",
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      "evidence": "The presentation highlights the consequences of not taking action to address Autodesk's underperformance",
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