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  "docSlug": "d022b5102472",
  "documentTitle": "Deckers Outdoor Corporation (DECK)",
  "authorId": "07_Marcato",
  "authorName": "Richard T. McGuire III",
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  "presentationDate": "2017-11-01 00:00:00",
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  "notes": "The slide uses a narrative of governance failure to justify shareholder intervention.",
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      "kind": "callout",
      "text": "The Board continues to act only as a result of shareholder pressure",
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      "text": "Best governance practices require a double trigger for accelerating compensation in the event of a change of control; many of Deckers' outstanding compensation awards contained single trigger provisions. The election of Marcato's nominees would have resulted in the triggering of a $32.6m(1) windfall to company executives and acceleration of the company's existing credit agreement. Deckers refused to approve Marcato's nominees and Marcato was forced to sue Deckers' Board in Delaware to prevent these avoidable costs from occurring. Only after a costly litigation process did the Board agree to alter the compensation plan and credit agreement.",
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      "text": "Source: Company filings",
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      "kind": "title",
      "text": "BOARD ATTEMPTED TO USE CHANGE OF CONTROL PROVISIONS TO ENTRENCH THEMSELVES",
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