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  "documentTitle": "Brookdale Senior Living Inc. (BKD)",
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  "authorName": "Thomas Sandell",
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  "presentationDate": "2015-02-01 00:00:00",
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  "notes": "The slide uses a table to illustrate the disconnect between executive pay components and shareholder-aligned metrics.",
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      "text": "With shareholder's and sell-side analyst's constant focus on 1) real estate and 2) share price, we believe the Board's approval of executive package with no relationship to these two inputs demonstrates a complete breakdown of Director accountability to shareholders, the true owners of the Company",
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      "text": "Executive compensation has no relation to absolute or relative share price performance. CEO's $3.25m 'stock award' is 46% linked to time-based metrics and 54% linked to performance statistics. For Director compensation, Fortress Directors took no Board fees.",
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      "text": "Source: Company filings. (1) Note: T Andrew Smith appointed CEO Feb-2013... (2) Annual Base Salary... (3) Consists of both time-based and performance-based stock awards.",
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      "text": "Executive Compensation table showing Base Salary, Stock Awards, CFFO, NOI Growth, Individual Objectives, Other Comp, and Total for T Andrew Smith and Mark W Ohlendorf.",
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      "text": "Executive/Director Compensation: Modifications Required to Tie to Share Price",
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      "text": "BKD: Step 2, Upgrade Corporate Governance Structure",
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