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  "documentTitle": "Union Pacific Corporation (UNP)",
  "authorId": "15_Soroban",
  "authorName": "Eric Mandelblatt",
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  "presentationDate": "2023-02-22 00:00:00",
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  "notes": "The slide uses a bar chart to contrast UNP's CEO bonus payout percentages against a peer average, highlighting a persistent gap.",
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      "text": "As CEO, Lance Fritz has only been earning ~83% of a 200% potential annual incentive bonus (only one year above 100%). This is a low earn rate and significantly below the best-in-class railroad CEO average of ~155%",
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      "text": "Management Annual Incentive Bonus",
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      "text": "UNP's annual incentive compensation bonus is determined from financial targets (operating income and operating ratio) and business objectives (safety, service, etc.)\nAs CEO, Lance Fritz has only been earning ~83% of a 200% potential annual incentive bonus (only one year above 100%). This is a low earn rate and significantly below the best-in-class railroad CEO average of ~155%",
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      "text": "annual incentive bonus: 83%",
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      "text": "The entire Union Pacific team recognizes that 2022 did not beat expectations. — UNP on its Q4'22 earnings call",
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      "text": "Source: company filings. Note: UNP's 2015-17 annual incentive bonus only discloses $ amount. % is calculated using the Board's 2017-21 target $ for Lance Fritz, which has remained constant. (1) Represents annual incentive bonus for Hunter Harrison/Keith Creel at CP and Jim Foote at CSX.",
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      "text": "Lance Fritz has consistently failed to reach internal targets established by the Board over his eight-year tenure as CEO. It is clear he is not performing up to the Board's standards",
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      "kind": "title",
      "text": "The Board clearly recognizes Lance Fritz's subpar results given his consistent failure to meet incentive compensation targets",
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