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  "documentTitle": "Dye & Durham Limited (DND)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
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  "presentationDate": "2024-12-01 00:00:00",
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  "notes": "The slide uses a table to detail specific option grants to named executives to support the argument of misaligned incentives.",
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      "text": "By primarily using stock options to incentivize management, the Board has created an environment that has favored excessive risk-taking, which can be seen by the excessive pace of M&A and the reluctance to reduce leverage.",
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      "text": "Management (excluding the CEO) is entitled to receive an annual bonus tied to the achievement of annual financial targets. The Company does not disclose those targets, making it difficult for shareholders to assess whether management is incentivized appropriately.\nOne-time option package granted on November 10, 2020, for the management team at a strike price of $21.308 per share. Those options have vested.",
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      "text": "One third of such options vest or vested on time based criteria, one third vested on the date on which the 20-day VWAP equaled or exceeded $30.00, and one third vested on the date on which the 20-day VWAP equaled or exceeded $40.00. The performance based criteria have been met, and all options subject thereto are fully vested. The options expire on the five year anniversary of the date of grant.",
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      "text": "Name | Number of Options Granted\nMatthew Proud | 2,336,794\nAvjit Kamboj | 350,520\nEric Tong | 350,520\nCharlie MacCready | 350,520\nJohn Robinson | 350,000",
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      "kind": "title",
      "text": "The Board Has Failed to Appropriately Incentivize and Compensate Management (Cont.)",
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