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  "docSlug": "68bd393edc75",
  "documentTitle": "Kratos Defense & Security Solutions (KTOS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-03-16 00:00:00",
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  "pageNumber": 34,
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  "notes": "The slide uses a combination of a bar chart, a pie chart, and bulleted lists to build a case against management's incentive structure.",
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      "text": "Management has virtually nothing at risk and limited alignment with shareholders.",
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      "kind": "chart",
      "text": "Insider Beneficial Ownership By Kratos Management Executives Non-Existent",
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      "text": "Total Executive Pay Heavily Cash Oriented",
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      "text": "Willingness To Pay Management Large Bonuses For Questionable Value Creation For Shareholders",
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      "text": "Insider Beneficial Ownership: 1.2%",
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      "text": "The Compensation Committee and/or the Chief Executive Officer also retain the right to exclude extraordinary charges or other special circumstances...",
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      "kind": "quote",
      "text": "The Compensation Committee and/or the Chief Executive Officer also retain the right to exclude extraordinary charges or other special circumstances in determining whether the objectives were met during any particular fiscal year and may decide to grant 100% of the targeted cash bonus award, even if the financial targets do not fall within the specified range",
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      "kind": "source-note",
      "text": "Source: KTOS proxy statements. Cash/Stock mix from 2017 proxy",
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      "kind": "title",
      "text": "Limited Insider Ownership By Kratos Management",
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