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  "docSlug": "778e2cbfbfaa",
  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-01-23 00:00:00",
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  "pageNumber": 98,
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  "notes": "The slide uses a historical table from 2014 to contrast with the current lack of disclosure, implying a governance failure or attempt to obscure executive compensation practices.",
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      "text": "Issuing in-the-money stock options gives executives more downside protection when DOX’s share price declines. If management is in fact issuing in-the-money options, it would suggest a strongly bearish signal. Executives would also have less incentive to increase shareholder value with less skin in the game. By omitting the table below, investors cannot see where exercise prices and grants are being concentrated.",
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      "text": "Issuing in-the-money stock options gives executives more downside protection when DOX's share price declines.",
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      "text": "Just as average stock option values began to grow despite declining expected volatility, management began to withhold details from its annual stock option incentive disclosure. The following schedule detailing the breakdown of Amdocs’ outstanding stock options by exercise price last appeared in the Company’s financial statements in FY 2014. The previously-noted questionable trends in expected volatility and average option fair value began in FY 2015, the first year in which this schedule was omitted from Amdocs’ 20-F. If Amdocs is in fact granting a greater share of options in-the-money, the omission of this table would allow management to do so without tipping its hand.",
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      "text": "Source: FY 2014 20-F",
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      "text": "Table showing stock options outstanding as of September 30, 2014, including exercise price ranges, number outstanding, weighted average remaining life, and weighted average exercise price.",
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      "text": "Detailed Exercise Price of Issued Options No Longer Being Disclosed By Management",
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