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  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-04-09 00:00:00",
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  "notes": "The slide highlights the removal of strict financial thresholds for personal factor bonuses and the addition of vague 'Board approved modifications' to EBITDA.",
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      "kind": "callout",
      "text": "Are Management And A Rubber Stamping Board Fleecing Shareholders With Looser Financial / Non-Financial Results?",
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      "text": "If you look carefully at the recent proxy statement filed March 2019, management hit all its short-term incentive targets, but it appears a loosely defined Adj. EBITDAP, which now nets recoverable costs from US gov't contracts and includes unspecified “Board approved modifications”, is the driver.",
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      "text": "If you look carefully at the recent proxy statement filed March 2019, management hit all its short-term incentive targets, but it appears a loosely defined Adj. EBITDAP, which now nets recoverable costs from US gov't contracts and includes unspecified \"Board approved modifications\", is the driver. Furthermore, personal factors which account for 20% of the bonus are no longer tied to achieving \"all three financial metrics at the threshold\", but rather are based \"upon the assessment of performance related to Company goals and objectives, and individual and leadership competencies\".",
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      "text": "Adjusted EBITDA Becoming More \"Adjusted\" For Management Comp Plan",
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