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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 contrasts the 2018 incentive structure (price-based) with the 2017 structure (financial metric-based).",
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      "kind": "callout",
      "text": "Less implied share price growth each year",
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      "text": "We believe investors should be concerned that management’s long-term restricted stock incentive program is tied to fewer hard long-term financial performance metrics, and now includes arbitrary stock price targets (which imply lower and lower growth) – most of which have been hit already.",
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      "text": "share price appreciation: 24.8%",
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      "text": "We believe investors should be concerned that management's long-term restricted stock incentive program is tied to fewer hard long-term financial performance metrics, and now includes arbitrary stock price targets.",
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      "text": "Grants of price performance-based restricted stock, one-third of which vest upon the attainment of a share price of $34 no later than December 31, 2020, one-third upon the attainment of a share price of $38 no later than December 31, 2021, and one-third upon the attainment of a share price of $42 no later than December 31, 2022.",
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      "text": "The performance metrics for the performance-based grant are: revenue, EBITDAP, ROIC, cumulative CIP investment, and cumulative CIP savings metrics for the performance period.",
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      "kind": "source-note",
      "text": "Source: AJRD 8-K, Feb 27, 2018; AJRD 2018 Proxy St. And 2019 Proxy St.",
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      "text": "Weaker Long-Term Incentives For Management",
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      "text": "Long-Term Incentives Now Tied To Arbitrary Stock Prices – Two Which Already Have Been Exceeded",
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      "text": "Long-Term Incentives Previously Tied To Five Hard Financial Metrics (2017) vs. Just Three (2018)",
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