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  "documentTitle": "Cintas Corp. (CTAS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-11-13 00:00:00",
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  "notes": "The slide uses a red flag icon to highlight the contradiction between the company's claim of success and the activist's view of the deal's quality.",
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      "text": "At the discretion of the Compensation Committee, bonuses can be paid outside the Management Incentive Plan, typically to reward exceptional outcomes and successes in extraordinary business situations. In fiscal 2018, as a result of their significant involvement and success with the fiscal 2017 acquisition of G&K, Mr. Hansen and Mr. Frooman each received a discretionary cash bonus of $132,500. The Compensation Committee arrived at $132,500 by considering the extra effort, time commitment and individual expertise that was required of Mr. Hansen and Mr. Frooman to successfully close the transaction, which led to additional revenues and profits for the Company.",
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      "text": "In light of all our concerns about Cintas overpaying for G&K, increasing the financial stress to the overall pro-forma company, and management using aggressive measure to manage Wall Street expectations in a way to make itself look like business is improving, we find it absurd that Cintas claimed the deal was a “success”. Cintas paid special cash bonuses to management for what Spruce Point believes is a terrible deal.",
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      "text": "Source: Proxy p. 19",
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      "text": "Warning: When Given Bonuses For Deals",
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