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  "docSlug": "207d3ac66ddd",
  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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  "pageNumber": 95,
  "pageCount": 108,
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  "notes": "The slide uses a pie chart to illustrate the weighting of the STIP pool (75% earnings, 25% comparable sales).",
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      "text": "After the MRC Committee decides on any appropriate adjustments, actual earnings (Actual STIP Earnings) and actual comparable sales results (Actual STIP Comparable Sales) are compared to the Target STIP Earnings and Target STIP Comparable Sales, respectively, and the Corporate Pool Funding (defined below) is calculated as set out below.",
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      "kind": "chart",
      "text": "Corporate Pool Funding pie chart showing 75% Earnings and 25% Comparable Sales",
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      "text": "STIP compensation weighting: 75%",
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      "kind": "paragraph",
      "text": "Short-Term Incentive Plan (STIP) compensation is based on STIP earnings. CTC does not disclose the adjustments used to calculate STIP earnings from reported net income. Based on CTC's disclosure, management has a role in determining STIP earnings by reviewing and presenting what they believe to be appropriate adjustments. We do not believe this is a strong corporate governance practice.",
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      "text": "Source: Company financials",
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      "text": "CTC's total STIP pool is based on earnings (weighted 75% of the overall pool) and comparable sales (weighted 25% of the overall pool). CTC's target STIP earnings (Target STIP Earnings) and target STIP comparable sales (Target STIP Comparable Sales) are established based on the Company's business plan, which is approved by the Board. After the fiscal year is completed, management reviews the Company's financial results and presents to the MRC Committee matters affecting earnings and comparable sales that were not part of the business plan and that may require adjustment. After the MRC Committee decides on any appropriate adjustments, actual earnings (Actual STIP Earnings) and actual comparable sales results (Actual STIP Comparable Sales) are compared to the Target STIP Earnings and Target STIP Comparable Sales, respectively, and the Corporate Pool Funding (defined below) is calculated as set out below.",
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      "kind": "title",
      "text": "Opaque Adjustments",
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