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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-03-10 00:00:00",
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  "notes": "The slide uses a callout box to link a specific corporate disclosure to the activist's interpretation of management's intent.",
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      "kind": "callout",
      "text": "Evidence Suggests Insiders Want Access To AMCR Stock Faster Than Normal",
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      "text": "Allowing management to receive vested stock faster, is a strong signal that insider want to unload stock fast.",
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      "text": "Given our belief that the Bemis / Amcor transaction is struggling, and management is likely aware of the operational and financial challenges it faces, we observe that management was granted a two year vesting period (instead of a typical three year period) for stock related to its recent long-term incentive program. Allowing management to receive vested stock faster, is a strong signal that insider want to unload stock fast.",
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      "kind": "quote",
      "text": "LONG-TERM INCENTIVE GRANTS DURING FISCAL YEAR 2019: \"In fiscal year 2019, the regular annual LTI grant was delayed until the completion of the Transaction. The transaction closed late in fiscal year 2019, resulting in this award being granted after the end of fiscal year 2019. Given the timing of the grant, the award will have a two year vesting period rather than the standard three year vesting period. This award will be disclosed alongside the fiscal year 2020 LTI grant in the 2020 report.\"",
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      "text": "In fiscal year 2019, the regular annual LTI grant was delayed until the completion of the Transaction. The transaction closed late in fiscal year 2019, resulting in this award being granted after the end of fiscal year 2019. Given the timing of the grant, the award will have a two year vesting period rather than the standard three year vesting period. This award will be disclosed alongside the fiscal year 2020 LTI grant in the 2020 report. — Amcor proxy statement p, 20",
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      "text": "Source: Amcor proxy statement p, 20",
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      "kind": "title",
      "text": "Accelerated Bonus Vesting?",
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