{
  "docId": "019dd923-622c-750b-8b99-1e32ee1ceb49",
  "docSlug": "cce862680d4f",
  "documentTitle": "Heska Corporation (HSKA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-25 00:00:00",
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  "pageNumber": 110,
  "pageCount": 128,
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  "slideType": "expose_contradiction",
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  "density": "overcrowded",
  "nDataPoints": 45,
  "notes": "Uses a red flag icon to signal activist intent; highlights specific compensation metrics (salary, options, stock) against performance metrics (Net Income, Cash Flow, EBITDA).",
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      "kind": "callout",
      "text": "Seriously? A car and communications stipend for a guy who makes $1 million per year? A minimum annual cash bonus of 50% of base salary? Also, a 20% stock appreciation hurdle for option vesting? Seems like a pretty low bar. Wilson's new $1 million base salary will pay him on par with CEOs who manage companies 10-30x larger.",
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      "kind": "callout",
      "text": "CEO Wilson received a 67% salary raise for 2021, to $1 million, as well as a number of perks, all of which seem excessive given Heska's historical financial performance, size, and location. Moreover, Wilson received options valued at $6.9 million and restricted stock valued at $36.5 million based on the previous day's closing price. The total grant of $43.4 million is 1.5 times more than the total net income generated by Heska in the eight years since Wilson joined the Company.",
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      "kind": "callout",
      "text": "Wilson's new $1 million base salary will pay him on par with CEOs who manage companies 10-30x larger.",
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      "kind": "metric",
      "text": "Salary / LTM Revenue: 0.41%",
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      "kind": "source-note",
      "text": "Source: Heska 8-K dated 6/10/21, IDEXX 2021 Proxy, Catalent 2021 Proxy, Elanco 2021 Proxy, Covetrus 2021 Proxy, Zoetis 2021 Proxy, Heska SEC filings",
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      "kind": "table",
      "text": "Wilson New Stock Compensation Relative to Heska Historical Performance Since 2013",
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      "text": "CEO Salary Benchmarking Versus Peers",
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      "kind": "title",
      "text": "We Believe The Terms of CEO Wilson's New Employment Agreement Are Egregious",
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      "evidence": "Exposing excessive compensation relative to performance and peers",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.",
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