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  "docSlug": "f2d2846f5efe",
  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-09-29 00:00:00",
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  "pageNumber": 23,
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      "kind": "callout",
      "text": "In light of the evidence we've presented that Lightspeed materially revised its customer counts, GTV, and office locations pre-IPO (including TAM post-IPO), we find it unusual that upon closing of the IPO, Lightspeed formally adopted a clawback policy to recoup compensation from management upon “material financial restatements”.",
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      "kind": "paragraph",
      "text": "Clawback Policy\nThe Company will implement a formal clawback policy concurrently with Closing as an additional approach to mitigate compensation risk. The clawback policy enables the Board to require reimbursement of all or a portion of compensation received by an executive officer pursuant to awards made under the Company’s short-term and long-term incentive plans upon material financial restatements due to an executive officer engaging in prohibited conduct causing, in whole or in part, the need for the restatement.",
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      "kind": "source-note",
      "text": "Source: IPO prospectus at SEDAR.com",
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      "kind": "title",
      "text": "Clawback Policy Started Upon IPO",
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      "evidence": "Contrasts company policy text with activist's interpretation of suspicious timing.",
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      "evidence": "The document presents evidence of LSPD's deteriorating business and financials",
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      "evidence": "The document presents evidence of LSPD's deteriorating business and financials",
      "position": 2,
      "objective": "Show hidden risks in LSPD's business",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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