{
  "docId": "019dd923-622c-750b-8b99-265d3ab25ee2",
  "docSlug": "062cb2b9b6a4",
  "documentTitle": "Nuvei Corp (NVEI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 107,
  "pageCount": 119,
  "prevPage": 106,
  "nextPage": 108,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a red flag icon to signal warning/suspicion.",
  "elementsJson": [
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  "metadataConfidence": 1,
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  "slideHref": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/107",
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  "components": [
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      "kind": "callout",
      "text": "In light of our evidence that the financial statements are being revised, and growth rates and TAMs are being retracted, we find that Nuvei also recently entered into a Clawback Policy with executives.",
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      "kind": "paragraph",
      "text": "Clawback Policy\nOn October 4, 2021, the Company implemented a formal clawback policy 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 in the event of either of the following: (a) There has been a restatement of the Company’s financial statements; and the amount of the incentive compensation paid or awarded to an Executive Officer would have been lower if it was calculated based on the achievement of certain financial results that were subsequently the subject of or affected by the restatement of the Company’s financial statements; or (b) the executive officer engaged in misconduct (including fraud, negligence, or material noncompliance with legal requirements or the Company’s Code of Ethics).",
      "attrs": null,
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      "kind": "source-note",
      "text": "Source: Nuvei Q3'2021 MD&A",
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      "kind": "title",
      "text": "New Clawback Adopted While Financial Revisions Starting To Appear",
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      "kind": "title",
      "text": "Interesting Time To Add A Clawback Policy",
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      "matchId": "81289449-fbd0-4620-b9db-be916f41a5e3",
      "evidence": "The slide links the adoption of a governance policy (clawback) to the timing of financial restatements to imply management misconduct.",
      "confidence": 0.9
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The conclusion and call to action",
      "beatSlug": null,
      "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.",
      "position": 4,
      "confidence": 0.8,
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  "loops": [
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      "from": 101,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71",
      "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.",
      "position": 1,
      "objective": "What are the consequences of not selling Nuvei Corp shares?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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}