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  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Includes a table of environmental compliance violations for DTA asset.",
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      "text": "70% of AMR's Annual Incentive Bonus is tied to EBITDA and Cost of Coal Sales Per Ton. As we pointed out earlier, neither metric incorporates the cost of operating its key DTA asset that facilitates over $1.7 billion of AMR's export coal sales.",
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      "text": "Annual Incentive Bonus: 200%",
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      "text": "70% of AMR's Annual Incentive Bonus is tied to EBITDA and Cost of Coal Sales Per Ton. As we pointed out earlier, neither metric incorporates the cost of operating its key DTA asset that facilitates over $1.7 billion of AMR's export coal sales. DTA is also out of environmental compliance, yet management received a 200% payout. What's even more troubling is that neither of AMR's bonus metrics account for capital usage. Coal mining is an incredibly capital intensive business. As a result, we believe management should be rewarded for measures that take into consideration capital use. Ironically, the predecessor company Alpha Natural Resources appears to have agreed with us; 25% of its former management's bonus was tied to ROIC.",
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      "text": "Source: Alpha Metallurgical Coal",
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      "text": "Source: EPA.gov",
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