{
  "docId": "019dd923-622c-750b-8b99-38d956541145",
  "docSlug": "a8618aad4c6b",
  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 56,
  "pageCount": 195,
  "prevPage": 55,
  "nextPage": 57,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses a red flag icon to denote a 'red flag' governance issue.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "quote_block",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-38d956541145/56",
  "deckHref": "/decks/019dd923-622c-750b-8b99-38d956541145",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-38d956541145.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-38d956541145#slide-56",
  "components": [
    {
      "bbox": {
        "h": 0.22,
        "w": 0.75,
        "x": 0.18,
        "y": 0.31
      },
      "kind": "callout",
      "text": "In November 2021, the Board, excluding Mr. Lobo, amended the policy regarding the personal use of aircraft by Mr. Lobo and his immediate family members that was previously approved in December 2016. The Board believes the policy maximizes the efficient use of Mr. Lobo's travel time and helps to ensure his personal safety and security. Mr. Lobo is the only Stryker executive officer allowed to use aircraft for personal use. The primary revision to the policy was to increase the annual hour limitation to 60 hours, effective for calendar year 2021, from the previous amount of 40 hours. The annual hour limitation and the actual personal use by Mr. Lobo and his immediate family members is reviewed annually by the Board. The benefit to Mr. Lobo associated with personal use of aircraft is imputed as income for tax purposes at Standard Industry Fare Level rates and he is responsible for paying the associated taxes.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7add7e4b-6ba6-44dd-a31b-16f0ebaed5b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.87,
        "x": 0.065,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Spruce Point believes the corporate profile bloat then lends itself to unnecessary and extravagant spending in other areas. For example, Stryker has three registered corporate jets and the CEO is the only one allowed to use them for personal use. In fact, he was recently rewarded with MORE use of the corporate jet. We believe this is another sign of growing Corporate Governance challenges at Stryker we'll explore later in the presentation.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27a0f95d-1820-4a1a-831d-9f21c0d43d78",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.18,
        "y": 0.54
      },
      "kind": "source-note",
      "text": "Source: 2022 Proxy Statement",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74d5f88c-50e1-4c5c-8a76-eb0b89c14609",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.065,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: FAA registry",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0adb99e-a1c8-4185-858c-3742be243019",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.87,
        "x": 0.065,
        "y": 0.59
      },
      "kind": "table",
      "text": "Active Stryker Corporate Jets N-Number Serial Number Model Expiration 421SC 331 Dassault Falcon 200EX 11/30/2023 520SC 338 Dassault Falcon 200EX 6/3/2024 625SC 9647 Bombardier BD-700-1A11 8/31/2023",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74a52301-8e6f-47bb-887d-4e251966717a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.305,
        "y": 0.06
      },
      "kind": "title",
      "text": "The CEO's Jets Are Sacred Cows",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f51fc214-31a3-436f-8870-500352104d20",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "533f4eb9-999a-4c46-83b3-d7e8af47d994",
      "evidence": "Highlights corporate governance challenges regarding executive perks.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 60,
      "from": 41,
      "beatId": "ef5ec403-e508-48f5-824a-a6a4bebc6f34",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Climax",
      "beatSlug": "mountain-climax",
      "evidence": "The document reaches a climax with a detailed analysis of Stryker's financial performance and management issues.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}