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  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-28 00:00:00",
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  "notes": "The slide uses yellow highlighting to draw attention to specific clauses in the policy text.",
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      "kind": "callout",
      "text": "Spruce Point observes some sharply worded additions to BR's clawback policy were also included that focused specifically on an “Accounting Restatement”.",
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      "text": "If a Covered Person engaged in: (1) Intentional Misconduct, (2) intentional violation of Company written policies including the Code or any applicable legal or regulatory requirements, (3) fraud, or (4) failure to supervise an associate for whom a manager had management responsibilities, and in each case, such activity caused material financial damage or Reputational Damage (as defined in the Policy), then the Company will use reasonable efforts to recover up to 100% of the incentive-based compensation.",
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      "text": "In addition, if the Board determines that incentive-based compensation was based on performance achievement that was calculated by the Company in a materially inaccurate manner, the Board may clawback all or a portion of incentive-based compensation received by such person.",
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      "text": "On August 4, 2020, the Board adopted an amended Clawback Policy (the “Policy”) that includes the ability of the Company to clawback incentive-based compensation in the event of an executive officer’s misconduct. Under the Policy, in the event the Company is required to prepare an Accounting Restatement, the Board may seek to recover excess compensation from any current or former executive officer (a “Covered Person”) who received incentive-based compensation from the Company based on erroneous data, during the three-year period preceding the date on which the Company is required to prepare the Accounting Restatement.",
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      "text": "Source: BR 8-K filing and complete policy change",
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      "text": "Clawback Policy Augmented To Include Accounting Restatements",
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