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  "documentTitle": "FIGS, Inc. (FIGS)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-09-07 00:00:00",
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      "text": "We believe Jeff Lawrence is a credible financial executive having served as the former CFO of Domino’s Pizza. Based on the -21% decline in FIGS shares upon the announcement of his departure on Dec 20, 2021, the market did not expect his quick departure. We estimate he forfeited millions of dollars upon his resignation.",
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      "text": "Lawrence’s employment agreement stipulated a December 31, 2020 start date and contained a one year cliff... We find it troubling that: (1) Lawrence notified the Company of his resignation on December 9, 2021... (2) the Company was willing to grant accelerated vesting... (3) Based on the options forfeited... Lawrence gave up $6.6 million to depart from FIGS one week sooner.",
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      "text": "In connection with Mr. Lawrence’s commencement of employment with us on December 31, 2020, we granted Mr. Lawrence a stock option covering 2,047,212 shares of our common stock...",
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      "text": "Source: FIGS 424B filed 5/28/21, FIGS 8-K filed 12/10/2021",
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