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  "docSlug": "9551be67f14d",
  "documentTitle": "Perion Network Ltd. (PERI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-23 00:00:00",
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  "pageNumber": 27,
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  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The slide highlights a shift in compensation structure as a negative signal for insider alignment.",
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      "kind": "callout",
      "text": "Not only is inside ownership at an all-time low, but insiders no longer are receiving options, which are a levered bet on the share price. Instead, the ownership includes Restricted Share Units (RSUs).",
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      "kind": "metric",
      "text": "insider ownership: 1.0%",
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      "text": "(1) As of 20-F filing. Subsequently, based on Form 144 filings 3,250 shares were sold by Undertone President Dan Aks and 96,249 shares sold by CFO in three stock sales (a)(b)(c)(d)\nSource: PERI 20-F and Spruce Point analysis",
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      "text": "Analysis of PERI Insider Ownership table",
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      "kind": "title",
      "text": "Insider Ownership Near All-Time Lows",
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      "evidence": "The deck spends most of its pages exposing contradictions and inconsistencies in PERI's financials, partnerships, and growth story.",
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      "evidence": "The deck presents a series of logical and coherent arguments to build a case against PERI.",
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      "objective": "To present a logical chain of evidence and reasoning to support the conclusion of significant downside risk to PERI's share price.",
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