{
  "docId": "019dd923-622c-750b-8b99-5eb652949ff2",
  "docSlug": "85d244dae869",
  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-02 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 81,
  "pageCount": 92,
  "prevPage": 80,
  "nextPage": 82,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 16,
  "notes": "The slide uses a red callout box to emphasize the CEO's unusual Form 4 disclosure and a table to list insider trading programs.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "quote_block",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-5eb652949ff2/81",
  "deckHref": "/decks/019dd923-622c-750b-8b99-5eb652949ff2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-5eb652949ff2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-5eb652949ff2#slide-81",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Spruce Point observes that multiple DV executives have 10b5-1 trading programs to dump stock. Most recently, the Chief Legal Officer enacted a program in mid March 2023. We also observe that an unusual reference was added to CEO Zagorski's Form 4 referencing vested shares being delivered \"as soon as administratively feasible following his separation from service with the Issuer.\" Is this an indication that he is on his way out?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d811afde-dcc7-4a04-9cc8-f43a7277a455",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.39
      },
      "kind": "paragraph",
      "text": "The restricted stock units and stock options vest 6.25% on March 15, 2023 (the \"Vesting Date\") and the remainder of the restricted stock units and stock options vest at a rate of 6.25% on each quarterly anniversary of the Vesting Date. Vested shares will be delivered to the reporting person as soon as administratively feasible following his separation from service with the Issuer.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d5bc77d-8498-484d-bbcf-be1869e20856",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"The restricted stock units and stock options vest 6.25% on March 15, 2023 (the \"Vesting Date\") and the remainder of the restricted stock units and stock options vest at a rate of 6.25% on each quarterly anniversary of the Vesting Date. Vested shares will be delivered to the reporting person as soon as administratively feasible following his separation from service with the Issuer.\" — CEO Form 4",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88c6-629a5f1afb57",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.05,
        "y": 0.55
      },
      "kind": "table",
      "text": "Currently Disclosed Insider Trading Programs table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad784984-9abb-40e0-a5ce-0214e1f1de50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "Multiple Insiders Selling Under 10b5-1 Programs",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f99800fc-ffac-4684-aa46-6457ffb5ad03",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "1534cd63-fc23-4817-8836-7eec471fd010",
      "evidence": "The slide explicitly frames insider trading and unusual regulatory disclosures as evidence of potential corporate malfeasance or impending leadership changes.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 92,
      "from": 81,
      "beatId": "49a4c9c1-f2ca-4f97-9303-ec9f1a1ceb00",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": null,
      "evidence": "The document presents the 'victory' or the conclusion, highlighting the downside risks to DoubleVerify's share price.",
      "position": 5,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}