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  "documentTitle": "Samsara Inc. (IOT)",
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  "notes": "The slide uses a 'villain' framing by highlighting the exclusion of direct competitors (Impinj, Alarm.com, Axon, Zebra, Garmin, Motorola) from the peer group.",
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      "kind": "callout",
      "text": "While Ignoring Billion $ IoT Peers. Why?",
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      "text": "Samsara’s Buddies On The Board Want You To Believe This Is An Accurate “Peer Group”....",
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      "text": "Our belief is that Samsara insiders are working to maximize their compensation at the expense of shareholders.",
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      "text": "The similarities with C3.ai don't just end with their promotional practices. Both C3.ai and Samsara use a relatively small compensation consultant named Compensia to help set compensation strategies. Samsara wants investors to believe that management's “Peer Group” is a range of large application software, internet service and infrastructure companies. However, upon careful review, Spruce Point has two major issues: 1) Not a single company in the Peer Group in turn references Samsara as its peer, and 2) The list conveniently ignores many billion-dollar IoT, hardware / software service companies. Our belief is that Samsara insiders are working to maximize their compensation at the expense of shareholders.",
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      "text": "Source: Samsara Proxy Statement, C3.ai Proxy Statement, Spruce Point Research",
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      "text": "Outrageous Compensation Decisions Favoring Insiders Over Shareholders",
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