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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-07-01 00:00:00",
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  "notes": "The slide uses a 'suspicion' frame to interpret standard governance updates as potential red flags.",
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      "text": "Directors now cannot defer compensation and must take it in the current period. This raises our suspicion that insiders are opting to take cash out before financial stress increases in the future. In addition, FND recently expanded its Clawback policies to include lower-level EVPs and SVPs. While this is friendlier to shareholders, it also raises suspicion if this was changed for a specific reason.",
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      "text": "Directors now cannot defer compensation and must take it in the current period. This raises our suspicion that insiders are opting to take cash out before financial stress increases in the future.",
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      "text": "For Fiscal 2023, we discontinued elections under the Director Deferred Compensation Program. — Floor & Decor 2023 Proxy Statement",
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      "text": "Clawback \"Policies\" Now vs. Policy. In order to encourage sound financial reporting... In Fiscal 2023, we amended our Incentive Compensation Recoupment Policy to cover Executive Vice Presidents and Senior Vice Presidents...",
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      "text": "No More Director Deferred Compensation Program. We maintain a Director Deferred Compensation Program... In Fiscal 2023, we discontinued elections under the Director Deferred Compensation Program.",
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