{
  "docId": "019dd923-622c-750b-8b99-c8318190e1be",
  "docSlug": "c1709c763a52",
  "documentTitle": "Resideo Technologies, Inc. (REZI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-01-27 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 86,
  "pageCount": 93,
  "prevPage": 85,
  "nextPage": 87,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 30,
  "notes": "The slide uses red arrows and callouts to highlight the decline in ownership percentage and the introduction of deferred share units as negative indicators.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-c8318190e1be/86",
  "deckHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be#slide-86",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.1,
        "x": 0.64,
        "y": 0.83
      },
      "kind": "callout",
      "text": "Ownership in decline",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "030b4186-21b5-404f-aaa0-a499cc4b8b76",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.22,
        "x": 0.76,
        "y": 0.83
      },
      "kind": "callout",
      "text": "May signal director dissent, retention or cash flow issues",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "afbb0cb8-4050-4015-a4f9-75988f5e3c83",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "In our view, this could signal director dissent, retention or cash flow issues.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b679-79e29c406c73",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "disclaimer",
      "text": "1) Seven months after a director's termination of service on the Board, the non-employee director will be paid the balance in his or her deferred stock account through the issuance of common shares.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac0cefa1-b0a6-4937-ae8b-ea36623ae512",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "All Insiders ownership percentage: 1.5%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b679-7c544e262b8b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "In the context of all our documented concerns, we observe that total insider ownership peaked in 2023 and has since been declining. If management is to sell investors on its vision that splitting up the Company has value, then we would prefer to see their ownership increase with more stock compensation or open market purchases. We are also concerned by the recent practice of issuing deferred share units to Board members. In our view, this could signal director dissent, retention or cash flow issues.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "46515f1b-aa38-4cfb-b1b9-ea02b355de55",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.02,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Proxy statements",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f159de56-fba1-4bf1-85ca-4570ef0588c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.96,
        "x": 0.02,
        "y": 0.31
      },
      "kind": "table",
      "text": "Beneficial Ownership of Insiders table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d33e3dcb-069b-45c3-931b-87e882aaa442",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.308,
        "y": 0.05
      },
      "kind": "title",
      "text": "Insider Ownership Trends Are Concerning",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "745a3c6c-a836-4826-b1c0-dc8d8213c069",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "0eb32b3b-4ff3-4412-87be-21cc347afc47",
      "evidence": "The slide uses data to argue that insider behavior (declining ownership) contradicts management's positive narrative, suggesting hidden issues.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 93,
      "from": 85,
      "beatId": "5a322485-869d-4a72-805d-55b84e62fdce",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document implies that a short sale is the solution, providing a sum-of-the-parts analysis and valuation multiples to support the bearish outlook.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}