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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2012-12-20 00:00:00",
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  "notes": "The slide uses a comparison frame to highlight structural differences in compensation plans between Herbalife and Avon.",
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      "kind": "callout",
      "text": "Production Bonus (7%) / Mark Hughes Bonus (1%)",
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      "text": "In addition to paying out a higher percentage of Retail Sales than Avon, Herbalife's commission structure varies from Avon's in two critical ways: (i) Herbalife's royalties are \"flat,\" whereas Avon's are \"descending;\" and (ii) Herbalife has a Production Bonus (\"infinity bonus\"), Avon only pays Recruiting Rewards three levels deep",
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      "text": "Total Payout: 23.0%",
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      "text": "In addition to paying out a higher percentage of Retail Sales than Avon, Herbalife's commission structure varies from Avon's in two critical ways: (i) Herbalife's royalties are \"flat,\" whereas Avon's are \"descending;\" and (ii) Herbalife has a Production Bonus (\"infinity bonus\"), Avon only pays Recruiting Rewards three levels deep",
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      "text": "Source: Company filings, Avon Sales Leader Bonus Chart, Herbalife Marketing Plan. Assumes 1 Herbalife Personal Volume point = $1 of Herbalife Retail Sales.",
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      "text": "Maximum Distributor Commissions table comparing Avon and Herbalife commission percentages across downline levels.",
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      "text": "Herbalife v. Avon: Herbalife's Compensation Plan Incentivizes Recruiting",
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