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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-07-20 00:00:00",
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  "pageNumber": 26,
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  "notes": "The slide uses a before-after structure to explain a regulatory change in compensation policy.",
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      "kind": "callout",
      "text": "Herbalife can only pay its distributors compensation at the current levels if 80% or more of the Company’s sales fit into one of the above categories",
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      "text": "Sales to “Preferred Customers” – people who register to be Herbalife customers only, who receive product discounts but are not themselves permitted to sell, recruit or earn compensation\nSales to Preferred Customers in the distributor’s downline\nProfitable retail sales of the distributor’s downline\nLimited personal consumption",
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      "text": "Herbalife currently compensates distributors based on their wholesale purchases of products and purchases of their downline",
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      "kind": "title",
      "text": "The Settlement Limits Compensation to Verifiable, “Profitable Retail Sales”",
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