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  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
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  "authorName": "William Ackman",
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  "notes": "Addresses a potential critique regarding compensation structure.",
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      "text": "Question: Why does the Services Agreement contemplate a 1.5% advisory fee rather than paying the new management team with a more typical cash and stock compensation construct used by most operating businesses?",
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      "text": "Under their existing commercial arrangements with Pershing Square HoldCo, Pershing Square employees cannot take direct compensation as employees of other companies",
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      "text": "Any consideration paid by HHH in exchange for the leadership and resources of Pershing Square employees must be in the form of fees paid to Pershing Square, rather than compensation paid directly to its employees",
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      "text": "HHH receives access to the full Pershing Square team and organizational resources",
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      "text": "Replicating the entire Pershing Square team and organization would cost HHH vastly more than the proposed 1.5% advisory fee",
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      "text": "Proposed advisory-fee-only construct is one of the lowest-cost fee structures in private equity and public alternatives, and represents a substantial discount to the fees charged by the current Pershing Square Funds",
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