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  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-04-15 00:00:00",
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  "notes": "The slide uses a list-based critique to dismantle the 'pay for performance' claim of the nominee's compensation plan.",
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      "text": "The goals are more rigorous than PSU program because Shareholder Nominee is only paid if outperform peer group and payment commensurate with amount of outperformance.",
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      "text": "Similar to Hess's Performance Share Unit (PSU) program but with more rigorous goals\nThe peer group is the exact same as the PSU program\nThe measurement of total return is the same as the PSU program\nThe goals are more rigorous than PSU program because Shareholder Nominee is only paid if outperform peer group and payment commensurate with amount of outperformance. Hess pays management 50% to 100% of target bonus even if Hess in 3rd quartile\nThe obligation to pay is contractually fixed and not subject to Elliott's discretion\nThe payment has no tie whatsoever to Elliott's P&L or investment\nThe duration is more long term oriented than any plan currently at Hess\nThe payment is capped at 300% outperformance (300% outperformance would imply Hess share price at ~$250 per share while peers are flat)",
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      "kind": "paragraph",
      "text": "What it is: $30,000 for each 1% that Hess's stock outperforms Hess's own proxy peers as measured at the end of the Shareholder Nominee's three-year term as a director (2016)",
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      "text": "Shareholder Nominee Compensation is Pay for Performance",
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