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  "documentTitle": "Arconic Inc. (ARNC)",
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  "authorName": "Elliott",
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  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "Uses a direct quote from Arconic's letter to employees as the target of the contradiction.",
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      "text": "It is telling that Arconic management would distort the facts in an attempt to avoid a direct comparison. They know that any rational shareholder – given the choice between Larry Lawson and Dr. Kleinfeld – would choose Larry Lawson.",
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      "text": "(1) There is nothing precluding Larry Lawson from becoming CEO at Arconic\n(2) Spirit owes Larry Lawson ~$26 million as deferred compensation from his service as Spirit's CEO. As part of his retirement package, Larry agreed to avoid competing with Spirit for two years. Neither Elliott nor Larry Lawson believe Arconic competes with Spirit nor do we believe Larry Lawson's work as a consultant to Elliott constitutes a violation of that agreement\n(3) Nevertheless, Elliott has agreed to indemnify Larry if Spirit does not pay him\n(4) Any indemnification payments from Elliott to Larry would cease prior to the start of Larry becoming CEO\n(5) Elliott has agreed to compensate Larry for any lost payments as a consequence of his service as a consultant to Elliott. None of these costs – not one dime – will be the obligation of Arconic or its shareholders",
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      "kind": "paragraph",
      "text": "Elliott believes Arconic should be run by the world's best aerospace executive. So we hired Larry as a consultant for the primary purpose of ensuring that Larry (a very in-demand world-class aerospace executive) would be available to become Arconic's CEO should Arconic's Board wish to hire him after the conclusion of the Proxy Contest. We did this for the benefit of all of Arconic's shareholders.",
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      "kind": "paragraph",
      "text": "Elliott conducted a search process with a nationally-recognized consulting firm to identify the world's best aerospace executives. We found our Board Members and we found Larry Lawson – an industry legend who has who built the world's most complex aircrafts, the F-35, the F-22 and 787.",
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      "text": "“Elliott's consultant and candidate for CEO – Larry Lawson, a former Spirit AeroSystems CEO – is legally restricted from taking the job and is on Elliott's payroll. Elliott has agreed to pay him approximately $28 million over next two years, raising the question of whether he would truly serve the interests of ALL Arconic shareholders.”",
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      "text": "“Elliott’s consultant and candidate for CEO – Larry Lawson, a former Spirit AeroSystems CEO – is legally restricted from taking the job and is on Elliott’s payroll. Elliott has agreed to pay him approximately $28 million over next two years, raising the question of whether he would truly serve the interests of ALL Arconic shareholders.” — Arconic’s Letter to Employees, April 7, 2017",
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      "text": "“Larry Lawson Is Legally Prohibited from Serving”",
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