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  "documentTitle": "Huntsman Corporation (HUN)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2022-02-28 00:00:00",
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  "notes": "Uses a bar chart to compare original targets, threshold, revised targets, and actual performance to highlight the contradiction between stated policy and actual outcomes.",
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      "kind": "callout",
      "text": "The Board clearly states that management is not entitled to any annual cash bonus if Adjusted EBITDA is below 75% of target (i.e. threshold)",
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      "text": "Actual FY 2020 Adjusted EBITDA was 6% below threshold, which should have resulted in NO annual cash bonus payment if targets had not been revised",
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      "text": "2020 Adjusted EBITDA – Actual vs. Annual Cash Bonus Target",
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      "text": "Adjusted EBITDA: $647",
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      "text": "Had the Board not meaningfully lowered management's annual cash bonus targets, management would have likely not been eligible for an annual cash bonus award in 2020.",
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      "text": "The revised performance goals were set at aggressive levels that reflected our realistic expectations at the height of the COVID-19 pandemic. Achievement levels between threshold and target result in payouts from 0% to 100% of target awards. Achievement levels between target and maximum result in payouts from 100% to 200% of target awards. If we achieve corporate adjusted EBITDA of less than 85% of target, the payout for all other components may be capped at target. If corporate adjusted EBITDA is less than 75% of target, the threshold goal, then payment of any other component of the award would be at the discretion of our CEO and the Compensation Committee. The Compensation Committee believes that requiring a minimum adjusted EBITDA threshold be met to receive any payment with respect to the annual cash performance awards both aligns executives' interests with those of stockholders and prevents excessive annual cash performance award payments in times when our financial performance fails to meet our expectations. — Board's Annual Cash Bonus Compensation Philosophy (2021 Proxy Statement)",
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      "text": "Source: Public company filings.",
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      "text": "The Board's reduced targets allowed management to collect annual cash bonuses.",
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      "text": "If Not for the Board's 2020 Mid-Year Target Revision, Management Would Not Have Received an Annual Cash Bonus",
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