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  "documentTitle": "Huntsman Corporation (HUN)",
  "authorId": "03_Starboard_Value",
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  "presentationDate": "2022-02-28 00:00:00",
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  "notes": "Uses a line chart to visualize the 'skew' in incentive compensation.",
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      "kind": "callout",
      "text": "A 4.5% miss on Adjusted EBITDA results in an 18% decrease in bonus, but a 4.5% beat results in a 100% increase in bonus!",
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      "text": "Huntsman Annual Cash Bonus Multiplier vs. % Achievement of Adjusted EBITDA Target",
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      "text": "Bonus Multiplier: 5.6x",
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      "text": "We believe the Board-approved annual bonus structure generously rewards management for small outperformance on targets while scarcely reducing bonuses for the same level of underperformance. We believe this lopsided incentive construct fails to properly hold management accountable.",
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      "text": "The annual cash bonus payout structure disproportionately rewards minor outperformance while barely punishing underperformance, further reducing alignment with shareholders.",
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      "text": "Source: Public company filings.",
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      "text": "EBITDA Compensation Goals table",
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      "kind": "title",
      "text": "We Are Also Concerned With Huntsman’s Lopsided Annual Cash Bonus Payout Structure",
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