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  "documentTitle": "Pershing Square | Activist Presentation Deck | 63 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2014-03-01 00:00:00",
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  "pageNumber": 18,
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  "notes": "The slide highlights the tiered compensation structure and notes that participants refer to these credits as 'salary', implying an employment-like relationship.",
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      "text": "Compensation for being a Business Representative . . .",
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      "text": "While Business Representatives order products at full suggested retail price, Herbalife pays them a “Retroactive Credit” equal to a percentage of the price paid. The Retroactive Credit begins at 15% and increases as Business Representatives accumulate more Volume Points",
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      "text": "Herbalife participants refer to Retroactive Credits as “pay” and “salary,” and Herbalife withholds taxes on these payments of Retroactive Credits to participants",
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      "text": "Source: Herbalife Business Execution Handbook (China)",
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      "text": "Volume Points Required | RMB Equivalent | USD Equivalent | Retroactive Credit",
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      "text": "Incentives for Business Representatives",
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