{
  "docId": "019de06f-538c-743c-b25b-01e3e77f6b68",
  "docSlug": "18e0883c253545e66aad06bf82bf0c92",
  "documentTitle": "Third Point Management | Activist Presentation Deck | 30 slides",
  "authorId": "third-point-management",
  "authorName": "Third Point",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 17,
  "pageCount": 30,
  "prevPage": 16,
  "nextPage": 18,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 36,
  "notes": "The slide uses red dashed boxes to highlight specific directors to be replaced by the shareholder slate.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-538c-743c-b25b-01e3e77f6b68/17",
  "deckHref": "/decks/019de06f-538c-743c-b25b-01e3e77f6b68",
  "deckJsonHref": "/decks/019de06f-538c-743c-b25b-01e3e77f6b68.json",
  "deckAnchorHref": "/decks/019de06f-538c-743c-b25b-01e3e77f6b68#slide-17",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.275,
        "x": 0.68,
        "y": 0.655
      },
      "kind": "callout",
      "text": "The Shareholder Slate owns more than 10x as many shares as the current Board combined and both Harry J. Wilson and Olivier Reza have already purchased shares",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db5f281a-8ec4-4669-80f3-a2c43e5a54bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.91,
        "x": 0.045,
        "y": 0.86
      },
      "kind": "disclaimer",
      "text": "Note: shares owned as of March 24, 2014 and include deferred stock units, dividend equivalent rights, as well as shares owned by wives, children, etc; ownership percentage calculated using 2013 weighted avg. diluted share count of 69.175M. Source: Third Point LLC; Company filings; Bloomberg",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7afae74b-046f-4566-bf53-7769a055b680",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.275,
        "x": 0.68,
        "y": 0.245
      },
      "kind": "list",
      "text": "No “owner’s perspective” in the boardroom; directors hardly own any stock. Substantial majority of owned shares were stock awards. CEO has never purchased shares in the open market per Bloomberg. Since 1/1/12, directors as a group have been net sellers. New board nominees have NOT purchased a single share",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c7182ac-cf4d-4f87-bd6e-3133af8148f0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.635,
        "x": 0.045,
        "y": 0.228
      },
      "kind": "table",
      "text": "Director, Shares Owned ('000s), % Ownership, Open market activity since 1/1/12",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dbfd238e-3155-4e73-812b-0e81f7feda27",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.91,
        "x": 0.045,
        "y": 0.125
      },
      "kind": "title",
      "text": "Current Board has little economic interest in the performance of the Company whereas the Shareholder Slate has “skin in the game”",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "29751a26-7e39-4dc0-9445-fa2dfd22a42c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.302,
        "x": 0.045,
        "y": 0.085
      },
      "kind": "title",
      "text": "Corporate Governance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "08841b28-2feb-4686-93da-3c0c8e78148c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "skin-in-the-game",
      "slug": null,
      "matchId": "7375f6e3-cc77-4113-832b-373b8d61cd86",
      "evidence": "The slide explicitly contrasts the current board's lack of economic interest with the shareholder slate's 'skin in the game'.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 22,
      "from": 7,
      "beatId": "ab3fe832-cc34-4383-94db-a7b5c3ae3bfa",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document exposes contradictions in the current board's actions and performance on pages 7-22.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}