{
  "docId": "019de06f-55b4-734a-a2e3-c1019ed629b5",
  "docSlug": "42b17c6fff3e2006bf9fc5d84bd6edcc",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management, L.P.",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-07-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2955465,
  "pageNumber": 91,
  "pageCount": 120,
  "prevPage": 90,
  "nextPage": 92,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "Page number 90.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-55b4-734a-a2e3-c1019ed629b5/91",
  "deckHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5",
  "deckJsonHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5.json",
  "deckAnchorHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5#slide-91",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.06,
        "y": 0.188
      },
      "kind": "callout",
      "text": "Time-Vested Stock Options",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c0a2f45-04c2-480e-b17c-09befd6aa2b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.06,
        "y": 0.57
      },
      "kind": "callout",
      "text": "Inadequate TSR Trigger (on one-time grants)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f16080aa-6b03-45e8-af5d-96ba8779f1c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.06,
        "y": 0.28
      },
      "kind": "list",
      "text": "Time-vested options comprise nearly all of senior management's long-term equity compensation\nThe options have no performance trigger\nThe options are issued at the money, making them valuable even if Allergan's share price growth is meager",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e52f103-3c3d-462e-ab5e-4ddc0276787f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.06,
        "y": 0.66
      },
      "kind": "list",
      "text": "In 2012, CEO Pyott was granted 165,000 restricted stock units to \"recognize over a decade of outstanding performance\"\nTo achieve maximum vesting, total shareholder return must be 9% over a five year period\n9% is below the 10% minimum TSR Valeant must achieve",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c8f27e41-1171-4be7-a77a-2884ec7284bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.04,
        "y": 0.05
      },
      "kind": "title",
      "text": "Allergan's Poorly Designed Executive Compensation Program (Cont.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5207716-d933-4c4a-8e04-d24ce7193ceb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "c6710d52-2800-4e39-813a-a97c256a7d5b",
      "evidence": "Frames Allergan's compensation as 'poorly designed' and compares it unfavorably to Valeant's standards.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}