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  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2014-07-01 00:00:00",
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  "notes": "Uses a comparison of compensation structures to highlight a governance failure at Allergan.",
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      "kind": "callout",
      "text": "Notably, management has not tied long-term compensation to the new long-term financial plan",
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      "text": "Valeant is \"all in\" on aligning compensation with performance – we challenge Allergan to do the same",
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      "text": "Valeant Management Compensation Structure: Annual Cash Incentive Compensation (Up to 200% of base salary possible if goals are achieved) Long-Term Incentive Compensation (50% time-vested stock options, 50% performance share units)",
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      "text": "Source: Valeant 2014 proxy statement.",
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      "text": "Michael Pearson & Howard Schiller: Annualized TSR (IRR) vs % of PSUs vesting: <10% (0%), 10% (100%), 20% (200%), 30% (300%)",
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      "text": "Allergan Has Revised Its Long-Term Plan But Not Its Compensation Policy",
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