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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 65 slides",
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  "presentationDate": "2022-02-01 00:00:00",
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  "notes": "The slide uses a bar chart to visualize the percentage of shares pledged against a 40% policy limit, visually calling out John Foley.",
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      "kind": "chart",
      "text": "% of Class B Shares Pledged",
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      "text": "However, this policy appears to be only loosely enforced, as John Foley, William Lynch, Thomas Cortese and Hisao Kushi all appear to be in violation of the policy.",
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      "text": "The Company has an Insider Trading Policy that, even though extremely liberal, does purport to restrict pledging, so the Board is seemingly aware of the risk.",
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      "text": "As of September 30, Peloton executives had pledged approximately 6 million shares of stock with a notional value of more than $500 million. Pledging of company stock by directors or executive officers can pose a substantial risk to outside shareholders.",
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      "text": "Entities affiliated with TCV – of which director Jay Hoag is a General Partner – have 27% of their Class B shares and an incredible 89% of their Class A shares pledged.",
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      "text": "1. Based on the closing stock price of $87.05 on September 30, 2021. 2. Source: ISS Report, Peloton Interactive, Inc., November 23, 2021.",
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      "text": "TROUBLING INSIDER SELLING AND PLEDGING (CONT'D)",
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