{
  "docId": "019de072-1f6e-7109-8d50-4e45b3936efe",
  "docSlug": "033864d6d616563cf5318ae3626e6da2",
  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 65 slides",
  "authorId": "blackwells-capital",
  "authorName": "Blackwells Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-01 00:00:00",
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  "pageNumber": 53,
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  "notes": "The slide uses a bar chart to show that 100% of CEO compensation opportunity in FY22 was base salary and time-based equity.",
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  "slideHref": "/slides/019de072-1f6e-7109-8d50-4e45b3936efe/53",
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      "kind": "chart",
      "text": "Base Salary + Time-Based Equity as a % of Total CEO Compensation Opportunity",
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      "kind": "list",
      "text": "Other Negative Aspects of the Company's Compensation Program Include: Permissive policy permits executives to pledge up to 40% of their equity holdings; Insufficient claw back policy; No executive stock ownership requirements",
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      "text": "Historically, Peloton's compensation structure was heavily weighted towards time-based equity awards. The Company characterizes these awards as \"variable,\" but the equity awards (options and RSUs) are entirely time-based, with no performance-based vesting criteria. Peloton allows executives to choose RSUs instead of options, effectively ensuring that Peloton executives will receive substantial value from their equity awards regardless of whether Peloton's stock value increases. Incredibly, in the first quarter of fiscal year 2022, Peloton's compensation committee removed the last vestige of performance-based compensation from the Company's pay program by eliminating the cash bonus plan for fiscal year 2022",
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      "kind": "source-note",
      "text": "Source: Company filings.",
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      "kind": "title",
      "text": "COMPENSATION STRUCTURE DOES NOT INCENTIVIZE PERFORMANCE",
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      "evidence": "Contrasts company's claim of 'variable' pay with the reality of time-based equity.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
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      "evidence": "Discussion of Peloton's Board and Governance",
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      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
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      "evidence": "The document presents a clear and detailed critique of Peloton's management and governance",
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      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.7,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
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