{
  "docId": "019de075-242a-7291-8f16-5f142d7cb798",
  "docSlug": "c8e6c54234adac3c3fb2311a09419808",
  "documentTitle": "Freeman Capital Management | Activist Presentation Deck | 15 slides",
  "authorId": "freeman-capital-management",
  "authorName": "Freeman Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-06-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 7,
  "pageCount": 15,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 9,
  "notes": "Uses a 2x2 layout of text blocks and a small data table to contrast ISS claims with 'Reality'.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de075-242a-7291-8f16-5f142d7cb798/7",
  "deckHref": "/decks/019de075-242a-7291-8f16-5f142d7cb798",
  "deckJsonHref": "/decks/019de075-242a-7291-8f16-5f142d7cb798.json",
  "deckAnchorHref": "/decks/019de075-242a-7291-8f16-5f142d7cb798#slide-7",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.42,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "list",
      "text": "Vallone’s “Outlier” Director Compensation\nReality:\n- ISS acknowledges that Vallone and Krebs received outlier compensation as directors.\n- ISS took MindMed’s word that Vallone and Krebs offered “critical assistance” which resulted in the compensation committee approving this compensation. This ignores that Vallone is the chair of the compensation committee.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4cef3938-b9a7-41c7-9756-dcdd29c70571",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.42,
        "x": 0.04,
        "y": 0.48
      },
      "kind": "list",
      "text": "ISS Accepts Company’s Arguments on Phase IIb Without Any Analysis\nReality:\n- ISS does not address our arguments regarding the serious issues afflicting the Phase IIb trial. Rather, ISS accepts Company’s reasoning to pursue an unnecessary Phase IIb trial without any examination of the facts. ISS further hangs its hat on the Greenleaf report without acknowledging our various arguments about why the Phase IIb is flawed.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "86a33819-0900-482a-a619-7f43133ef989",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.48,
        "x": 0.47,
        "y": 0.23
      },
      "kind": "list",
      "text": "ISS Accepts That NEO’s Met Corporate Goals\nReality:\n- Ignores that many of MindMed’s goals were simply following the law or were unmet.\n- Ignores that NEO compensation does not have any real performance requirements.\n- Ignores that the primary reason for executive compensation going down was due to share price decline.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a2484cf-5109-4c0d-94c7-861493602292",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company’s SEC Filings, Company SEDI Filings, Data From Refinitiv, Clinicaltrials.gov. See ISS Report",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c31467b0-7d0b-4dbc-9197-9dfad85f6c8d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.48,
        "x": 0.47,
        "y": 0.55
      },
      "kind": "table",
      "text": "ISS Accepts Compass as One of MindMed’s “Closest Peers”\nCompany | Current Trials | Expected Enrollment | G&A Expenses (FY2022)\nMind Medicine | 2 | 252 | 30M\nCompass Pathways | 5 | 1128 | 45M\nSeelos | 2 | 399 | 12M",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f09f398-ab55-47de-862e-d3be07570718",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.5,
        "x": 0.04,
        "y": 0.05
      },
      "kind": "title",
      "text": "ISS Accepts the Company’s Word",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ed9da74-bcf6-4d4b-ab35-327e5511d852",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "cb894c54-d53b-462f-8ebd-8f4b7e1caa8f",
      "evidence": "The slide explicitly contrasts ISS's stated positions with the author's 'Reality' to undermine credibility.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 12,
      "from": 3,
      "beatId": "898b55c8-786a-402d-af69-12e8fbcb4368",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster (ISS and MindMed's flaws)",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "Slides 3-12 expose contradictions and misleading statements by ISS and MindMed.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}