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  "documentTitle": "Strategic Organizing Center | Activist Presentation Deck | 65 slides",
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      "text": "Starbucks' total shareholder return was evaluated over the customary 1-year and 3-year periods, as well as since December 9, 2021, the date of the first ratification of a decision to unionize. The impact of unionization, and the Company's response to unionization efforts, entered public perception as a factor in the Starbucks share price following December 9, 2021. CEO Narasimhan's tenure, which began March 20, 2023, represents too short a timeframe for TSR evaluation",
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      "text": "The recommended benchmark index for Starbucks is the S&P 500 Restaurants Index. Both the S&P 500 Index and the S&P 500 Consumer Discretionary Index, which Starbucks cites in its proxy statement, contain lower-performing, poorly-correlated companies from distinct industries that we do not regard as decent comparables (examples include Autozone, Genuine Parts, Hasbro, and Tesla)",
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      "text": "Recommended peers for evaluation of Starbucks' relative total shareholder return are Chipotle Mexican Grill, Darden Restaurants, McDonald's, Restaurant Brands International and Yum Brands. These are the large capitalization restaurants with the closest correlation to Starbucks during the period from the first unionization vote to the SOC's nomination of director candidates (Dec. 9, 2021 to Nov. 21, 2023)",
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      "text": "Ticker, Correlation, NYSE: YUM, 0.85, NYSE: DRI, 0.79, NYSE: QSR, 0.72, NYSE: MCD, 0.71, NYSE: CMG, 0.60, NYSE: DPZ, 0.06",
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      "text": "Relative TSR Methodology",
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