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  "documentTitle": "Macellum Kohls Presentation April 2022",
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  "presentationDate": "2022-04-01 00:00:00",
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      "text": "Annual Incentive Plan - The Board has a long track record of lowering the performance bar while operational results have deteriorated, and the stock price has suffered. In every year since 2010, the Board set the threshold tier net income target at or below the prior year's actual net income.",
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      "text": "The Board sets low performance targets that are inconsistent with its own stated compensation philosophy and the guidance the Company provides the market. In contrast to its claim that \"failure to achieve target goals has significant consequences,\" the Board paid maximum bonuses to management in 2017 despite performance that was well below results just 2 years earlier and paid a maximum bonus in 2018 for only 3% EBIT growth over 2017.",
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      "text": "Long-Term Incentive Plan (\"LTIP\") - We believe that the Board has failed to use the LTIP program, the largest single component of compensation, as an effective tool - driving expenses higher while results worsened. Total compensation for Kohl's top five executives equaled more than $327 million for the period 2011 to 2021 while sales stagnated, and operating income declined by approximately 22%.",
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      "text": "Source: Company SEC Filings; KSS Proxy Statements, Bloomberg LP. Note: Kohl's has not provided updated LTIP targets for 2020 and 20221.",
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      "text": "The Board's compensation plan continually rewards executives despite years of underperformance by consistently including short- and long-term targets for bonuses that are below prior years' results",
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      "kind": "title",
      "text": "INABILITY TO ALIGN MANAGEMENT WITH SHAREHOLDERS",
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