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  "docSlug": "jarvis-macellum-kohls-presentation-april-2022",
  "documentTitle": "Macellum Kohls Presentation April 2022",
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  "presentationDate": "2022-04-01 00:00:00",
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  "pageNumber": 76,
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  "notes": "The slide uses red 'x' markers to emphasize points of contention regarding executive pay.",
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      "text": "In January 2021, long after the economy showed signs of recovering from the COVID pandemic and when it was known to the Board that the large performance share unit award granted to the CEO in March 2020 had appreciated dramatically (to a potential value of more than $25 million), the Board revised the LTIP plan to increase the CEO's pay. As a result of the Board's ex post facto adjustments, Kohl's CEO received an 83.5% LTIP payout for the 2018-2020 period, valued at more than $2.5 million, despite missing the original target by 35%. Does this really ensure “fairness to Kohl's shareholders,” who experienced a 21% decline in stock price in 2020, or more importantly to the thousands of employees who lost their jobs or were furloughed during the pandemic? The CEO to median employee pay ratio was 1,098:1 in 2020, increasing from 923:1 in 2019",
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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": "Metric, 2018-2020 Goal, 2018 Actual, 2019 Actual, 2020 Actual, 2018-2020 Actual, Actual vs. Goal. Net Sales, $56,590, $19,167, $18,885, $15,031, $53,083, (6%). Adjusted Net Income, $2,330, $927, $769, ($186), $1,510, (35%)",
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      "text": "The Board revised the 2018-2020 LTIP plan that resulted in a payout for executives",
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      "kind": "title",
      "text": "INABILITY TO ALIGN MANAGEMENT WITH SHAREHOLDERS (CONT.)",
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      "evidence": "Contrasts executive pay increases with company performance and employee layoffs.",
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