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  "docId": "019f6b8f-4754-74a5-8284-96ac60575004",
  "docSlug": "jarvis-oasis-stratus-presentation-march-2021",
  "documentTitle": "Oasis Stratus Presentation March 2021",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-03-01 00:00:00",
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  "pageNumber": 60,
  "pageCount": 76,
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  "notes": "Uses red 'X' icons to emphasize negative points.",
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      "kind": "callout",
      "text": "Stratus' tenured directors, whose average tenure exceeds 18 years, have presided over poor decisions and have been ineffective advocates for shareholders.",
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      "kind": "list",
      "text": "TSR and ROIC consistently below peers and stock flat to 2005 despite strong tailwinds in Austin real estate\nTotal failure to execute on its five-year plan\nReinstated poison pill without shareholder approval\nIn-depth exploration of REIT conversion which is a stark departure from the Company's stated strategy and serves to entrench management\nExcessive CEO compensation with no apparent correlation to performance despite Oasis' attempts to align pay with performance\nSubjective payout to LP\nThe lack of separation of the CEO and Chairman roles at Stratus, a corporate governance malfeasance enabled and facilitated by the Legacy Board, leaves the CEO without an independent check. His excessive compensation despite Stratus' underperformance is, we believe, but one expression of this lack of independent oversight\nEmployment of CEO's son",
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      "kind": "title",
      "text": "A Vote For Stratus' Nominees is a Vote for Continued Value Destruction",
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      "evidence": "Stratus' tenured directors, whose average tenure exceeds 18 years, have presided over poor decisions and have been ineffective advocates for shareholders.",
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      "evidence": "The slide explicitly frames the current board as the cause of value destruction.",
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  "arcBeats": [],
  "loops": [
    {
      "to": 62,
      "from": 60,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The deck highlights the risks of not taking action to change Stratus' leadership and governance",
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      "objective": "Highlight the cost of inaction for Stratus' shareholders",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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