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Market Return      
Volatility      
R
evenue growth      
Z-Score      
CEO Tenure      
CEO Payslice      
CFO Tenure      
CFO Payslice      
B
onus Indicato
r
     
Option Indicator    
7KLVWDEOHVKRZVWKHPHDQVWDUQGDUGGHYLDWLRQWKWKDQGWKSHUFHQWLOHYDOXHVIRUWKHHQWLUHVDPSOH7KH
VDPSOHSHULRGLV8QVFDOHGFRPSHQVDWLRQYDULDEOHVDUHLQWKRXVDQGVRIGROODUV$OOFRQWLQXRXV
YDULDEOHVDUHZLQVRUL]HGDWDQGSHUFHQW9DULDEOHVDUHGHILQHGLQWKHDSSHQGL[


7DEOH'LIIHUHQFHVLQ0HDQV7HVWV
< WWHVW 0DQQ:KLWQH\WHVW
< < 'LIIHUHQFH SYDOXH  SYDOXH
P
anel A: Increase in
p
er
f
ormance based com
p
ensation 2017 com
p
ared to 2015 throu
g
h 2016
&(2

ǻ%RQXV     
ǻ2SWLRQV     
&)2
ǻ%RQXV     
ǻ2SWLRQV     

1
  

P
anel B: Increase in non-performance based compensation 2017 compared to 2015 through 2016
&(2

ǻ6DODU\     
ǻ6WRFN     
&)2
ǻ6DODU\     
ǻ6WRFN     

1
  

7KLVWDEOHUHSRUWVWKHUHVXOWVRIIRXUGLIIHUHQWVHWVRIWZRVDPSOHWWHVWV)LVFDO\HDUVEHJLQQLQJRQ
-DQXDU\DQGODWHUDUHFODVVLILHGDVRWKHUREVHUYDWLRQVDUHFDWHJRUL]HGDVHLWKHURU
7KHILUVWSYDOXHLVIURPDVWXGHQWVWWHVWWKHVHFRQGIURPWKHQRQSDUDPHWULF0DQQ:KLWQH\WHVW
5HSRUWHGSYDOXHVDUHEDVHGRQWZRWDLOHGWWHVWV9DULDEOHVDUHGHILQHGLQWKH$SSHQGL[
'HQRWHVLJQLILFDQFHDWWKHDQGOHYHOVUHVSHFWLYHO\WZRWDLOHG

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7DEOH7HVWRIWKH5HODWLRQ%HWZHHQ¨LQ&RPSHQVDWLRQDQG<
ǻ&(2&RPSHQVDWLRQ ǻ&)2&RPSHQVDWLRQ
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/Qǻ%RQXV /Qǻ2SWLRQV /Qǻ%RQXV /Qǻ2SWLRQV

   
Y2017    

   

Market to Boo
k
   

   
Size    
   
R
OA    

   
N
OL    

   
Market Return    

   
Volatility    
   
R
evenue growth    

   
Z-Score    

   
Tenure    

   
P
ayslice    
   
H
as Options  
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3DQHO$+LJK/RZ7D[HV*$$3(75
Y2017  
   
 
 
     
&RQWUROV <HV <HV
<HV <HV <HV <HV
<HV <HV
2EV        
$GM5  
   
 
  
3DQHO%+LJK/RZ7D[HV&DVK(75
Y2017  
   
 
 
     
&RQWUROV <HV <HV
<HV <HV <HV <HV <HV <HV
2EV        
$GM5  
   
 
  
3DQHO&+LJK/RZ7D[HV%RRN7D['LIIHUHQFHV
Y2017  
   
 
 
     
&RQWUROV <HV <HV
<HV <HV <HV <HV <HV <HV
2EV        
$GM5  
   
 
  
3DQHO'+LJK/RZ)RUHLJQ,QFRPH
/RZ +LJK
/RZ +LJK /RZ +LJK
/RZ +LJK
Y2017  
   
 
 
     
&RQWUROV <HV <HV
<HV <HV <HV <HV <HV <HV
2EV        
$GM5  
   
 
               
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