Jasper Lu
Aug 24, 2026

Training Search Agents with GRPO

This post is a hands-on introduction to reinforcement learning through training a search agent with group-relative policy optimization (GRPO). Search is a fun setting for learning RL because there are many different factors we can play around with that affect model performance. It is also a domain where, in my experience, a well-design reward function can influence how a model searches more effectively than system prompt changes or harness engineering.

Our approach is based loosely on the Harness-1 paper from Jiang et al. We use their training dataset and a much-simplified version of their search harness. Training is done using the Tinker API from Thinking Machines. Many thanks to the team for the training credits to support this work.

The dataset

We use the RL split of the Harness-1 dataset for all experiments. The dataset contains 3,453 queries over 37,113 SEC filings split into 2,115,106 chunks.

Each query includes a preamble followed by a question. The agent must both retrieve evidence for facts in the preamble and the answer to the question. In the canonical version of this task, retrieving the answer is more important than evidence for facts. However, for simplicity we will treat both the same.

To keep initial ablations inexpensive, we start with just 256 training queries and 32 evaluation queries over a reduced corpus of 124,395 chunks. For osiur scaled runs, we expand to 1,024 training queries over 237,533 chunks.

Dataset explorer Train queries 1024 · Eval queries 64 · Corpus 237,533

The harness

Our agent operates as a search subagent. Given a query, it is meant to retrieve all relevant docs. We keep the harness deliberately simple, only providing lexical search tools. The agent’s output is a curated set it builds up as it goes rather than a single submission at the end. We choose this setting because it works well for a fixed turn-budget setting: since the set exists from the very start, an episode that runs out of turns can still return relevant docs and be graded during training.

ToolWhat it does
bm25_searchKeyword search over every chunk. Returns an id, title, score and snippet per hit, plus a running count of chunks seen and curated so far.
grep_corpusA short Python regex scan across the corpus. Returns an id, title, and snippet per hit.
read_documentThe title and text of one chunk. Only ids the agent has already seen in a result list can be read.
curateAdd chunk ids to the result set.
drop_curatedRemove ids from the result set.
finishEnd the episode and return the set.

The system prompt is similarly plain. We name the tools and give a general strategy for search. We don’t try to encourage any specific search characteristics (e.g. high recall or high precision) so that the agent can discover the right behaviors during training.

Retrieval agent system prompt
You are a retrieval subagent in a multi-agent system. Your specific role is to identify and retrieve the most relevant documents from a large corpus to help another agent answer questions. You do NOT answer questions yourself - you only find and retrieve relevant documents.

The user message contains the query you need to find documents for.

**Available Tools:**
- bm25_search: Keyword search over the corpus
- grep_corpus: Text pattern matching with a short Python regex
- read_document: Read a specific document that looks promising but incomplete
- curate: Add relevant documents to your curated result set
- drop_curated: Remove curated documents that turned out to be irrelevant
- finish: End the search and return your curated set

**Your Process:**
- Break down the query into its key concepts and information needs (list each one explicitly)
- For each key concept, develop a specific search strategy that targets that concept
- Consider what types of documents and evidence would be most helpful for answering this query
- Plan several distinct, non-overlapping search strategies that approach the question from different angles
- Then execute your searches using multiple parallel tool calls.

**Your Thinking:**
After each round of searches, consider the following:
- **What do I know?**: List the key topics, themes, or aspects of the question that your curated documents address. What specific information do you have?
- **What should I search for next?**: Systematically consider what search approaches, keywords, or document types you haven't yet tried that might yield valuable information.
- **What should I curate or drop?**: Curate documents as soon as you have verified they are relevant; drop curated documents that later look redundant or off-topic.
- **Do I have enough information?**: Given the question's complexity and requirements, do you have sufficient information to help answer it, or are there critical gaps?
- Decide if additional searches are needed (and if so, ensure they use genuinely different approaches and do not duplicate prior searches)
- Avoid getting stuck on a single search strategy - if one approach isn't yielding results, backtrack and try different approaches

**Tactics to Consider:**
- When queries fail, try different approaches or keywords to improve the results
- Avoid duplicate or redundant searches
- Execute multiple tool calls in parallel when possible
- Focus on gathering as much relevant information as possible; it is useful to get multiple perspectives on the same topic to confirm the information you have found is correct
- Follow explicit textual evidence rather than speculation

**Output (IMPORTANT):**
- YOU MUST use the curate tool. This is the ONLY way to return documents.
- Every response must contain at least one tool call. Never reply with plain text, and never end a response while still planning a search - emit that search as a tool call instead.
- As soon as you verify a document is relevant, call curate with its ID.
- When your curated set covers the query's information needs, call finish. Your curated set is scored even if you run out of turns, but finishing cleanly is always better than timing out.

We use gpt-oss-20b for all training runs. We chose this model because it is cheap to sample and train, allowing us to do many ablations.

Quick GRPO Recap

We train with Dr. GRPO, a variant of GRPO. The loop is as follows:

  1. Take a query and run the agent on it N times using the current “policy” (in this context, essentially the model’s weights). Each run is called a “rollout”, the N tries together are a “group.”
  2. Score every rollout. This is known as the reward.
  3. Subtract the group’s mean reward from each rollout’s reward and assign the resulting difference as the rollout’s “advantage.” In vanilla GRPO, we would also divide each advantage by the group’s standard deviation. Dr. GRPO drops this step for training stability: a query where the eight rollouts nearly agree has a small deviation. Dividing by standard deviation scales up the advantages, so the update can end up dominated by queries the policy is already consistent on.
  4. Update the policy (model weights) so that every token in a rollout gets more likely in proportion to its advantage.

We would also typically use ratio clipping during the policy update to stabilize training further, but to simplify training further for the sake of pedagogy, we will train in a fully synchronous setting with zero training-inference mismatch (Tinker provides this by default) and only do one update per batch. We won’t go much deeper into the math behind GRPO in this blog post, but there are many great other resources out there for understanding GRPO.

The reward

Each task here consists of a query, a corpus, a set of facts, a set of supporting documents for each fact. The agent has to curate a set of documents it determines to be relevant to those facts, and success is evaluated on how well this curated set covers the target facts.

A reward function is essentially a kind of evaluation scheme for a rollout. A few metrics common to search retrieval work naturally here.

Recall measures the fraction of relevant documents our agent has curated. Since our search problem is fact-based, this will be the fraction of relevant facts the curated chunks cover. Precision measures the fraction of curated documents that are actually relevant.

We can’t use just recall or precision alone in our reward function. High recall is desirable in our problem space, but can be trivial maximized by curating every document in the corpus. This is useless for an end user! Why use a search agent at all? High precision the model can be achieved just as trivially by curating only a single correct chunk per query, which is useless in the other duration.

We need a metric that punishes both forms of degenerate behavior. F1, the harmonic mean of precision and recall, is the usual choice here:

F1=2PRP+RF_1 = \frac{2\,P\,R}{P + R}

This metric is only high when both precision and recall are high. This is a totally reasonable metric to choose for our reward function. But thinking about our problem space again…it’s likely that a missing document here costs far more to an end user than an extra, useless one. So, we might want to bias the reward towards recall. With this in mind, we will use F-beta as our reward function. This is a weighted version of F1 with a coefficient for setting how much recall matters more than precision:

Fβ=(1+β2)PRβ2P+RF_\beta = \frac{(1 + \beta^2)\,P\,R}{\beta^2\,P + R}

We set β = 4 for our reward function, which weighs recall sixteen times more than precision. This number is chosen based on prior experience and notes from the Harness-1 rather than a formal ablation. Under this metric, which we call F4, a set with recall 1.0 and precision 0.25 scores 0.85; under F1 the same set would score 0.40.

One more thing we add to our reward function is a punishment for not curating anything — an episode that curates nothing at all gets a flat -0.2. This helps with differentiating between rollouts where the model never gets to curate anything and ones where it only curates incorrect documents.

Putting it together, the reward for a rollout with curated set CC is

r(C)={0.2if C=0F4otherwiser(C) = \begin{cases} -0.2 & \text{if } |C| = 0 \\[4pt] F_4 & \text{otherwise} \end{cases}

Initial explorations

The core idea behind reinforcement learning is to allow models to explore and then reward it for finding good paths. This means that RL can only reinforce what the model already exhibits at least occasionally. If the model either always reaches for the same actions or always fails, then there is nothing for it to learn from.

This is especially true in GRPO. For each task, we sample a group of rollouts for each query, score them, and then push the policy towards the ones that score above the group’s mean. If all rollouts in a group fail, then there is nothing to push the model toward. The group is effectively dropped and the query contributes no gradient. The effect of this is that RL teaches by sharpening behaviors the base policy can already produce; it does not discover ones it can’t.

This is why it can be helpful to gauge the RL-ability of a task before training. Best-of-N evals are a good proxy for this. Just sample N runs over the same task and report the highest score. A good candidate for RL is a model that has noticeably higher best-of-N scores than best-of-1 — this gap is the headroom RL can close by just sharpening the existing policy.

Below, we sample gpt-oss-20b four times on each of the eval queries. All rollouts are viewable.

Best-of-4 32 tasks
best-of-4 f1 0.264best-of-4 precision 0.453best-of-4 recall 0.196trial 1 f1 0.120trials completed 128/128
A holding entity was formed in early spring of a mid-2020s year in the state known for having… 4/4 0.80 0.00
A company formed a venture in the late summer of an election year in the late 2010s, where they held the… 4/4 0.33 0.33
There is a company that occupies just under eighty thousand square feet of office space under a lease… 4/4 0.00 0.00
A company determined that improper use of trust funds required its financial backer to advance funds in early… 4/4 0.00 0.00
A company conducted a private transaction to repurchase over one million shares at a price matching the… 4/4 0.00 0.00
A company appointed a board member in late spring of the early-mid 2020s who previously led a wholesale… 4/4 0.00 0.00
A company received a favorable judicial ruling in late 2025 from the highest court of a western Canadian… 4/4 0.00 0.00
A company's partner in certain territories of an eastern region announced during the mid-2020s a plan to wind… 4/4 0.00 0.00
An organization's principal offices occupy roughly one hundred and thirty thousand square feet of leased… 4/4 0.00 0.00
A company announced that a senior finance executive would step down from their principal accounting role at… 4/4 0.50 0.00
There is a company that closed a North American manufacturing site in the spring of the mid-2020s, affecting… 4/4 0.50 0.00
A company's partnership involving antibodies targeting certain immune checkpoints was formally ended by… 4/4 0.50 0.00
A partnership entity operates through subsidiaries that manage residential properties across multiple… 4/4 0.00 0.00
A company in the mid-2020s restructured its workforce as part of a performance improvement plan, expecting to… 4/4 0.29 0.29
There is a company that recorded its annual peak value per unit in the late spring of the mid-2020s. Just a… 4/4 0.33 0.29
A partnership operates in a region where producers are actively increasing production. In the mid-2020s, the… 4/4 0.80 0.80
A workforce representing more than a certain threshold of different national origins speaks collectively over… 4/4 0.00 0.00
A company filed a certificate of amendment to its articles in a western state during the summer of the early… 4/4 0.80 0.80
A company with product installations spanning every major landmass on Earth and reaching more than a hundred… 4/4 0.00 0.00
A company's first commercial agreement for smart window technology was signed in late summer of the early… 4/4 0.75 0.75
There is a company that held its compensation committee meeting in late winter to grant stock awards, with… 4/4 0.00 0.00
A maritime organization adopted an international framework in the late 2000s for the environmentally sound… 4/4 0.57 0.00
In the mid-autumn of the mid-2020s, a company made a strategic investment to gain control of a logistics… 4/4 0.80 0.00
A company completed a reverse merger transaction with a SPAC in late first quarter of a year, where the… 4/4 0.00 0.00
There is a company with a board member who graduated from a prestigious university in the early 2000s and has… 4/4 0.00 0.00
A company divested a wholly-owned subsidiary dedicated to online flash sales in late spring of the early part… 4/4 0.57 0.00
A company entered into a securities purchase agreement with institutional investors for over two million… 4/4 0.57 0.57
A company completed an acquisition in the spring of the mid-2020s involving four facilities from one entity,… 4/4 0.33 0.00
An acquisition vehicle formed in the mid-2020s pays a monthly fee of five figures to an affiliated entity for… 4/4 0.00 0.00
A biopharmaceutical organization has expanded its late-stage clinical operations internationally, requiring… 4/4 0.00 0.00
An individual at a company serves in a senior leadership role and chairs a committee focused on identifying… 4/4 0.00 0.00
A company effectuated a corporate action that consolidated every score of equity units into a single new… 4/4 0.00 0.00

The gap between best-of-4 and single trial F1 is large: best-of-4 F1 is 0.264 vs 0.120 for a single try. The F1 score is also precision-dominated. The model is likely being over-conservative in its curation.

Close inspection of the rollout supports this. On nine of the 32 queries, none of the four tries ever calls curate. The model stalls, exhausts all its turns, or runs out of context before curating a single document. Failures like these signal more of a harness problem than a search problem, and that is the kind of behavior reinforcement learning is good at fixing.

Learning rate sweep

Learning rate is a critical hyperparameter to get right. Just like in supervised fine-tuning, a bad learning rate can destabilize training. In reinforcement learning, a learning rate too high can cause the policy to collapse; one that is too small means the model never learns anything during training. And even when a run looks fine, I’ve found that further tuning the learning rate can often lead to incrementally better performance.

That said, if you’re an experienced practitioner and know directionally what the right hyperparameters are, you can skip step for initial experiments. My opinion is that once training works stably, tuning the learning rate only starts to matter when you’re trying to squeeze out extra performance from your data.

All runs in this section and the next use the 256-query subset of our larger dataset, with 32 groups of 8 rollouts per step. Here are the results of a sweep over five different learning rates, each run for one epoch:

train reward

-0.100.000.100.200.30 02468
train reward
step5e-61e-55e-51e-45e-4
0 -0.02-0.02-0.02-0.02-0.02
1 -0.03-0.03-0.02-0.020.01
2 -0.04-0.04-0.04-0.03-0.03
3 -0.02-0.03-0.020.000.05
4 0.01-0.010.020.050.12
5 -0.010.020.030.090.16
6 -0.010.010.040.120.12
7 -0.04-0.020.020.150.01
8 -0.03-0.030.060.140.08

valid train rollouts

0%25%50%75%100% 02468
valid train rollouts
step5e-61e-55e-51e-45e-4
0 43%43%43%43%43%
1 44%39%42%44%46%
2 36%34%34%42%53%
3 40%39%39%45%73%
4 48%45%53%54%91%
5 45%47%51%66%100%
6 40%43%52%63%100%
7 37%41%55%79%75%
8 40%38%63%88%100%

eval f1

0.000.100.200.30 02468
eval f1
step5e-61e-55e-51e-45e-4
0 0.200.200.200.200.20
4 0.180.210.220.200.12
8 0.160.140.160.190.03
Training results over one epoch with different learning rates. The valid rollouts chart shows the percentage of training rollouts that curate at least one doc.

We can see in here the effects of both a too large and a too small learning rate:

  • 1e-5 and 5e-6 barely move train reward. We clearly need a larger gradient signal to meaningfully update the policy.
  • 5e-4 improves reward rapidly at first and then quickly destabilizes.
  • 1e-4 and 5e-5 train steadily, with 1e-4 resulting in a higher final train reward and a higher eval F1.

Since lr=1e-4 performs the best in the sweep, we’ll use it for the rest of our experiments.

If you want a better idea of the what the training collapse for lr=5e-4 looks like, expand the explorer below to see its eval rollouts at steps 0 and 8.

Lr 5e-4 sample rollouts gpt-oss-20b, batch 3232 eval queries
f4 0.094precision 0.188recall 0.092with submissions 11/32avg turns 17.8

Batch size ablation

Conventional wisdom when training with GRPO is to use large batch sizes, where batch size is groups per step x group size. To study the effects of batch size on training here, we fix group size at 8 and ablate over groups per step.

The charts below are plotted against prompts seen rather than total updates, since all runs have a different total number of steps.

train reward

-0.100.000.100.200.30 064128192256
train reward
step8 groups/step16 groups/step32 groups/step64 groups/step
0 -0.03-0.03-0.03-0.03
8 -0.01
16 0.040.02
24 0.04
32 -0.06-0.07-0.01
40 -0.06
48 -0.00-0.06
56 0.04
64 0.250.04-0.04-0.05
72 0.03
80 0.06-0.01
88 0.11
96 0.140.09-0.01
104 0.03
112 0.070.04
120 0.13
128 0.210.200.01-0.01
136 0.24
144 0.160.21
152 0.17
160 0.020.100.10
168 0.10
176 0.130.14
184 0.19
192 0.090.140.080.07
200 0.16
208 0.140.16
216 0.07
224 0.080.110.12
232 0.13
240 0.060.07
248 0.05
256 0.170.120.160.05

valid train rollouts

0%25%50%75%100% 064128192256
valid train rollouts
step8 groups/step16 groups/step32 groups/step64 groups/step
0 41%41%41%41%
8 36%
16 55%45%
24 60%
32 39%43%44%
40 66%
48 72%48%
56 85%
64 98%61%42%40%
72 92%
80 97%62%
88 100%
96 98%72%45%
104 100%
112 100%75%
120 100%
128 100%90%54%40%
136 100%
144 100%94%
152 100%
160 100%92%66%
168 100%
176 100%95%
184 100%
192 100%94%63%51%
200 100%
208 100%98%
216 100%
224 98%95%79%
232 100%
240 100%97%
248 100%
256 100%95%88%56%

eval f1

0.000.100.200.30 064128192256
eval f1
step8 groups/step16 groups/step32 groups/step64 groups/step
0 0.200.200.200.20
64 0.200.180.240.17
128 0.130.200.200.21
192 0.120.110.200.29
256 0.140.180.190.24

At a glance, the eval results are in line with expectations: at the end of training, 64 groups/step has the highest eval F1, and each smaller batch size monotonically decreases in final eval F1. Larger batches also give smoother reward and eval curves.

There’s an interesting contradiction in the charts, though. Although 64 groups/step ends with the highest eval score, it has the lowest train reward at the end of training. Also, 8 groups/step has the highest train reward, but the lowest F1 score.

This has to do with our reward setup and training dynamics — the reward on a rollout that curates nothing is -0.2, which far outweighs the average reward on most valid rollouts. So, the fastest way to raise train reward early on is to just curate any document. Because 8 group/step takes more updates than any other run, the model starts to produce valid rollouts sooner. The middle chart above shows this: as batch size decreases, the model reaches > 75% valid train rollouts faster. The problem from there is that noisy updates (due to small batch size) keep the policy’s curation quality from ever meaningfully improving. What we’re seeing here is actually a form of reward hacking. The next section will explore this more.

Since 64 groups/step gives the most stable training and has the highest eval score, we will use it for our full training runs. We could technically increase groups/step further, but for the sake of budget we will stop here.

Scaling up training

For our next set of training runs, we will move to the larger dataset of 1,024 queries and 235,533 training samples. This is 4x the data samples and 2x the corpus size of the dataset we used for ablations. We train for 1.5 epochs, which at 64 groups/step is 24 total updates.

Full training configuration
model
model gpt-oss-20b
adapter LoRA, rank 32
optimisation
learning rate 1e-4
optimizer Adam, β₁ 0.9, β₂ 0.95, ε 1e-8
weight decay 0
KL penalty to reference 0.0
updates per batch 1
sampling temperature 1.0
harness
max turns 40
max new tokens per turn 2,048
context length limit 30,720 tokens
curated set cap 30

We first look at training metrics over the full run. In the spirit of openness, every training rollout can be viewed in the explorer below.

Train Rollout Explorer 12,288 rollouts
update 1512 rollouts in 64 groups -0.06 29% 18.1 0.11 15/64

4 groups with transcripts, sampled across the range of reward spread

group 6"transactional revenue" decline operations" 2024" -0.20 flat
group 734 finance subsidiary 2003 -0.08 ±0.55
group 23company over 600 employees board 6 members reducing to 5… -0.17 ±0.20
group 61late spring capital raise common shares priced low forties… -0.05 ±1.20
all 64 groups
group 0mid-2020s recognized gains on involuntary… +0.55 ±0.33
group 1Liechtenstein Financial Market Authority… -0.07 ±0.41
group 2closed on a new seven-year term loan facility… -0.14 ±0.50
group 3spring mid-2020s financing agreement initial… -0.17 ±0.20
group 4utility relocations board member parish… -0.06 ±0.55
group 5company AGM held at law office private banking… -0.05 ±0.61
group 8mid-2025 meeting elect governing body seven… -0.15 ±0.20
group 9Cadiz assembly operation -0.11 ±0.55
group 10December 31 shareholder approval compensation… -0.20 flat
group 11"strategic research partner" "antibody" option… -0.17 ±0.20
group 12financial institution completed a business… +0.13 ±0.88
group 13sample storage preclinical services acquisition… -0.05 ±1.20
group 14liquid cooling equipment advanced computing… -0.12 ±0.61
group 15anesthetic gel rights Canada patent -0.20 flat
group 16"100 Orchard" holding company -0.17 ±0.20
group 17"slightly more than twenty thousand" sole… -0.06 ±0.55
group 1815th Administrator of the Agency sworn in -0.20 flat
group 19conservation-related expense disallowances high… +0.28 ±0.55
group 20Guam holding company established 2000 -0.17 ±0.20
group 21company with over 150 employees equal split… -0.15 ±0.20
group 22real estate entity separate land holdings file… +0.27 ±0.88
group 24compensation option to acquire a specific… -0.17 ±0.20
group 25"reorganization proceedings" day after -0.20 flat
group 26board member former Google hardware executive… -0.15 ±0.20
group 27"half dozen" board members February 2024 20-F -0.15 ±0.20
group 28"December 2022" "billion euros" subsidiary… +0.06 ±1.20
group 29executive joined from nonprofit organization… +0.09 ±0.88
group 30beneficial ownership limitation 19.99% warrants -0.15 ±0.41
group 31Bermuda redomiciled Singapore 2024 biotech… -0.20 flat
group 32waterfront tribal entertainment venue landmark… +0.02 ±0.88
group 33professional with extensive global workforce… -0.20 flat
group 34licensing agreement west coast June 2010 -0.17 ±0.20
group 35machine learning to forecast electrical… -0.05 ±1.20
group 36former senior executive appointed to oversee… -0.20 flat
group 37executive office lease expires late spring 2044… +0.08 ±0.61
group 38digital platform founded 2005 China -0.09 ±0.87
group 39Upper Banner Lower Banner processing +0.71 ±0.65
group 40real estate trust "shareholder return" 50% 2023 -0.15 ±0.20
group 41virtual shareholder gathering mid-morning… -0.20 flat
group 42equity awards vest in equal portions over three… 0.00 flat
group 43fire at laboratory facility ireland winter 2025 -0.20 flat
group 44dual-listed company executive President Chief… -0.17 ±0.20
group 45"Amended and Restated Employment Agreements"… -0.20 flat
group 46investors holding derivative securities with… -0.20 flat
group 47"chemical recovery process" calcium "insurers"… +0.11 ±0.81
group 48first stand-alone store reacquired brand… +0.10 ±0.55
group 49government lawsuit facility environmental… +0.64 ±0.33
group 50corporate restructuring transaction"transition… -0.20 flat
group 51record books kept at 535 William Street -0.08 ±0.55
group 52board gave preliminary approval to the amended… -0.20 flat
group 53employment agreement with executive officers… -0.13 ±0.20
group 54acquisition antibody-drug conjugate technology… -0.05 ±1.20
group 55ended automatically renewing quarterly lease… -0.17 ±0.20
group 56"only cement plant" Virginia +0.39 ±0.20
group 57130 employees 3/5 of headcount in one country… -0.10 ±0.20
group 58appointed new CEO late spring value based care… +0.01 ±0.55
group 59three million equity instruments registered… -0.15 ±0.20
group 60letter of intent signed early spring… -0.07 ±0.20
group 62retirement savings benefit employer matches… -0.07 ±0.20
group 63capital allocation program half a billion… -0.13 ±0.20
update 2512 rollouts in 64 groups +0.02 42% 18.2 0.17 7/64

4 groups with transcripts, sampled across the range of reward spread

group 5government exercised its right to acquire partial ownership… -0.20 flat
group 452025 audit committee signed the audited financial statements… -0.15 ±0.20
group 59virtual stockholder meeting December 2024 late afternoon east… +0.02 ±1.20
group 61early spring 2024 new director joined the board first new… +0.01 ±0.55
all 64 groups
group 0beneficial ownership of shares tabulated after… -0.17 ±0.20
group 1agreement with federal authorities mid-2010s… -0.13 ±0.55
group 22025 annual meeting Thursday New York -0.15 ±0.20
group 3acquire technology provider service performance… +0.21 ±0.55
group 4early spring mid-2020s appointed to governing… -0.04 ±0.54
group 6"Corporate Secretary" "Notary Public" +0.17 ±1.20
group 7mid-2020s company meeting reelected governing… -0.13 ±0.54
group 8holding entity with no revenue generating… -0.15 ±0.20
group 9water subsidiary exclusive franchises in Clinton +0.18 ±0.88
group 10"primary work location" "more than"… +0.32 ±0.88
group 11exclusive legal forum for shareholder… +0.03 ±0.35
group 12phnom pend center medical clinic "treatment… +0.23 ±0.61
group 13authorized additional 27,000 shares -0.20 flat
group 14external financial auditor began relationship… +0.15 ±0.88
group 15announced plans to acquire an operational… -0.10 ±0.20
group 16two-thirds of a score nominees standing for… +0.43 ±0.34
group 17revolving credit commitment 200 million… +0.81 ±1.20
group 18company incorporated 2009 Nevada special… -0.13 ±0.20
group 19established two subsidiaries "dormant"… -0.20 flat
group 20smart infrastructure subsidiary closed 2025 -0.17 ±0.20
group 21terminated revolving credit facility… -0.05 ±0.61
group 22esports brand founded 2015 China athlete… +0.01 ±0.55
group 23facility lease extension state agency western… -0.20 flat
group 24furniture distribution center Texas serves U.S.… -0.12 ±0.41
group 25long-term rental agreements farms central… -0.20 flat
group 26Lavoro Agro Holding S.A. 2025 "largest one… -0.15 ±0.20
group 27subsidiary upgraded outlook from stable to… +0.09 ±0.88
group 28Amazon warehouse lease February 2021 100k sq ft -0.15 ±0.20
group 29exercisable on this date and will remain… +0.05 ±1.20
group 30marketplace compliance restored mid-March -0.13 ±0.20
group 31Rainbow Boulevard Las Vegas +0.18 ±0.61
group 32Shinhan Private Bank exclusive offices Korea… +0.47 ±0.33
group 33Michigan energy storage standard statewide… +0.71 ±0.35
group 34economic zone former military base "Spanish… +0.18 ±0.61
group 350.5 share stock dividend Q1 2024 -0.17 ±0.20
group 36board 5 meetings 2023 10-K 5 meetings audit… -0.17 ±0.20
group 37"Annual Meeting of Shareholders" "third month"… -0.05 ±0.79
group 38joint venture late 2010s cash minority equity… -0.17 ±0.20
group 39executive board member capital markets Atlantic… -0.07 ±0.88
group 40Americas Tower legal process delivery… +0.29 ±0.61
group 41automotive enterprise new public accounting… -0.13 ±0.20
group 42board approves new incentive plan replace… -0.15 ±0.20
group 43investigational cardiac system pivotal trial… -0.20 flat
group 44"virtual annual shareholder meeting" "Company… +0.13 ±0.61
group 4616th floor building "frontiersman" street… +0.40 ±1.20
group 47Company B reverse stock split ten shares into… -0.07 ±0.20
group 48statutory capital and surplus decreased… +0.38 ±0.88
group 49early 2020s formed company financial… -0.05 ±0.20
group 50temporary depository arrangement principal… -0.03 ±0.20
group 51three independent directors board oversee… -0.13 ±0.20
group 52borrowing arrangement last month of the… -0.11 ±0.55
group 53Company B appointed multiple executives to new… -0.17 ±0.20
group 54accounting policy change expensing origination… +0.10 ±0.55
group 55"special purpose vehicle" "three-property"… -0.01 ±0.50
group 56early fiscal period compensation analysis… +0.09 ±0.88
group 57"acquisition" "telecommunications systems"… -0.15 ±0.20
group 58corporate secretary 786 area code +0.76 ±1.20
group 60emplied top executive employment agreement… -0.15 ±0.20
group 6221,000 connection points 2024 electric vehicle… -0.09 ±0.88
group 63company ended relationship with external… -0.20 flat
update 3512 rollouts in 64 groups +0.01 46% 18.1 0.15 2/64

4 groups with transcripts, sampled across the range of reward spread

group 18site:investor.com "non-binding" "stockholder advisory"… -0.05 ±0.61
group 25company with 140 retail locations 'digital risk' board… -0.20 flat
group 54"minimum threshold" "governing body" independent members -0.07 ±0.20
group 59summer 2020 agreement three facilities jurisdiction expanded… +0.08 ±1.20
all 64 groups
group 0company disposed of a facility outside town… -0.07 ±0.20
group 1constructed a multi-story structure on a parcel… -0.11 ±0.55
group 2holding company established 2005 specialized… -0.13 ±0.20
group 3South American company orchards tropical stone… +0.18 ±0.87
group 4CFO promoted to executive office and elevated… -0.09 ±0.88
group 5December 2024 land transaction homesites… +0.10 ±0.41
group 6recurring payment program for equity holders… -0.13 ±0.20
group 7"single-digit numbered" "thoroughfare" "West… -0.17 ±0.20
group 8corporate governance formal agreements advisors… -0.17 ±0.20
group 9AI digital media file organization software… -0.13 ±0.20
group 10"defined benefit pension" 1300 participants… -0.11 ±0.55
group 11shareholder meeting late spring 2024 venue… +0.11 ±0.88
group 12"announced their planned retirement" "second… -0.05 ±0.61
group 13trustee subordinated debt document early fall… +0.21 ±1.20
group 14energy exploration entity independent… +0.25 ±0.88
group 15mid-2021 incorporated subsidiary holding… +0.05 ±0.61
group 16manufacturer pledged collateral bank loans… +0.17 ±0.55
group 17late summer shareholder meeting early fall 2024… +0.27 ±0.88
group 19wholly-owned financing subsidiary revolving… +0.35 ±0.00
group 20virtual shareholder meeting control number… +0.20 ±1.20
group 21incorporated October 2010 China subsidiary -0.17 ±0.20
group 22spring 2025 governance meeting return of… -0.17 ±0.20
group 232024 early winter aviation accident northern… +0.02 ±0.88
group 24ward instrument 1.50 each equity instrument… -0.08 ±0.55
group 26open market share repurchase program expires… -0.10 ±0.20
group 27"special gathering of ownership interest… +0.01 ±0.55
group 28"updated clinical trial efficacy data"… -0.07 ±0.41
group 29"exclusive buying agent" corporation +0.53 ±0.88
group 30"stockholders voted" "remove" "rule limitation" -0.04 ±0.55
group 31annual report filed in Tallahassee February 2025 +0.05 ±0.41
group 32affluent percentage in the low sixties advisory… +0.10 ±1.20
group 33asset-backed securitization company reported no… -0.15 ±0.20
group 34(no search) -0.10 ±0.20
group 35"just over twenty-eight hundred" restricted… -0.17 ±0.20
group 36nine million tax valuation allowance reversal… -0.15 ±0.20
group 37financial institution residential lending… +0.35 ±0.88
group 38credit facility amendment autumn mid 2020s… +0.00 ±0.81
group 39technology entity incorporated 2005… +0.22 ±1.20
group 40summer combined outstanding equity units ratio… -0.07 ±0.20
group 41Company B benefit program distributions annual… +0.21 ±0.00
group 42regulatory licenses satellite services provider… +0.03 ±0.55
group 43chairman appointed interim chief executive… +0.34 ±1.20
group 44intermediary shareholders needed a legal proxy… -0.15 ±0.20
group 45low to mid fifties per square foot lease… +0.50 ±1.20
group 4675 MW energy storage facility commercial… +0.38 ±0.88
group 47poultry disease outbreak cost increase… +0.08 ±0.61
group 48increased its remaining capital deployment… -0.20 flat
group 49July 2025 merger filing advisor fee 10% upfront… -0.15 ±0.20
group 50volunteer hours 35,000 workforce community… -0.05 ±0.61
group 51corporate governing documents authorized number… -0.09 ±0.50
group 522019 subsidiary formed late 2010s incorporated… -0.03 ±1.20
group 53established subsidiary Singapore December 2024… -0.17 ±0.20
group 55three dozen unique registrations intellectual… -0.05 ±0.20
group 56advisory agreement potential strategic… +0.24 ±1.20
group 57unitranche first lien term loan to Formulations… -0.07 ±0.20
group 58closure of offering late in the year before… -0.13 ±0.20
group 60registration rights agreement technology… -0.15 ±0.20
group 61restaurant organization leadership oversight… +0.02 ±0.88
group 62reverse stock split 20 November technology… -0.13 ±0.20
group 63quarterly distribution shareholders registered… -0.03 ±0.20
update 4512 rollouts in 64 groups +0.03 63% 16.3 0.13 0/64

4 groups with transcripts, sampled across the range of reward spread

group 1healthcare company founded spring 2018 originally named snack… -0.07 ±0.20
group 41"full oversight body" quarterly "additional sessions" 12-month… -0.03 ±0.20
group 52waterfront facility major coastal city long-term agreement late… +0.58 ±1.20
group 59dual class shares affiliated trusts founder voting power… -0.01 ±0.55
all 64 groups
group 0fourteen billion euros state aid tax settlement… +0.32 ±0.88
group 2$750 million securities due 2033 -0.13 ±0.20
group 3special meeting of shareholders to vote on… -0.05 ±0.41
group 4late winter quarterly earnings press release… -0.05 ±0.20
group 5administrative agent warrants become… -0.04 ±0.88
group 6bank holding company 500 employees registered… -0.10 ±0.20
group 7mid December 2025 name change announced… +0.15 ±0.55
group 8governance restructure new non-economic share… -0.05 ±0.20
group 9manufacturing company restructure focus… +0.03 ±0.41
group 10board member former head of major legal… -0.17 ±0.20
group 11company reduced its global workforce by over a… +0.13 ±1.20
group 12CEO employment contract fall 2025 lump sum… -0.05 ±0.20
group 13staff size 100 119 late winter filing executive… -0.07 ±0.20
group 142023 AGM board election early summer 2023 stock… +0.48 ±1.20
group 15transformation share exchange agreement 100… -0.02 ±0.41
group 16private offering closed last day of the first… -0.15 ±0.20
group 17late summer 2023 Company C term facility… -0.07 ±0.20
group 18manufacturing entity ratified new multi-year… +0.04 ±0.88
group 19summer 2022 stock began trading next day major… -0.03 ±0.20
group 20virtual meeting late spring three board members… +0.32 ±0.88
group 21board compensation policy stock options granted… +0.02 ±0.55
group 22second full week of summer month capital… -0.13 ±0.20
group 23jury verdict late spring mid-2020s few million… +0.00 ±0.55
group 24technology operations division divestiture… +0.07 ±0.88
group 25mid-2025 equity rights threshold $15 per unit… +0.05 ±0.41
group 26prorated for exactly twenty-seven days… +0.15 ±1.20
group 27nine out of ten employees located in isolated… +0.48 ±1.20
group 28Russell Street coastal city southwestern United… -0.05 ±0.20
group 29"7152" postal code Middle East "work" street… -0.07 ±0.88
group 30suppliers formal commercial agreements -0.10 ±0.20
group 31eighteenth formal amendment agreement "executed" -0.08 ±0.35
group 32excess earnings methodology customer… +0.29 ±0.61
group 33marketing firm acquired consumer-focused… -0.10 ±0.20
group 34board member led effort involving several… +0.33 ±0.88
group 35distribute equity compensation to its… -0.13 ±0.20
group 36"17,000" employees board 11 -0.05 ±0.20
group 37"registered ownership entities" -0.13 ±0.20
group 38subsidiary medical devices dermatology… -0.10 ±0.20
group 39August 30 2024 employment protection arrangement -0.15 ±0.20
group 40company inventory warehouse southern province… -0.07 ±0.20
group 42voluntary debt prepayment final weeks of the… +0.25 ±0.88
group 43validation technology postgraduate +0.16 ±0.87
group 44"meeting" "compensation committee" 2024" 2024… -0.02 ±0.61
group 45"full ownership" subsidiary organized under the… -0.07 ±0.20
group 46company B registration statement effective… -0.04 ±0.35
group 47specialized generation unit began full-scale… +0.07 ±0.55
group 48board members received identical equity mid-ten… -0.05 ±0.61
group 49senior legal counsel appointment age thirty-one… -0.08 ±0.55
group 50mid-winter regulatory authorization independent… -0.13 ±0.20
group 51Company B Compensation Committee periodic… +0.16 ±0.41
group 532022 consolidation Midwest Great Plains company… -0.10 ±0.20
group 54sublease telecommunications October 2023 -0.02 ±0.60
group 55acquired planning pre-qualification services… +0.34 ±0.68
group 56protective medical technology early fall 2025… +0.23 ±0.55
group 57"The Corporation Trust Company" address +0.03 ±0.60
group 58business combination completed in summer 2020… -0.11 ±0.53
group 60independent board chair "average director… +0.05 ±0.41
group 61record date early spring eight weeks before… -0.07 ±0.20
group 62termination and compensation agreement December… -0.03 ±0.20
group 63beverage firm new facility early spring 2019… +0.29 ±0.88
update 5512 rollouts in 64 groups +0.04 77% 15 0.10 7/64

4 groups with transcripts, sampled across the range of reward spread

group 14hotel financing German bank interest rate protection date 0.00 flat
group 32amended consulting arrangement winter early twenties extend… -0.05 ±0.20
group 38biotechnology firm over 500 full-time employees less than 40… +0.08 ±0.55
group 61spring 2025 pharmaceutical fulfillment facility midwestern… +0.45 ±1.20
all 64 groups
group 0January 2024 share repurchase authorization… -0.03 ±0.20
group 1"approximately fourteen hundred" workforce… -0.07 ±0.20
group 2former entity ceased to be shell organization… -0.03 ±0.20
group 3(no search) -0.07 ±0.20
group 4Company B board increased size independent… -0.02 ±0.61
group 5early winter 2024 company went public… -0.03 ±0.20
group 6December 2024 European regulator approves… -0.15 ±0.20
group 7CytoArm CD-19 Armed-T +0.05 ±0.61
group 8Feb 15 2026 refinance obligations securities -0.03 ±0.20
group 9four members of board did not seek… +0.04 ±0.55
group 10annual general meeting virtual Pacific… -0.05 ±0.20
group 11December 2023 securities offering special… +0.09 ±0.68
group 12"bed capacity" "late 2024" "acquisition"… +0.26 ±0.30
group 13economics degree from the liberal arts college… +0.14 ±0.88
group 15outlook workforce restructuring late autumn… -0.10 ±0.20
group 16board member decade public accounting… -0.07 ±0.20
group 17Company B private financing arrangement early… +0.03 ±0.21
group 18February 2025 audit report 0.00 flat
group 19late winter mid-2020s divest segment serving… +0.28 ±0.88
group 20stockholder approval fall 2025 expand equity… +0.00 ±0.61
group 21early fall mid-2020s divest business segment… +0.02 ±0.55
group 22machine learning technology for security… -0.06 ±0.55
group 23(no search) +0.15 ±1.01
group 24chair governance committee board member age… 0.00 flat
group 25early winter mid-2020s special gathering… +0.09 ±0.68
group 26over four dozen million in client funds… -0.10 ±0.20
group 27"7.625% Series C Mandatory Convertible… +0.05 ±0.50
group 2890-to-1 recapitalization special shareholder… -0.05 ±0.20
group 29development-stage enterprise headquartered at a… +0.24 ±1.20
group 30largest business unit headquarters capital city… -0.05 ±0.41
group 31"internal controls" opinion signed "independent… -0.05 ±0.20
group 33company B consummated its business combination… -0.15 ±0.20
group 34corporate bank operations in Canada supervised… +0.05 ±0.55
group 35performance products governance committee ideal… 0.00 flat
group 36company acquired white label manufacturing… +0.11 ±0.61
group 37ownership of 800000 shares filing early 2020s… +0.10 ±0.88
group 39"mid year spring shareholder assembly" +0.13 ±1.01
group 40"low hundreds of dollars" remittance delay… 0.00 ±1.20
group 41Company C senior executive Chief Operating… -0.05 ±0.20
group 42late autumn policy adopted compensation… 0.00 flat
group 43December 1999 company B established incorporated +0.13 ±0.61
group 44mid-2020s alternating-year workforce survey… -0.07 ±0.20
group 45half a month wages annually termination benefit… +0.01 ±0.55
group 46program mid-month after first half end of month… +0.00 ±0.41
group 47shareholder approved proposed merger winter… -0.07 ±0.20
group 48dual-class equity holders voted hundreds.… +0.13 ±0.35
group 49custodian chartered by state division of… +0.21 ±0.00
group 50virtual shareholders meeting approved audit… 0.00 flat
group 51credit loss reserve retained earnings 2024… +0.29 ±1.00
group 52"accelerated effectiveness" early morning… +0.05 ±0.61
group 53CEO doctoral degree chemical engineering… -0.05 ±0.20
group 54reincorporated from Delaware to... summer 2010s… -0.01 ±0.54
group 55CFO since October 2007 interim CEO March 2024… +0.28 ±0.97
group 56annual meeting late spring shareholder cutoff… 0.00 flat
group 57"revised reclamation plan" "state reclamation… +0.06 ±0.50
group 58topped trio business partners equipment… -0.13 ±0.20
group 59"$80.2 million" "Danish Ship Finance" +0.13 ±0.41
group 60board nominated for election until next annual… +0.21 ±0.55
group 62gene therapy treatment specific genetic… +0.05 ±0.81
group 63authorized equity units expansion "mid-2020s"… -0.03 ±0.20
update 6512 rollouts in 64 groups +0.10 91% 12.9 0.15 8/64

4 groups with transcripts, sampled across the range of reward spread

group 3"over fifty thousand rentable square feet" "neutr*" 0.00 flat
group 11company B owns its main facility in a municipality within a… +0.00 ±0.41
group 42supervisory board 12 members elected by holders of +0.18 ±1.20
group 44non-payment of quarterly distributions holders gained voting… -0.03 ±0.20
all 64 groups
group 0circuits development firm 2001 +0.88 ±0.32
group 1DM Lab Co., LTD acquisition May 2023 company B +0.05 ±0.41
group 2opened a center early 2024 global hub training… +0.34 ±1.00
group 4operating subsidiary breached regulatory… -0.03 ±0.39
group 5founder disposed several hundred thousand… -0.05 ±0.20
group 6unvested equity awards weighted-average period 0.00 flat
group 7over 32000 acres extraction operations company… 0.00 flat
group 8termination and release agreement 2022… +0.19 ±0.30
group 9biotechnology firm workforce reduction roughly… +0.14 ±0.88
group 10extended borrowing arrangement expiration early… -0.03 ±0.20
group 12late 2024 acquisition water disposal operations… +0.51 ±1.00
group 13bicentennial fine dining service celestial body… +0.10 ±0.55
group 14organization source workforce national origins… +0.03 ±0.41
group 15strategic combination agreement senior… -0.05 ±0.20
group 16authentication protocols for supplies… +0.30 ±0.35
group 17Chief financial officer adopted a written… +0.15 ±0.41
group 18biopharmaceutical resolved disputed… +0.64 ±0.65
group 19late 2025 company appointed executive nearly… +0.16 ±1.20
group 20"healthcare district" "general obligation"… -0.03 ±0.20
group 21direct registered offering purchasers own… -0.07 ±0.20
group 22450 million 2033 debt coupon +0.09 ±0.15
group 23"1.8 billion" annual consolidated net sales… -0.05 ±0.20
group 24private placement aggregate gross proceeds of… -0.05 ±0.20
group 25CEO joined in late 1990s studied infrastructure… +0.02 ±0.55
group 26biotech reverse split 30-to-1 reverse stock… 0.00 flat
group 27early 2025 former long-time finance executive… +0.03 ±0.41
group 28board committee amended and restated executive… +0.71 ±0.65
group 29company governing body organized into three… +0.04 ±0.32
group 30Company B controlling interest beverage holding… +0.15 ±0.41
group 31annual shareholder gathering Pacific Northwest… -0.03 ±0.20
group 32board member completed a professional… -0.05 ±0.20
group 33enacted amendment to governance documents late… -0.05 ±0.20
group 34suite four digits 10th floor waterfront… +0.05 ±0.79
group 35"quarter of a million" "office space"… +0.30 ±0.68
group 36"Falls Drive" Washington DC" +0.00 ±0.41
group 37HP workforce around 57,000 employees worldwide… +0.09 ±0.35
group 38weighted-average recognition period unvested… +0.04 ±0.34
group 39quarterly filing "second modification"… +0.44 ±1.00
group 40board member joined prior organization… -0.03 ±0.20
group 41acquired remaining stake in joint venture early… +0.02 ±0.55
group 43corporate supplement to offering circular… +0.34 ±0.41
group 45company leasing workspace historic metropolitan… -0.03 ±0.20
group 46directors and executive officers table… 0.00 flat
group 47"security holders voted" "confirm" "three-year… -0.03 ±0.20
group 48holding entity reorganized capital structure… +0.04 ±0.33
group 49shore-based officers not directly compensated… +0.26 ±0.61
group 50single female representative 14% board 7… +0.04 ±0.34
group 51certificate filing western state authorities… +0.30 ±0.68
group 52late autumn 2029 equity instruments expire… +0.15 ±0.30
group 53operations executive early twenties one-time… -0.03 ±0.20
group 54"exclusive licensing agreement" "seven-figure"… -0.01 ±0.55
group 55statutory capital dividend percentage prior… +0.10 ±0.54
group 56permanent oversight bodies compensation… 0.00 flat
group 57technology company received safety… +0.35 ±0.01
group 5811,000 square feet lease extended to 2029… -0.03 ±0.20
group 59company B principal office located on "Elm… +0.10 ±0.21
group 605.5 billion after depreciation 1.5 billion real… -0.03 ±0.20
group 61processing center tens of acres river 'led'… -0.03 ±0.20
group 62secured lending arrangement mid-2020s one and a… 0.00 flat
group 63record date annual meeting virtual equity… 0.00 flat
update 7512 rollouts in 64 groups +0.17 96% 11.6 0.20 18/64

4 groups with transcripts, sampled across the range of reward spread

group 1principal executive officer signature annual report regulatory… 0.00 flat
group 24"cruelest month" poetry" -0.03 ±0.20
group 34Company B lease small office accounting team month-to-month… +0.10 ±0.41
group 55company announced naming rights agreement for new minor league… +0.45 ±1.20
all 64 groups
group 0board member nearly two decades major… +0.30 ±1.00
group 2early summer 2024 acquisition from operator… -0.05 ±0.20
group 3executive offices located in Manhattan… 0.00 flat
group 4"over a thousand" volunteer hours company IPO +0.34 ±1.00
group 5Company B announced a major expansion to its… +0.34 ±0.61
group 6executive left interim leadership role became a… 0.00 flat
group 7registered shareholders end of first quarter… 0.00 flat
group 8"end of fiscal year 2025" "full-time" staff 0.00 flat
group 9credit arrangement amendment fifth amendment… +0.38 ±1.00
group 10voluntary program offset emissions renewable… +0.83 ±0.67
group 11company governance body equal standing internal… 0.00 flat
group 12fiscal year workforce reduced by percentage… 0.00 flat
group 13northeastern Mediterranean coastal city trade… +0.02 ±0.54
group 14reverse merger SPAC public markets late summer… 0.00 flat
group 15"restricted stock" would vest after a full year… 0.00 flat
group 16company peak share value late spring half a… -0.03 ±0.20
group 17"mid-2020s" "governance member" "left"… +0.03 ±0.41
group 18chief executive pays 40 days vacation per year… +0.19 ±0.30
group 19terminated potential asset sale agreement… +0.47 ±1.00
group 20supervision restrictions early spring 2025… +0.04 ±0.33
group 21swap dealer penalty swap-data reporting… +0.41 flat
group 22majority-owned subsidiary secured financing… +0.72 ±0.29
group 23manufacturing workshops 20000 square metres… +0.68 flat
group 25legal officer led operations for over three… +0.29 ±1.20
group 26"collaborative research agreement" "military"… -0.05 ±0.20
group 27principal investment framework agreement signed… +0.20 ±0.41
group 28distributing to federation in the Arabian… +0.09 ±0.35
group 29public entity set of principles guide workplace… +0.17 ±1.00
group 30critical access hospital mid 1950s acquisition… +0.21 ±0.41
group 31"final quarter" regulatory disclosure personnel… +0.17 ±0.68
group 32"Company C" "July 31, 2001" "governing… +0.07 ±0.35
group 33"debt exchange" "chief executive" "half a… +0.10 ±0.87
group 35"over 200 countries and territories" filed for… +0.04 ±0.35
group 36strategic restructuring late spring of its most… 0.00 flat
group 37"pair of seats" "largest group" board -0.03 ±0.20
group 38acquired incident collaboration and analysis… +0.27 ±0.88
group 39lease out specialized bath equipment five digit… +0.17 ±0.35
group 40Company B employees December 31 2024 0.00 flat
group 41mid-spring of the mid-2020s regulatory… +0.04 ±0.35
group 42late-stage clinical trial venous access… +0.42 ±1.20
group 43company incorporates entity Delaware mid-2010s… 0.00 flat
group 44governance event early part second half of… +0.59 ±0.68
group 45prefabricated perimeter edge metal systems… +0.58 ±1.00
group 46"written confirmation of a professional… +0.08 ±0.21
group 47purchase agreements early 2020s termination… +0.04 ±0.33
group 48debt offering spring maturing five years low… 0.00 flat
group 49acquired breakfast brand for over 80 million… +0.63 ±0.33
group 50definitive transaction arrangement July 2024… -0.03 ±0.20
group 51ten-week strike west coast facility manufacturer +0.29 ±0.88
group 52members can serve until reaching their early… 0.00 flat
group 53acquired mineral rights covering over one… +0.13 ±0.41
group 54board director appointed summer 2025 human… +0.34 ±1.00
group 56"qualified" to participate" virtual gathering"… +0.03 ±0.20
group 57mid-2020s filed ownership documentation late… 0.00 flat
group 58governing body approved equity compensation… +0.06 ±0.55
group 59multilingual interface supports 20 languages… +0.36 ±0.41
group 60board member advanced wireless communications… -0.03 ±0.20
group 61"two autumns" revolving credit commitments" +0.04 ±0.35
group 62principal executive offices corporate filings… 0.00 flat
group 63Company B CEO 2024 pay median employee ratio… +0.05 ±0.41
update 8512 rollouts in 64 groups +0.15 97% 12 0.18 23/64

4 groups with transcripts, sampled across the range of reward spread

group 0"principal accounting officer" successor joined early part… 0.00 flat
group 37Company B ABA business process intangible asset gross carrying… +0.23 ±0.61
group 49Delaware incorporated laboratory space +0.10 ±1.20
group 61formal regulatory approval 2023" 0.00 flat
all 64 groups
group 1March 1 1992 founded Louisiana company +0.25 ±1.00
group 2125,000 square feet manufacturing warehouse… 0.00 flat
group 3board member decades experience overseeing… -0.03 ±0.20
group 4high-voltage electrical infrastructure… +0.07 ±0.35
group 5Company B governing body board members 'first… +0.05 ±0.41
group 6acquisition transaction late winter agreement… +0.51 ±0.68
group 7staffing allocation sales production aftersales… 0.00 flat
group 8cable-free monitoring system December 13… +0.31 ±0.41
group 9restricted stock awards granted to outside… 0.00 flat
group 10board appointed new member over two decades… +0.51 ±0.68
group 11Form F-3 registration statement effective… -0.03 ±0.20
group 12"12920 SE 38th Street" +0.35 flat
group 13Company C credit agreement construction… 0.00 flat
group 14spring 2025 annual meeting stockholders asked… +0.06 ±0.54
group 15materials platform manufacturing temperatures… +0.33 ±0.81
group 16wealthy enclave coastal street shareholder… 0.00 flat
group 17"retirement plan contributions" exceeded 16… +0.08 ±0.34
group 18"Aarna Holdings LLC" "classified oversight"… -0.03 ±0.20
group 19mid-October non-binding agreement potential… +0.88 ±1.00
group 20convertible equity series first quarter 2020s… +0.42 ±0.68
group 21only owned real estate facility compact… +0.10 ±0.21
group 22lease agreement mid-2020s mid-2030s over… +0.34 ±0.68
group 23exclusive branding arrangement per-member… 0.00 flat
group 24beauty and wellness company incorporated as… +0.15 ±0.41
group 25chief financial officer joined 2024 licensed… +0.29 ±1.00
group 26property acquisitions exceed % of credit… +0.04 ±0.35
group 27record date annual meeting May 2025 company B… +0.08 ±0.41
group 28interim results oncology combination first line… +0.02 ±0.15
group 29canton timepiece region Switzerland canton name 0.00 flat
group 30publicly traded entity separation from former… +0.17 ±0.68
group 31non-management members governing board equity… -0.03 ±0.20
group 32spring water merger 2020s five regions North… +0.59 ±0.65
group 33clinical-stage entity "registered holders"… 0.00 flat
group 34Company B Compensation Committee adopted new… 0.00 flat
group 35acquisition announced first week 2020 health… +0.26 ±0.35
group 36filing-based regulatory regime governing… +0.44 ±1.00
group 38global sites fiscal year operations company… 0.00 flat
group 39employee purchase arrangement half a million… -0.03 ±0.20
group 40privately held firm focused on viral infections… 0.00 flat
group 41southwestern province institute early 2020s… +0.08 ±0.33
group 42retirement plan Caribbean territory transferred… +0.52 ±1.18
group 43"key defined terms" "valuation amount"… 0.00 flat
group 44"42nd floor" "principal executive offices"… 0.00 flat
group 45late fall partnership term sheet dermal… +0.30 ±0.68
group 46manufacturer purchased spring low tens of… +0.48 ±1.20
group 47300,000 square feet executive office lease… +0.21 ±0.60
group 48"determination letter" "preapproved plan"… +0.35 flat
group 50closed its Australian development studio in… +0.05 ±0.61
group 51spun out from leading institution early 2010s… +0.25 ±1.00
group 52summer 2024 shareholders meeting increase to… 0.00 flat
group 53"stockholder disputes should be resolved"… 0.00 flat
group 54holding company offshore Caribbean relocated… +0.21 ±1.00
group 55warrant amendment minimum threshold fractions… +0.13 ±0.68
group 56Company B contractual obligations primary… +0.03 ±0.41
group 57corporate income tax one quarter of revenues… +0.71 ±1.00
group 58"just over half a billion" "share repurchases" 0.00 flat
group 59consolidation of equity ownership units ratio… 0.00 flat
group 60virtual corporate gathering scheduled for late… 0.00 flat
group 62board meeting first week of February variable… 0.00 flat
group 63Company B board independent status two members… +0.03 ±0.61
update 9512 rollouts in 64 groups +0.14 98% 11.7 0.17 22/64

4 groups with transcripts, sampled across the range of reward spread

group 1board approved financial authorization measured in millions of… 0.00 flat
group 16"initial statement" "senior legal counsel" early summer +0.08 ±0.41
group 27executive office located in Florida charter designates First… +0.37 ±1.20
group 60research spending exceeding three trillion yen business line… 0.00 flat
all 64 groups
group 0residential development fewer than thirty… +0.09 ±0.68
group 2company chief executive obtained a law degree… +0.14 ±0.55
group 3baseline date began tracking cumulative… +0.05 ±0.21
group 4"single leased facility" "master-planned… +0.26 ±0.35
group 5special class of stock superior voting rights… +0.04 ±0.35
group 6retire all outstanding shares of a specific… +0.15 ±0.61
group 7baker's dozen board nominees 0.00 flat
group 8industrial software product-centric field… +0.06 ±0.30
group 9board member became the top executive officer… 0.00 flat
group 10"accordion feature" "aggregate commitment… +0.07 ±0.21
group 11purchase of 2,000,000 shares from trusts at $65… +0.59 ±0.68
group 12regulated utility authorized to recover costs… +0.13 ±0.35
group 13\"initial beneficial ownership statement\"… +0.03 ±0.41
group 14independent directors authorized creation of… +0.00 ±0.43
group 15patent grant therapeutic targeting cell… +0.92 ±0.65
group 17corporate secretary office mail code building… 0.00 flat
group 18incorporated as a private limited liability… -0.03 ±0.20
group 19Company B primary production facilities… +0.10 ±0.41
group 20York University social sciences program +0.06 ±0.53
group 21class settlement agreement among the parties… +0.75 ±1.00
group 22"principal executive offices" "receiving… +0.10 ±0.41
group 23just over two hundred thirty million dollars… -0.03 ±0.20
group 24permanently extend a deduction benefit for… +0.13 ±0.35
group 25arbitration agreement reached with state… +0.22 ±0.35
group 26digital interim talent provider Europe Middle… +0.13 ±0.41
group 28incentive structure units reserved match… 0.00 flat
group 29virtual gathering shareholders equity grant 20k… 0.00 flat
group 30two-tiered governance model independent members… +0.17 ±0.35
group 31typical work week days 5 days 0.00 flat
group 32statutory trust northeastern region late 2018… +0.03 ±0.21
group 33manufacturing firm chief legal officer… 0.00 flat
group 34virtual gathering stakeholders cutoff… 0.00 flat
group 35formal registrations established in well over a… 0.00 flat
group 36"sole operating subsidiary" registered"… +0.04 ±0.34
group 37automatic employer deposit calculated as a… 0.00 flat
group 38Company C unincorporated partnership historic… +0.15 ±0.30
group 39majority stake in a publicly traded company… 0.00 flat
group 40minority stake water delivery infrastructure… +0.25 ±0.88
group 41cliff vesting schedule years must elapse before… +0.50 ±0.68
group 42late 2024 transaction with semiconductor… 0.00 flat
group 43technology firm executive compensation… +0.67 ±0.09
group 44expansion authorized capital structure fixed… +0.43 ±0.68
group 45Company B 5.40% senior unsecured notes… +0.03 ±0.21
group 46"three-year base continuation payment"… +0.42 ±1.00
group 47terminated lease early fall 2021 office… +0.15 ±0.50
group 48second full week tenth month closing… 0.00 flat
group 49independent registered public accounting firm… 0.00 flat
group 50executive headquarters northern region of China… 0.00 flat
group 51mid-January event critical transaction deadline… 0.00 flat
group 52four-letter regulator oversees multiple… +0.71 ±1.00
group 53Company C annual assembly of equity holders 0.00 flat
group 54board meeting late spring 2023 governance body… +0.09 ±0.68
group 55distribution subsidiary established in early… 0.00 flat
group 56unsecured lending arrangements early 2020s… 0.00 flat
group 57corporate restructuring eliminated dual class… +0.71 ±0.66
group 58early eighties as of the spring of 2025 +0.05 ±0.21
group 59credit arrangement expansion provision… 0.00 flat
group 61corporate governance constitutional document… +0.02 ±0.17
group 62compensation committee evaluated cohort market… +0.21 ±0.35
group 63indenture provision release lien not exceeding % +0.02 ±0.54
update 10512 rollouts in 64 groups +0.15 98% 11.6 0.17 18/64

4 groups with transcripts, sampled across the range of reward spread

group 2initial borrowing arrangement formally documented 0.00 flat
group 8first trial conditionally active monoclonal antibody early… +0.48 ±1.20
group 18divided into three staggered groups +0.05 ±0.49
group 29"formal consolidation arrangement" -0.03 ±0.20
all 64 groups
group 0majority-controlled division initial public… +0.20 ±0.41
group 1final consolidation transaction date… +0.09 ±0.68
group 3Company B maintained active agreements across… +0.02 ±0.18
group 4mid-summer cash distribution to stockholders… 0.00 flat
group 5executive appointed oversee holding company… +0.49 ±1.00
group 62025 summer private placement 200,000 units IPO +0.23 ±0.88
group 7annual shareholders' meeting May 2025 board… +0.02 ±0.18
group 915000 rentable square feet lease early 2020s… +0.26 ±0.35
group 10"final weekday" "opening month" "new calendar… +0.05 ±0.41
group 11virtual gathering stockholders increase… +0.08 ±0.34
group 12"employee engagement network" "1000" "members"… +0.20 ±0.35
group 13Company B real estate investment trust… +0.10 ±0.21
group 14original authorization completed incentive… 0.00 flat
group 15company research facilities eastern… +0.84 ±0.32
group 16two billion units from circulation share… +0.37 ±0.91
group 17company experienced severe operational… +0.45 ±1.00
group 19consultancy focused on enterprise cloud… 0.00 flat
group 20"founded in 195" "Great Lakes state" 0.00 flat
group 21board member worked at investment bank for over… 0.00 flat
group 22early spring 2020s purchase agreements… +0.12 ±0.65
group 23annual base fee amount "independence" oversight… 0.00 flat
group 24appointed board member early summer board… 0.00 flat
group 25credit impairment corporate bond failed… +0.70 ±1.00
group 26Company B 2025 Exchangeable Notes +0.03 ±0.61
group 27unsecured borrowing arrangements principal… +0.08 ±0.35
group 28ended a distribution agreement in a western… +0.14 ±0.88
group 30"definitive agreement related to commission… -0.03 ±0.20
group 31incorporated Oct 8 1998 Delaware +0.09 ±0.68
group 32each existing unit transformed into three units… +0.05 ±0.41
group 33400 plasma collection centers acquired… +0.64 ±0.33
group 34reincorporated under Delaware laws Company C… 0.00 flat
group 35clinical trial Southern Hemisphere enrolled… +0.24 ±0.68
group 36relocated main offices first half 2020s road… 0.00 flat
group 37October amendment interest rate spread reduced… +0.09 ±0.35
group 38purchased production facility from… +0.46 ±0.68
group 39Company B board members number 0.00 flat
group 40reincorporate jurisdiction corporate decision… +0.04 ±0.33
group 41late 1960s company announced relocate legal… +0.42 ±0.68
group 42former congressman committee audit financial… +0.02 ±0.60
group 43acquired in 2020s automating integration and… +0.12 ±0.68
group 44authorized payment institution license small… +0.08 ±0.35
group 45Company B formally complete the integration… 0.00 flat
group 46late fall mid-2020s executive stepped down… 0.00 flat
group 47"redeemed on the last day of the month… 0.00 flat
group 48Company C early September pre-delivery shares… +0.26 ±0.30
group 49reverse stock split 15-to-1 late fall early… +0.15 ±0.61
group 50initial occurrence retention lender services… +0.80 ±0.67
group 51late 2024 50 million agreement proprietary… +0.13 ±0.68
group 52corporation distributes supplies bifurcated… +0.13 ±0.41
group 53mineral street lake western shore midwestern… +0.04 ±0.35
group 54board unanimously authorized equity transfer… +0.17 ±0.68
group 55conversion ratio convertible preferred stock… 0.00 flat
group 56development projects final quarter recent… +0.45 ±1.00
group 57public equity offering April 2024 net proceeds… -0.03 ±0.20
group 58administrative facility opened early 21st… +0.05 ±0.41
group 59company workforce over 300 people two-thirds… 0.00 flat
group 60distribution agreement winter 2025 southern… 0.00 flat
group 61Company B operates in approximately three dozen… +0.03 ±0.21
group 62amended credit agreement early September 2023… 0.00 flat
group 63Company C filed Articles of Amendment to its… +0.02 ±0.15
update 11512 rollouts in 64 groups +0.13 98% 12.3 0.14 17/64

4 groups with transcripts, sampled across the range of reward spread

group 0formed a new reportable business segment in the first quarter… +0.35 flat
group 6"just over" "a couple hundred" employees lease heavy equipment… -0.03 ±0.20
group 41non-employee board members measurement period trading days +0.29 ±0.35
group 56facility acquired late nineteen-fifties along a waterway… +0.56 ±1.20
all 64 groups
group 1trust vehicle southeastern metropolitan area… +0.02 ±0.15
group 2new operating lease space had been subleasing… +0.09 ±0.68
group 3administrative support agreement compensate a… +0.08 ±0.33
group 4Company B regional segment headquarters South… +0.00 ±0.41
group 5over 100,000 square feet on Fifth Avenue lease… 0.00 flat
group 7company B governing body reduced from eight to… +0.03 ±0.20
group 8first anniversary of "assumed the role" CEO… 0.00 flat
group 9mid-2020s proxy filing number of individuals… +0.12 ±0.65
group 10Company B board authorizes capital return… 0.00 flat
group 11exclusive financial advisor oral opinion joint… +0.09 ±0.54
group 12SPAC incorporated early 2020s consummated… -0.03 ±0.20
group 13Company B established 1980s incorporated New… -0.05 ±0.20
group 14company headquartered delaware filed 10-k 2024… +0.02 ±0.15
group 15"statutory compensation limitation" threshold… +0.23 ±1.00
group 16corporation incorporated mid-2000s manages… +0.19 ±0.68
group 17Feb 14 2025 performance-based equity… +0.05 ±0.20
group 18Australia subsidiary facility southern state… +0.26 ±0.35
group 19"capital allocation initiative" board authorized -0.03 ±0.20
group 20corporate combination agreement voting… +0.05 ±0.41
group 21loan origination facility mid-Atlantic location… +0.09 ±0.35
group 22capital allocation program equity security… +0.04 ±0.33
group 23February 2, 2024 exchange arrangement +0.08 ±0.41
group 24regulatory proceedings central European… +0.51 ±0.77
group 25revised advertising regulation framework… 0.00 flat
group 26audit attestation report mid February major… 0.00 flat
group 27Vice Chair educational initiative Middle… +0.40 ±1.20
group 28world's most sensitive clinical total-body… +0.59 ±1.00
group 29Company C restricted stock units CEO vest March… 0.00 flat
group 30company subsidiary acquired mid-summer 2018… 0.00 flat
group 31shareholder meeting late 2020s east coast… 0.00 flat
group 32chairman letter virtual event control number… 0.00 flat
group 33termination of financing arrangement… +0.15 ±0.41
group 34256 individuals incentive compensation plan 138… +0.12 ±0.35
group 35renewed a multi-year worldwide licensing… +0.46 ±1.20
group 363,000,000 Class A Ordinary Shares granted to 11… +0.04 ±0.18
group 37"British Virgin Islands" fiduciary duties… 0.00 flat
group 38mid-2020s corporate rebranding reassessed… +0.30 ±0.35
group 39principal executive office located in 0.00 flat
group 40reduced levy on income transfers tax rate… +0.13 ±0.35
group 42Southeast Asian city-state auditor Company B… +0.08 ±0.21
group 43legal domicile western Canadian province to… +0.09 ±0.68
group 44ended board service after 18 years November… +0.02 ±0.13
group 45ARTV NK cell-based therapies quarter 3 2023… +0.94 ±0.35
group 46autonomous county forestry rights herbal mu… +0.28 ±0.61
group 47(no search) -0.03 ±0.20
group 48shareholder-approved equity incentive plan… 0.00 flat
group 49virtual meeting early summer increase… 0.00 flat
group 50board appointment January 2024 hearing… +0.38 ±1.00
group 51fiscal year end changed from October to… 0.00 flat
group 52smelting facility biofuel alternative fuel… +0.09 ±0.20
group 53fee agreement early 2020s administrator… +0.51 ±0.65
group 54proposal external parties acquire real estate… +0.13 ±0.68
group 55company sold interests three properties two… +0.32 ±0.54
group 57three business units three-quarters owned… 0.00 flat
group 58"annual gathering of equity holders" "late… +0.09 ±0.29
group 59transfer restrictions consecutive trading… 0.00 flat
group 60facility lease expired winter 2024 registered… +0.04 ±0.28
group 61"medical center for children" midwestern state… +0.21 ±0.64
group 62"board of directors" "six" "company"… +0.03 ±0.21
group 63company pays monthly fee office support equals… -0.03 ±0.20
update 12512 rollouts in 64 groups +0.17 96% 11.7 0.19 13/64

4 groups with transcripts, sampled across the range of reward spread

group 4Company B executive office 50th Street 0.00 flat
group 24acquisition summer mid-2020s collection centers laboratory… +0.22 ±1.20
group 44tender offer servo controls upstate New York cash price per… +0.52 ±0.47
group 46final month before new calendar year licensing agreement final… +0.10 ±0.21
all 64 groups
group 010-11 million revenue 100 employees… +0.18 ±1.20
group 1special administrative region procurement… -0.05 ±0.20
group 2late autumn early 2020s acquisition privately… +0.72 ±0.66
group 3wholly-owned subsidiary pharmaceutical research… +0.23 ±0.55
group 5three sponsors contributed more than seven… 0.00 flat
group 6new executive autonomous vehicle technology… -0.03 ±0.20
group 7Company B acquisition domestic asset portfolio… -0.03 ±0.20
group 8amended retirement savings plan full ownership… 0.00 flat
group 9board consists of a trio of individuals… -0.07 ±0.20
group 10senior medical executive joined early 2024… +0.27 ±1.20
group 11percentage ownership entity maintain… +0.10 ±0.41
group 12low sulfur sub-bituminous coal jointly owned… +0.27 ±0.55
group 13signed a lease for office space at a technology… +0.17 ±0.35
group 14proxy materials first sent "to" shareholders 0.00 flat
group 15variable interest structure controlling equity… +0.31 ±0.86
group 16acquired holding entity 2023 western… +0.20 ±0.66
group 17June 2026 equity units 3.5 million circulation… +0.03 ±0.21
group 18company relocated incorporation status twice… +0.59 ±0.68
group 19cognitive impairment care facilities October… +0.67 ±0.63
group 20first month following the last full year office… 0.00 flat
group 21Studio Park mid-Atlantic state consolidation… +0.80 ±0.32
group 22board arrangement staggered terms split evenly… -0.01 ±0.54
group 23Company B independent registered public… 0.00 flat
group 25"compensation framework" "approved" "June 2012" 0.00 flat
group 26mid-summer date mid-2020s special committee… +0.56 ±1.00
group 27Elon Musk founded SpaceX 2002 +0.21 ±0.81
group 28capital expansion 2023 facilities southern US… 0.00 flat
group 29ownership guidelines stock multiple of base… +0.07 ±0.30
group 30company operates virtually with only a few… +0.13 ±0.41
group 31serves about 300 communities" diagonal area"… +0.21 ±0.68
group 32company headquartered archipelago state eight… +0.55 ±0.68
group 33promissory note maturity board member… +0.41 ±0.04
group 34discounted ownership stake program eligibility… +0.04 ±0.35
group 35presidential appointment effective early winter… 0.00 flat
group 36Company B principal operational center address… +0.13 ±0.59
group 37secured debt instruments backed by a… 0.00 flat
group 38religious institution of higher education in… +0.04 ±0.35
group 39Series D Preferred Stock cumulative quarterly… +0.16 ±0.30
group 40Company B formalised voting rights at annual… 0.00 flat
group 41charitable organization physical locations in… -0.03 ±0.20
group 42shareholder event virtual access video platform… +0.04 ±0.32
group 43board authorized repurchase program up to $10… -0.03 ±0.20
group 45health authority concluded public consultation… +0.02 ±0.55
group 47property disposition just under one hundred… +0.19 ±1.00
group 48East Sego Lily Drive 0.00 flat
group 49state-chartered depository institution FDIC… +0.05 ±0.41
group 50wholly owned subsidiary +0.75 ±0.35
group 51board member joined 2020s sales development… +0.55 ±0.99
group 52offshore jurisdiction corporate income tax… +0.20 ±0.39
group 53aviation fuel product biorefinery southern… +0.39 ±0.38
group 54Company C nominee board of directors next… 0.00 flat
group 55amended credit agreement reference rate index… +0.17 ±0.35
group 56metals distribution acquired protective canopy… +0.15 ±0.41
group 57working capital deficiency over one million… +0.16 ±0.68
group 58founding partner board charitable organization… +0.42 ±0.68
group 59class of stock with no voting rights… +0.18 ±0.40
group 60governance committee convened times fiscal year… +0.04 ±0.31
group 61biotechnology organization workforce final… +0.03 ±0.22
group 62fiscal year ending December 31 2024 unqualified… +0.03 ±0.21
group 63consumer goods manufacturer distribution center… +0.09 ±0.35
update 13512 rollouts in 64 groups +0.15 94% 13.8 0.17 11/64

4 groups with transcripts, sampled across the range of reward spread

group 14approved increase in authorized equity awards early summer… 0.00 flat
group 55carbonatite complex 70 million metric tonnes phosphate… +0.44 ±1.20
group 56board authorized buyback program spring 2023 expire three years… +0.01 ±0.48
group 60retired military officer led defense nonprofit since 2008 board… -0.05 ±0.20
all 64 groups
group 0smelting facility secured long-term electricity… +0.71 ±1.00
group 1capital ratio 350% regulatory body 2024 +0.26 ±0.35
group 2rebranding announced day before relocation… +0.13 ±0.81
group 3"special class of equity securities" "exchange… +0.56 ±1.20
group 4Company C "global headquarters" "principal… +0.16 ±0.50
group 5financial institution granted employee equity… +0.09 ±0.35
group 6international hub late 2020s capital city… +0.10 ±0.41
group 7financial services entity healthcare-focused… +0.09 ±0.35
group 8mid-2020s partnership arrangement mine resource… +0.08 ±0.34
group 9Company B acquired entity mid-2024 supplies… -0.05 ±0.20
group 10board member appointed new board member cell… +0.29 ±1.00
group 11annual shareholder gathering spring vote on… -0.05 ±0.20
group 12asset-backed revolving credit facility… -0.03 ±0.20
group 13appointed a financial executive with more than… +0.07 ±0.34
group 15press release shareholder gathering record date… 0.00 flat
group 16auditor office located in mid-Atlantic 0.00 flat
group 17shareholder gathering "three-digit" "cardinal… -0.03 ±0.20
group 18"as of the close of business" "September" 2023… +0.05 ±0.37
group 19breakthrough therapy designation pediatric… +0.34 ±0.67
group 20Company C corporate headquarters municipality… +0.07 ±0.29
group 21customer protection implementation rules… +0.13 ±0.68
group 22annual general meeting approve dual class share… +0.03 ±0.21
group 23all board members attended mountain state… +0.20 ±0.67
group 24"annualized amount" "nearly two dollars"… 0.00 flat
group 25annual general gathering equity holders… +0.05 ±0.39
group 26pharmaceutical sciences board member… +0.16 ±0.35
group 27exploration enterprise approved governance… 0.00 flat
group 28"Series D Cumulative Perpetual Redeemable… 0.00 flat
group 29agreement initially signed property historical… +0.46 ±1.20
group 30former senior partner consulting firm executive… -0.03 ±0.20
group 31registered direct offering with institutional… +0.02 ±0.39
group 32company acquired startup mid-2020s pioneering… +0.31 ±1.20
group 33executive joined board mid-2020s advisory… +0.04 ±0.34
group 3415 days notice board 15 directors +0.03 ±0.41
group 35Company C May 2018 incorporated May 2018… +0.02 ±0.15
group 36ballot initiative limits property tax… +0.67 ±1.00
group 37company annual gathering rights holders vote… -0.03 ±0.20
group 38Company B annual meeting equity holders mid… +0.17 ±0.61
group 39early 2025 lease 5 year fall city +0.10 ±0.55
group 40Board of Directors meeting fiscal year weekly… +0.08 ±0.35
group 41Company B appointment new President Chief… -0.05 ±0.20
group 42former executive oversight financial reporting… +0.16 ±0.35
group 43executive holds an MBA from University of… +0.56 ±1.20
group 44workforce reduction percentage 0.00 flat
group 45signed agreements at the last possible moment… +0.95 ±0.33
group 46dual-class stock acquired less than half of… +0.20 ±0.35
group 47employment protection agreement final day ninth… 0.00 flat
group 48800 milligram containers approval partner… +0.74 ±1.00
group 49regulatory application federal authorities… +0.06 ±0.30
group 50formally signed on agreement investment group… -0.03 ±0.20
group 51late 2022 funding arrangement medical research… +0.03 ±0.60
group 52"one hundred thousand square feet" lease… +0.00 ±0.43
group 53equal sized subset independent market listing… 0.00 flat
group 54Company B manufacturing facilities produce… +0.40 ±0.06
group 57technology facility small settlement major… 0.00 flat
group 58special governmental oversight company amended… +0.12 ±0.54
group 59military storehouse street leased laboratory… +0.34 ±0.68
group 61"common equity percentage" "rate request" +0.35 ±1.19
group 62"board members joined" formation" date"… 0.00 flat
group 63principal executive offices suite avenue… +0.08 ±0.61
update 14512 rollouts in 64 groups +0.16 95% 13.8 0.19 15/64

4 groups with transcripts, sampled across the range of reward spread

group 5month-to-month arrangement office facilities entity controlled… 0.00 flat
group 340.25% preferred equity security fractional interest -0.01 ±0.54
group 37"twelve and a half thousand" "square feet" "leased" mid-2020s"… +0.69 ±1.20
group 46shareholder records suite office boulevard -0.03 ±0.20
all 64 groups
group 0corporate secretary can be reached at… +0.11 ±0.30
group 1shareholders of record were registered on the… +0.04 ±0.35
group 2consumer brands European region executive… +0.42 ±0.60
group 3restructured its board to a size that would… +0.04 ±0.34
group 4board member appointed late spring investment… +0.02 ±0.54
group 6operational infrastructure across more than 300… 0.00 flat
group 7executed a real estate arrangement related to a… +0.04 ±0.35
group 8"200,000" electric customers "100,000" gas… +0.47 ±1.12
group 9early summer mid-2020s capital raise equity… 0.00 flat
group 10"equity awards" "continued to vest… -0.03 ±0.20
group 11late spring 2010 appointed independent directors +0.00 ±0.42
group 12divested personnel services unit cancel… 0.00 flat
group 13leased facility just over one hundred thousand… +0.02 ±0.53
group 14two state-chartered depository subsidiaries… +0.13 ±0.67
group 15"principal executive offices" "Phoenix" "record… +0.07 ±0.15
group 16acquire all issued and outstanding shares… +0.11 ±0.41
group 17proposal approved by stockholders mid-2025… +0.35 ±0.01
group 18securities offering closed on "20 cent"… -0.03 ±0.20
group 19board member founded private medical practice… +0.08 ±0.79
group 20goodwill 300000 deferred tax liability 145000… +1.00 flat
group 21cross-border acquisition mid-month winter 2025… +0.14 ±0.88
group 22company B Board of Directors approved a one… +0.18 ±0.61
group 23files state tax returns in two states open tax… +0.25 ±0.68
group 24deposit protection scheme compensates… 0.00 flat
group 25audit opinion communicated to Nashville +0.07 ±0.21
group 26acquired two properties late 2010s from related… +0.75 ±1.00
group 27supplemental retirement benefit program… +0.22 ±0.35
group 28registered stockholders 48 hours earlier audit… 0.00 flat
group 29incentive compensation arrangement… 0.00 flat
group 30Company C CEO resigned all positions 0.00 flat
group 31operating lease middle of last decade over… +0.13 ±0.34
group 32just under two decades +0.36 ±0.41
group 33Library Avenue Delaware auditor global network… +0.10 ±1.20
group 35board member senior executive automotive… +0.20 ±0.41
group 3617 sites 12 customer-facing 6+2 governing body… 0.00 flat
group 38telecommunications equipment provider won… +0.15 ±0.21
group 39Caribbean jurisdiction reorganization holding… -0.03 ±0.20
group 40private aviation time units per year executive… +0.13 ±0.35
group 41Atlantic island jurisdiction financial services… +0.03 ±0.61
group 42late 2010s founded company scientific… +0.64 ±0.34
group 43senior financial executive joined in 1989… +0.36 ±1.00
group 44Company B peer group executive compensation… +0.03 ±0.21
group 45"Company C" primary lending products state… +0.08 ±0.50
group 47charitable foundation assists local families… 0.00 flat
group 48"share repurchase program for up to $300… +0.02 ±0.59
group 49board member joined early 2010s crane… +0.34 ±0.68
group 50public offering price below par unsecured… +0.61 ±1.00
group 51"Representative Corporate Executive Officer"… +0.12 ±0.59
group 52"principal financial officer" "first equity… +0.37 ±1.00
group 53company acquired land use rights from local… -0.01 ±0.54
group 54hospital district revenue bond "American Museum… +0.21 ±0.61
group 55COO appointed president early months of 2020s… 0.00 flat
group 56wholly-owned foreign subsidiary sub-facility… +0.56 ±0.88
group 57two-year lease arrangement for workspace in a… -0.07 ±0.20
group 58equity award consecutive trading days stock… 0.00 flat
group 59Company C sold subsidiary December 2025 +0.11 ±0.15
group 60Q2 2025 venture private investment firm ancient… 0.00 flat
group 61conversion between jurisdictions filed articles… +0.08 ±0.41
group 62holding company late autumn 2010s structure… +0.51 ±0.68
group 63operational agreement with external management… 0.00 flat
update 15512 rollouts in 64 groups +0.18 94% 15.6 0.21 12/64

4 groups with transcripts, sampled across the range of reward spread

group 1foreign subsidiary mid-2010s local entity hold majority… 0.00 flat
group 43laboratory and workspace agreement street tree +0.31 ±1.20
group 49executive chairman acquired several million shares from founder… -0.03 ±0.20
group 60board chairman majority ownership stake high-volume parts… -0.04 ±0.50
all 64 groups
group 0special meeting voting adoption of merger… +0.20 ±0.34
group 2global efficiency initiative early 2020s… +0.60 ±1.20
group 3cooperation agreement power authority… +0.41 flat
group 4director search late autumn 2024 external… -0.03 ±0.20
group 5electric hybrid systems business segment… +0.35 flat
group 6"162-8551" "independent registered public… +0.41 flat
group 7wholly owned subsidiary early-stage… +0.43 ±0.35
group 8half a calendar year advance written… -0.03 ±0.20
group 9Company B board consists of +0.05 ±0.20
group 10performance-based compensation arrangement… +0.09 ±0.35
group 11roasting and packing facility 10,000 square… +0.13 ±0.30
group 12customer-facing support functions island nation… +0.25 ±1.20
group 13company ultimate holding entity national… +0.15 ±0.41
group 14recently appointed board member over 30 years… +0.03 ±0.27
group 15$400,000 working capital conversion shares… +0.22 ±1.20
group 16late summer 2020s acquired entire equity stake… +0.33 ±0.61
group 17mid-2020s evaluation credit risks end of… +0.21 ±0.68
group 18multinational organization entered into an… 0.00 flat
group 192024 compensation metrics board 10 executives… 0.00 flat
group 20"special tax-exempt status" "qualifying… +1.00 flat
group 21late 2020s development agreement new… +0.46 ±1.00
group 22company covered over 50 municipalities in… +0.05 ±0.41
group 23wholly owned subsidiary manages… +0.69 ±1.20
group 24board member step down June company board… +0.14 ±0.88
group 25Norway subsidiary established September 2023… +0.04 ±0.49
group 26"annual equity compensation grant" "commercial… -0.05 ±0.20
group 27board member retire late spring board shrink to… +0.03 ±0.27
group 28annual virtual gathering for equity holders… +0.09 ±0.68
group 29management severance plan cutoff date… -0.07 ±0.20
group 30Sembawang +65 office +0.50 ±1.00
group 31virtual sale equipment early February 2023 2.5… +0.88 ±1.00
group 32Sixth Amended and Restated Certificate of… +0.10 ±0.41
group 33shelf registration 8-K +0.04 ±0.33
group 34final month of 2024 stockholder assembly… +0.25 ±0.68
group 35alternative asset manager issued notes… +0.20 ±0.77
group 36reverse stock split ratio Valetine's Day… -0.03 ±0.20
group 37governing body downsized early 2024 member left… 0.00 flat
group 38formal agreement with financial services firms… -0.03 ±0.20
group 39chairman holds 16% stake" "variable interest… 0.00 flat
group 40Cayman Court order scheme meeting legal counsel… +0.02 ±0.49
group 41annualized incremental revenues through… +0.05 ±0.54
group 42Company B motion to dismiss shareholder… +0.05 ±0.21
group 44major tech firm closed presence in two eastern… +0.49 ±1.00
group 45leased headquarters 23,000 square feet… -0.03 ±0.20
group 46company transitioned factory century old… -0.03 ±0.20
group 47clinical development organization has office… -0.03 ±0.20
group 48"CEO since 2010" "environmental protection"… +0.09 ±0.67
group 50clinical development equity raise early fall… -0.03 ±0.20
group 51Company B appellate court dismissal entire… 0.00 flat
group 52annual stockholder meeting scheduled for late… +0.25 ±1.14
group 53attestation report on management's internal… +0.04 ±0.33
group 54Compensation Committee established annual… -0.03 ±0.20
group 55Series B convertible preferred stock 42 common +0.12 ±0.50
group 56first publicly traded company to adopt an… +0.72 ±0.32
group 57residential land parcel 15,000 square meters… +1.00 flat
group 58CFO appointment beneficial ownership reporting… -0.03 ±0.20
group 59175,000 shares late summer price 300 repurchase +0.13 ±1.00
group 61annual shareholders meeting pharmaceutical… +0.08 ±0.61
group 62company governance holders of one class elect… 0.00 flat
group 63clinical trial intestinal disorder… +0.26 ±0.35
update 16512 rollouts in 64 groups +0.21 90% 15.3 0.26 7/64

4 groups with transcripts, sampled across the range of reward spread

group 6"quarterly financial results" "early November" 2024" 0.00 flat
group 37biocompatible plasma technology license 2008 lawsuit 2023… +0.75 ±0.67
group 57'Conditional commitment' loan 'seven hundred' 'million'… +0.15 ±1.20
group 61filed in early months of the current year principal executive… -0.03 ±0.20
all 64 groups
group 0Date when voting rights determined for Company… +0.05 ±0.61
group 1independent auditor report signed December 2024… -0.05 ±0.20
group 2business combination mid-2023 acquired entity… +0.14 ±1.20
group 3"multi-tiered internal reorganization"… +0.21 ±0.41
group 4business entity created December 2020… +0.21 ±1.00
group 5(no search) -0.10 ±0.20
group 7annual shareholder meeting main operational… 0.00 flat
group 8minimum portion of after-tax profits to… +0.39 ±0.87
group 9company valuation allowance over forty million… +0.79 ±0.42
group 10"fifth-largest" "market share" "full-service"… +0.15 ±0.41
group 11publicly traded notification of late filing… +0.22 ±0.88
group 12doctorate in theology former principal… +0.35 ±1.20
group 13Company B amortizes patents straight line… +0.08 ±0.60
group 14fully backstopped equity issuance early 2024… +0.47 ±1.00
group 15high-risk artificial intelligence systems… +0.39 ±0.87
group 16quartet of distinct technical solutions… +0.18 ±0.41
group 17retention plan board established early winter… -0.07 ±0.20
group 18pan-European sports tournament launched 2022… +0.82 ±0.35
group 19company B principal executive offices… +0.05 ±0.41
group 20unit 507 Building C tech park leased 500-600… +0.72 ±1.20
group 21"second extension" "debt obligations" "four… -0.00 ±0.50
group 22merger agreement was executed on +0.04 ±0.35
group 23promissory instrument 8% interest increases to… -0.00 ±0.59
group 24company headquarters provided at no cost by… +0.13 ±0.68
group 25"consecutive market sessions" "earnout tranche" +0.48 ±0.81
group 26acquired additional equity late fall early… +0.26 ±0.59
group 27subsidiary holding legacy trauma product… +0.68 flat
group 28board size changed to a round figure 2025… -0.03 ±0.20
group 29former cabinet minister late 2010s early 2020s… +0.28 ±1.00
group 30company expanded tracked benchmark to include… -0.05 ±0.20
group 31annual meeting elected 7 directors approved… 0.00 flat
group 32early 2025 filing employed roughly 5,000… -0.03 ±0.20
group 33board member served early year of transition… -0.03 ±0.20
group 34anti-PD-1 antibody license agreement European… +0.35 ±0.01
group 35talent marketplace company shareholder… -0.03 ±0.20
group 36principal executive office Weifang Shandong… +0.44 ±0.20
group 38regional headquarters lease 7000 square feet… +0.08 ±0.35
group 39operations center separate from headquarters… -0.03 ±0.20
group 40major tax status change formally announced date… +0.19 ±0.88
group 41transformational acquisition first quarter… +0.33 ±1.00
group 42"base salary continuation" "involuntary… +0.05 ±0.41
group 43offering documentation declared effective on… 0.00 flat
group 44promissory note financing early summer natural… -0.03 ±0.20
group 45Company B governing body comprised of a baker's… -0.03 ±0.20
group 46"57,000 rentable square feet" lease building… +0.23 ±0.55
group 47special stockholder meeting business… +0.75 ±1.00
group 48company board 7 directors 6 independent… +0.14 ±0.92
group 49Utility holding company director appointed by… +0.62 ±1.00
group 50Payment Services – Puerto Rico & Caribbean… 0.00 flat
group 51disposed of approximately fifty thousand… +0.30 ±0.35
group 52new chairman appointed early 2025 senior… +0.10 ±0.21
group 53relocated workforce from a jurisdiction under… +0.35 ±1.20
group 54company relocated administrative center… +0.22 ±1.20
group 55rent expense $5,000 2024 June 30 lease December… 0.00 flat
group 56Brazil regulatory approval 2025 pharma company +0.41 ±1.00
group 58Primary Fuels Inc defendant Louisiana coastal… +0.15 ±0.41
group 59myopia device approval ministry of health… +0.78 ±0.66
group 60"first mailed" "formally dated" shareholder… -0.05 ±0.20
group 62"transferred a nine-figure"… +0.14 ±0.87
group 63subsidiary announced achieved production target… +0.59 ±0.65
update 17512 rollouts in 64 groups +0.25 92% 15.6 0.29 9/64

4 groups with transcripts, sampled across the range of reward spread

group 0received safety certification December before filing annual… +0.59 ±0.67
group 12Company B board of directors 6 0.00 flat
group 13joint development agreements greenfield low-carbon production… +0.47 ±0.33
group 50appointed to oversee a holding company and related operating… +0.23 ±1.20
all 64 groups
group 1first quarter 2025 board decided to issue… -0.05 ±0.20
group 212 members elected by holders of Series A… +0.54 ±1.00
group 3water sector professional appointed to… +0.56 ±1.20
group 47.625% Series C Mandatory Convertible Preferred… +0.03 ±0.35
group 5special purpose entity completed financing… -0.02 ±0.87
group 6validation technology postgraduate institute UK… +0.38 ±0.68
group 7acquired defined benefit retirement plan and… +0.60 ±1.20
group 8multinational technology firm closed offices in… +0.79 ±0.35
group 9executive employment agreement "moved more… +0.26 ±0.68
group 10real estate investment trust total assets 5.5… +0.20 ±0.65
group 11avg director attendance at board and committee… +0.08 ±0.41
group 14publicly traded entity completed separation… +0.17 ±0.68
group 15incident collaboration analysis acquisition 7… +0.18 ±1.20
group 16"written confirmation of a professional… +0.08 ±0.21
group 17volunteer hours thousands employees charitable… +0.71 ±1.00
group 18"operations center" company owns facility… +0.13 ±0.61
group 19256 eligible to participate in incentive… +0.17 ±0.35
group 20development-stage enterprise headquarters… +0.18 ±0.87
group 21multimillion-dollar equity transfer tens of… +0.30 ±0.68
group 22annual stockholders meeting 2024 early summer… 0.00 flat
group 2324 participants early-stage trial board… -0.03 ±0.20
group 2420% ownership irrigation infrastructure county… +0.71 ±0.66
group 25retail company closed six stores January 2024… +0.13 ±1.20
group 26extended borrowing arrangement expiration early… -0.03 ±0.20
group 27retired in the final month of winter senior… 0.00 flat
group 28board member medical professional patents… +0.47 ±1.20
group 29operating lease new operating lease $13,000 per… +0.26 ±0.68
group 30acquired breakfast brand for more than 80… +0.88 ±0.32
group 31former senior executive appointed governance… +0.04 ±0.35
group 32regional headquarters facility lease roughly… +0.17 ±0.68
group 33acquisition announced first week 2024 health… +0.16 ±0.55
group 34"largest single foreign direct… +0.49 ±0.58
group 35new initiative upgrading residential… +1.00 flat
group 36authorized to purchase over 1.5 million… 0.00 flat
group 37filed for future protection of innovations… 0.00 flat
group 382020 external auditor "wood" "suburban" +0.13 ±1.06
group 39company owned manufacturing and fulfillment… +0.04 ±0.33
group 40"three and a half" "one hundred percent"… +0.38 ±0.68
group 41Feb 2025 issued securities early redemption… +0.02 ±0.57
group 42joint venture land development fail statutory… 0.00 flat
group 43class settlement agreement entered into date… +0.96 ±0.32
group 44equity compensation for non-employee board… +0.30 ±0.35
group 45expanded revolving credit commitment by $200… +1.00 flat
group 46HP workforce 54 countries worldwide employees… +0.20 ±0.45
group 47board meeting June 2024 executive salary… -0.03 ±0.20
group 48transferred legal domicile from Alberta to… -0.03 ±0.20
group 49mid-2020s partnership mining battery resource… +0.02 ±0.54
group 51Sun Yat-sen University partnership "over 200"… +0.59 ±0.67
group 52business combination mid-2023 acquired entity… +0.21 ±0.35
group 53"Creativity Avenue" headquarters "principal… +0.17 ±0.98
group 54cable-free monitoring system FDA approval 2028… +0.41 ±0.02
group 55operational infrastructure 300 metropolitan… -0.03 ±0.20
group 56Vice Chair of educational initiative Middle… +0.07 ±0.88
group 57acquire major domestic asset portfolio several… +0.03 ±0.60
group 58evidence updated clinical trial efficacy data… +0.15 ±0.61
group 59equity incentive plan automatic annual… +0.10 ±0.41
group 60disposed notion 'dormant subsidiary' 'late… +0.46 ±0.21
group 61regulatory disclosure final quarter 2025… +0.08 ±0.33
group 62"recoup" "incentive-based compensation"… 0.00 flat
group 63interim results oncology combination study… +0.01 ±0.35
update 18512 rollouts in 64 groups +0.17 92% 16 0.20 11/64

4 groups with transcripts, sampled across the range of reward spread

group 6"Rubber" 'bbl' 'company annual filing' 'winter quarter'… +0.15 ±0.60
group 7hotel property financing German bank January 2025 company B 0.00 flat
group 15exchange principal debt convertible preferred shares… +0.13 ±0.21
group 26annual meeting spring elected board one-year terms nutritional… +0.64 ±1.20
all 64 groups
group 0administrator receives a portion of realized… +0.54 ±1.17
group 1Company B manufacturing operations southeastern… +0.34 ±0.41
group 2"registered public accounting" "opinion on… +0.06 ±0.88
group 3biotechnology senior scientific leader… +0.04 ±0.32
group 4leasing office building boulevard "south"… +0.10 ±0.77
group 5Ohio headquartered company workforce 1900… +0.16 ±0.43
group 8biocompatible plasma-based technology license… +0.52 ±1.20
group 9subsidiary holding legacy trauma product… +0.68 flat
group 10company filed initial beneficial ownership… +0.03 ±0.41
group 11Sixth Amended and Restated Certificate of… +0.03 ±0.20
group 12compensation committee chair tenure review… 0.00 flat
group 13acquired an entity that provides connectivity… +1.00 flat
group 14south bank engaged advisory firm structured… 0.00 flat
group 16"approximately 5,000 individuals" global… +0.00 ±0.60
group 17cost increase limited supply vendors affected… -0.02 ±0.41
group 18"eighteenth formal amendment" executed date +0.04 ±0.15
group 19company reports staffing allocation sales… +0.06 ±0.88
group 20board member decades experience overseeing… +0.20 ±0.54
group 21electric vehicle infrastructure network 21,000… +0.51 ±0.66
group 22acquisition completed antibody-drug conjugate… 0.00 flat
group 233 trillion yen research spending business line… -0.03 ±0.54
group 24CEO PhD chemical engineering joined board… -0.03 ±0.20
group 2550,000 square feet lease office space Tennessee… +0.51 ±0.33
group 27renewable portfolio standard early 2020s… +0.84 ±0.66
group 28Bermuda corporate income tax regime net taxable… +0.18 ±0.81
group 29promissory instrument 8% interest 15% if unpaid… +0.10 ±0.39
group 302024 trustee finalizes sale of assets for $… -0.03 ±0.20
group 31clinical-stage equity securities registered… -0.03 ±0.20
group 32town named Oregon small settlement Oregon +0.15 ±0.41
group 33company fiscal calendar changed to year-end… 0.00 flat
group 34governance oversight structure of this entity… -0.03 ±0.20
group 35"August 21, 2025" "employment agreement"… +0.01 ±0.46
group 36overseas subsidiaries employees eligible for… -0.03 ±0.20
group 37mid-February audit attestation report company… -0.03 ±0.20
group 38most senior executive tier formal… +0.05 ±0.41
group 39executive stepped down late fall 2020s company… 0.00 flat
group 40company incorporated 1970 7500 full-time… +0.37 ±0.96
group 41mid-2020s funding""" few hundred thousand… 0.00 flat
group 42"termination and compensation agreement"… -0.05 ±0.20
group 43November 2021 acquisition purchase price $100… +0.26 ±0.80
group 44formed December 2021 western state resource… +0.33 ±0.68
group 45Commonwealth territory automobile loans… +0.45 ±1.00
group 46Aarna Holdings LLC subsidiary formed 0.00 flat
group 47"late-stage clinical trial" chronic form rare… +0.10 ±0.80
group 48acquiring automation integration assembly 2021… +0.19 ±0.64
group 49consummated a business combination early autumn… +0.03 ±0.64
group 50issued unsecured notes 30-year maturity annual… -0.03 ±0.40
group 51Series H Fixed-Rate Cumulative Redeemable… +0.20 ±0.30
group 52acquirer dealership assets central plains 2024… 0.00 ±0.40
group 53"compensation committee" "periodic review"… +0.10 ±0.21
group 54acquired manufacturing assets for liquid… +0.92 ±0.32
group 55board meetings committees leadership roster… -0.03 ±0.20
group 56credit arrangement modifications interest rate… +0.34 ±1.00
group 57capital deployment authorization $1.5 billion… -0.01 ±0.52
group 58October 2023 new region operation company… +0.08 ±0.41
group 59board member joined 2013 crane manufacturing… +0.35 ±0.88
group 60Company B workforce half located metro area… -0.05 ±0.41
group 61mid-year spring shareholder assembly early… +0.12 ±1.18
group 62HBsAg loss therapeutic candidate baseline… +0.36 ±0.88
group 63Fifth Supplemental Indenture unsecured notes… 0.00 flat
update 19512 rollouts in 64 groups +0.22 95% 15.3 0.23 13/64

4 groups with transcripts, sampled across the range of reward spread

group 0company gathering reelection governing body members oversight… +0.21 ±0.67
group 3133 employees globally three-fifths employees in one nation… 0.00 flat
group 47separate reinsurance program property business distinct risk… +0.81 ±1.20
group 61state court granted motion to dismiss shareholder derivative… +0.08 ±0.21
all 64 groups
group 1(no search) +0.06 ±0.85
group 2sold subsidiary laboratory operation located in… +0.08 ±0.41
group 4over 150 employees end of fiscal year 2023 50%… -0.03 ±0.20
group 5direct registered offering future-oriented… -0.03 ±0.20
group 6tax authority assessment notice subsidiary… +0.20 ±0.41
group 7Calgary head principal office annual meeting… +0.20 ±0.41
group 8class B shares elect director board 9 members… 0.00 flat
group 9tiered classification system governing body… +0.03 ±0.20
group 10leased facility 100000 square feet west coast… 0.00 flat
group 11marketplace compliance restored March 2024… +0.17 ±0.68
group 12"aggregate gross proceeds of approximately"… +0.05 ±0.61
group 13termination purchase agreement early 2020s… +0.21 ±1.20
group 14credit facility amendment autumn 2020s increase… +0.28 ±0.61
group 15founder early 2000s biomaterials firm patents… +0.03 ±0.20
group 16industrial complex acquired 1950s waterway 3 km… +0.75 ±0.67
group 17real property transaction subsidiary summer… +0.06 ±0.88
group 18color-matching equipment acquisition contractor… 0.00 flat
group 19holding company relocate registered address… +0.61 ±1.00
group 20Company B DM Lab Co Ltd May 2023 acquisition… +0.21 ±0.00
group 21waterfront facility major coastal city… +1.00 flat
group 22acquisition of wellness brand closed low seven… 0.00 flat
group 23facility lease expired winter 2025 gulf coast… +0.02 ±0.53
group 24"substantial equivalence" "Class II" FDA… +0.13 ±0.44
group 25"vested equity-based compensation instruments"… -0.05 ±0.20
group 26board of directors consists of 5 members… 0.00 flat
group 27company governance restructure late winter… 0.00 flat
group 28interim leader left interim leadership became… +0.16 ±0.65
group 29business appraisal report independent firm… +0.39 ±1.20
group 30board size reduced from 8 to 5 annual meeting… +0.03 ±0.20
group 31digital interim talent provider Europe Middle… +0.25 ±0.79
group 32company disposed facility outside town… +0.04 ±0.34
group 33government-backed loan global health crisis… +0.04 ±0.32
group 34"several hundred thousand shares" underwritten… 0.00 flat
group 35administrative support agreement compensate… +0.04 ±0.34
group 36annual stockholder meeting scheduled for late… +0.64 ±1.00
group 37mid-2025 meeting elected seven members… +0.05 ±0.40
group 38100 employees revenue 10-11 million office… +0.17 ±0.68
group 39single-digit domestic patents expire early… +0.21 ±1.00
group 40Vice President oversees fab operations promoted… +0.56 ±1.20
group 41four-letter regulator oversees multi-platform… +0.87 ±1.00
group 42Company B initial location commercial operation… +0.17 ±0.81
group 43appointed senior legal counsel governance body… +0.10 ±0.88
group 44ground lease upscale guest accommodation rent… +0.51 ±0.68
group 45Series D cumulative perpetual redeemable… 0.00 flat
group 46former senior partner consulting firm served as… +0.04 ±0.34
group 48June 2025 new board member regulatory documents… +0.72 ±0.66
group 49acquisition of consultancy focused on… +0.04 ±0.33
group 50global hub for specialized training and… +0.73 ±0.39
group 51cash distribution to stockholders 3.4 million… 0.00 flat
group 52multinational organization arrangement… 0.00 flat
group 53common stock registrations ownership records… +0.04 ±0.35
group 54audit committee chair appointed late January… +0.14 ±0.79
group 55accounting policy change early autumn 2020… +0.34 ±0.68
group 56Company B subsidiary Malta intellectual… +0.18 ±0.58
group 57exclusive distribution agreement 2024 partner +0.03 ±0.41
group 58company faced regulatory proceedings initiated… +0.40 ±0.88
group 59Company C corporative reorganization IPO first… 0.00 flat
group 60credit rating agency upgraded outlook from… +0.63 ±0.67
group 62acquired production facility from Australian… +0.34 ±0.02
group 63Studio Park headquarters video broadcast… +0.88 ±0.33
update 20512 rollouts in 64 groups +0.23 96% 14.8 0.24 8/64

4 groups with transcripts, sampled across the range of reward spread

group 1851,000 square feet centralized operations 2000 employees filed… 0.00 flat
group 23Company B newly appointed director certifications bar admitted… +0.10 ±0.21
group 55purchase instruments with exercise rights $1.50 founding equity… +0.08 ±0.66
group 62two state-chartered depository subsidiaries incorporated under… +0.10 ±1.20
all 64 groups
group 0manufacturing company restructuring focus only… +0.07 ±0.21
group 1mid-month winter 2025 cross-border acquisition… +0.57 ±1.00
group 2capital raise closing summer 2022 sale 30… +0.07 ±0.64
group 3former bank examiner turned risk executive vice… +0.08 ±0.21
group 4smelter secured long term electricity… +0.89 ±0.50
group 5shareholder meeting May 15 2023 January 15… -0.03 ±0.20
group 6swap dealer penalty violations related to… +0.34 ±0.61
group 7company relocated office and warehouse facility… +0.08 ±0.59
group 8distribution center under construction… +0.21 ±0.34
group 9pain and fever medication 800 milligram… +0.67 ±1.00
group 10exhibit list "second amendment" articles of… +0.33 ±1.00
group 11new executive leads technology vision company… +0.92 ±0.33
group 12board arrangement staggered terms split across… +0.17 ±0.33
group 132029 option expiration 'Series D' 'deemed… +0.21 ±0.78
group 14annual virtual gathering for equity holders… +0.13 ±0.67
group 15Company B annual financial reporting audit… +0.05 ±0.37
group 16acquisition subsidiary forestry rights over 100… +0.41 ±0.81
group 17lease agreement early 2025 with the Tower lease… +0.04 ±0.33
group 19board member founded charitable organization… +0.58 ±1.00
group 202025 Annual Meeting of Stockholders voting… -0.03 ±0.20
group 21June 2025 formal agreement with financial… 0.00 flat
group 22subsidiary Singapore December 2024 +0.31 ±1.20
group 24company with fifteen global sites employing… +0.34 ±0.68
group 25clinical development organization office… -0.03 ±0.20
group 26company founder board member sold substantial… -0.03 ±0.20
group 27financial institution residential lending… +0.42 ±0.68
group 28special purchase rights expiring 2027 gifted to… +0.02 ±0.55
group 295.5k square feet office lease 2022 southern… 0.00 flat
group 30company issued warrants beneficial ownership… +0.08 ±0.21
group 31board member PhD Stanford MBA Harvard… -0.01 ±0.53
group 32holding entity formed for business combination… +0.33 ±1.00
group 33"principal office" "prominent street" "harbor… +0.08 ±0.67
group 34family board representation global workforce… +0.07 ±0.20
group 35restricted stock awards granted to outside… +0.27 ±1.20
group 36diagnostic laboratory services firm raised over… +0.96 ±0.32
group 37board member appointment late spring 2020s 2024… +0.04 ±0.32
group 38Guangdong warehouse third-party logistics… +0.14 ±0.88
group 39unanimously approved governing body proposal… +0.13 ±0.68
group 40appointed a board member who served as chairman… 0.00 flat
group 41co-founded gene therapy entity early 1990s… 0.00 flat
group 42collaborative research agreement military lab… +0.01 ±0.51
group 43divest segment serving employers health… +0.38 ±1.00
group 44audit report signed January 2024 independent… 0.00 flat
group 45stockholder vote expand equity compensation… 0.00 flat
group 46company operates over 400 plasma collection… +0.68 ±0.02
group 47special shareholder meeting to vote on changing… +0.20 ±0.44
group 48first publicly traded company adopt benefit… +0.84 ±0.32
group 49standby equity agreement island limited… -0.03 ±0.20
group 50special committee independent directors… +0.77 ±1.00
group 51board 11 employees outside domestic 22k… -0.03 ±0.20
group 52company spun out 2015 acquired December 2020… +0.83 ±1.00
group 53Ireland company board 12 members 2024… -0.03 ±0.20
group 54unsecured lending arrangements leadership early… +0.04 ±0.33
group 56summer 2022 agreement three facilities… +0.42 ±0.94
group 57shareholder recommendations administrative… +0.33 ±0.41
group 58Payment Services - Puerto Rico & Caribbean… +0.07 ±0.29
group 59half a calendar year advance written… -0.03 ±0.20
group 60company relocated administrative center early… +0.38 ±1.00
group 61stockholders mid-2025 approved proposal phased… +0.39 ±0.34
group 63financial services organization full oversight… 0.00 flat
update 21512 rollouts in 64 groups +0.21 96% 14.4 0.23 11/64

4 groups with transcripts, sampled across the range of reward spread

group 5hospital district revenue bonds county population under 40000… +0.41 ±0.61
group 7Company C senior legal executive left July 2024 new chief legal… 0.00 flat
group 11company B Israeli authorities close criminal investigation… +0.03 ±0.21
group 57Caribbean tax treatment earnings above seven-figure threshold… +0.69 ±1.20
all 64 groups
group 0Los Angeles office 160000 square feet corporate… +0.03 ±0.20
group 1board meets 5 times per year and two… -0.03 ±0.20
group 2promissory note to board member telepresence… +0.36 ±0.41
group 3proxy statement cutoff date seven weeks before… +0.01 ±0.50
group 4company opened its first stand-alone store for… +0.42 ±1.00
group 6acquired less than half ownership through a… +0.18 ±0.55
group 8board members received equity 18000 spring 2023… -0.03 ±0.20
group 9redomiciled Malta December 2022 employees 125… +0.12 ±0.72
group 10company extraordinary meeting venue southern… +0.09 ±0.68
group 12"three hundred million" financing arrangement… +0.19 ±0.41
group 13enterprise suppliers formal agreements high… 0.00 flat
group 14offshore tax haven company borrowing… 0.00 flat
group 15main office space lease 200,000 square feet… 0.00 flat
group 16approved increase equity compensation… +0.04 ±0.35
group 17virtual meeting early summer stockholders… +0.08 ±0.21
group 18executive hired from autonomous vehicle firm… 0.00 flat
group 19amended credit agreement change the reference… +0.13 ±0.35
group 20incentive structure reserve units matching… 0.00 flat
group 21fiduciary duties governed by common law… 0.00 flat
group 22mid-2020s governance member departure other… +0.17 ±0.61
group 23incentive compensation arrangement expands… -0.03 ±0.20
group 24trustee document subordinated debt 2022 fall… +0.22 ±0.83
group 25company employs 200 employees year end heavy… 0.00 flat
group 26debt exchange with CEO issued 500,000 shares at… -0.03 ±0.20
group 27prohibit subsidiary paying dividends exceeding… -0.03 ±0.20
group 28(no search) +0.08 ±0.41
group 29holding entity reorganized capital structure… +0.13 ±0.35
group 30chairman sent a letter second week of spring… -0.03 ±0.20
group 31after completing development projects in the… +0.75 ±0.67
group 32technology provider service and performance… +0.39 ±0.68
group 33annual gathering shareholders elected seven… +0.04 ±0.34
group 34late spring mid-2020s subsidiary filed update… +0.71 ±0.68
group 35special class of equity securities exchange… +0.59 ±1.20
group 36January 2025 NTSB incident state capital… +0.13 ±0.61
group 37British Virgin Islands exempted company 30 year… -0.05 ±0.20
group 38company began relocating workforce from Russia… +0.27 ±1.20
group 39December transaction competitive procurement… +0.13 ±0.59
group 40public consultation on updating rules for… +0.17 ±0.65
group 41special stockholder meeting mid-November 2023… +0.71 ±1.00
group 42distribution to common stockholders in the… +0.17 ±0.67
group 43annual shareholder meeting commercial law… +0.44 ±0.21
group 44formal shareholder meeting documentation… 0.00 flat
group 45board authorized capital allocation initiative… 0.00 flat
group 46wholly owned subsidiary formed late summer… +0.72 ±1.20
group 47global enterprise deployed proprietary… +0.68 ±0.01
group 48co-CEO board member shareholder meeting 2022… +0.12 ±0.97
group 49product-centric field service management… +0.36 ±0.86
group 50founded in spring 2018 snack food name… -0.03 ±0.20
group 51acquisition spring 2020s low tens of millions… +0.88 ±0.32
group 52corporation incorporated 2005 Delaware digital… +0.58 ±1.00
group 53board member appointed in 2018 previously spent… +0.04 ±0.32
group 54new CEO appointed late spring value-based care… +0.51 ±0.67
group 55investment chief at the World Bank founded an… +0.19 ±0.34
group 56ownership of approximately 99% in operating… +0.04 ±0.33
group 58Corporation Trust Company registered agent… +0.15 ±0.60
group 59September 2023 amended and restated articles of… +0.41 ±0.79
group 60revolving credit commitments two autumns later… +0.08 ±0.34
group 61"Michigan Avenue" "786" "Corporate Secretary"… +0.86 ±1.00
group 62Company B record date for quarterly cash… 0.00 flat
group 63corporate action summer combine outstanding… +0.08 ±1.05
update 22512 rollouts in 64 groups +0.27 94% 14.3 0.30 8/64

4 groups with transcripts, sampled across the range of reward spread

group 2virtual sale of equipment February 2.5 million +1.00 flat
group 43"transaction adding the fourth major brand" "concluded on" +0.14 ±0.39
group 48first quarter 2025 acquisition gaming peripherals three letter… +0.33 ±0.67
group 49Chinese company institute southwestern province early 2010s… +0.14 ±1.20
all 64 groups
group 0300000 sq ft facility lease expiring 2029… +0.11 ±0.64
group 1signals platform capabilities government… +0.13 ±0.21
group 3nonvoting preferred stock cumulative callable… +0.88 ±1.00
group 490% employees located in State minority… +0.58 ±1.00
group 5senior secured financing term loan amended for… +0.22 ±0.85
group 6virtual stockholder meeting December 2024 east… +0.02 ±0.54
group 7Company B credit facility maturity date… +0.12 ±1.18
group 8late 2024 acquired operational facility bed… +0.33 ±0.71
group 9governance body peaked at 14 members… +0.31 ±0.87
group 10chairman appointed interim chief executive… +0.63 ±1.00
group 11secured lending arrangement division of… 0.00 flat
group 12estimated reserve increase if all pass-rated… +0.42 ±1.00
group 13straight line depreciation computational… 0.00 flat
group 14equity award non-management board members early… 0.00 flat
group 15governance committee convened same number of… 0.00 flat
group 16corporate secretary office contact point for… +0.04 ±0.28
group 17TripAdvisor number of languages platform 20… +0.41 ±0.02
group 18board of governors First Tee accounting audit… +0.05 ±0.58
group 19closed a funding transaction involving units of… +0.23 ±0.65
group 20terminated lease early fall 2020s office major… +0.83 ±0.67
group 21annual shareholder gathering Pacific Northwest… -0.03 ±0.20
group 22distribution agreement late winter mid 2020s… +0.16 ±0.33
group 23Company C appoints senior executive Chief… -0.01 ±0.50
group 24disposed of approximately fifty thousand… +0.28 ±0.55
group 25company founded 2018 cofounders professor… +0.59 ±0.68
group 26legal officer leads operations in Japan served… +0.48 ±1.20
group 27company committed about $36,000 payments across… +0.38 ±1.00
group 28leases workspace in Silicon Valley company +0.30 ±0.35
group 29voluntary debt prepayment reduced interest… +0.34 ±1.00
group 30impairment analysis third quarter mid-2020s… +0.46 ±0.40
group 31Phnom Penh Center 1,800 treatment cycles… +0.41 ±0.40
group 323.5 million equity units in circulation… 0.00 ±0.40
group 33over 300 workforce two-thirds domestic final… 0.00 flat
group 34shareholder meeting late spring 2024 board… +0.33 ±0.65
group 35debt discounts incurred 37 million early 2024… +0.31 ±0.61
group 36stockholder meeting nomination count to serve… +0.02 ±0.15
group 37state-chartered depository institution in a… +0.30 ±0.41
group 38(no search) -0.05 ±0.20
group 39late 2010s company reached an agreement with… +0.63 ±0.67
group 40April 2024 public equity offering raised more… -0.03 ±0.20
group 41Company C Ohio full-service offices 24 +0.08 ±0.63
group 42company acquired two properties late 2010s… +0.77 ±1.20
group 44high voltage infrastructure connect to… +0.53 ±1.00
group 45priced $450 million bond issuance maturity 2033… +0.26 ±0.57
group 46Company B board audit committee approved… +0.00 ±0.41
group 47company headquarters executive office all… +0.05 ±0.41
group 50company relocated incorporation to Delaware… +0.63 ±0.66
group 51current chief executive took position one year… 0.00 flat
group 52machine learning forecast electrical patterns… +0.71 ±1.00
group 53regulatory milestone 7 year market exclusivity… -0.01 ±0.35
group 54company biorefinery southern European country… +0.63 ±0.67
group 5540 million partnership with entity backed by… +0.10 ±0.41
group 56government formal exercise right to acquire… -0.00 ±0.41
group 57CFO CPA certification from Southern state… +0.38 ±0.99
group 58expected weighted-average recognition period… 0.00 flat
group 59company with three business units one is about… -0.03 ±0.20
group 602025 AI policy algorithmic discrimination law… +0.46 ±0.34
group 61Company B foundational licensing arrangement… +0.15 ±0.80
group 62scheduled a shareholders meeting to vote on… +0.05 ±0.21
group 63facility on several hundred acres sits along a… +0.61 ±0.41
update 23512 rollouts in 64 groups +0.24 94% 15.6 0.25 10/64

4 groups with transcripts, sampled across the range of reward spread

group 512920 SE 38th Street principal executive office 12920 SE 38th… +0.51 ±0.34
group 11administrative services agreement sponsor receives $10,000 per… 0.00 flat
group 45bicentennial fine dining "celestial" vessel lower berths +0.67 ±0.67
group 58Alphabet 2024 stock split 2024 early summer +0.64 ±1.20
all 64 groups
group 0holding entity unsecured borrowing principal… +0.10 ±0.53
group 1restructuring consolidating metal equipment… +0.29 ±0.68
group 2acquisition summer 2023 400 collection centers… +0.88 ±0.32
group 3leasing specialized bath equipment market… +0.42 ±1.00
group 4regulatory disclosure early 2020s ownership… +0.06 ±0.87
group 6recurring payment program for equity holders… -0.01 ±0.52
group 7southwestern state fields operator affiliate… +0.45 ±1.00
group 8convert $11.50 cannot convert after September… +0.12 ±0.33
group 9Caribbean island extraction oxide transport? oh? -0.01 ±0.35
group 10liquid cooling equipment advanced computing… +0.41 ±0.62
group 122011 appoint independent directors senior… +0.04 ±0.33
group 13founding partner served on boards charitable… +0.53 ±0.98
group 14acquisition early winter 2025 electric hybrid… +0.55 ±0.66
group 15(no search) +0.08 ±0.61
group 16incorporated as a Delaware corporation on… 0.00 flat
group 17financial institution distribution decision… 0.00 flat
group 18fuel distribution network 2600 miles board… -0.01 ±0.34
group 192025 annual meeting Company B 2025 annual… +0.10 ±0.41
group 20"last reported sale price" "Class A" "$4.41"… -0.03 ±0.20
group 212025 proxy filing board of directors 2025… +0.40 ±1.20
group 22special shareholders meeting 17th floor… -0.06 ±0.35
group 23settlement agreement executed 'exhibit index'… +0.28 ±1.00
group 24settlement with former regional air carrier… +0.15 ±0.79
group 25senior executive medical research and clinical… +0.25 ±1.00
group 26mutual to stock conversion early 2020s board… +0.61 ±1.00
group 27office space provided free of cost by… +0.46 ±0.37
group 28holder exchange public warrants for shares rate… +0.38 ±1.00
group 29partnership owns remaining units residential… +0.39 ±0.87
group 30company established international hub late… +0.07 ±0.61
group 31caribbean holding company relocated… +0.24 ±0.65
group 32regulatory milestone payment 2021 spring cell… +0.05 ±0.20
group 33Orion Mine Finance side letter agreement gold… +0.11 ±0.61
group 34Independent Non-Executive Chairman company… -0.03 ±0.20
group 35"50% tax credit" "serbia" corporate levy… +0.21 ±0.61
group 36spring of 2024 financing agreement 24 month… +0.37 ±1.20
group 37remittance delay employee retirement savings… +0.06 ±0.87
group 38financial institution state tax returns two… +0.46 ±0.68
group 39marketing firm acquired consumer-focused… +0.08 ±0.34
group 40Class III directors term election annual… +0.02 ±0.59
group 41female board member joined 2025 age 75… 0.00 flat
group 42multi-year global efficiency initiative early… +0.66 ±1.00
group 43discount ownership stake program payroll… +0.29 ±1.20
group 44company owns facilities in multiple states… +0.04 ±0.30
group 46company mid-2020s expanded pool of authorized… 0.00 flat
group 47convertible financing arrangement late winter… +0.06 ±0.49
group 48majority controlled subsidiary IPO Asian stock… +0.26 ±0.41
group 49separat* from former parent early 2020s… 0.00 flat
group 5016-digit control number virtual shareholder… +0.24 ±1.00
group 51operating chief joined in December 2023… +0.38 ±0.33
group 52mid-2024 equity exchange agreement integration… 0.00 flat
group 53"carbonatite complex" "phosphates" "pipeline"… +0.95 ±0.33
group 5450,000 rentable square feet real estate… 0.00 flat
group 55senior notes maturity date on October 1 2030… +0.10 ±0.60
group 56company replaced multi-year technology… -0.05 ±0.20
group 57company announced naming rights new minor… +1.00 flat
group 59executive leadership transition restricted… +0.13 ±1.00
group 60binding agreement acquisition of controlled… +0.06 ±0.88
group 61governance event shares as of may 31 company… +0.90 ±0.35
group 62"cruelest month" poetry "shareholder meeting" -0.05 ±0.59
group 63audit committee membership financial literacy… 0.00 flat
update 24512 rollouts in 64 groups +0.21 96% 16.7 0.22 13/64

4 groups with transcripts, sampled across the range of reward spread

group 4amended and restated certificate of designation Series A… 0.00 flat
group 28Company B independent auditor registered Singapore early 2020s… +0.15 ±0.21
group 45executive elevated to lead operations five-figure equity award… +0.25 ±0.66
group 60November 1 2021 purchased production facility from… +0.60 ±1.20
all 64 groups
group 0business combination agreement fall 2020s… +0.07 ±0.39
group 1convertible debentures 'lowest trading price'… +0.15 ±0.21
group 2"unit 507" "Building C" technology park lease… +0.87 ±0.37
group 3Company B regional offices laboratory space… +0.03 ±0.21
group 5BSc (with honours) University of Glasgow… +0.04 ±0.33
group 6president graduated private university… +0.22 ±1.01
group 7report extension arrangement with subsidiary… +0.02 ±0.15
group 8acquired remaining stake joint venture first… +0.13 ±1.00
group 9went public early winter 2024 main office… 0.00 flat
group 10exclusive financial advisor delivered oral… +0.29 ±0.67
group 11Starbucks board nominated members for election… +0.75 ±0.66
group 12lease commenced 2020 15000 rentable square feet… +0.63 ±1.00
group 13corporation incorporated early spring 2024… -0.03 ±0.20
group 14municipality in the eastern part of a state… +0.83 ±1.20
group 15company incorporated 2020s headquarters… 0.00 flat
group 16asset-backed securitization company no activity… +0.04 ±0.33
group 17founded 1920s by labor union social… +0.10 ±0.87
group 18Q1 2024 new reportable business segment health… +0.42 ±0.68
group 19company added new independent directors 2021… -0.05 ±0.20
group 20promotional spending under $300,000 2024 10-K… +0.35 ±0.41
group 21statutory trust northeastern region late 2010s… +0.20 ±0.61
group 22incorporated 2004 parent company portfolio… +0.47 ±1.00
group 23shore-based officers not directly compensated… +0.30 ±0.61
group 24late spring board member retirement shrink… +0.20 ±1.00
group 25company reported approximately 1.8 billion… +0.02 ±0.53
group 26oversight body divided into three staggered… +0.04 ±0.45
group 2712,500 square feet lease production activities… +1.00 flat
group 29board authorized a buyback program of up to $70… 0.00 flat
group 30three-way equal allocation design clinical… +0.03 ±0.41
group 31retired lieutenant general joined board of… 0.00 flat
group 32automatically renewing quarterly lease ended… +0.24 ±0.65
group 33mutual fund administration facility street… +0.14 ±1.20
group 34real estate enterprise partnership with… +0.40 ±0.41
group 35telecommunications service provider South… +0.15 ±0.60
group 36board meeting late spring governance body… +0.12 ±0.97
group 37record date early spring record date annual… 0.00 flat
group 38Company B cement plant mountain region Virginia… +0.36 ±0.22
group 39company board of directors 12 members majority… 0.00 flat
group 40manufacturer pledged collateral bank loans at… +0.46 ±0.68
group 41executive stock ownership guidelines require… +0.13 ±0.68
group 42performance products company governance… -0.03 ±0.20
group 43advisory agreement potential strategic… +0.43 ±1.20
group 44company completed internal restructuring… +0.26 ±0.41
group 46board member founded private medical practice… 0.00 flat
group 47agricultural holdings more than a dozen regions… +0.32 ±1.00
group 48depository receipt conversion ratio 300 shares… 0.00 flat
group 49pharmaceutical entity supplementary protection… +0.57 ±1.00
group 50company established 1950s Great Lakes state… -0.03 ±0.20
group 51principal office leased month-to-month monthly… 0.00 flat
group 52board member served since early 2020 dual… -0.03 ±0.20
group 53virtual shareholder gathering mid-morning… +0.08 ±0.67
group 54previous year's annual stockholder meeting… +0.43 ±1.20
group 55early summer 2023 acquisition from major… 0.00 flat
group 56new unsecured revolving line of credit improved… +0.33 ±1.00
group 57virtual gathering stakeholders late spring… 0.00 flat
group 58share repurchase program expires end of 2020s… +0.38 ±1.00
group 59company reduced global workforce by over a… +0.04 ±0.33
group 61spring water sources primarily in five regions… +0.66 ±0.64
group 62company signed agreement with medical… -0.03 ±0.20
group 63distribution subsidiary established 1970s… +0.05 ±0.41

train reward

-0.100.000.100.200.30 06121824
train reward
steptrain reward
0 -0.06
1 0.02
2 0.01
3 0.03
4 0.04
5 0.10
6 0.17
7 0.15
8 0.14
9 0.15
10 0.13
11 0.17
12 0.15
13 0.16
14 0.18
15 0.21
16 0.25
17 0.17
18 0.22
19 0.23
20 0.21
21 0.27
22 0.24
23 0.21

valid rollouts

0%25%50%75%100% 06121824
valid rollouts
stepvalid rollouts
0 30%
1 42%
2 47%
3 64%
4 79%
5 92%
6 96%
7 98%
8 98%
9 98%
10 98%
11 97%
12 94%
13 95%
14 94%
15 90%
16 92%
17 92%
18 95%
19 96%
20 96%
21 94%
22 94%
23 96%

entropy (nats)

0.00.30.60.91.2 06121824
entropy (nats)
stepentropy (nats)
0 1.1
1 1.0
2 1.0
3 1.0
4 1.0
5 0.9
6 0.8
7 0.8
8 0.8
9 0.8
10 0.8
11 0.8
12 0.8
13 0.8
14 0.9
15 0.9
16 0.9
17 0.9
18 0.9
19 0.9
20 0.9
21 0.9
22 0.9
23 0.8

Train reward moves the way we’d expect it to here: up rapidly at first, and then slowing down as training matures. The training shape also mirrors what we see in ablations: the reward first pushes the model learn to curate. After that, reward moves around as the model starts to learn how to curate well instead of just how to curate. You can think of the -0.2 floor on no curations as jump-starting curation behavior.

Entropy is another useful metric to watch during reinforcement learning. Entropy is measured in nats here. One nat is 1 / ln 2, or about 1.44 bits. It measures how uncertain the policy’s output distribution is over the course of a rollout. High entropy means at several points in the rollout, the model is considering several possible actions (next tokens). As we’ve discussed earlier, this is good for RL because it means the model will explore more and hopefully “luck” into good beneficial behaviors. Low entropy isn’t inherently bad, but a rapid drop during training is a sign the model is becoming overconfident or committing to a single set of behaviors. This is known as entropy collapse and is particularly bad for GRPO — a policy that always takes the same actions produces groups with no variance, and groups with no variance produce no gradient.

During healthy training we want entropy to decrease gradually during training as reward improves. That is exactly what we see here: entropy starts at 1.1 nats, gradually goes to ~0.8 a quarter of the way through training, and then stays there.

Let’s see how our policy performs on held-out data now.

Eval Trajectories 32 eval queries
f1 0.120precision 0.188recall 0.092with submissions 11/32avg turns 17.8

Step 0 is the untrained model on the same queries. A red dot marks a rollout that submitted nothing: 21 of 32 at step 0; each tab reports its own submission count. F1 here is per episode, recomputed from that episode's precision and recall.

eval f1

0.000.100.200.300.40 06121824
eval f1
stepeval f1
0 0.20
2 0.22
4 0.17
6 0.19
8 0.21
10 0.17
12 0.16
14 0.24
16 0.23
18 0.29
20 0.31
22 0.28
24 0.33

eval precision

0.000.100.200.300.400.50 06121824
eval precision
stepeval precision
0 0.33
2 0.38
4 0.30
6 0.29
8 0.32
10 0.27
12 0.17
14 0.35
16 0.30
18 0.36
20 0.40
22 0.36
24 0.40

eval recall

0.000.100.200.300.40 06121824
eval recall
stepeval recall
0 0.16
2 0.17
4 0.13
6 0.16
8 0.17
10 0.14
12 0.18
14 0.21
16 0.20
18 0.27
20 0.28
22 0.26
24 0.32

Progress is uneven early on as the model learns our harness, and eval performance only starts to improve around halfway through training. Mean eval F1 rises from 0.203 at the start to 0.332 at update 24, driven almost entirely by recall, which doubles from 0.16 to 0.32. Precision goes up as well, moving from 0.33 to 0.40. This is good result because it means we are getting an all around improvement. That is, we aren’t trading off precision for recall in any way.

The model performance doesn’t come at the cost of test-time compute, either. As the following charts show, the turn count actually falls slightly over training and output tokens go down, which means our final model is finding more relevant docs with less searching.

turns per episode

05101520 06121824
turns per episode
stepturns per episode
0 18
1 18
2 18
3 16
4 15
5 13
6 12
7 12
8 12
9 12
10 12
11 12
12 14
13 14
14 16
15 15
16 16
17 16
18 15
19 15
20 14
21 14
22 16
23 17

output tokens per episode

01k2k3k4k 06121824
output tokens per episode
stepoutput tokens per episode
0 3.998k
1 3.47k
2 3.05k
3 2.621k
4 2.202k
5 1.754k
6 1.408k
7 1.438k
8 1.414k
9 1.497k
10 1.698k
11 1.709k
12 1.972k
13 1.954k
14 2.328k
15 2.461k
16 2.527k
17 2.898k
18 2.693k
19 2.654k
20 2.673k
21 2.649k
22 2.825k
23 2.74k
Aside: What happened with 8 groups/step?

In our ablations, we saw that the 8 groups/step run quickly learned to curate, but this failed to translate over meaningfully into eval improvements. We extended that run over the larger dataset to see if more training steps would help. The charts below show the results of training over 8 groups/step vs 64 groups/step over the same first 384 queries of the larger dataset.

train reward

-0.100.000.100.200.300.40 0128256384
train reward
step64 groups/step8 groups/step
0 -0.060.06
8 0.03
16 0.06
24 0.03
32 0.13
40 0.07
48 0.23
56 0.16
64 0.020.15
72 0.21
80 0.30
88 0.18
96 0.27
104 0.12
112 0.09
120 0.20
128 0.010.11
136 0.12
144 0.13
152 0.06
160 0.10
168 0.15
176 0.08
184 0.17
192 0.030.09
200 0.14
208 0.09
216 0.13
224 0.09
232 0.09
240 0.21
248 0.30
256 0.040.10
264 0.18
272 0.23
280 0.03
288 0.10
296 0.14
304 0.25
312 0.19
320 0.100.19
328 0.25
336 0.36
344 0.13
352 0.15
360 0.08
368 0.21
376 0.16
384 0.17

curated documents

0102030 0128256384
curated documents
step64 groups/step8 groups/step
0 11
8 1
16 1
24 1
32 1
40 1
48 2
56 3
64 12
72 3
80 4
88 4
96 5
104 5
112 6
120 7
128 16
136 9
144 8
152 7
160 7
168 7
176 7
184 7
192 19
200 12
208 9
216 9
224 11
232 11
240 9
248 13
256 118
264 13
272 12
280 17
288 16
296 17
304 21
312 21
320 224
328 22
336 23
344 24
352 24
360 24
368 25
376 25
384 2

entropy (nats)

0.20.40.60.81.01.2 0128256384
entropy (nats)
step64 groups/step8 groups/step
0 1.11.1
8 1.1
16 1.0
24 0.9
32 0.9
40 0.9
48 0.8
56 0.7
64 1.00.8
72 0.7
80 0.7
88 0.7
96 0.7
104 0.7
112 0.7
120 0.7
128 1.00.8
136 0.7
144 0.8
152 0.7
160 0.7
168 0.7
176 0.7
184 0.8
192 1.00.7
200 0.8
208 0.7
216 0.7
224 0.7
232 0.6
240 0.6
248 0.7
256 1.00.5
264 0.6
272 0.6
280 0.5
288 0.5
296 0.5
304 0.4
312 0.5
320 0.90.4
328 0.4
336 0.4
344 0.4
352 0.3
360 0.3
368 0.3
376 0.3
384 0.8

eval f1

0.000.100.200.300.400.50 0128256384
eval f1
step64 groups/step8 groups/step
0 0.200.20
128 0.250.12
256 0.150.16
384 0.170.16

eval precision

0.000.100.200.300.400.50 0128256384
eval precision
step64 groups/step8 groups/step
0 0.330.33
128 0.380.11
256 0.300.14
384 0.290.13

eval recall

0.000.100.200.300.400.50 0128256384
eval recall
step64 groups/step8 groups/step
0 0.160.16
128 0.170.14
256 0.130.23
384 0.160.29

The 8-group run reaches higher training reward, but it gets there by learning to just curate everything — although eval recall rises from 0.16 to 0.29, precision drops from 0.33 to 0.13. Entropy also falls from 1.1 to 0.34 nats over the course of training. This is a clear sign of entropy collapse. It’s likely that learning will outright stop if we were to continue training.

A large part of this behavior is due to our reward choice. F4 weighs recall 16x more than precision. Small-batch updates are also noisier, so once the policy stumbles onto the “curate every document you see” strategy, there is little pushing the model back towards a more reasonable strategy.

Admittedly, this is partly due to our reward choice. We wanted to kick-start the model into caring more about recall than precision, so we chose β = 4. One way to control this would be to anneal β over the course of training, as is done in Chroma Context-1.

So, we have full training run that works and pushes eval scores noticeably higher. This is a great result! In all likelihood, we haven’t saturated our training setup, too — train reward is still steadily going up at update 24. We’d probably continue to see eval gains by scaling up the dataset or running for another epoch…

But that’s a boring next step to explore here. There’s many other fun ways to squeeze out performance from our dataset.

Reward Shaping

Every run so far has used the plain F4 score as the reward. It worked, in the sense that eval scores went up. But reading the rollouts directly and exploring a different set of training metrics shows two other ways we can improve the policy.

trajectory vs curated recall

0.000.200.400.60 06121824
trajectory vs curated recall
steptrajectory recallcurated recall
0 0.460.12
1 0.510.16
2 0.400.13
3 0.340.11
4 0.290.09
5 0.320.14
6 0.390.22
7 0.380.24
8 0.360.23
9 0.330.21
10 0.260.19
11 0.330.24
12 0.290.21
13 0.300.21
14 0.270.18
15 0.380.26
16 0.400.28
17 0.300.20
18 0.390.28
19 0.370.28
20 0.360.27
21 0.410.32
22 0.390.29
23 0.360.27
Trajectory recall measures how many relevant chunks the model encountered while searching.

tool-call format drift

0%25%50%75%100% 06121824
tool-call format drift
stepof callsof episodes
0 27.3%37.9%
1 13.7%29.3%
2 15%26.4%
3 9.1%16.2%
4 11.5%18.9%
5 12.4%18.8%
6 14.8%17.8%
7 25%32.2%
8 21.2%32.2%
9 19.7%32.4%
10 14.6%33.6%
11 26.8%41.6%
12 28.3%55.9%
13 47.2%67.2%
14 49.6%74.2%
15 62.6%79.9%
16 53.8%78.3%
17 58.5%89.3%
18 67.3%90.2%
19 67.9%92.6%
20 63%92.4%
21 62.6%91%
22 67.7%96.7%
23 75%98.8%
Measures % of tool calls or episodes with incorrect harmony format.
  • Curation recall is bounded by trajectory recall. The model can only curate what it sees as it searches, and in the latter half of training, curation recall consistently sits 0.1 lower than trajectory recall. Trajectory recall also drifts down over training, indicating that the model is getting better at picking relevant docs from searches, but slightly worse at actually searching.
  • Tool-call format adherence degrades over training. As training progresses, the share of incorrectly-formatted tool calls triples. Luckily, our parser is lenient, so this doesn’t seem to impact training performance too much.

These observations suggest two ways we can improve the model further: reward the model for encountering more evidence during search, and punish it for bad tool calls.

In the next two section, we will demonstrate how straightforward it can be to control model behavior through reward shaping, and how to create good rewards.

Rewarding discovery

The trajectory recall chart tells us that the model either isn’t searching well or isn’t searching enough. There are two ways we can influence this behavior.

First, we can reward the behavior directly: a bonus per search or group call, or for more varied queries, and hope that together with the F4 reward, this leads to better coverage. However, a bonus just for searching is easy to hack. The model could just spam irrelevant calls and collect the bonus without learning any performance-improving behavior. We’d need to add a turn penalty to hold it back. This adds a second knob to tune and complicates the reward.

Another route is to add an explicit trajectory recall term to our reward. This is a better route because we’re rewarding the outcome we want rather then the activity it takes to get there. As our charts show, trajectory recall is direction aligned with curated recall, and it’s also harder to game — extra searches don’t earn anything unless they are helpful. This is the route we’ll experiment with.

Concretely, we add a term for the fraction of the query’s facts that have a supporting chunk anywhere in the trajectory, curated or not:

r(C)={0.2if C=0F4+0.2Rtrajotherwiser(C) = \begin{cases} -0.2 & \text{if } |C| = 0 \\[4pt] F_4+ 0.2 \cdot R_{\text{traj}} & \text{otherwise} \end{cases}

The explorer below shows the impact of different reward shapes on a group. Seven of the eight rollouts score zero F4 and are indistinguishable under the older reward, but a separable by either bonus.

Group Explorer w/ trajectory recall bonus8 rollouts

update 4 · group 40first search: third-party logistics facilities Atlanta

compare plain F4 with
mean reward+0.09 +0.23 mean trajectory recall0.75

Switch between tabs to see how different bonuses impact advantages and intra-group rollout rankings.

Apart from the reward, every setting in this run matches the full run above.

eval f1

0.000.200.400.60 06121824
eval f1
stepw/o trajectory rewardw trajectory reward
0 0.200.20
2 0.220.21
4 0.170.21
6 0.190.18
8 0.210.18
10 0.170.27
12 0.160.27
14 0.240.25
16 0.230.28
18 0.290.27
20 0.310.32
22 0.280.36
24 0.330.33

eval curated recall

0.000.200.400.60 06121824
eval curated recall
stepw/o trajectory rewardw trajectory reward
0 0.160.16
2 0.170.15
4 0.130.16
6 0.160.14
8 0.170.14
10 0.140.22
12 0.180.23
14 0.210.20
16 0.200.24
18 0.270.24
20 0.280.29
22 0.260.34
24 0.320.30

eval trajectory recall

0.000.200.400.60 06121824
eval trajectory recall
stepw/o trajectory rewardw trajectory reward
0 0.420.42
2 0.350.37
4 0.300.30
6 0.290.26
8 0.280.26
10 0.220.33
12 0.220.33
14 0.280.36
16 0.300.38
18 0.360.47
20 0.370.48
22 0.330.53
24 0.440.49
Eval is run 2x, and plotted points are the averages. Reward plots omitted because they are noncomparable.

Trajectory recall is clearly better here: after a dip around step 8, the shaped run recovers sooner and stays above the old, plain-F4 run. Eval F1 and curated recall also trend above the old run and even peak higher. Unfortunately, this doesn’t translate directly to a better final score under the same training budget.

Train Rollout Explorer w/ trajectory recall bonus12,288 rollouts
update 1512 rollouts in 64 groups -0.01 30% 17.7 0.13 13/64

4 groups with transcripts, sampled across the range of reward spread

group 6CEO founded a financial services entity in the capital 2008 -0.20 flat
group 35machine learning electrical patterns +0.14 ±1.38
group 50company focuses on resources containing critical metals lithium… -0.17 ±0.22
group 58new top executive late spring appointed valued care… +0.04 ±0.66
all 64 groups
group 0"ground lease" "150000" monthly rent" 2025 +0.44 ±0.97
group 1(no search) +0.05 ±0.47
group 2seven-year term loan facility exceeding half a… -0.02 ±0.54
group 3financing agreement spring 2020s initial… -0.15 ±0.25
group 4board member coordinates utility relocations… +0.14 ±1.30
group 5annual shareholder meeting at law firm +0.21 ±0.71
group 7"wholly-owned indirect finance subsidiary" -0.04 ±0.66
group 8(no search) -0.10 ±0.68
group 9established 1978 west coast state port -0.20 flat
group 10mid-summer letter to regulators withdrew filing… -0.13 ±0.29
group 11June 18 2024 "inception" "stock-based… -0.14 ±0.45
group 12acquisition defined benefit retirement plan… +0.58 ±1.06
group 13board member Stanford Harvard acquisition… +0.13 ±1.34
group 14new subsidiary early spring 2023 liquid cooling… -0.20 flat
group 15"30,000" "square feet" facility" "township"… -0.20 flat
group 16No. 100 North address island capital meeting… -0.18 ±0.18
group 17revenue slightly more than $20,000 from its… -0.02 ±0.66
group 1815th Administrator sworn in -0.20 flat
group 19New Jersey Supreme Court conservation expense… +0.10 ±0.59
group 20Cayman Islands incorporated 2000 holding company -0.01 ±1.04
group 212025 definitive merger agreement company B head… -0.12 ±0.41
group 22real estate entity separation land holdings… +0.77 ±1.36
group 23"over six hundred" full-time workers end of the… -0.20 flat
group 24shares commenced trading at $5 underwriters… -0.17 ±0.26
group 25acquired medical monitoring business for… -0.15 ±0.38
group 26board member early spring 2024 device division… -0.20 flat
group 27100000 square feet subleased upper floor… -0.14 ±0.18
group 28Vice president fab operations promoted late… +0.10 ±1.34
group 29Iron Mountain exec fifteen years hired as… +0.10 ±1.36
group 30placement agency commission less than one-tenth… -0.17 ±0.26
group 31Raffles Avenue Singapore KPMG head office -0.15 ±0.21
group 32board member medical professional patents… +0.09 ±1.34
group 33professional with extensive global workforce… -0.17 ±0.25
group 34corporate communications and governance… -0.20 flat
group 36former senior executive gaming software… -0.17 ±0.25
group 37equity incentive plan automatic annual… +0.32 ±0.68
group 38Granite Road Shanghai headquarters company +0.40 ±1.36
group 39Upper Banner Lower Banner geological formation +0.73 ±0.75
group 40real estate trust repurchase program 170 million -0.17 ±0.22
group 41virtual shareholder gathering mid-morning… -0.05 ±0.99
group 42equity awards vest in equal portions over three… -0.05 ±0.23
group 43public limited liability company principal… -0.20 flat
group 44BHP 52 years of service executive -0.20 flat
group 45"Amended and Restated Employment" CFO Co-Chief… -0.20 flat
group 46"exercise price" "slightly above" "eleven"… -0.03 ±1.34
group 47site 100 megawatts dual turbine equipment… -0.09 ±0.89
group 48"class action" lawsuit 2010s federal district… +0.12 ±1.32
group 49Attorney General filed lawsuit environmental… +0.71 ±1.36
group 51creation fee per block 1000 shares ETF -0.15 ±0.18
group 52federal securities agency established policies… -0.15 ±0.18
group 53employment contracts with executive officers… -0.11 ±0.26
group 54late spring acquisition novel antibody-drug… -0.20 flat
group 55automatically renewing quarterly lease ended… -0.16 ±0.31
group 56only cement plant in Virginia +0.43 ±0.18
group 57130 employees global CFO "2024" company -0.14 ±0.18
group 59registered direct offering "over three million"… -0.08 ±0.26
group 60letter of intent acquisition technology assets… -0.13 ±0.27
group 61fast-track designation rare pediatric condition… -0.20 flat
group 62lending oversight subgroup credit facilities… +0.03 ±1.34
group 63$500 million capital allocation program -0.14 ±0.26
update 2512 rollouts in 64 groups +0.10 51% 16.8 0.20 5/64

4 groups with transcripts, sampled across the range of reward spread

group 0board meeting adjusted salary structure for executive positions… -0.15 ±0.25
group 5government entity exercised its right to acquire partial… -0.20 flat
group 17revolving credit commitment 200 million amendment spring 2021 +0.97 ±1.38
group 34Subic Bay Freeport Zone mainland bank loan +0.31 ±0.68
all 64 groups
group 1federal authorities agreement mid-2010s western… -0.05 ±0.59
group 2125 million pre-tax losses catastrophe western… -0.10 ±0.30
group 3"service and performance scoring" technology… +0.32 ±0.73
group 4appointed to the governing position early… +0.65 ±1.34
group 6"Arabian" Street 5% shareholder +0.50 ±1.34
group 7governing body members reelected new term… -0.20 flat
group 8holding company no revenue generating… -0.12 ±0.22
group 9dual headquarters northeastern cities serves… +0.12 ±1.06
group 10"distance from offices" "executive agreement" +0.30 ±0.73
group 11exclusive judicial venue +0.06 ±0.19
group 12Phnom Penh Center licensed medical… +0.23 ±0.66
group 1327,000 shares authorized equity participation… -0.18 ±0.18
group 14gain exceeding two hundred million liquidated… +0.10 ±0.99
group 15board of 10 shareholders company audit… -0.06 ±0.26
group 16joint development agreements greenfield… +0.37 ±0.66
group 18"over a thousand acres" "coastal fishing… -0.11 ±0.30
group 19late spring board chairman compensation… -0.18 ±0.18
group 20"smart infrastructure" subsidiary discontinued… -0.03 ±1.34
group 21terminated revolving credit facility and… +0.04 ±0.68
group 22esports brand founded 2016 athlete became… -0.04 ±0.66
group 23administrative headquarters property over 900… -0.20 flat
group 24board member joined 2025 industrial engineering… -0.10 ±0.66
group 25organization operates farms through long-term… +0.09 ±1.04
group 26Lavoro Agro Holding S.A. -0.15 ±0.21
group 27"appeals court" "struck down" "federal… +0.10 ±1.34
group 28(no search) -0.20 flat
group 29units of equity purchase rights executable five… +0.17 ±0.99
group 30March 2025 marketplace compliance restored +0.00 ±0.97
group 31Rainbow Boulevard corporate office Las Vegas… +0.45 ±0.18
group 32private wealth management division exclusive… +0.50 ±0.13
group 33"several hundred megawatts" battery storage… +0.88 ±0.65
group 35first quarter 2024 additional equity -0.15 ±0.18
group 36board meets 7 times per year finance committee… -0.09 ±0.18
group 37Company B Annual Meeting of Shareholders March… -0.10 ±0.26
group 38joint venture late 2010s minority equity stake… -0.15 ±0.38
group 39board member stake in Seattle Kraken +0.13 ±1.32
group 40Americas Tower 1700 Broadway +0.26 ±0.41
group 41"Suffolk University Law School" "Westfield… -0.11 ±0.18
group 42equity awards for leadership, tens of thousands… -0.04 ±0.66
group 43investigational cardiac system pivotal trial… -0.20 flat
group 44virtual annual shareholder meeting 11:00 a.m.… +0.22 ±0.66
group 452025 annual shareholder meeting eligibility… -0.15 ±0.18
group 46F1442 file number petroleum engineering… +0.33 ±0.66
group 47reverse stock split 10 to 1 certificate… -0.08 ±0.16
group 48reserves risk requirements framework changes… +0.33 ±1.06
group 4944-day option to purchase additional securities -0.02 ±0.25
group 50Company B temporary depository arrangement… -0.07 ±0.24
group 51International Plaza office auditors -0.04 ±0.54
group 52head of the syndicated credit division for an… +0.12 ±0.97
group 53Company B established a cutoff point in late… -0.13 ±0.18
group 54deferral-based treatment of origination costs… +0.29 ±0.71
group 55"JFK Boulevard" city +0.01 ±0.57
group 56Hepatitis B therapy candidate" baseline antigen… +0.33 ±0.97
group 57telecommunications systems long-distance… -0.08 ±0.26
group 58"Michigan Avenue" Miami phone 786 +1.14 ±0.06
group 59virtual stockholder meeting December 2025 120… +0.07 ±1.04
group 60"multi-year deal" "vacation destination… -0.17 ±0.20
group 61late 2024 4000 employees global new director… +0.38 ±1.34
group 62electric vehicle infrastructure network 21000… +0.35 ±1.01
group 63auditor transition March 2025 company -0.05 ±0.93
update 3512 rollouts in 64 groups +0.09 62% 16.5 0.16 0/64

4 groups with transcripts, sampled across the range of reward spread

group 11shareholder meeting late spring 2024 board members retired… +0.34 ±0.79
group 24$1.50 purchase instrument exercise rights founding entity… -0.00 ±0.31
group 58"price thresholds" "measured trading day" warrants redemption" -0.03 ±0.02
group 59summer 2021 agreement three facilities midwestern state equity… +0.37 ±1.36
all 64 groups
group 0"quarter of a million" "square feet" disposed… -0.13 ±0.18
group 1diagnostic test volume growth 100% first… -0.14 ±0.25
group 2mid-2000s holding entity "board" "11" "6"… -0.06 ±0.65
group 3tropical stone fruit orchards "complementary"… +0.38 ±0.97
group 4approved additional responsibilities CFO… -0.02 ±1.06
group 5performance cap 150% target +0.09 ±0.68
group 6"recurring payment program" "equity holders"… -0.11 ±0.18
group 7July 31 registration statement effective August… +0.08 ±0.54
group 8"advisory services" "equity units" 2020 -0.01 ±1.36
group 9deferred interest capitalization "below… -0.05 ±0.47
group 10unsecured revolving line of credit early spring… -0.06 ±0.59
group 12General Counsel announced retirement December… -0.03 ±0.68
group 13"trustee" "subordinated debt" early fall 2020 +0.36 ±1.04
group 14independent accountants terminated June board… +0.13 ±1.04
group 15key holding subsidiary incorporated mid-2021" -0.01 ±0.30
group 16213 postal code eastern district manufacturer… +0.28 ±1.04
group 17late summer shareholder meeting early fall 2024… +0.38 ±1.34
group 18stockholder approval executive compensation… +0.06 ±0.33
group 19revolving credit facility cherry blossoms +0.57 ±0.47
group 2016-digit control number shareholder virtual… +0.09 ±0.15
group 21September 2010 incorporated redomiciled to… -0.10 ±0.39
group 22spring 2025 board approved compensation… -0.12 ±0.18
group 23eight tranches debt issuance nationalities… +0.18 ±1.04
group 25140 stores" 12" jurisdiction" 140 locations -0.12 ±0.43
group 26open market repurchase authority remaining less… +0.06 ±0.38
group 27over two million shares"nearly ten million"… +0.26 ±1.04
group 28updated clinical trial efficacy data patient… -0.10 ±0.43
group 29sold off subsidiary established early 2000s to… +0.72 ±1.06
group 30senior debt instrument maturing early 2024… +0.36 ±0.79
group 31"long-term lease" "turn of the next century" +0.03 ±0.67
group 32advisory vote low sixties "previous year"… -0.06 ±0.66
group 33asset-backed securitization no activity final… -0.15 ±0.18
group 34December.*vehicle.*units -0.04 ±0.51
group 35"2,800" "restricted units" board member 2024 -0.13 ±0.23
group 36"tax valuation allowance" reversal nine million -0.06 ±0.36
group 37"secured credit arrangement" "residential… +0.20 ±1.06
group 38"underwritten offering" 40 million mature at… +0.11 ±0.99
group 39digital services tax Canada 2023 corporate… +0.31 ±1.34
group 40gross proceeds institutional participants… -0.09 ±0.18
group 41Company B benefit program deferred compensation… +0.12 ±0.43
group 42new independent member board two standing… -0.05 ±0.59
group 43mid-spring 2020s chairman appointed interim… +0.66 ±1.36
group 44cutoff date voting rights second quarter 2025 -0.12 ±0.30
group 45unanimously postponed charter-required action… +0.95 ±0.98
group 46mid-2025 appointed new board member weeks after… +0.40 ±0.99
group 47"Net Asset Value per Share" "December 31, 2021" +0.04 ±0.63
group 48remaining capital deployment authorization… -0.18 ±0.18
group 49fairness evaluation advisor received total $… -0.11 ±0.18
group 50"35,000 volunteer" "million" -0.14 ±0.26
group 51convertible financing arrangement extended… -0.07 ±0.18
group 52subsidary formed 2019 wellness opportunity $24k -0.03 ±0.59
group 53equity awards 899,000 granted early spring 202?… -0.15 ±0.18
group 54senior management 6 officers -0.07 ±0.18
group 55three dozen -0.07 ±0.18
group 56advisory agreement potential strategic… +0.27 ±1.34
group 57unitranche first lien term loan Formulations… -0.11 ±0.26
group 60exchange of principal debt for convertible… +0.10 ±0.27
group 61restaurant organization self-funded risk… +0.29 ±1.04
group 62November 20 exited facility technology center… +0.29 ±1.32
group 63quarterly distribution record date distribution… -0.04 ±0.18
update 4512 rollouts in 64 groups +0.08 78% 13.7 0.12 1/64

4 groups with transcripts, sampled across the range of reward spread

group 38dermatology medical devices subsidiary manufacturing facility… +0.04 ±0.71
group 44company Compensation Committee met 2024 times -0.03 ±0.26
group 52waterfront facility 20 acres agreement late 1990s exclusivity… +0.55 ±1.38
group 62December 31 2022 termination and compensation agreement -0.02 flat
all 64 groups
group 014 billion euros escrow state aid tax +0.33 ±1.04
group 1"founded" "spring" 2018 "snack" "biotech" -0.13 ±0.18
group 2annual retainer equity non-employee directors… -0.06 ±0.21
group 3special shareholders meeting June 2024… +0.11 ±0.51
group 4virtual annual gathering shareholders owned… -0.03 ±0.08
group 5binding acquisition agreement quarterly… -0.03 ±1.06
group 6lease 22,000 sq ft 2035 therapeutic compound… -0.01 ±0.04
group 7distribution to common stockholders final… +0.21 ±1.34
group 8non-economic share class votes 9-figure vote… -0.04 ±0.38
group 9authorized common stock increase shareholder… +0.03 ±0.31
group 10board member former CEO law firm 1990s +0.03 ±1.04
group 11reduced global workforce by over a quarter… -0.08 ±0.25
group 12Company B chief executive employment agreement… -0.04 ±0.22
group 13250 million agreement Asia -0.06 ±0.25
group 14Crunchyroll 1.5 million paid subscribers spring… +0.27 ±1.34
group 15100 million shares share exchange agreement… -0.04 ±0.43
group 16"private offering" "unregistered equity" nickel -0.13 ±0.18
group 17Company C sold its minority equity interest in… -0.01 ±0.42
group 181600 unionized workers +0.23 ±1.34
group 19transformation transaction summer first year… -0.13 ±0.18
group 20virtual meeting late spring board members… +0.23 ±1.06
group 21director compensation policy new non-employee… +0.26 ±0.35
group 22redomiciled to Malta December 2022 -0.11 ±0.30
group 23eligible voters governance event authorized… +0.24 ±0.52
group 24technology operations division divestiture… +0.18 ±1.06
group 25warm season mid-2020s trial three-way equal… -0.01 ±0.04
group 26first quarterly distribution prorated 27 days… +0.30 ±1.31
group 279 out of 10 team members located in Alaska… +0.53 ±1.06
group 28160000 square feet Vancouver… +0.02 ±0.35
group 29"7152" postal code Middle East -0.02 ±0.38
group 30"formal commercial agreements" suppliers high… -0.10 ±0.25
group 31midsummer shareholder meeting Chicago morning… -0.05 ±0.39
group 32Customer relationships intangible amortization… +0.08 ±0.49
group 33"17 million" cash and equity acquisition" -0.12 ±0.18
group 34board member led thousands of volunteers… +0.48 ±1.16
group 358-K amended and restated bylaws board expansion… -0.04 ±0.28
group 36"close to seventeen thousand" employees +0.00 ±0.59
group 37board of eight company governance -0.03 ±0.04
group 39(no search) -0.09 ±0.18
group 40third-party logistics facilities Atlanta +0.21 ±0.75
group 41"Section 203" "business combinations"… -0.04 ±0.06
group 42voluntary debt prepayment final weeks of the… +0.28 ±1.04
group 43"validation technology" postgraduate" +0.10 ±0.97
group 45"5,500" "square feet" "lease" southern state… -0.05 ±0.18
group 46private capital raising small group… -0.02 ±0.24
group 47shareholders assembly late spring 2025 expert… +0.38 ±0.73
group 48mid-ten thousand equity spring board member… +0.02 ±0.68
group 49senior legal counsel appointment age 31 legal… +0.04 ±0.73
group 50affiliated funds unanimously endorsed… +0.11 ±0.48
group 51"periodic review" "amended and restated… +0.15 ±0.25
group 53government-inspected pilot operations -0.07 ±0.18
group 54amended and restated certificate of designation… -0.01 ±0.69
group 55acquired entity offering planning and… +0.46 ±0.81
group 56tax receivables Nordic island continent company +0.42 ±0.97
group 57Depehla corporate law Delaware subsidiary… +0.14 ±0.45
group 58"over 17 million" corporate governance" -0.07 ±0.18
group 59dual class shares founder trust amplified… +0.18 ±1.34
group 60average director attendance 99% board committee… +0.03 ±0.43
group 61record date annual stockholder meeting falls on… -0.02 ±0.31
group 63new beverage facility early spring 2019 major… +0.31 ±1.06
update 5512 rollouts in 64 groups +0.07 86% 12 0.11 2/64

4 groups with transcripts, sampled across the range of reward spread

group 2shell organization ceased shell after completing a corporate… +0.00 ±0.59
group 6French diplomat street -0.04 ±0.23
group 19reinsuring several hundred million reserves transaction closing… +0.59 ±1.38
group 20equity compensation framework expanded by quarter million units… -0.02 flat
all 64 groups
group 0Apple share buyback authorized Jan 2024 March… +0.22 ±0.52
group 114,000 employees 2 million contracts in force… -0.07 ±0.18
group 3shareholder meeting mid-summer 2020s announced… -0.05 ±0.25
group 4Company B board independent director increased -0.08 ±0.26
group 5went public early winter 2023 southeastern… -0.03 ±0.02
group 7CYTOARM CD-19 Armed-T Licensed Patent milestone… +0.07 ±0.53
group 8scheduled termination date optional early… +0.01 ±0.38
group 9non-qualified stock options percent long-term… +0.04 ±0.59
group 10annual general meeting virtually Pacific… -0.01 ±0.04
group 11"special instruments" "executed" "expiration… -0.04 ±0.18
group 12Company C synergistic divisions number divisions +0.28 ±0.30
group 13incorporated in Cayman Islands board member… +0.19 ±1.01
group 14company B hotel property financing with German… -0.03 ±0.02
group 15chief executive and two other senior leaders… -0.10 ±0.29
group 16southern state energy hub mid-2020s -0.00 ±0.09
group 17exclusive licensing arrangement detection… -0.01 ±0.06
group 18mid February audit report 2024 northeastern… +0.10 ±0.63
group 21early fall 2023 divest business segment -0.07 ±0.18
group 22"machine learning" "security" "intelligence"… +0.20 ±0.76
group 2335,000 square feet +0.13 ±0.68
group 24co-founded gene therapy early 1990s board… -0.09 ±0.18
group 25special meeting early winter 2020s extended… -0.02 ±0.15
group 26independent director BSc honors university -0.07 ±0.24
group 277.625% Series C Mandatory Convertible Preferred… 0.00 ±0.52
group 2890:1 ratio recapitalization special shareholder… -0.05 ±0.18
group 29development-stage enterprise research park… +0.19 ±0.49
group 30sold a subsidiary laboratory operation +0.01 ±0.58
group 31independent registered public accounting firm… +0.03 ±0.15
group 32biodegradable materials program consulting… +0.13 ±1.20
group 33SPAC merger "whe" production facility western… -0.08 ±0.22
group 3475 000 employees automotive state Michigan… +0.17 ±0.73
group 35performance products" governance committee"… -0.02 flat
group 36suburb northeast of major coastal city… +0.12 ±0.66
group 372022 regulatory disclosure shares 750000… -0.01 ±0.31
group 38biotechnology firm over five hundred staff less… +0.03 ±0.59
group 391000-1300 Market Street +0.36 ±1.03
group 40"remittance delay" "employee retirement" low… +0.01 ±0.25
group 41Company C senior executive appointed Chief… -0.07 ±0.18
group 42"compensation committee" adopted policy… -0.02 ±0.02
group 43December 1999 incorporated +0.03 ±0.71
group 44alternating year workforce survey participated… +0.08 ±0.38
group 45majority consensus investor group Asian island +0.06 ±0.59
group 46mid December 2019 brand acquisition fourth… +0.07 ±0.43
group 47amended arrangements with a custodian mid fall -0.03 ±0.57
group 48dual-class structure arbitration late 2023 90… +0.33 ±1.16
group 49mid-1980s investment partnership tech hub… +0.24 ±0.14
group 50virtual shareholders' meeting professionals… -0.00 ±0.13
group 51independent committee overseeing financial… +0.42 ±0.81
group 52"request for accelerated effectiveness"… +0.27 ±0.71
group 53CEO doctoral degree chemical engineering joined… -0.16 ±0.31
group 54"lease back to builders" single-family homes" +0.29 ±0.99
group 55CFO since October 2007 interim CEO appointed +0.05 ±0.76
group 56"May 15" shareholders meeting and dividends… -0.03 ±0.08
group 57"50 miles" southwest of Las Vegas" reclamation" +0.22 ±0.35
group 58top trio of business partners in equipment… -0.02 ±0.25
group 59$80.2 million loan Danish Ship Finance company… +0.02 ±0.47
group 60board nominated 2023 company board nominated… +0.46 ±1.04
group 61pharmaceutical fulfillment facility spring 2024… +0.54 ±1.16
group 62gene therapy accelerated approval early summer… +0.09 ±0.91
group 63authorized equity units expand "20 million"… -0.02 ±0.02
update 6512 rollouts in 64 groups +0.13 91% 10.7 0.15 2/64

4 groups with transcripts, sampled across the range of reward spread

group 10extended borrowing arrangement expiration early 20th year to… +0.14 ±0.54
group 47board governance Tuesday late spring security holders voted -0.03 ±0.25
group 53operations executive 'Chief Financial Officer' 'mid-2025'… -0.02 flat
group 57safety certification December filed annual report Q1… +0.47 ±1.34
all 64 groups
group 0added about 24 engineers acquisition in first… +1.01 ±0.30
group 1DM Lab Co., LTD acquisition May 2023 +0.11 ±0.29
group 2leased facilities beyond 2028 North America… +0.30 ±0.68
group 3real estate arrangements for over 50000… -0.06 ±0.18
group 4not properly reported contractual obligations… -0.06 ±0.43
group 5founder disposed of several hundred thousand… -0.06 ±0.25
group 6five fiscal quarters unvested equity awards… -0.04 ±0.18
group 7over 32000 acres extraction California county -0.02 ±0.26
group 8termination and release agreement corporate… +0.29 ±0.38
group 9prospectus termination equity distribution… +0.41 ±0.86
group 11board of governors youth golf nonprofit -0.03 ±0.43
group 12acquired water disposal operations late 2024… +0.59 ±0.49
group 13first vessel in over a decade late spring… +0.23 ±0.73
group 14initial ownership statement early winter 2023… +0.00 ±0.43
group 15late autumn of the late twenty-tens… -0.03 ±0.04
group 16authentication protocol supplies competition… +0.31 ±0.43
group 17Chief financial officer trading plan 2023 +0.08 ±0.68
group 18biopharmaceutical entity resolved disputed… +0.83 ±0.70
group 19executive appointed late 2025 held asset… +0.23 ±0.81
group 20archangel auditor attestation address archangel… -0.07 ±0.18
group 21direct registered offering governing body… -0.01 ±0.15
group 22$450 million debt 2033 rate 2024 +0.10 ±0.15
group 23"consolidated net sales" "1.8" -0.04 ±0.18
group 24virtual gathering vote increase authorized… +0.06 ±0.66
group 25CEO late 1990s studied infrastructure design… +0.08 ±1.01
group 2630-to-1 consolidation biotech senior scientist… -0.06 ±0.25
group 27early 2025 former finance executive elected… +0.01 ±0.47
group 28technology company board committee amended and… +0.66 ±1.16
group 29three equally sized groups board rotating terms +0.01 ±0.59
group 30intelligent mining equipment Africa 20 million… +0.07 ±0.65
group 31annual shareholder gathering Pacific Northwest… -0.04 ±0.18
group 32special purchase rights expiring 2029 gifted… -0.00 ±0.07
group 33Company B board members fixed number" -0.07 ±0.18
group 34late 2023 holding entity business combination +0.03 ±0.73
group 35quarter million square feet office "late mid… +0.33 ±0.79
group 36company formed in mid-atlantic state… -0.02 ±0.22
group 37HP employees in countries 2023 +0.13 ±0.41
group 38weighted-average recognition period unvested… +0.05 ±0.97
group 39second amendment trust officer S quarterly… +0.57 ±1.20
group 40unsecured debt interest rate basis points… -0.03 ±0.02
group 41January 2020 acquired remaining stake joint… +0.00 ±0.73
group 4212 members elected by holders 2 members elected… +0.35 ±1.15
group 43Delaware operational arm early spring 2020 +0.29 ±0.66
group 44"$12 million" "trading losses avoided" +0.22 ±0.48
group 45leasing workspace historic metropolitan area… -0.06 ±0.18
group 46directors executive officers table positions… -0.05 ±0.22
group 48late 2024 reorganization extraordinary asset… +0.02 ±0.57
group 49shore-based officers not directly compensated… +0.42 ±0.41
group 50chairpersons oversee compensation audit members… +0.06 ±0.59
group 51October 2023 convertible securities private… -0.05 ±0.25
group 52extended equity instruments expires 2029 late… +0.10 ±0.38
group 54exclusive licensing agreement seven-figure… -0.02 ±0.02
group 55"liquidation preference" per certificate +0.10 ±0.45
group 56"product development services agreement" Dec 31… -0.06 ±0.18
group 58Delaware corporation leases 11000 square feet… +0.00 ±0.07
group 59Oak Street "principal executive office"… +0.11 ±0.25
group 60real estate investment trust 5.5 billion assets… +0.12 ±0.48
group 61shareholder meetings at a cultural venue state… +0.08 ±0.41
group 62corporate office 50,000 square feet upper… -0.02 flat
group 63"record date" "annual" "meeting" "virtual"… -0.03 ±0.31
update 7512 rollouts in 64 groups +0.22 97% 10.2 0.23 2/64

4 groups with transcripts, sampled across the range of reward spread

group 17governance member departed mid 2020s reduced board size 11 +0.07 ±0.29
group 40Company B employees December 31 2024 -0.02 flat
group 44independent assessment human rights impacts technologies… +0.77 ±1.36
group 49Jan 2025 cost savings 48 positions relocating support functions +0.83 ±0.61
all 64 groups
group 0board member prearranged trading plan early… +0.21 ±0.41
group 1"principal executive officer" "chief financial… -0.06 ±0.24
group 2early summer 2024 acquisition from major… -0.04 ±0.18
group 3"August 21, 2025" CEO target cash bonus 30% -0.06 ±0.34
group 4executed a lease 100,000 square feet mid-2035 +0.90 ±1.13
group 5company b expansion Phoenix 100 billion 65… +0.42 ±0.80
group 6interim leader became board member same day top… +0.34 ±0.83
group 7retail entity closed six stores january 2024… -0.01 ±0.09
group 8therapeutic molecule originally discovered by a… -0.07 ±0.18
group 9credit arrangement modification chief legal… +0.30 ±0.81
group 10renewable thermal credits voluntary program… +0.94 ±0.67
group 11record date dividend "equal standing" internal… -0.02 ±0.02
group 12plant-derived ingredient earth-friendly… -0.02 ±0.02
group 13board member nearly fifty years experience… +0.09 ±0.45
group 14reverse merger SPAC late summer 2020 2/3 of… -0.04 ±0.08
group 15executive leadership announced transitions late… -0.02 ±0.38
group 16late spring peak share value half a year after… -0.03 ±0.04
group 18chief executive vacation days 40 days corporate… +0.21 ±0.35
group 19terminated asset sale $10 million termination… +0.74 ±0.68
group 20retirement savings arrangement became effective… -0.02 ±0.02
group 21swap-data reporting penalty Geneva liquidators… +0.47 ±0.02
group 22minimum covenant ratio 1.25 parent subsidiary… +0.74 ±1.18
group 23technical centre designation 2018 province… +0.71 ±0.83
group 24Westin Richmond Richmond annual shareholders… +0.03 ±0.48
group 25four dozen narrow-body aircraft inventory +0.44 ±0.75
group 26collaborative research agreement military… +0.04 ±0.65
group 27investment framework agreement early autumn… +0.13 ±0.31
group 28company >200 research partnerships island… +0.00 ±0.29
group 29technology risk digital security committee… +0.07 ±0.45
group 30Company B acquired two subsidiaries operating… +0.39 ±0.24
group 31data analytics company Q4 2024 employees… +0.31 ±0.85
group 32bondco plc bonds issued +0.07 ±0.23
group 33debt exchange chief executive 500k shares $1… +0.13 ±0.97
group 34late 1990s Nevada subsidiary Georgia leased… +0.21 ±0.41
group 35"over 200 countries" patent pending 500 +0.04 ±0.48
group 36strategic restructuring one third headcount -0.01 ±0.17
group 37Company B board composition three groups pair… -0.04 ±0.26
group 38decommissioned leased spaces impairment charges… +0.41 ±1.16
group 39lease .. specialized bath equipment subsidiary… +0.36 ±0.48
group 41mid spring 2024 financial position document… +0.08 ±0.47
group 42late-stage clinical trial nutritional treatment… +0.41 ±1.09
group 43mid-2020s acquisition color-matching operations… +0.01 ±0.33
group 45divestiture closed late spring 2023 2 billion… +0.94 ±0.61
group 46"professional advisory opinion" written… +0.04 ±0.25
group 47early 2020s purchase agreements business assets… +0.15 ±0.81
group 48Rule 10b5-1 up to 120,000 shares "debt… -0.02 flat
group 50dual-merger structure offshore subsidiary July… +0.05 ±0.49
group 51West Coast facility labor action ten weeks… +0.50 ±1.09
group 52early seventies or nearly two decades of… -0.02 ±0.11
group 53over one hundred producing sources southern… +0.31 ±0.95
group 54director appointed to board summer 2024 mobile… +0.57 ±1.18
group 55naming rights agreement minor league baseball… +0.55 ±1.34
group 56"determined to be qualified" "voting" "virtual… +0.02 ±0.31
group 57lease expires autumn 2025 facility company -0.04 ±0.06
group 58late summer 2024 equity compensation operating… +0.09 ±0.45
group 59twenty distinct language options +0.33 ±0.68
group 60wireless communications board member joined… -0.00 ±0.09
group 61revolving credit commitments two autumns later… +0.16 ±0.55
group 62southernmost coastal district electronics… -0.03 ±0.20
group 63CEO to median employee pay ratio 2024 equity… +0.06 ±0.31
update 8512 rollouts in 64 groups +0.16 98% 9.8 0.16 0/64

4 groups with transcripts, sampled across the range of reward spread

group 1March 1 1992 Louisiana company name +0.28 ±1.38
group 7corporate annual report December 2025 staffing allocation sales… -0.02 ±0.02
group 50"Miramar" "principal executive offices" +0.10 ±0.52
group 58share repurchase 500 million quarter 1 2023 -0.06 ±0.24
all 64 groups
group 0Principal Accounting Officer successor promoted… -0.03 ±0.04
group 2"125,000" square feet manufacturing facility +0.01 ±0.27
group 3board member decades experience overseeing… +0.12 ±0.59
group 4half gigawatt photovoltaic high-voltage county +0.11 ±0.43
group 5board of directors independent directors 2025 Q1 -0.00 ±0.10
group 6"fiscal year" "85" "million" impairment"… +0.64 ±0.83
group 8cable-free monitoring system regulatory… +0.31 ±0.43
group 9outside board members restricted stock low… +0.04 ±0.38
group 10former McKinsey senior partner private capital… +0.54 ±0.70
group 11principal accounting role twenty years dual… -0.03 ±0.02
group 12"12920 SE 38th Street" +0.43 ±0.43
group 13Company C credit agreement repayment structure… -0.02 ±0.16
group 14"99%" "operating partnership" "early 2024"… -0.02 ±0.02
group 15manufacturing processes at temperatures as low… +0.34 ±0.56
group 16board member former association resource… +0.01 ±0.35
group 17retirement plan contributions 16 million 2026 +0.05 ±0.43
group 18Aarna Holdings LLC -0.03 ±0.06
group 19"non‑binding agreement" mid-October… +0.79 ±1.02
group 20convertible series "80%" lowest trading price"… +0.16 ±0.55
group 21asset purchase agreement early summer mid-2020s… +0.09 ±0.27
group 2235,000 square feet office lease mid 2030s +0.42 ±0.85
group 23governing board of 11 members company 2020… -0.07 ±0.18
group 24Royal Court approval merger with special… +0.13 ±0.47
group 25chief financial officer joined 2024 licensed… +0.55 ±1.18
group 26property acquisition credit valuation threshold… +0.00 ±0.15
group 27record date is April +0.04 ±0.29
group 28interim results oncology combination study… -0.04 ±0.18
group 29ethyloxide western metropolis canton Swiss +0.04 ±0.51
group 30170 equity holders 180000 square feet retail… +0.08 ±0.81
group 31company B equity compensation non-management… -0.01 ±0.04
group 32spring water merger late 2020s United States… +0.67 ±0.70
group 33clinical‑stage 150 registered holders March… +0.14 ±1.18
group 34Company B Compensation Committee new… +0.11 ±0.69
group 35announced acquisition first week 2023 health… +0.21 ±0.48
group 36filing-based regulatory regime governing both… +0.63 ±0.97
group 37February 2024 cloud-native solutions… +0.42 ±0.41
group 38global sites China patents active customers 2022 +0.04 ±0.45
group 39female board member 75 joined 2023 recognition… -0.04 ±0.18
group 40formal shareholder meeting materials federal… -0.03 ±0.08
group 41Chinese company institute southwestern province… +0.05 ±0.45
group 42Caribbean territory retirement plan acquisition… +0.55 ±0.73
group 43reverse merger agreement valuation San Jose… +0.01 ±0.16
group 44senior secured second lien notes 575 million… -0.02 ±0.06
group 45research facility at a public university in a… +0.30 ±0.37
group 46acquisition final contingent consideration… +0.69 ±0.77
group 47Company B "main executive office" "on a… +0.20 ±0.75
group 48"preapproved plan" determination letter 2010… +0.36 ±0.41
group 49biotech lab coastal west side company foreign… -0.03 ±0.04
group 51winter holiday 2020 company acquired NIH… +0.32 ±1.22
group 52stockholder meeting summer 2023 approved equity… +0.13 ±0.43
group 53Company B corporate charter equity court… -0.05 ±0.08
group 54Caribbean offshore holding company relocated… +0.10 ±0.72
group 55warrant amendment fractions of a dollar oct -0.04 ±0.25
group 56Company B contract obligations primary… +0.07 ±0.29
group 57corporate income taxed quarters revenues… +0.40 ±1.22
group 59equity consolidation ratio exchange listing… -0.03 ±0.08
group 60cutoff date mid-December voted shareholders… +0.13 ±0.54
group 61formal regulatory approval fall capital markets… -0.03 ±0.02
group 62first week of February variable compensation… +0.01 ±0.15
group 63independent chair appointed Q4 2018 board has… -0.01 ±0.04
update 9512 rollouts in 64 groups +0.17 98% 10.1 0.18 0/64

4 groups with transcripts, sampled across the range of reward spread

group 1share repurchase program board approval 2025 +0.06 ±0.57
group 10interagency rule effective spring 2020 36 hours notification +0.07 ±0.29
group 14structured monthly installment payments early autumn mid-2020s… +0.24 ±1.34
group 42six months ended June 30 2025 net revenue final three digits -0.02 ±0.02
all 64 groups
group 0"fewer than thirty" "80" "intersection"… +0.14 ±0.43
group 2CEO law degree early 1970s former president of… +0.26 ±1.20
group 3Company B cumulative distributions and funds… +0.09 ±0.52
group 4CPA Florida undergrad Cornell master-planned… +0.20 ±0.91
group 5special class of stock granted to founder… +0.04 ±0.48
group 6200 retail locations convenience store… +0.10 ±0.69
group 7baker's dozen board nominees -0.04 ±0.08
group 8original name incorporated May 2020 Delaware… +0.11 ±0.54
group 9board member became top executive officer fall… +0.52 ±1.20
group 11purchased more than 2 million shares from… +0.37 ±0.99
group 12matching contributions up to single digit… -0.01 ±0.29
group 13personnel matters officer filed initial… +0.03 ±0.59
group 15therapeutic targeting specific cell membrane… +1.08 ±0.81
group 16initial statement senior counsel early summer… +0.07 ±0.49
group 17corporate secretary office "mail code" "floor"… +0.08 ±0.47
group 18unit offering ordinary shares warrants… +0.01 ±0.19
group 19digital asset treasury strategy" "board member"… +0.04 ±0.51
group 20executive undergraduate mid 1990s historically… -0.02 ±0.09
group 21class settlement agreement entered into early… +0.92 ±1.00
group 22ZIP code sum 6 maritime street +0.10 ±0.52
group 23controlled subsidiary entered a collaboration… +0.03 ±0.42
group 24summer 2020 tax legislation signed permanently… +0.12 ±0.43
group 25arbitration agreement 2018 company state… +0.39 ±0.79
group 26digital interim talent provider Europe Middle… +0.28 ±0.68
group 27Delaware corporate law exclusive forum circuit… +0.34 ±1.30
group 282020 incentive plan replacement 2010 reserved… -0.05 ±0.18
group 29company dividend June 2023 virtual shareholder… +0.04 ±0.43
group 30independent members oversight body "company"… +0.30 ±0.86
group 31board meets 6 times -0.03 ±0.07
group 32statutory trust two series investment… +0.08 ±0.35
group 33chief legal officer appointment effective early… +0.01 ±0.07
group 34virtual gathering stakeholders election two… -0.03 ±0.04
group 35Company B Canada Quebec patents 2025 -0.04 ±0.22
group 36executive qualified to practice law Hong Kong… -0.02 ±0.11
group 37‘featured new independent directors’ 2020 2021… -0.06 ±0.08
group 38unincorporated partnership agreement jointly… +0.21 ±0.18
group 39"majority stake" "investment" 2022" +0.04 ±0.16
group 40"one-fifth" "water delivery" infrastructure +0.69 ±0.35
group 41cliff vesting years of service fully vested… +0.39 ±0.99
group 43120% of target cash incentive highest tier… +0.70 ±0.88
group 44modified authorized capital filed with state… +0.30 ±0.81
group 45"cash distributions" "mid-August" "board of… -0.05 ±0.18
group 46early spring 2021 stepped down executive but… +0.37 ±0.55
group 47"material data center" +0.29 ±0.83
group 48etienne “mid-March 2024 ESG report" -0.02 ±0.02
group 49independent registered public accounting firm… -0.00 ±0.11
group 50"extraordinary shareholder" "Nanjing West Road"… -0.00 ±0.15
group 51board of seven "critical transaction" July 31… -0.03 ±0.04
group 52DLT licenses execution custody +1.03 ±1.08
group 53Company C 2024 annual meeting equity holders -0.04 ±0.38
group 54board meeting late spring expansion board size… +0.01 ±0.13
group 55audit committee half of the board independent… +0.01 ±0.25
group 56unsecured lending arrangement early 2020s… +0.05 ±0.40
group 57distributed power solutions acquisition natural… +0.69 ±1.00
group 58audit committee compensation committee early… -0.01 ±0.55
group 59"network infrastructure" "over two and a half… -0.03 ±0.02
group 60three trillion yen research spending… +0.17 ±0.50
group 61constitution minimum number of directors… +0.06 ±0.33
group 62publicly announced program no expiration allow… +0.47 ±0.86
group 63indenture provision modifications release lien… +0.14 ±1.04
update 10512 rollouts in 64 groups +0.17 97% 10.4 0.18 1/64

4 groups with transcripts, sampled across the range of reward spread

group 3Company B third quarter 2025 active agreements 2025 3rd quarter… -0.01 ±0.20
group 23annual base fee independent board members -0.02 flat
group 29February 12 2023 consolidation West Africa audit firm +0.27 ±0.54
group 50reinsurance program separate property business modeled… +0.90 ±1.38
all 64 groups
group 0majority controlled subsidiary IPO Hong Kong… +0.42 ±0.41
group 1"final consolidation" "operator" "monthly… +0.21 ±1.36
group 2low six figures borrowed nominal five-figure… -0.03 ±0.02
group 4"cash distribution" "mid-summer" 3.4 million" -0.01 ±0.08
group 5first day of the third month following calendar… +0.04 ±0.22
group 6private placement 200,000 units summer 2024 +0.47 ±0.99
group 7company annual stockholders meeting May 2027… -0.02 ±0.02
group 8conditionally active monoclonal antibody… +0.33 ±1.11
group 9lease 15000 rentable square feet 2020… +0.30 ±1.16
group 10board member joined early first quarter after… +0.04 ±0.31
group 11virtual gathering stockholders late spring 2025… +0.22 ±0.43
group 12global enterprise employee engagement network… +0.07 ±0.89
group 13private placement early fall 2023 coupon 4.5%… +0.15 ±0.31
group 1453-week fiscal year incentive plan authorization -0.06 ±0.18
group 15acquired liquid packaging assets +1.00 ±0.37
group 16over two billion shares repurchased February… +0.28 ±0.49
group 17customs facilities shuttered tropical island… +0.54 ±0.50
group 18Company B staggered group oversight board… -0.03 ±0.05
group 19enterprise cloud applications consultancy… -0.01 ±0.07
group 20Great Lakes state 1950s company Chicago… -0.03 ±0.02
group 21board member former investment bank 30 years… -0.03 ±0.02
group 22exclusive placement agent pre-funded warrants… +0.00 ±0.36
group 24board member appointed early summer mid-fifties… -0.03 ±0.02
group 25credit impairment corporate bond failed… +0.55 ±1.05
group 26audit opinion signed +0.03 ±0.49
group 27unsecured borrowing principal shareholder… -0.02 ±0.09
group 28distribution agreement ended western… +0.54 ±0.86
group 30settlement agreement commission practices… +0.27 ±0.99
group 31printer manufacturing subsidiary operates 10… +0.12 ±0.87
group 32assets exceeding 3.75 billion trust 15 million… +0.03 ±0.08
group 33400 plasma collection centers acquired… +0.69 ±0.68
group 34NASDAQ non-compliance Company C reorganization… -0.05 ±0.18
group 35clinical trial late months Southern Hemisphere… +0.45 ±1.20
group 36registered domain names held by subsidiaries… -0.03 ±0.04
group 37food distribution October amendment borrowing… +0.06 ±0.63
group 38first day of November 2021 "slightly over" "100… +0.61 ±0.75
group 39June 2024 annual shareholders meeting… -0.07 ±0.10
group 40virtual annual stockholder gathering late… +0.08 ±0.45
group 412025 relocating domicile Delaware equitable… +0.50 ±0.41
group 42appointed auditing committee former congressman… +0.14 ±0.45
group 43acquired automation integration assembly less… +0.12 ±0.57
group 44payment institution license 2018 Estonian bank… +0.17 ±0.48
group 45mid-2024 equity exchange integration 18 months… -0.04 ±0.18
group 46former Amazon executive stepped down October… -0.03 ±0.02
group 47redeemed on the last day of the month following… +0.05 ±0.57
group 483.4 million "pre-delivery shares" August… +0.29 ±0.30
group 49five-to-one reverse stock split late fall 2020… +0.27 ±0.47
group 51"50 million" equipment India 2024 +0.33 ±0.81
group 52high-touch operations Puerto Rico distributor… +0.22 ±0.40
group 53mutual fund administration western shore lake -0.01 ±0.15
group 54board approved equity transfer largest… +0.17 ±0.85
group 55depository receipt conversion ratio 200 shares… -0.07 ±0.46
group 56intangible assets useful life 18 years… +0.35 ±0.67
group 57April 2025 $100 million equity offering -0.04 ±0.25
group 58Hudson Yards former rail yards modern mixed use… +0.10 ±0.67
group 59300 employees acquisition final month approval… -0.02 ±0.15
group 60distribution agreement southern hemisphere… +0.09 ±0.45
group 61"22,000" employees" autonomous driving" +0.01 ±0.08
group 62credit agreement amendment early September 2024… +0.15 ±1.22
group 63Company C filed Articles of Amendment to its… -0.03 ±0.14
update 11512 rollouts in 64 groups +0.15 96% 11.5 0.17 0/64

4 groups with transcripts, sampled across the range of reward spread

group 15statutory compensation limitation threshold highly compensated… +0.15 ±1.36
group 19"capital allocation" board authorized 2022 winter -0.03 ±0.02
group 44"equity units" "one share" "one warrant" September 2015… -0.04 ±0.20
group 51fiscal year ended in late fall changed to December 2021 -0.11 ±0.54
all 64 groups
group 0new reportable business segment combined… +0.25 ±0.46
group 1financial holding company bank holding company… +0.01 ±0.46
group 2"second-highest prescription" "operating lease"… +0.10 ±0.85
group 3one-tenth deposit per outstanding equity unit… +0.02 ±0.67
group 4mid-1980s university of miami president record… -0.01 ±0.10
group 5B Corp lease 100,000 square feet Fourth Avenue… -0.05 ±0.18
group 6leverage ratio 3.5 "operating lease" "heavy… -0.14 ±0.38
group 7government funding arrangement 0 interest… -0.01 ±0.08
group 8CEO first anniversary 2025 fully vested equity… -0.03 ±0.19
group 9"online wagering" platform 2024 "draftking"… +0.03 ±0.49
group 10technology solutions provider separated from… -0.05 ±0.18
group 11exclusive financial advisor oral opinion joint… +0.03 ±0.54
group 12initial fundraising three years before deadline… +0.17 ±0.75
group 132019 Caribbean holding company obtains control… -0.03 ±0.04
group 14mid 2020s filed company Delaware cash bonus… -0.02 ±0.36
group 16lease early fall office space outsourcing teams… +0.36 ±1.20
group 17February 13 2025 equity compensation framework… +0.20 ±0.46
group 18"revolving credit agreement" five-year maturity… +0.19 ±0.41
group 20corporate combination voting arrangements… -0.04 ±0.26
group 21loan production office ground floor… +0.15 ±0.97
group 22capital allocation program 90 million 200… +0.20 ±1.34
group 23February 2 2025 adoption of governance exchange… -0.02 ±0.14
group 242024 regulatory proceedings penalty 3% revenue +0.40 ±0.79
group 25"advertising regulation" effective 2025 spring +0.01 ±0.07
group 26full-time and part-time employees -0.02 ±0.04
group 27Vice Chair educational initiative Middle… +0.48 ±1.14
group 28clinical total-body imaging scanner southern… +0.60 ±0.96
group 29restricted stock units vest March 2025 CEO late… -0.02 ±0.02
group 30company first time equity securities available… 0.00 ±0.08
group 31board member founded charitable organization… +0.41 ±1.20
group 32chairman virtual meeting control number… -0.03 ±0.04
group 33termination of financing arrangement succeeded… 0.00 ±0.12
group 34256 incentive plan outstanding equity units 138… +0.13 ±0.43
group 35new chief technology officer from another… +0.72 ±1.34
group 36former bank examiner vice chair governance… +0.06 ±0.45
group 37British Virgin Islands fiduciary duties… -0.05 ±0.08
group 38rebranding mid-2020s reassess intangible assets… +0.30 ±0.35
group 39early-stage trial twenty participants two dozen… -0.06 ±0.18
group 40reduced levy on income transfers foreign parent… +0.10 ±0.63
group 41medical informatics senior officer annual leave… +0.33 ±1.14
group 42Independent auditor company B Singapore 2023 +0.12 ±0.33
group 43"one-eighth" share closure acquisition… +0.11 ±0.85
group 45ARTV biopharmaceutical natural killer… +1.17 ±0.02
group 46company B acquired forest rights over hundred… +0.43 ±0.52
group 47convertible unsecured senior notes 3% mid 2020s… +0.34 ±1.22
group 48equity incentive plan amendment spring shares… +0.22 ±0.79
group 49virtual meeting early summer "charter… +0.01 ±0.25
group 50January 2025 board appointment governance… +0.30 ±0.85
group 52smelting facility alternative fuel biological… +0.15 ±0.51
group 53early 2020s fee agreement administrator portion… +0.42 ±0.83
group 54real estate entity unanimous approval governing… +0.17 ±0.45
group 55royalty 2018 5 2019 5 medical office 20% joint… +0.42 ±0.65
group 56late nineteen-sixties polymer manufacturing… +0.75 ±0.98
group 5775% owned business unit retirement savings plan… -0.05 ±0.23
group 58mid exit door plug detachment +0.06 ±0.51
group 59trading sessions threshold transfer restriction… -0.06 ±0.18
group 60`broadway named after a president` gulf coast… -0.01 ±0.15
group 61licensing modified virus therapy from a… +0.25 ±0.39
group 62board of directors half-dozen company -0.04 ±0.08
group 63office support monthly fee one-tenth of… -0.04 ±0.04
update 12512 rollouts in 64 groups +0.22 96% 11 0.23 1/64

4 groups with transcripts, sampled across the range of reward spread

group 2southeastern coastal state privately owned engineering business… +1.13 ±0.32
group 27private spaceflight mission 2021 coast ca city 'CEO' +0.25 ±0.57
group 35presidential appointment effective date early winter 2025… -0.02 flat
group 57working capital deficiency over one million audited financial… +0.15 ±1.38
all 64 groups
group 0"10 to 11 million" "100" employees +0.19 ±0.83
group 111 employees Hong Kong procurement office 5,000… -0.03 ±0.25
group 3pharmaceutical research subsidiary transferred… +0.24 ±0.41
group 4late winter 2023 employment agreement Israeli… -0.02 ±0.10
group 575,000 equity units allocated equally among… -0.06 ±0.18
group 6executive hired from an autonomous vehicle… +0.15 ±0.85
group 7late spring 2023 definitive agreement acquire… +0.23 ±1.01
group 8retirement plan amended 2020 employer match… +0.03 ±0.47
group 9board of directors consisted of CEO CFO COO… -0.02 ±0.02
group 10senior medical executive joined early 2024 7… +0.12 ±1.38
group 11historical property portfolio collaborative… +0.02 ±0.57
group 12jointly own two-unit facility low-sulfur coal… +0.40 ±0.08
group 13technology park office lease 5 year 2020… +0.22 ±0.63
group 14"proxy materials" mailed -0.05 ±0.22
group 15visual arts project based courses mid 2020s… +0.24 ±0.97
group 16right-of-use asset lease liability half a… +0.10 ±0.94
group 17"3,500,000" equity units" summer" eligibility"… -0.01 ±0.31
group 18"geological samples" "Niagara Falls" facility +0.50 ±0.83
group 19October 2025 new CEO appointed specialized care… +0.73 ±0.45
group 20west coast office renewed first month last full… -0.05 ±0.55
group 21"Studio Park" "accelerated depreciation"… +0.91 ±0.37
group 22board members staggered terms across groups non… +0.07 ±0.57
group 23Hudson Street Vancouver +0.06 ±0.27
group 24summer 2023 acquisition collection centers… +0.28 ±1.13
group 2518 locations all but one in one prairie state… -0.07 ±0.29
group 26special committee of independent directors… +0.23 ±1.20
group 28capital expansion 2020s new technical center… -0.06 ±0.18
group 29executives must hold stock valued at a multiple… -0.01 ±0.05
group 30first lien non-recourse loan "operational… +0.43 ±0.20
group 31utility subsidiary serves approximately three… +0.20 ±0.50
group 32United States archipelago state company tax… +0.60 ±0.81
group 33promissory note telepresence robots Company B +0.41 ±0.43
group 34discounted ownership stake program eligibility… -0.03 ±0.05
group 36board member mid-2020s senior ecologist… +0.52 ±0.82
group 37cryptocurrency-backed debt instruments half a… +0.16 ±0.83
group 38fungal wellness vendor Japan company CEO… +0.17 ±0.83
group 39"Series H Fixed‑Rate Cumulative Redeemable… +0.28 ±0.17
group 4012 independent directors spring 2026 vote… -0.03 ±0.26
group 41unlucky number 13 expansion board 12 mid autumn… -0.02 ±0.57
group 42virtual access video platform shareholders… +0.07 ±0.85
group 43expanded repurchase authorization low hundreds… -0.02 ±0.08
group 44tender offer early summer 2020s designer of… +0.69 ±0.47
group 45consultation therapeutic devices Iceland close… +0.19 ±0.41
group 46does not prolong QT interval December… +0.32 ±0.57
group 47"just under one hundred million" "unaffiliated… +0.61 ±1.38
group 48"100 East Sego Lily Drive" -0.04 ±0.17
group 49state-chartered bank FDIC insured not a member… +0.13 ±0.57
group 50late summer 2021 wholly owned subsidiary… +0.91 ±0.48
group 51board member joined early 2020s built sales… +0.87 ±1.20
group 52qualifying entity group net taxable income… +0.20 ±0.49
group 53farm-out agreement finalized date company… +0.43 ±0.35
group 54next annual gathering nominated individuals… -0.10 ±0.34
group 55"change the reference rate" credit agreement… +0.19 ±1.18
group 56Company B Executive Vice President Research and… +0.26 ±1.13
group 58founding partner served on board education… +0.49 ±0.83
group 59company B convertible promissory note… +0.08 ±0.41
group 60governance committee convened the same number… -0.01 ±0.29
group 61biotech 200 employees PhD 2025 -0.03 ±0.02
group 62chemical company 3,000 employees 2024… +0.10 ±0.48
group 63distribution center under construction mid… -0.01 ±0.09
update 13512 rollouts in 64 groups +0.21 94% 13.4 0.21 0/64

4 groups with transcripts, sampled across the range of reward spread

group 38Calgary annual meeting spring 2025 +0.29 ±0.70
group 41late-stage clinical trial results chronic rare autoimmune eye… -0.03 ±0.26
group 47telecommunications tower assets sale chief operating officer… -0.03 ±0.02
group 59senior executive PhD bioprocess engineering 'Armory' street… +0.32 ±1.36
all 64 groups
group 0smelting facility southern hemisphere island… +0.87 ±0.73
group 1capital ratio 3.5 100% subsidiary capital… +0.41 ±1.13
group 2rebranding initiative relocation global… +0.22 ±0.53
group 3mid-summer 2024 conversion rights maritime… +0.72 ±1.07
group 4650,000 square feet manufacturing facilities in… +0.10 ±0.38
group 5390,000 options +0.21 ±0.59
group 6Guinness Dublin contract manufacturer newspaper… +0.01 ±0.58
group 7board member joined mid-2021 real estate law… +0.21 ±0.79
group 8mid-2020s partnership equal ownership junior… +0.01 ±0.15
group 9acquired point-of-sale systems" hospitality"… +0.22 ±0.71
group 10board member cell therapy biotech cancer… +0.15 ±0.88
group 11compensation committee same number of meetings… -0.02 ±0.31
group 121950s founded by siblings 200 hourly workers… +0.01 ±0.39
group 13"evergreen" equity scheme 2026" -0.06 ±0.18
group 14incentive plan authorized equity awards early… -0.01 ±0.22
group 15"record date" "shareholders" "four weeks"… -0.05 ±0.18
group 16200,000 square feet lease expires 2029 auditor… -0.06 ±0.20
group 17co-CEO 'shareholder meeting' 2022 'North' -0.08 ±0.25
group 18peak net asset value October 31 2023 company… +0.04 ±0.54
group 19breakthrough therapy pediatric neurological… +0.42 ±0.63
group 20lease 10,000 square feet 30000 monthly +0.12 ±0.24
group 21customer protection rules operative midsummer… +0.33 ±0.79
group 22January 2025 dual-class share structure annual… +0.13 ±0.31
group 23board meeting in Colorado low revenue first… +0.36 ±0.70
group 24"nearly" "$2" per share annualized distribution… -0.02 ±0.11
group 25side letter agreement with Orion Mine Finance… +0.23 ±0.52
group 26board member advanced degree pharmaceutical… +0.03 ±0.15
group 27early summer shareholder meeting 2024 board 12… +0.04 ±0.52
group 28"Series D" "Cumulative Perpetual Redeemable… -0.04 ±0.08
group 29historic area commodity price collapse 19th… +0.92 ±1.00
group 30former senior partner governance board initial… -0.02 ±0.31
group 31"registered direct offering" "January" +0.01 ±0.04
group 322023 acquired startup compression machine… +0.83 ±0.80
group 33Collins Street Sydney regulatory filing… +0.04 ±0.66
group 34notice days annual meeting board consists of… -0.06 ±0.22
group 35"Company C" May 2018 incorporated" -0.03 ±0.04
group 36Proposition 13 property tax +0.95 ±0.73
group 37"ownership rights holders" vote to expand the… -0.03 ±0.09
group 39lease agreement early 2025 "tall" structure… -0.06 ±0.18
group 40"board of directors" met" during" fiscal year *… +0.02 ±0.07
group 42CFO winter 2015 ended board role 30 states… +0.23 ±0.87
group 43special meeting 2026 principal research and… +0.79 ±1.34
group 44(no search) -0.06 ±0.18
group 45seven individuals debt extension agreements… +0.98 ±1.20
group 46dual-class stock subsidiary acquired less than… +0.18 ±0.66
group 48800mg pain and fever medication approval… +1.02 ±1.13
group 49"substantial equivalence" 2016 FDA 510(k) June +0.12 ±0.54
group 50rebrand on stock exchange early winter 2024… -0.03 ±0.02
group 51late 2022 funding arrangement medical research… +0.09 ±0.47
group 52mid-size suburb outdoor recreation lease over… +0.19 ±1.34
group 53mid-2020s sought approval to incrementally… -0.06 ±0.18
group 54Hong Kong electroplating production line… +0.43 ±0.89
group 55Alto Parnaíba phosphate pipeline 70 million tons +0.67 ±0.76
group 56board authorized program buy back up to… +0.02 ±0.61
group 57technology facility approximately an hour from… +0.06 ±0.24
group 58special governmental oversight amended remove… +0.34 ±1.18
group 60retired military officer led defense nonprofit… +0.04 ±0.49
group 61late spring 2023 regulatory approval subsidiary… +0.25 ±1.04
group 62December 2021 founded California oil Texas… +0.17 ±0.73
group 63therapeutics company strategic partnership late… +0.27 ±0.52
update 14512 rollouts in 64 groups +0.23 96% 13.4 0.24 1/64

4 groups with transcripts, sampled across the range of reward spread

group 4appointed new board member late spring prior year record… +0.05 ±0.67
group 3712,500 square feet lease production activities subsidiary… +1.18 flat
group 43mid-spring annual meeting eight directors elected shareholders… +0.24 ±1.38
group 57late spring 2025 two-year lease +0.04 ±0.27
all 64 groups
group 0corporate secretary address shareholders… +0.19 ±0.42
group 1one-tenth of its outstanding shares held in a… +0.14 ±1.24
group 2joined the organization to oversee… +0.60 ±0.83
group 3half million square foot facility visual… +0.32 ±0.70
group 5month-to-month arrangement office facilities… -0.02 ±0.17
group 6Caribbean island territory late spring… -0.02 ±0.47
group 7real estate arrangement future headquarters… -0.07 ±0.18
group 8200,000 electric customers 100,000 gas… +0.71 ±1.34
group 9mid-2025 early summer capital raise equity… -0.00 ±0.06
group 10equity awards continued to vest… -0.06 ±0.04
group 11appointed independent directors with extensive… -0.02 ±0.11
group 12placement agent agreement private securities… +0.09 ±0.31
group 13west coast state leased facility 104000 square… -0.04 ±0.23
group 14"state-chartered" "depository" "subsidiaries"… +0.20 ±0.90
group 15newly constructed medical facility 90 beds… +0.20 ±0.50
group 16signals platform acquire mid summer 2024 +0.10 ±0.41
group 17"mid-2025" proposal stockholders phasing… +0.50 ±0.45
group 18"20-cent" "per unit" compensation intermediaries +0.02 ±0.43
group 19blood disorders private practice southern state… -0.04 ±0.10
group 20acquisition connectivity solutions multiple… +1.17 ±0.04
group 21cross-border acquisition mid-December 2024 90%… +0.43 ±1.36
group 22one-time repricing of outstanding stock options… +0.29 ±0.35
group 23"loan origination" facility 2015 county +0.56 ±1.18
group 24company employees India Bangladesh majority +0.02 ±0.43
group 25mid-late 2010s partnership developer industrial… -0.03 ±0.08
group 26reclamation bonds 200000 company acquired… +1.03 ±1.09
group 27potato products manufacturer acquisition 2025 +0.44 ±0.97
group 28audit opinion 2.5 million shares Mediterranean… -0.07 ±0.20
group 29incentive compensation arrangement… -0.04 ±0.08
group 30bauxite acquisition for 1 dollar Caribbean… +0.05 ±0.45
group 31over fifty thousand square feet specialized… +0.13 ±0.47
group 32third quarter dietary supplement private label… +0.25 ±0.68
group 33"Library Avenue" Delaware auditor KPMG +0.34 ±0.83
group 34"fractional interest" "approximate" "quarter of… +0.06 ±0.83
group 35real estate-focused business +0.25 ±0.66
group 3617 sites across three jurisdictions mid… -0.08 ±0.20
group 38telecommunications equipment provider won… +0.21 ±0.85
group 39mid spring 2022 Caribbean holding structure… -0.01 ±0.09
group 40population health private jet hours per year… +0.36 ±0.88
group 41"Company B" "half a dozen" governing body 2025… -0.03 ±0.04
group 42multi-year lease 80,000 square feet company… +0.19 ±0.83
group 44reimbursement executive officers professional… +0.13 ±0.47
group 45Company C primary lending states not including… +0.13 ±0.26
group 46common stock registration firm "suite"… +0.03 ±0.43
group 47charitable foundation local families region… +0.06 ±0.63
group 48share repurchase program up to $300 million +0.16 ±0.51
group 49board member joined 2014 crane manufacturing… +0.92 ±0.71
group 50mid-spring early 2020s issued unsecured… +0.75 ±1.22
group 51Date early spring 2023 senior operational… +0.31 ±0.73
group 52CFO joined summer 2024 equity award million… +0.03 ±0.15
group 53small molecules tens of millions units annually… +0.06 ±0.49
group 54American Museum of Natural History bonds company +0.14 ±0.73
group 552023 appointed and became president chief… -0.02 ±0.15
group 56revolving credit facility 150 million Spain +0.82 ±0.34
group 58performance-based equity awards late spring… -0.02 ±0.02
group 59mid-December 2024 Company C disposed subsidiary… +0.09 ±0.18
group 60late second quarter 2025 private investment… -0.01 ±0.58
group 61late spring 2014 conversion from" "to"… +0.17 ±0.54
group 62Xinjiang preferential tax exemption 2022 +0.75 ±1.05
group 63operational agreement external management… +0.01 ±0.17
update 15512 rollouts in 64 groups +0.22 93% 15.5 0.23 1/64

4 groups with transcripts, sampled across the range of reward spread

group 31virtual sale equipment February 2.5 million +1.18 flat
group 47early clinical evaluation island southern hemisphere first half… -0.07 ±0.66
group 53February 28 2024 "attestation" "management's internal control… +0.17 ±1.36
group 55Series B convertible 52 conversion ratio +0.04 ±0.33
all 64 groups
group 0respiratory failure trial over 100 participants… +0.25 ±0.69
group 1one-fifth of profits new subsidiary 2016… -0.07 ±0.18
group 22024 senior unsecured debt euro hedging… +0.43 ±1.22
group 3NYPA milestone based installment future revenue… +0.41 ±0.47
group 4late autumn 2023 director search external… +0.02 ±0.47
group 5summer 2023 natural disaster damage facility… +0.35 ±0.69
group 6Shinjuku 162-8551 administrative ward… +0.48 ±0.53
group 7late spring 2021 subsidiary equity investments… +0.32 ±0.86
group 8half a calendar year advance written… -0.07 ±0.18
group 9Caribbean jurisdiction no levies on individuals… -0.02 ±0.10
group 10"slightly above the initial share value at… -0.03 ±0.23
group 11CFO appointed 2024 UT Austin bachelor's… +0.23 ±0.57
group 12board member elected November 2023 actuarial… +0.50 ±1.11
group 13unique identifier 1978 6-digit suffix early… +0.08 ±0.53
group 14board member over 30 years experience "oversaw"… -0.08 ±0.21
group 15affiliate of sponsor converted forth 400k… +0.39 ±1.18
group 16late summer 2023 acquisition AI consulting firm… +0.45 ±0.42
group 17pass-rated downgrade one notch industrial… +0.28 ±0.45
group 18multinational organization recruited financial… -0.06 ±0.16
group 19company early 2000s major European country… -0.06 ±0.30
group 20special tax exempt status for qualifying… +0.99 ±1.07
group 21privately held multinational firm announced… +0.66 ±1.13
group 22October 2025 company 5/6 revenue western state… +0.04 ±0.52
group 23MRO specialized aircraft wholly owned… +0.92 ±0.41
group 24board member departing early summer scholarship… +0.52 ±1.36
group 25"$336.9 million" acquisition closed June 2023 +0.05 ±0.62
group 26"authorized stock" 1 billion" restricted stock… -0.05 ±0.26
group 27board member retire late spring board of eight… +0.11 ±1.18
group 28virtual meeting shareholders 2024… +0.18 ±0.43
group 29"cutoff" "shareholders" spring meeting… -0.03 ±0.66
group 30+65 office building complex named "Link"… +0.50 ±1.24
group 32"Sixth Amended and Restated Certificate of… +0.14 ±0.52
group 33"shelf registration" "become active" -0.02 ±0.11
group 34December 2025 stockholder meeting extend… +0.42 ±0.90
group 35diamond deposits state waterway drive" office" +0.11 ±0.56
group 36Valentine's Day reverse stock split 2022 2021… -0.01 ±0.09
group 37governing body downsized early 2024 following… -0.05 ±0.18
group 38Company B negotiated financing modifications… -0.02 ±0.10
group 39"Variable Interest Entity" "location-based"… -0.04 ±0.06
group 40"business development company" suite 941 -0.03 ±0.37
group 41operations executive served more than 35 years… +0.27 ±0.78
group 42Company B motion to dismiss shareholder… +0.14 ±0.91
group 43laboratory and workspace agreement street Oak… +0.35 ±1.34
group 44closed presence in two eastern European… +0.35 ±0.88
group 45Audit Committee independent members 24… -0.03 ±0.04
group 46"over 10 manufacturing facilities" "mid-2020s"… -0.03 ±0.07
group 48multiyear partnership about forty million with… +0.14 ±0.48
group 49founder sold equity early autumn private… -0.04 ±0.04
group 50multi-centered evaluator masked study rare… +0.10 ±0.63
group 51favorable appellate court ruling dismissing an… -0.09 ±0.22
group 52two former navy officers appointed to board… +0.82 ±1.36
group 54mid-February 2024 Company Compensation… +0.03 ±0.26
group 56first publicly traded benefit corporation… +0.98 ±0.37
group 57"land" "residential" "1 billion"… +1.18 ±0.02
group 58beneficial ownership reporting 2023 new chief… -0.02 ±0.12
group 59repurchased 175,000 shares average price $300… +0.11 ±1.20
group 60board chairman majority stake high volume parts… +0.04 ±0.63
group 61audit committee leader January 2024 10 billion… +0.01 ±0.68
group 62"more than a score" "fewer than two dozen"… +0.06 ±0.47
group 63intestinal disorder multinational trial 100… +0.38 ±0.75
update 16512 rollouts in 64 groups +0.26 87% 16.1 0.28 0/64

4 groups with transcripts, sampled across the range of reward spread

group 6Johns Hopkins graduate business degree CEO company -0.10 ±0.40
group 27"trauma product liability" "joint venture" "quarter billion"… +0.89 ±0.77
group 33mid sized private institution originally founded as a women's… -0.03 ±0.02
group 59late summer 2023 regulatory approval ministry of health myopia… +0.98 ±1.36
all 64 groups
group 0third modification revolving lending facility… +0.14 ±0.65
group 1independent auditor report signed December 2023… -0.06 ±0.21
group 2business combination mid 2023 acquired entity… +0.34 ±1.04
group 3over one hundred thousand additional equity… +0.12 ±0.68
group 4"December 2020" acquisition non-controlling… +0.80 ±1.20
group 5"July 15" quarterly dividend "preferred stock"… -0.10 ±0.16
group 7late summer mid 2020s shareholders meeting main… +0.20 ±0.57
group 8minimum portion after tax profits reserves… +0.33 ±0.94
group 9valuation allowance "over 40 million" four… +0.92 ±0.40
group 1025 branches western state division… +0.01 ±0.68
group 11delay in annual financial statements… +0.54 ±1.20
group 12doctorate in theology principal continuing… +0.66 ±0.37
group 13business combination finalized end of July 2025… +0.10 ±0.65
group 14early 2024 fully backstopped equity issuance… +0.85 ±1.05
group 15mid-2020s legislation developers deployers high… +0.21 ±0.73
group 16quartet distinct technical solutions additive… +0.37 ±0.52
group 17retention plan board November 2020 8-K -0.14 ±0.21
group 18holding company pan European sports tournament… +1.07 ±0.33
group 19company B principal executive offices… +0.05 ±0.65
group 20"507" "Building C" "technology park" +1.00 ±0.39
group 21consummated a business combination early autumn… +0.11 ±0.33
group 22original merger agreement executed +0.33 ±0.90
group 23promissory 8% 15% due Rule 14a-19 notice date -0.03 ±0.28
group 24intermountain western region company… -0.06 ±0.18
group 25consecutive market sessions sustain volume… +0.22 ±1.24
group 26June 2025 acquisition Hong Kong subsidiary… +0.38 ±0.99
group 28technology services organization board size 12… -0.12 ±0.18
group 2966,500 berths fleet 400000 sq ft headquarters… +0.49 ±1.15
group 30benchmark expansion include heating oil… -0.08 ±0.16
group 31"elected seven" shareholders" annual gathering" +0.26 ±0.97
group 32mid-January 2025 relocate to major northeastern… -0.03 ±0.69
group 34independent auditor 2016 coastal south of San… +0.43 ±0.13
group 35transfer agent principal business address same… +0.02 ±0.37
group 36Weifang company headquarters "Weifang"… +0.43 ±0.18
group 37biocompatible plasma 2008 license agreement… +0.90 ±0.71
group 38lease for 7000 square feet expires October 2025… +0.02 ±0.07
group 39"operations center" separate from headquarters… +0.05 ±0.67
group 40senior secured financing term loan amended… +0.29 ±1.01
group 41Q1 2023 gaming peripherals acquisition +0.08 ±0.94
group 42former managing real estate executive board… -0.03 ±0.40
group 43Caribbean jurisdiction incorporated early… -0.08 ±0.18
group 44promissory note early summer 2018 natural… +0.80 ±1.20
group 45"Memorial Day" "over-allotment""underwriters"… -0.06 ±0.61
group 4657 thousand rentable square feet lease building… +0.20 ±0.94
group 47special stockholder meeting mid November… +0.70 ±1.20
group 487 board members independent 6 2020s locations -0.02 ±0.41
group 49Utility holding company director appointed by… +0.37 ±1.13
group 50Payment Services - Puerto Rico & Caribbean +0.05 ±0.37
group 51disposed of approximately 50,000 undeveloped… +0.38 ±0.03
group 52board changes early 2025 new chairman senior… +0.11 ±0.66
group 53acquired majority stake social media monitoring… +0.57 ±1.11
group 54renovated complex interior gardens company… +0.10 ±1.36
group 55(no search) -0.00 ±0.49
group 56supplementary protection certificates 2025… +0.21 ±1.34
group 57"conditional commitment" "700" "million" "loan"… +0.11 ±1.04
group 58December incident one fatality parish Louisiana… +0.10 ±0.66
group 60mid March 2024 appointed new chief executive… -0.07 ±0.16
group 612025 annual shareholder meeting elected… -0.05 ±0.41
group 62Rule 14a-19 compliance governing documents… -0.05 ±0.25
group 63subsidiary achieved production target second… +0.67 ±0.70
update 17512 rollouts in 64 groups +0.33 85% 17.1 0.33 1/64

4 groups with transcripts, sampled across the range of reward spread

group 6shareholder meeting 2025 law offices river boulevard +0.20 ±1.01
group 35"land parcel" 15000 square meters 700 million 2025" +1.18 flat
group 50executive appointed to oversee holding company and operating… +0.20 ±1.38
group 55Caribbean island territory late spring 2020s extraordinary… +0.02 ±0.58
all 64 groups
group 0safety certification final month filed annual… +0.85 ±1.34
group 1first quarter 2024 half additional equity… -0.12 ±0.18
group 2"12" "class A" "directors" "class B" 2 +0.59 ±1.34
group 3early spring 2023 board appointment water… +0.80 ±1.34
group 47.625% Series C Mandatory Convertible Preferred… +0.08 ±0.52
group 5special purpose entity financing over 1 billion… +0.38 ±1.34
group 7defined benefit retirement plan acquiring… +0.81 ±0.98
group 8South Asian country building capacity for… +0.72 ±1.36
group 9upper midwestern city near a major river system… +0.35 ±1.04
group 10real estate investment trust 5.5 billion total… +0.33 ±0.94
group 11average director attendance 99% board committee +0.09 ±0.65
group 12"special sites" "direct control" ninety +0.06 ±0.73
group 13late 2024 engineering study multi billion… +0.85 ±0.70
group 14"180,000" "square feet" "lease" "southeast"… +0.55 ±0.83
group 15decommissioned leased spaces impairment charges… +0.42 ±1.04
group 16late spring partnership with two other entities… +0.04 ±0.54
group 17volunteer hours post-IPO lease 100,000 square… +0.55 ±1.36
group 18"operations center" "St. Petersburg" "utility"… +0.08 ±0.91
group 19mid-spring threshold day 255 individuals… +0.20 ±0.56
group 20development-stage enterprise headquartered… -0.11 ±0.23
group 21governor board unanimously authorized… +0.26 ±0.90
group 22early summer 2024 annual shareholders meeting… +0.02 ±0.51
group 23company established early 21st century early… -0.09 ±0.22
group 24"minority stake" irrigation infrastructure"… +0.71 ±1.36
group 256 stores closed February "registered… +0.10 ±0.63
group 26extended borrowing arrangement expiration early… -0.02 ±0.70
group 27CFO retired in March 2018 final month of winter… +0.08 ±1.36
group 28board member medical professional multiple… +0.80 ±1.34
group 29operating lease subleasing 13,000 "fiscal" 2025 -0.09 ±0.23
group 30cost savings initiative relocate support… +0.91 ±0.30
group 31former senior executive oversee governance… +0.40 ±0.86
group 32"7,000 square feet" lease expires 2024" +0.10 ±0.83
group 33acquisition announced first week 2024 half a… +0.41 ±1.32
group 34late 2022 partner major technology firm build… +0.64 ±0.69
group 36executive network infrastructure 25 years 1.5… -0.13 ±0.16
group 37"pending" "fewer than" "500" "patents"… +0.27 ±1.26
group 38shareholder >5 percent resides on Must in… +0.13 ±1.34
group 39"acquired a subsidiary" "Australian dollar"… -0.08 ±0.23
group 40late winter 2025 capital ratio 350%… +1.02 ±0.63
group 41"mid-February" 2025" early redemption" "10"… -0.01 ±0.36
group 42joint venture late 2010s minority equity stake… +0.21 ±1.20
group 43class settlement agreement entered into early… +1.04 ±1.02
group 44"medical informatics" "annual leave" senior… +0.07 ±0.94
group 452021 revolving credit commitment $200 million… +1.17 ±0.02
group 46HP staff countries 55 60 70 +0.20 ±0.48
group 47late spring meeting adjusted salary structures… -0.03 ±0.11
group 48western Canadian province to mid-Atlantic state… +0.05 ±1.06
group 49mid-2020s equal ownership junior explorer early… +0.12 ±0.54
group 51company with over 200 research partners… +0.59 ±1.13
group 52"business combination" mid 2023" lease" Thames… +0.18 ±0.83
group 53materials platform enabling manufacturing… +0.47 ±0.90
group 54cable-free monitoring system approval 13… +0.37 ±0.68
group 56Vice Chair of an educational initiative Middle… +0.51 ±1.34
group 57late spring definitive agreement to acquire… +0.26 ±0.72
group 58"indirect subsidiary" "note placement"… +0.06 ±0.45
group 59lease expires 2043 executive office lease… +0.13 ±0.68
group 60Hong Kong company disposed wholly owned dormant… +0.55 ±0.23
group 61data analytics company 10-K Q4 2021 personnel… +0.51 ±1.34
group 62"compensation committee" "recovery of the… -0.06 ±0.18
group 63late fall 2023 interim results oncology… -0.03 ±0.32
update 18512 rollouts in 64 groups +0.20 83% 18.8 0.23 0/64

4 groups with transcripts, sampled across the range of reward spread

group 25Upper Banner Lower Banner operating across multiple… +0.86 ±0.68
group 31"just under 150" "registered holders" March +0.20 ±1.30
group 33fiscal year change to December 31 2022 acquisition late summer… -0.05 ±0.04
group 54"early-stage biotechnology" "Mediterranean" research facility +1.12 ±0.32
all 64 groups
group 0administrator receives portion of realized… +0.44 ±0.85
group 1company B primary production facilities 150000… +0.11 ±0.51
group 2"opinion on internal controls" "southern"… -0.05 ±0.29
group 330-for-1 stock consolidation -0.03 ±0.97
group 4leased corporate headquarters boulevard "south"… -0.08 ±0.37
group 5redomiciled to Oregon security services… +0.02 ±0.69
group 6"42 US gallons" barrel definition 10-K 2024… +0.43 ±1.13
group 7hotel property financing German bank interest… -0.06 ±0.16
group 8biocompatible plasma license 2008 +0.95 ±0.77
group 9"legacy trauma product liability" cash… +0.94 ±0.63
group 10initial beneficial ownership statement officer… -0.06 ±0.18
group 11Series A Convertible Preferred Stock… +0.02 ±0.66
group 12mid-2024 company sought approval to defer… +0.02 ±0.59
group 13goodwill just over $300,000 workforce synergies… +1.17 ±0.08
group 14"10 percent""professional""adviser" July 2023… -0.08 ±0.29
group 15exchange of principal debt for convertible… +0.21 ±0.40
group 1612-to-1 reverse split early 2023 "90 million"… +0.28 ±0.87
group 17poultry disease outbreak cost increase 24 weeks… +0.17 ±0.57
group 18"Form 8" "Amendment" 18 "Company" "June"… +0.00 ±0.40
group 19staffing allocation sales production aftersales… -0.04 ±0.31
group 20board member decades of experience overseeing… +0.16 ±1.01
group 21electric vehicle charging network 21,000… +0.39 ±1.04
group 22antibody-drug conjugate platform acquisition… +0.21 ±1.20
group 23"three trillion yen" R&D two-wheeled vehicles +0.15 ±0.70
group 24PhD in chemical engineering joined board… -0.04 ±0.36
group 26late spring annual stockholder meeting elected… +0.61 ±1.20
group 27200,000 electric customers 100,000 gas… +0.89 ±0.66
group 28Bermuda corporate tax regime qualifying entity… +0.38 ±0.93
group 298% promissory instrument maturity date same as… -0.11 ±0.28
group 30shareholder meeting results mid-summer 2023 all… -0.02 ±0.11
group 32small settlement shares name with state where… +0.01 ±0.49
group 34"no independent" directors "fewer than 20"… -0.08 ±0.18
group 35"August 21, 2025" "employment agreement" "CEO"… -0.06 ±0.34
group 36five years continuous employment half a month… -0.09 ±0.16
group 37"beneficial ownership""first transaction"… -0.06 ±0.18
group 38early spring 2024 senior operational executive… +0.34 ±0.73
group 39executive stepped down late fall 2023… -0.11 ±0.16
group 40corporation incorporated 1970s 7500 employees… +0.54 ±0.43
group 41"few hundred thousand" equity instruments lease… -0.10 ±0.16
group 4230 years previous employment end day after… -0.07 ±0.16
group 43corporate acquisition early November 2021… +0.37 ±0.91
group 44Dec 2021 founded board members joined Texas oil… +0.46 ±1.20
group 45commonwealth territory indirect automobile… +0.60 ±0.68
group 46"Aarna Holdings LLC" Company B 2023 -0.08 ±0.18
group 47mid-year shareholder meeting late spring… +0.12 ±0.51
group 48acquired in 2020 autointegration assembly… +0.35 ±1.04
group 49all-stock transaction approximately forty… +0.00 ±0.51
group 50board member inaugural hire large nation 2000s… -0.10 ±0.18
group 51Series H Fixed-Rate Cumulative Redeemable… +0.20 ±0.57
group 52dealership assets central plains 2025 acquired… +0.13 ±0.49
group 53"compensation committee" "late spring" 2024… +0.08 ±0.29
group 55board meetings count committees plus one… -0.09 ±0.25
group 56"fifth amendment" "credit" "interest rate"… +0.22 ±1.01
group 57$1.5 billion capital deployment program… +0.01 ±0.63
group 58October 2025 "service area" "50 incorporated"… -0.02 ±0.45
group 59board member joined early 2010s previously held… +0.84 ±0.66
group 602025 employment agreement extended through 2028… -0.15 ±0.22
group 61400 W Market Street Suite 600 investor… +0.14 ±0.69
group 62mid-decade clinical investigation therapeutic… +0.54 ±0.68
group 63Fifth Supplemental Indenture" 2023" unsecured… -0.04 ±0.06
update 19512 rollouts in 64 groups +0.28 88% 17.2 0.28 0/64

4 groups with transcripts, sampled across the range of reward spread

group 36late spring 2023 annual meeting slate of candidates board… +0.83 ±1.36
group 41specialized licenses for execution and custody of distributed… +1.14 ±0.06
group 44ground lease upscale guest accommodation monthly rent 150,000… +0.60 ±0.34
group 56mid-2024 acquisition point of sale systems hospitality central… +0.26 ±0.87
all 64 groups
group 0mid-2024 internal consolidation securities… +0.10 ±0.70
group 1three equal groups rotating terms board of… +0.01 ±1.01
group 2"shareholder assembly" Vienna "may convene"… +0.11 ±0.31
group 3"130 employees" early 2023 company CFO -0.07 ±0.18
group 4"nine board members" "nine officers"… +0.05 ±0.63
group 5direct registered offering new member standing… -0.08 ±0.18
group 6company adopted a corporate governance policy… +0.10 ±0.52
group 7royalty interest sale aluminium oxide per… +0.47 ±1.08
group 8publicly trading derivatives representing… +0.09 ±0.94
group 9"two seats" smallest group" largest group"… +0.06 ±0.51
group 10west coast state leased facility 100,000 square… -0.09 ±0.16
group 11mid March marketplace compliance restored 2024… -0.02 ±0.36
group 12private placement issuances common stock and… +0.24 ±0.17
group 13liquidated damages per asset termination… -0.15 ±0.23
group 14credit facility amendment 2023 automatically… +0.22 ±0.49
group 15founder early 2000s biomaterials firm… -0.01 ±0.33
group 16gas quota fine 2024 polymer plant waterway 3… +1.06 ±0.35
group 17biodegradable materials program consulting… +0.43 ±1.22
group 18global leader equipment precise combinations… +0.08 ±0.65
group 19holding entity relocated registered address… +0.72 ±1.28
group 20DM Lab Co May 2023 acquisition common stock… +0.13 ±0.44
group 21"geographical exclusivity" "hundreds of" miles"… +1.04 ±0.68
group 22wellness-focused enterprise acquisition low… -0.02 ±0.27
group 23filed a registration statement" "Boulevard"… +0.05 ±1.01
group 24substantial equivalence 510(k) determination… +0.24 ±0.55
group 25board member led efforts several thousand… +0.82 ±1.23
group 26board member non-stock compensation beyond… -0.02 ±0.41
group 27mid 2020s governance restructure new share… -0.05 ±0.18
group 28interim leader became a board member same day… +0.45 ±1.05
group 29"business appraisal" mid winter independent… +0.66 ±0.72
group 30more than thirty transmission facilities global… +0.08 ±0.28
group 31digital interim talent provider headquarters… +0.40 ±0.86
group 32quarter million square feet facility disposed… -0.07 ±0.16
group 33"Geneva" canton loan covid pandemic federal… +0.09 ±1.01
group 34"underwritten public offering" 1.75 million… +0.12 ±1.20
group 35administrative support agreement monthly $X,000… +0.09 ±0.42
group 37May 2025 meeting elected seven board members… -0.06 ±0.20
group 38"$10" million revenue 100 employees"… +0.01 ±1.34
group 39dual-class shares founder trust "staggered"… +0.53 ±1.22
group 40Vice President fab operations promoted May 2024… +1.01 ±0.33
group 42"Waterfall" drive Washington DC registered… +0.07 ±0.97
group 4331-year-old legal and business administration… +0.07 ±0.56
group 45Series D Cumulative Perpetual Redeemable… -0.06 ±0.18
group 46former senior partner consulting firm served as… +0.10 ±1.01
group 47reinsurance program property business separate… +1.14 ±0.08
group 4875 MW battery facility commercial operation… +0.59 ±0.83
group 49acquired consultancy focused on enterprise… +0.12 ±1.20
group 50early 2025 Southeast Asia global hub… +0.75 ±1.34
group 51mid summer cash distribution 3.4 million… -0.11 ±0.18
group 52multinational organization arrangement… -0.05 ±0.06
group 53business hired firm common stock registrations… +0.22 ±1.34
group 54audit committee chair January 2024 3000… +0.06 ±0.80
group 55deferral-based treatment of origination costs… +0.57 ±1.09
group 57former managing real estate executive joined… -0.10 ±0.22
group 58regulatory proceedings central European agency… +0.63 ±1.34
group 59midwestern state reincorporated Delaware first… -0.06 ±0.18
group 60appeals court struck down federal regulatory… +0.91 ±0.33
group 61Company B oral argument United States Court of… +0.22 ±0.56
group 62revolving credit agreement five-year maturity… +0.26 ±0.94
group 63Studio Park headquarters video broadcast… +0.96 ±0.37
update 20512 rollouts in 64 groups +0.26 89% 17.1 0.26 0/64

4 groups with transcripts, sampled across the range of reward spread

group 5annual meeting late May record date mid March shareholders 2.5… -0.03 ±0.02
group 56summer 2020 agreement 3 facilities equity currency regulatory… +0.58 ±1.38
group 62over 985000 sq ft owned headquarters "shareholders" March 2024… +0.10 ±0.90
group 63financial services organization "full oversight body" quarterly… -0.02 ±0.49
all 64 groups
group 0mid-2020s restructuring focus exclusively on… -0.07 ±0.18
group 1mid-month acquisition announced on same day… +0.65 ±1.18
group 2July 31 2023 capital raise 30 million units at… -0.03 ±0.53
group 3"3,000,000 Class A Ordinary Shares" "11… +0.09 ±0.74
group 4over half a gigawatt smelting facility… +0.92 ±0.41
group 6Geneva pre-contentious claim liquidators… +0.81 ±0.69
group 7retirement "second week" February legal senior… +0.11 ±0.31
group 8"distribution center" under construction… +0.00 ±0.73
group 9autumn 2023 partner Middle East offering… +0.94 ±1.38
group 10"Second amendment" "trust officer" 2024 October… +0.70 ±1.36
group 11new executive leads technology vision… +0.67 ±1.34
group 12"non-employee leadership" "multiple" "annual… +0.22 ±1.16
group 13late summer acquisition shares following… +0.11 ±0.56
group 14annual virtual meeting of equity holders Q2… +0.56 ±1.34
group 15"June 30, 2024" "rent" 2024 "independent… -0.09 ±0.22
group 16acquisition forestry rights 100 mu roots aged… +0.64 ±0.89
group 17lease early 2025 tall tower half-decade term… +0.15 ±0.89
group 185,000 square feet procurement office 13… -0.07 ±0.22
group 19board member founded organization wounded… +0.60 ±1.36
group 20Company B 2025 annual meeting voting rights… +0.06 ±0.65
group 21first full week of August 2025 defer covenant… -0.03 ±0.30
group 22subsidy established in singapore late 2024… -0.06 ±0.29
group 23sold fully owned commercial property second… +0.25 ±0.41
group 24"12" "sites worldwide" "scientists"… +0.63 ±1.34
group 25early clinical evaluation 2024 2025 New Zealand… -0.12 ±0.23
group 26first quarter sale of shares founder private… -0.07 ±0.16
group 27expanded existing secured credit arrangement… +0.06 ±0.85
group 28board member completed professional credential… +0.11 ±1.36
group 29mid-winter lease 5500 square feet southern… -0.08 ±0.18
group 30placement agency commission less than one tenth… +0.05 ±0.58
group 31Caltech Harvard Business School board member… +0.31 ±1.34
group 32"formed" "late 2023" "business combination"… +0.06 ±0.67
group 33joined the board in mid-2020s decade advising… -0.00 ±0.70
group 34CD-19 Armed-T Licensed Patent CytoArm +0.17 ±0.84
group 35president hired early October 2018 commercial… +0.47 ±1.34
group 36diagnostic laboratory services firmware raised… +0.52 ±1.20
group 37board member appointed late spring 2024… -0.08 ±0.23
group 38"third-party logistics" Heathrow tax expense… +0.38 ±1.20
group 39late-summer evening unanimous approval proposal… +0.40 ±1.34
group 40chairman compensation committee late spring… -0.05 ±0.67
group 41co-founded a gene therapy entity in early 1990s… +0.02 ±0.57
group 42"lesser of" shares or market value" board"… +0.21 ±1.34
group 43divest segment serving employers health related… +0.43 ±1.38
group 44independent auditor signed report December 2023… -0.03 ±0.54
group 45"complaint""quarter million units" equity… -0.02 ±0.10
group 46over 400 plasma collection centers +0.85 ±0.45
group 47special shareholder meeting 8:00 a.m. Central… +0.22 ±0.78
group 48"first publicly traded" benefit corporation +0.94 ±0.37
group 49A SPAC IV (Holdings) Corp registration… +0.01 ±0.26
group 50"special committee" "mid-summer" 2024 board… +0.68 ±1.02
group 51board of 11 directors company" -0.07 ±0.16
group 52spun out 2015 acquisition December 2020 winter… +0.96 ±1.20
group 53Ireland incorporated company governing body 12… -0.01 ±0.26
group 54unsecured lending arrangement with leadership… +0.13 ±0.54
group 55"purchase instruments" "exercise rights" "1.50"… +0.13 ±0.52
group 57"administrative" "corporate governance" "B"… +0.30 ±0.93
group 58short-term investments public entities half a… +0.05 ±0.41
group 59"half a calendar" advance notice employees… -0.03 ±0.27
group 60early 2020s company relocated administrative… +0.44 ±1.21
group 61proposed phased transition mid-2025 stockholder… +0.78 ±0.64
update 21512 rollouts in 64 groups +0.24 91% 16.9 0.24 0/64

4 groups with transcripts, sampled across the range of reward spread

group 8"returned a portion of shares" board member spring 2023 stepped… +0.05 ±0.89
group 30letter from chairman second week of spring inviting… -0.04 ±0.04
group 46dissolve subsidiary overseas mid-winter 2022 1000 per dollar… +0.66 ±1.36
group 47late spring 2024 facility in Chicago revolving credit facility… +0.86 ±0.42
all 64 groups
group 0Whitehead Street stockholder meeting 2025 -0.02 ±0.47
group 1"Board" "6" "meetings" fiscal year" audit… -0.10 ±0.16
group 27 million shares" 0.01" "300 million" IPO +0.34 ±0.49
group 3"cutoff date" "virtual shareholders" "seven… -0.05 ±0.54
group 4first stand-alone store for a recently… +0.89 ±1.34
group 5bank mid-spring 2025 filing one branch in… +0.24 ±0.73
group 6"private debt offering" convertible 150… +0.51 ±0.77
group 7Company C amended and restated employment… -0.05 ±0.22
group 9redomiciled to Malta December 2022 company +0.23 ±0.90
group 10"meeting venue" "energy hub" Texas 2025 +0.21 ±1.34
group 11"pro-rated cash bonus" 67,000" January" former… -0.04 ±0.22
group 12"two and a half" billion" funding" variable… +0.08 ±0.56
group 13formal commercial agreements with suppliers… -0.03 ±0.11
group 14low six figures borrowing arrangement… -0.04 ±0.06
group 15lease 200,000 square feet expiration 2028… -0.06 ±0.16
group 16stockholder meeting summer 2023 "equity… +0.03 ±0.43
group 17summer virtual meeting approved charter… -0.00 ±0.43
group 18performance based equity certified April 2024… -0.04 ±0.06
group 19June 2024 amended credit agreement reference… +0.19 ±0.85
group 20mid-summer 2023 ratified incentive plan… -0.04 ±0.06
group 21Cayman Islands common law fiduciary duties… -0.09 ±0.16
group 22"17,575" "median" "company" "compensation… +0.11 ±0.53
group 23"incentive compensation arrangement" "expand… -0.04 ±0.09
group 24"subordinated debt" trustee early fall 2020 +0.61 ±1.34
group 25leverage ratio 3.4 heavy equipment lease… -0.10 ±0.16
group 26debt exchange with its chief executive issued… +0.20 ±1.34
group 27"dividends exceeding" "statutory capital" 25%… +0.19 ±0.73
group 28"Oak Street" corporate office St. Louis +0.05 ±0.25
group 29late 2024 reorganization extraordinary asset… +0.14 ±1.21
group 31company completed development projects final… +0.65 ±1.00
group 32goodwill 8 million transportation performance… +0.70 ±1.03
group 33independent director added early 2024… +0.36 ±1.24
group 34delivery service rate increase $40 million late… +0.54 ±1.34
group 35rights to exchange holdings mid-summer 2024… +0.79 ±1.36
group 36Primary Fuels Inc defendant Louisiana coastal… +0.28 ±0.57
group 37"30-year" exempted company" British Virgin… -0.09 ±0.18
group 38acquired a majority stake in a social media… +0.59 ±0.83
group 39December acquired several hundred vehicles… +0.33 ±0.87
group 40health authority concluded public consultation… +0.14 ±0.59
group 41mid-November special meeting extend deadline… +0.87 ±1.28
group 42mid-December 2024 name change board eight… +0.44 ±1.22
group 43annual shareholder meeting held at commercial… +0.24 ±0.89
group 44privately held firm focused on viral infections… +0.04 ±0.29
group 45mid-winter 2020 amended major financing… -0.00 ±1.21
group 48co-CEO board member company shareholder meeting… -0.01 ±0.29
group 49late spring 2020 incorporated on May 2020… +0.33 ±0.64
group 50healthcare company founded in spring 2018 snack… +0.03 ±0.56
group 51April 2021 acquisition complex fabricated… +0.91 ±0.65
group 52technology company incorporated 2006 Delaware… +0.50 ±1.34
group 53January 1 2000 retirement savings plan began… -0.08 ±0.21
group 54late spring appointed new CEO value-based care +0.46 ±1.04
group 55appointed a new board member in late spring… +0.00 ±0.29
group 56late 2024 99% ownership of its operating… +0.15 ±1.17
group 57Caribbean territory favourable tax treatment… +0.83 ±1.34
group 58"The Corporation Trust Company" Orange Street +0.25 ±0.86
group 59accelerated approval gene therapy early summer… +0.28 ±0.91
group 60"revolving credit" amendment nearly half a… +0.05 ±0.52
group 61"Michigan Avenue" "386" "corporate secretary"… +1.14 ±0.08
group 62virtual meeting ratified auditor 2023 company… -0.07 ±0.20
group 63September 12, 2023 "institutional participants"… -0.11 ±0.16
update 22512 rollouts in 64 groups +0.31 93% 15.6 0.32 0/64

4 groups with transcripts, sampled across the range of reward spread

group 2virtual sale of equipment February 2.5 million +1.17 ±0.02
group 45$450 million debt offering maturity 2033 2023 +0.23 ±0.37
group 48acquisition first quarter 2023 gaming peripherals three-letter… +0.38 ±0.95
group 52machine learning forecast electrical patterns acquisition late… +0.21 ±1.36
all 64 groups
group 0postal 949* business development company suite… +0.01 ±0.51
group 1signals platform acquisition 2024 mid-summer +0.32 ±0.81
group 3compensation committee selection methodology… +0.59 ±1.34
group 490% of employees located in a single state 88%… +0.57 ±1.22
group 5senior secured financing term loan amended… +0.38 ±1.01
group 6virtual stockholder meeting December 2024 120… +0.42 ±1.01
group 7alternative asset manager issued 5% notes with… +0.28 ±1.30
group 8divest campus and branch unit grant up to… +0.33 ±1.20
group 9Northern Territory plane crash 2023 6 people +0.69 ±1.20
group 10interim CEO time-based restricted stock units… +0.55 ±1.22
group 11secured lending arrangement division of a… -0.10 ±0.16
group 12pass-rated loans downgraded one notch estimated… +0.36 ±0.78
group 13"five fiscal quarters" unrecognized… -0.04 ±0.04
group 14"non‑management" "board members" equity awards… -0.02 ±0.08
group 15Governance Committee convened same number of… -0.01 ±0.19
group 16"Corporate Secretary" "proxy" "mail code"… +0.15 ±0.56
group 17Tripadvisor languages 20 +0.45 ±0.06
group 18"board of governors" "youth" shinty +0.17 ±1.03
group 19closed a financing transaction with equity and… +0.23 ±1.36
group 20terminated lease early fall 2021 Bucharest +0.57 ±1.23
group 21annual meeting Pacific Northwest late spring -0.06 ±0.18
group 22distribution agreement late winter 2023… -0.01 ±0.09
group 23"half-million" "one-time" "cash" “company"… -0.06 ±0.19
group 24disposed of approximately fifty thousand… +0.37 ±0.06
group 2580,000 square feet lease 2020 company… +0.76 ±0.11
group 26legal officer led operations in Taiwan for over… +0.54 ±1.34
group 27sports club founded 2020 first competed in… +0.72 ±0.77
group 28"transferred assets" "Ontario" 2020… +0.07 ±0.45
group 29voluntary prepayment final weeks of the year… +0.47 ±1.34
group 30Q3 2024 impairment analysis private label… +0.48 ±1.06
group 31"Phnom Penh Center" 1,800 treatment cycles +0.44 ±0.84
group 32tariff risks mid 2020s outsource critical… +0.09 ±0.67
group 33company workforce 300 two-thirds domestic final… -0.02 ±0.25
group 34late spring 2023 shareholder meeting venue on… +0.22 ±0.91
group 35"debt discounts" 37 million transaction related… +0.29 ±0.95
group 36first day of July amended employment agreements… -0.02 ±0.40
group 37development entity partner late summer mid… +0.15 ±0.68
group 38late spring offering document fractional… -0.06 ±0.08
group 39late 2010s agreement with state development… +0.69 ±1.34
group 40April 2023 public offering net proceeds 100… -0.06 ±0.21
group 41"full-service offices" Ohio "more than" "two… +0.23 ±0.73
group 42acquired in 2018 reclamation bonds less than… +1.13 ±0.32
group 43mid December 2022 added fourth brand quarter… +0.18 ±0.57
group 44high-voltage electrical infrastructure connect… +0.65 ±1.20
group 46foreign currency loan repayment early winter… +0.02 ±0.31
group 47Compensation Committee established annual… -0.01 ±0.65
group 49southwestern province institute mid-2025 3/4… +0.61 ±1.03
group 50Black Hills exploration company Delaware… +0.69 ±1.34
group 51first anniversary 2025 equity fully vested on… -0.07 ±0.18
group 53filed an 8-K to update its Non-Employee… -0.12 ±0.26
group 54biorefinery southern Europe aviation fuel mid… +0.89 ±0.67
group 55mutual termination of cooperative agreements… +0.18 ±0.96
group 5610% 20% wellness benefits payroll 20% women… +0.07 ±0.35
group 57CFO CPA undergraduate Northeast master-planned… +0.48 ±0.92
group 58weighted-average recognition period just under… -0.02 ±0.09
group 59winter 2023 company acquisition island nation… -0.01 ±0.70
group 60low single-digit percentage principal balance… +0.69 ±0.45
group 61CIDP phase 2b responder rate less than 70% IgG… +0.60 ±0.33
group 62"six" "specific" countries" independent"… +0.12 ±0.69
group 63100 MW dual turbines chemical recovery calcium… +0.75 ±0.47
update 23512 rollouts in 64 groups +0.28 94% 17.2 0.28 0/64

4 groups with transcripts, sampled across the range of reward spread

group 0unsecured loans from shareholder 60 days payment terms 2023… +0.02 ±0.53
group 18120,000-square-foot facility headquartered on Fruit Street -0.02 ±0.03
group 212023 proxy board of directors count 2024 online wagering… +0.29 ±1.40
group 51esports brand founded 2015 China professional athlete later… +0.38 ±1.01
all 64 groups
group 1"57,000" rentable square feet lease +0.41 ±1.22
group 2acquisition summer 2023 "collection centers" 15… +0.60 ±1.11
group 3lease bath equipment five-digit-number divests… +0.55 ±1.15
group 4significant shareholder 2024 750000 shares… -0.03 ±0.67
group 5"12920 SE 38th" +0.78 ±0.67
group 6recurring payment program for equity holders… +0.13 ±1.22
group 7consolidation operator affiliate of larger… +0.76 ±1.22
group 8exercise price of 11.05 convertible cannot be… -0.07 ±0.08
group 9Caribbean island oxide minerals acquisition… +0.09 ±0.28
group 10new subsidiary early spring 2024 liquid cooling… +0.55 ±0.37
group 11"$10,000" per month -0.04 ±0.04
group 12appointed independent directors simultaneously… -0.03 ±0.11
group 13founding partner served on the board of… +0.86 ±1.13
group 14early winter 2023 acquired electric hybrid… +0.55 ±1.34
group 15Company B held a Special Meeting for the… +0.36 ±0.67
group 16Company C 10b5-1 trading plan up to 120,000… -0.07 ±0.16
group 17"first weekday" following the last Sunday in… -0.07 ±0.27
group 19125 million pre-tax losses early 2023 holding… +0.09 ±0.68
group 20$4.41 cash date credit agreement wholly owned… -0.01 ±0.24
group 2217th floor meeting "Queen's Road" biotech 2023" -0.07 ±0.08
group 23"definitive agreement" "commission" "exhibit"… +0.32 ±1.31
group 24board comprised of 19 members compensation… +0.15 ±0.87
group 25January 2024 senior medical executive joined… +0.10 ±0.91
group 26conversion from mutual to stock ownership early… +0.96 ±0.69
group 27"supplement to" "offering circular" +0.61 ±0.46
group 28public warrants exchange just under one share… +0.28 ±1.34
group 29partnership owns remaining units from… +0.34 ±0.90
group 30international hub Dublin established 2023… +0.12 ±0.85
group 31Caribbean holding company relocated main office… +0.16 ±0.91
group 32weekly shareholders register by late weekday… +0.34 ±0.65
group 33Orion Mine Finance prepayment side letter… +0.43 ±0.98
group 34acquired idle manufacturing facility early… -0.08 ±0.16
group 35"50% reduction" "tax incentive" Bulgaria +0.20 ±0.64
group 36"conversion" 60 "underlying" "rounded" "per"… +0.67 ±1.18
group 37remittance delay low hundreds employee… +0.02 ±0.61
group 38financial institution filed state tax returns… +0.52 ±1.34
group 39"17" "combined cash" "equity" marketing firm… +0.44 ±1.34
group 40Class III directors term length 7 years -0.07 ±0.10
group 41female board member joined 2024 age 75… +0.17 ±1.26
group 42mid-2024 senior unsecured debt hedging… +0.73 ±1.13
group 432023 Employee Stock Purchase Plan broadened to… +0.18 ±1.15
group 44independent board members received 2800… +0.04 ±1.01
group 45first vessel in over a decade late spring 3000… +0.71 ±0.96
group 46"authorized" "equity units" "acquisition" "20… +0.09 ±1.24
group 47Company had convertible financing arrangement… +0.06 ±0.33
group 48stopped consolidating after selling stake below… +0.50 ±0.15
group 49technology solutions provider separated from… +0.10 ±0.54
group 5016-digit control number virtual shareholder… +0.39 ±1.36
group 52equity exchange transaction June 30 2024… -0.16 ±0.56
group 53carbonatite complex mining facility 70 million… +1.13 ±0.04
group 54over 50,000 rentable square feet major… -0.07 ±0.16
group 55senior notes mature October 1 2030 +0.22 ±0.47
group 56February 15 2023 new agreement replace prior… -0.08 ±0.22
group 57naming rights agreement new minor league… +0.84 ±1.34
group 58June 2023 AGM board election 2-for-1 stock split +1.01 ±0.67
group 59restricted stock vest 2024 one year from July… +0.09 ±1.26
group 60administrative agent warrants became… -0.04 ±0.29
group 61"shares as of" April 17 independent assessment… +0.77 ±1.36
group 62The Westin Richmond annual meeting 10:00 a.m.… +0.13 ±0.55
group 63mid 2020s replacement of century-old plant… -0.10 ±0.16
update 24512 rollouts in 64 groups +0.23 92% 16.6 0.23 0/64

4 groups with transcripts, sampled across the range of reward spread

group 5"over 48 million" asset manager subsidiary office rents region… +0.18 ±0.91
group 27"approximately 12,500 square feet" lease subsidiary "autumn"… +0.87 ±1.38
group 57two individuals elected serve approximately 3 years virtual… -0.04 ±0.04
group 63single-tier board financial review committee comprises half of… -0.09 ±0.28
all 64 groups
group 0Florida principal executive offices shareholder… +0.10 ±0.48
group 1"lowest" "20" trading days" convertible"… +0.15 ±0.71
group 2"unit 507" Building C technology park +0.86 ±1.36
group 3late spring 2025 two-year lease 2025 company 20… +0.03 ±0.25
group 4mid 2000s lease supercritical facility 3 years… +0.14 ±0.69
group 6mid-1980s private university audio engineering… +0.06 ±0.45
group 7extension arrangement foreign subsidiary… -0.07 ±0.20
group 8acquired the remaining stake in a joint venture… +0.45 ±1.36
group 9December 2023 company went public Florida… +0.04 ±1.01
group 10exclusive financial advisor oral opinion joint… +0.83 ±1.13
group 11mid 2020s board nominated for election each to… +0.84 ±1.13
group 12exclusive marketing rights dermatological… +0.76 ±0.96
group 13options fully utilized fall 2024 equity… -0.07 ±0.08
group 14myopia device ministry of health approval late… +1.14 ±0.06
group 15principal premises provided at no cost by sole… -0.06 ±0.18
group 16"one-time non-cash adjustment" "board approved"… -0.09 ±0.19
group 17organization founded early 1920s by labor union… -0.02 ±0.09
group 18new reportable business segment Q1 2024 health… +0.15 ±0.97
group 19"added" "independent" "board" 5 2020 2010 -0.08 ±0.12
group 20promotional spending just under 300 thousand… +0.24 ±0.69
group 21statutory trust series began 2021 sponsor… +0.18 ±0.67
group 22lease to house outsourcing teams early October… +0.59 ±0.81
group 23outside chairman real estate infrastructure… +0.51 ±1.12
group 24board shrank to eight after a member retired in… +0.19 ±1.12
group 25"one-time" "centralized" "hub" "overseas… -0.10 ±0.18
group 26"joined the board" 2024 equity was offered"… +0.15 ±0.55
group 28Company B independent auditor Singapore service… +0.07 ±0.59
group 29"board authorized" "buy back" "programme"… +0.04 ±1.01
group 30trial planned to begin in the warm season of… -0.02 ±0.58
group 31additional annual cash remuneration for audit… +0.07 ±0.69
group 32"automatically renewing quarterly lease" 2022 +0.21 ±1.20
group 33mutual fund administration subsidiary western… -0.04 ±0.29
group 34real estate partnership land industrial… +0.29 ±0.62
group 355.40% senior unsecured notes issued September 5… +0.06 ±0.45
group 36late spring board meeting expanded size name… -0.02 ±0.26
group 37record date early spring eight weeks before… -0.03 ±0.31
group 38corporation only cement plant in Virginia… +0.42 ±0.29
group 39over a dozen locations three continents under… -0.07 ±0.18
group 40Eastern District 213 "bank loan" collateral +0.73 ±1.20
group 41board of nominees standing for election… 0.00 ±0.09
group 42performance products company governance… -0.05 ±0.19
group 43advisory agreement potential strategic… +1.00 ±1.13
group 44multi-tiered internal reorganization converting… +0.09 ±0.54
group 45"five-figure equity" "restricted units" late… +0.35 ±0.97
group 46Executive Chairman previously held CFO… -0.09 ±0.24
group 47102 different operators farmland lease 2024 Q1 +0.69 ±0.77
group 48depositary receipts restructure conversion… -0.11 ±0.28
group 49supplementary protection certificates SPC late… +0.84 ±1.20
group 50"17" extensions" monthly" "dissolve" "ten… -0.15 ±0.26
group 51month-to-month lease principal office less than… -0.12 ±0.33
group 52board member dual science degrees served since… -0.04 ±0.13
group 53virtual shareholder meeting 10 a.m. central… +0.14 ±1.01
group 54low 60s 'advisory' vote 'oversight group' three… +0.56 ±1.01
group 55mid-decade winter announced plans to acquire… -0.01 ±0.11
group 56unsecured revolving line of credit early spring… +0.47 ±1.13
group 58open market share repurchase program expires… +0.10 ±0.22
group 59reduced global workforce more than a quarter… +0.05 ±0.99
group 60Nov 1 2022 acquisition "slightly over" 100… +0.78 ±0.91
group 61spring water company merger autumn 2031… +0.70 ±1.31
group 62early fall agreement medical professional six… +0.01 ±0.10

Penalizing non-canonical tool calls

Harmony, the format gpt-oss-20b uses, has a specific header for tool calls. At the start of training, the model gets it wrong on about a quarter of calls.

Canonical header

<|channel|>analysis<|message|>We need to identify documents about property with upscale guest accommodation under ground lease, mid-2020s appraisal process with monthly rent adjust ~150k in second half of current

[… reasoning trace omitted …]

property was involuntarily converted by a government (like with bank foreclosure?).

We need to find the relevant SEC filing phrase. Let's search.<|end|><|start|>assistant<|channel|>commentary to=functions.bm25_search <|constrain|>json<|message|>{"query":"mid-2020s recognized gains on involuntary conversion of assets at multiple properties including one located near the nation's capital", "k":10}<|call|>

Non-canonical header

<|channel|>analysis<|message|>We are to find irrelevant? The question: "A property with an upscale guest accommodation operates under a ground lease arrangement where, following an appraisal process completed in

[… reasoning trace omitted …]

Hilton".

Another hint: mid-2020s appraisal process to adjust rent to 150k. It could be referencing "Galleria" real estate valuations. Let's search.<|end|><|start|>assistant<|channel|>analysis to=functions.bm25_search code<|message|>{"query": "ground lease mid-2020s appointment appraisal adjusted rent 150000 monthly ground lease upscale guest accommodation", "k": 5}<|call|>
Real assistant turns from training with correct and incorrect headers. Both forms get executed by our harness. The right side is incorrect because the tool call is made inside of the reasoning channel. See Harmony spec for more information.

Because we use a lenient parse that accepts these slightly off-form calls, the model still gets rewarded whenever the episode they’re in happens to get a good score. This habit ends up compounding. By the final step of training, 99% of episodes contain at least one bad tool call. The model is’t being told, in any way that reaches the gradient, that those calls are wrong, so it ends up learning that those calls are acceptable.

The following experiment fixes that directly. Every setting is the same as our full, plain F4 run, except for a slight change to the reward: subtract 0.1 if any tool call in the episode has an off-form header If two rollouts in a group reach the same F4 but one uses a bad header, the clean one now gets more advantage.

Group Explorer w/ format penalty8 rollouts

update 1 · group 39first search: Upper Banner Lower Banner" company"

mean reward+0.21 +0.17 penalised3 of 8

f1

0.000.100.200.300.400.50 06121824
f1
stepw/o format penaltyw format penalty
0 0.200.20
2 0.220.20
4 0.170.27
6 0.190.21
8 0.210.24
10 0.170.20
12 0.160.25
14 0.240.27
16 0.230.34
18 0.290.33
20 0.310.39
22 0.280.36
24 0.330.36

recall

0.000.100.200.300.400.50 06121824
recall
stepw/o format penaltyw format penalty
0 0.160.16
2 0.170.16
4 0.130.20
6 0.160.17
8 0.170.20
10 0.140.20
12 0.180.26
14 0.210.26
16 0.200.36
18 0.270.35
20 0.280.43
22 0.260.42
24 0.320.43

off-form tool headers

0%25%50%75%100% 06121824
off-form tool headers
stepw/o format penalty (episodes)w format penalty (episodes)w/o format penalty (calls)w format penalty (calls)
0 37.9%39.8%27.3%27.8%
1 29.3%23.4%13.7%10.3%
2 26.4%21.7%15%6.1%
3 16.2%9.2%9.1%2.7%
4 18.9%6.8%11.5%2.3%
5 18.8%3.9%12.4%0.7%
6 17.8%3.5%14.8%1%
7 32.2%7%25%2.1%
8 32.2%4.9%21.2%0.5%
9 32.4%9.6%19.7%2.8%
10 33.6%12.7%14.6%3.6%
11 41.6%8.6%26.8%1.1%
12 55.9%8%28.3%0.8%
13 67.2%7.2%47.2%0.6%
14 74.2%8.2%49.6%0.5%
15 79.9%8.6%62.6%0.4%
16 78.3%5.9%53.8%0.4%
17 89.3%5.1%58.5%0.2%
18 90.2%4.9%67.3%0.2%
19 92.6%3.1%67.9%0.1%
20 92.4%3.1%63%0.1%
21 91%4.3%62.6%0.2%
22 96.7%4.7%67.7%0.2%
23 98.8%8.2%75%0.4%

turns per episode

0102030 06121824
turns per episode
stepw/o format penaltyw format penalty
0 1818
1 1817
2 1817
3 1613
4 1512
5 1312
6 1212
7 1213
8 1215
9 1214
10 1215
11 1216
12 1420
13 1420
14 1621
15 1523
16 1623
17 1625
18 1526
19 1527
20 1427
21 1428
22 1630
23 1730
In the tool headers chart, solid lines show the share of episodes with off-form calls; dashed lines show the share of individual calls.

The extra penalty works, fast. Off-form tool calls fall to just 3% within a few steps and stay low for the rest of training. Eval metrics and recall also improve against the baseline. Held-out F1 ends at 0.36 vs 0.33, and recall at 0.32 vs 0.32.

This result surprised me. I expected the penalty to fix tool call formatting, but not necessarily retrieval quality. Yet the model starts taking longer trajectories (does more searches) and achieves higher recall. I don’t have a concrete explanation for this. One possibility is that the penalty changes which search behaviors get reinforced, and well-formed tool calls are happen to be correlated with better search behaviors. Another is that the model just has more coherent long-context understanding when all of its preceding tool calls are well-formed.

Either hypothesis would require more training runs to test, but we’ll stop here for the sake of my training budget. The takeaway here should be that a seemingly narrow reward change can sometimes lead to big shifts in the trained policy. We need to be careful and intentional when working on reward functions.

Train Rollout Explorer w/ format penalty12,288 rollouts
update 1512 rollouts in 64 groups -0.05 30% 18 0.12 11/64

4 groups with transcripts, sampled across the range of reward spread

group 4"converted from mutual to stock" 2021 -0.20 flat
group 8mid-2025 elected governing body 7 individuals meeting western… -0.04 ±0.61
group 40real estate trust annual shareholder return exceeding fifty… -0.15 ±0.20
group 46investment holding derivative securities exercise price… -0.01 ±1.30
all 64 groups
group 0ground lease upscale guest accommodation 150k… +0.45 ±0.78
group 1divested two commercial buildings capital city… +0.01 ±0.41
group 2new seven-year term loan exceeding half a… -0.14 ±0.50
group 3financial institution financing agreement… -0.19 ±0.10
group 5annual shareholder meeting commercial law office +0.24 ±0.61
group 6CEO founded financial services entity capital… -0.20 flat
group 7indirect finance subsidiary registered number… -0.06 ±0.55
group 9"maritime infrastructure" "deepwater" West… -0.20 flat
group 10former CFO departure December 2021 corporate -0.17 ±0.20
group 11acquisition late autumn 2024 skincare product… -0.20 flat
group 12270 million shares defined benefit retirement… +0.33 ±0.88
group 13board member Stanford degree Harvard Business… +0.03 ±0.88
group 14liquid cooling equipment advanced computing… -0.14 ±0.31
group 15facility 30,000 square feet township L… -0.20 flat
group 16BVI exempted company board 5 members -0.16 ±0.20
group 17sole paying client revenue 20,000 first half… -0.05 ±0.20
group 18mid-winter 2024 agreement replaced prior… -0.20 flat
group 19conservation-related disallowances high court… +0.07 ±0.55
group 20holding company established January 2000 island… -0.21 ±0.10
group 21"nine" "board" "elected" "nuclear" "merger"… -0.09 ±0.41
group 22separation of land holdings valued several… +0.36 ±1.20
group 23"mid-year shareholder" Pacific time board of… -0.21 ±0.10
group 24$5.00 shares commenced trading at $5 warrants… -0.17 ±0.20
group 25"medical monitoring" acquisition $70 million +0.00 ±0.54
group 26board member previously held executive roles at… -0.05 ±1.20
group 27sublease 100,000 square feet upper floor… -0.07 ±0.61
group 28name of company with subsidiary state support… +0.01 ±1.10
group 29executive joined from nonprofit organization… +0.10 ±1.20
group 30FDA RMAT designation 2024 respiratory condition… +0.00 ±0.61
group 31Singapore Raffles Avenue audit firm -0.20 ±0.20
group 32board member medical professional patents… +0.04 ±1.20
group 33professional with extensive global workforce… -0.21 ±0.10
group 34Oak Street Alexandria VA 222 -0.20 flat
group 35machine learning forecast electrical patterns… -0.10 ±0.78
group 36former senior executive oversee governance… -0.21 ±0.10
group 37equity incentive plan automatic annual… +0.27 ±0.61
group 38digital platform extends across all… +0.40 ±1.17
group 39Upper Banner Lower Banner" company" +0.17 ±0.55
group 41virtual shareholder meeting record date late… -0.17 ±0.20
group 42double the baseline target +0.01 ±0.54
group 43resource extraction lab facilities analysis… -0.20 flat
group 44dual-listed company top operational leader… +0.01 ±0.88
group 45Company C senior legal executive terminated… -0.20 flat
group 47200 acres facility southern bank 20 miles from… -0.11 ±0.71
group 48first stand alone store reacquired brand late… -0.08 ±0.65
group 49law suit by southwestern state attorney general… +0.55 ±0.88
group 50LFP battery chemistry percentage of use in… -0.19 ±0.30
group 51ETF creation fee 125 -0.16 ±0.10
group 52board gave preliminary approval to an amended… -0.15 ±0.20
group 53Company B employment contract executive officer… -0.15 ±0.20
group 54antibody-drug conjugate technology platform… -0.20 flat
group 55ended an automatically renewing quarterly lease -0.13 ±0.54
group 56coconut facility marine receiving facility… +0.35 ±0.20
group 57(no search) -0.15 ±0.20
group 58new CEO 2024 valued based care organization… +0.02 ±0.55
group 59registered direct offering non-domestic… -0.12 ±0.61
group 60proxy statement primary oversight committee… -0.14 ±0.20
group 61biopharmaceutical regulatory recognition fast… -0.20 flat
group 62compensation voting frequency three year cycle -0.07 ±0.88
group 63"medical professional" "starting annual… -0.10 ±0.61
update 2512 rollouts in 64 groups +0.04 48% 17.1 0.18 3/64

4 groups with transcripts, sampled across the range of reward spread

group 4high-altitude digital imaging high altitude imaging 2024 merger… +0.01 ±1.30
group 5government exercised its right to acquire partial ownership… -0.20 flat
group 21company increased board size to in summer 2025 board size… -0.02 ±0.61
group 35half equity first quarter 2023 company board 2023 -0.19 ±0.30
all 64 groups
group 0Board meeting approved executive compensation… -0.13 ±0.20
group 12014 federal authorities agreement filed in… -0.11 ±0.55
group 2125 million pre-tax losses western state… -0.16 ±0.20
group 3goodwill over eight million service performance… +0.18 ±0.88
group 6"Arab Street" shareholder -0.05 ±1.20
group 7mid 2020s gathering reelected governing body… -0.17 ±0.20
group 8government-approved research facility… -0.16 ±0.20
group 9quarter of a million customers over 70… -0.07 ±0.88
group 10banking subsidiary supervised by state… +0.28 ±0.55
group 11Company C exclusive forum internal corporate… +0.01 ±0.50
group 12Phnom Penh Center 1800 treatment cycles +0.21 ±0.30
group 13additional roughly twenty-seven thousand shares… -0.16 ±0.20
group 14mid-nineties auditor began relationship and… +0.31 ±0.88
group 15double-digit gigawatt capacity acquisition… -0.10 ±0.51
group 16"greenfield low-carbon" "joint development"… +0.41 ±0.34
group 17revolving credit commitment" dollar '200… +0.91 ±0.32
group 18acquisition over 10 million 1000 acres coastal… -0.01 ±0.69
group 19chairman of the compensation committee" board"… -0.20 flat
group 20smart infrastructure subsidiary 2025 -0.04 ±0.88
group 22esport brand founded by athlete president… +0.18 ±0.55
group 23special purpose entity completed financing… -0.15 ±0.20
group 24board reduced by one in early 2025 no longer… +0.07 ±0.61
group 25long-term rental agreements farms value-added… +0.17 ±0.88
group 26"Lavoro Agro Holding S.A." -0.11 ±0.50
group 27appeals court struck down federal safety… -0.01 ±0.55
group 28"asset disposition" "over $7 million" CEO" -0.19 ±0.30
group 29units of equity and purchase rights -0.14 ±0.20
group 30NOTICE OF RESTORED COMPLIANCE March 2024 Nasdaq -0.12 ±0.45
group 31Anatel closes investigation security breach… +0.33 ±0.61
group 32private wealth management exclusive offices… +0.36 ±0.88
group 33midwestern peninsula state battery storage… +0.72 ±1.20
group 34(no search) +0.18 ±0.61
group 36anticipated exercise duration five years equity… -0.14 ±0.20
group 37Company B Annual Meeting of Shareholders… -0.13 ±0.20
group 38joint venture cash partner minority equity… -0.14 ±0.45
group 39"holds a stake" "Vancouver Canucks" "executive… +0.07 ±0.87
group 40Americas Tower building 2020s "tower" +0.21 ±0.61
group 41(no search) -0.13 ±0.20
group 42"just under two and a half dollars" "ten-year… +0.02 ±0.55
group 43investigational cardiac system pivotal trial… +0.02 ±1.20
group 44Company B virtual annual shareholder meeting… +0.15 ±0.41
group 45mid-summer annual stockholder gathering… -0.17 ±0.10
group 46"F1442" oil and gas +0.32 ±0.68
group 47reverse stock split 10:1 conversion notes… -0.05 ±0.20
group 48business appraisal report independent firm" +0.15 ±0.88
group 49financial intermediary had 45 days to exercise… -0.05 ±0.20
group 50"option period" "over-allotment" days -0.04 ±0.41
group 513 independent directors compensation audit… +0.00 ±0.55
group 52head of the syndicated credit division… -0.20 flat
group 53cutoff point in late spring 2024 shareholders… -0.15 ±0.20
group 54accounting policy change September 2021… +0.19 ±0.55
group 55(no search) -0.08 ±0.59
group 56one fifth achieved complete loss of HBsAg… +0.16 ±0.88
group 57certificate to effect a corporate action -0.13 ±0.20
group 58786 corporate secretary +0.92 ±0.66
group 59co-executive officer founded subsidiary first… -0.01 ±0.88
group 60western district court company -0.15 ±0.20
group 61syndicated borrowing arrangement 2023 5-year -0.01 ±0.55
group 62electric vehicle charging network southern… -0.04 ±0.55
group 63standstill period expiring in late autumn 2028… -0.21 ±0.10
update 3512 rollouts in 64 groups +0.02 55% 16.8 0.14 2/64

4 groups with transcripts, sampled across the range of reward spread

group 3tropical stone fruit orchard acres Brazil primary product… +0.25 ±0.87
group 36tax valuation allowance reversal nine million -0.20 flat
group 51"Director Loan" interest expense 21,000 -0.16 ±0.30
group 59summer 2020 agreement three facilities incentive equity or cash… +0.11 ±1.20
all 64 groups
group 0disposed of a facility 0.25 million square feet… -0.15 ±0.20
group 1multi-story structure on parcel of land… +0.01 ±0.55
group 2holding company established mid-2000s… -0.07 ±0.61
group 4CFO promoted to executive office governance… -0.10 ±0.78
group 5Company B annual incentive program performance… +0.14 ±0.52
group 6recurring payment program equity holders board… -0.15 ±0.20
group 7July 31 2024 registration statement effective… -0.20 ±0.30
group 8"fraction of a penny" equity units advisory… +0.07 ±1.20
group 9base prospectus registration framework approved… -0.10 ±0.20
group 10unsecured revolving line of credit early spring… -0.11 ±0.55
group 11late spring shareholder meeting 2025 venue… -0.04 ±0.55
group 12announced planned retirement executive second… +0.10 ±0.61
group 13trustee subordinated debt early fall 2021… +0.28 ±1.20
group 14executive committee handles nearly all board… -0.03 ±0.55
group 15holding subsidiary established 2023 BVI… -0.02 ±0.41
group 16reverse split acquired two trading entities… +0.17 ±0.88
group 17Oak Street shareholder meeting 2023 +0.03 ±1.20
group 18stockholder vote executive remuneration 95%… -0.04 ±0.20
group 19"70 cents per share" revolving credit facility +0.40 ±0.88
group 2016-digit control number virtual shareholder… +0.24 ±1.00
group 21corporate headquarters leased building… -0.02 ±0.49
group 22spring 2025 board approved compensation… -0.14 ±0.20
group 23eight tranches of securities debt issuance… +0.06 ±0.88
group 24$1.50 exercise rights founding equity positions… -0.02 ±0.55
group 252020 summer merger "retail" "140"… -0.21 ±0.10
group 26open market share repurchase program expires… +0.04 ±0.88
group 27special gathering Monday external auditor… +0.01 ±0.55
group 28equity financing clinical trial results June… -0.11 ±0.41
group 29company relocated headquarters from Delaware to… +0.39 ±0.88
group 30"investment subscription agreement" day before… +0.06 ±0.98
group 31400,000 square feet lease 2100 -0.01 ±0.52
group 32"low sixties" advisory vote "annual"… +0.16 ±1.15
group 33asset backed securitization no activity most… -0.07 ±0.55
group 34vehicle fleet transaction December automotive… +0.12 ±0.71
group 35restricted units board member independent 28… -0.10 ±0.20
group 37expanded secured credit arrangement… +0.29 ±0.88
group 38company senior unsecured notes maturing 2030… +0.27 ±1.01
group 39technology entity incorporated Delaware… +0.08 ±0.88
group 40"combined outstanding equity units" "two-digit… -0.09 ±0.20
group 41executive contract mid-2020s third quarter late… +0.16 ±0.31
group 42July 2023 new independent director board two… +0.06 ±0.55
group 43chairman appointed interim chief executive mid… +0.24 ±1.20
group 44cutoff date to determine which equity holders… -0.06 ±0.20
group 45unanimously determined postpone charter… +0.30 ±1.20
group 46"75 megawatt" battery storage commercial… +0.31 ±0.88
group 47poultry disease outbreak cost increase first 24… +0.00 ±0.61
group 48capital deployment authorization 1.5 billion… -0.16 ±0.20
group 49one-twentieth total amount payable if… -0.16 ±0.30
group 50debt discounts 2024 37 million -0.13 ±0.30
group 52late 2010s subsidiary formed before end of year… -0.06 ±0.55
group 53equity awards 900,000 early spring 2024… -0.21 ±0.10
group 54board of directors continues to maintain a… -0.15 ±0.20
group 55three dozen registrations intellectual property… -0.06 ±0.20
group 56advisory agreement potential strategic… +0.10 ±1.20
group 57"unitranche first lien term loan"… -0.08 ±0.29
group 58observation window trading days warrants… 0.00 flat
group 60exchange principal debt convertible preferred… -0.10 ±0.20
group 61restaurant organization leadership oversight… -0.01 ±0.88
group 62advanced manufacturing company reverse stock… +0.02 ±0.88
group 63"quarterly distribution" early spring record… -0.09 ±0.20
update 4512 rollouts in 64 groups +0.05 79% 13.4 0.13 3/64

4 groups with transcripts, sampled across the range of reward spread

group 4virtual annual gathering shareholders who owned stock on cutoff… 0.00 flat
group 38two dozen monetary systems cross-border commerce -0.07 ±0.20
group 44company relocated main executive offices October 2023 near… +0.10 ±0.41
group 52new character-themed destination opened spring 2022 replacing… +0.48 ±1.20
all 64 groups
group 0"14 billion euros" escrow tax settlement… +0.30 ±0.35
group 1first subject enrolled multi-phase study early… -0.14 ±0.20
group 22023 equity cliff threshold senior executive… -0.13 ±0.20
group 3special meeting shareholders vote to approve… +0.01 ±0.41
group 5binding acquisition agreement quarterly… -0.09 ±0.30
group 6"22,000" square feet lease 2035 subsidiary -0.09 ±0.20
group 7distribution to common stockholders final… +0.16 ±0.45
group 8non-economic share class enhanced voting… -0.01 ±0.10
group 9manufacturing entity restructuring to focus… -0.10 ±0.20
group 10board member spent 20 years leading major legal… -0.09 ±0.20
group 11reduced its global workforce by over a quarter… -0.07 ±0.20
group 12CEO employment agreement formalized fall 2023… -0.03 ±0.20
group 13"staff size exceeding" "below one hundred… -0.05 ±0.20
group 14Disney board election summer 2023 approved… +0.60 ±1.20
group 15140 gross wells 4 platforms 130 initial… -0.05 ±0.20
group 16private offering closed Jan 31 2023 nickel per… -0.07 ±0.20
group 17Company B acquisition cash over 250 million… -0.05 ±0.20
group 18mid-year stockholder gathering reduced by two… +0.26 ±1.20
group 19transformational transaction summer first year… -0.03 ±0.20
group 20virtual meeting late spring election of three… -0.05 ±0.20
group 21five-figure equity award restricted units led… +0.30 ±0.35
group 22redomiciled to Cyprus December 2022 company +0.00 ±0.41
group 23able to determine eligible voters for the… +0.04 ±0.55
group 24technology operations division divestiture… +0.16 ±0.35
group 25trial warm season mid-2020s three-way equal… -0.02 ±0.41
group 26first quarterly distribution prorated for 27… +0.20 ±1.20
group 2790% workforce state isolated 88% minorities… +0.66 ±0.66
group 28company B board of directors size 9 staggered… -0.05 ±0.20
group 29"7152" Middle East postal code -0.10 ±0.20
group 30three thousand motorized assets enterprise… 0.00 flat
group 3118th formal amendment -0.09 ±0.20
group 32customer relationships amortization sales and… +0.30 ±0.41
group 33marketing firm acquisition consumer focused… -0.03 ±0.54
group 34board member led efforts involving thousands… +0.08 ±0.55
group 35"board expanded from six" "seven" "8-K"… -0.04 ±0.41
group 3617,000 employees globally company 2023 filing +0.11 ±0.85
group 37"registered ownership entities" 10-K -0.01 ±0.10
group 39first weekday following last sunday in august… -0.07 ±0.20
group 40inventory management southern province… +0.07 ±0.78
group 41Section 203 prohibits business combinations… 0.00 flat
group 42voluntary debt prepayment reduced annual… +0.22 ±0.35
group 43postgraduate credential in validation… +0.12 ±0.87
group 45mid-winter lease early 2020s office 5.5k square… -0.07 ±0.20
group 46"A SPAC IV (Holdings) Corp." -0.07 ±0.20
group 47shareholders' assembly overwhelming support… +0.22 ±0.88
group 48company B "executive vice president" "general… -0.02 ±0.61
group 4931-year-old senior legal counsel appointed… -0.09 ±0.20
group 50unanimously endorsed a consolidation… +0.02 ±0.55
group 51Company B compensation committee periodic… +0.08 ±0.41
group 53consolidation early 2020s Midwest Great Plains… -0.05 ±0.20
group 54Amended and Restated Certificate of Designation… +0.03 ±0.71
group 55reorganization agreement institution serving… +0.23 ±0.88
group 56protective medical technology early fall 2023… +0.39 ±0.88
group 57registered agent "Corporation Trust Company"… +0.01 ±0.51
group 5817 million securities stockholder voting rights… -0.05 ±0.20
group 59founder trust dual class shares amplified… +0.04 ±0.55
group 60average director attendance 99 percent board… +0.05 ±0.41
group 61record date early spring stockholder meeting… -0.07 ±0.20
group 62termination compensation agreement late winter… -0.07 ±0.20
group 63bearing on beverage distribution partnership… +0.14 ±1.17
update 5512 rollouts in 64 groups +0.06 87% 12.4 0.12 9/64

4 groups with transcripts, sampled across the range of reward spread

group 2ceased to be classified as a shell organization after… 0.00 flat
group 19divest segment serving employers health-related products… +0.41 ±1.10
group 45technology group overseas subsidiaries termination benefit 5… +0.06 ±0.55
group 47amended arrangements custodian Texas mid-fall -0.05 ±0.20
all 64 groups
group 0governing body size matches total meetings CEO… +0.13 ±0.61
group 1(no search) -0.04 ±0.30
group 3shareholder meeting results mid-summer 2023 all… -0.03 ±0.20
group 4Company B increased board size winter new… +0.08 ±0.61
group 5went public early 2023 2024 2025 southeastern… 0.00 flat
group 6mid December 2024 payment institution… -0.03 ±0.55
group 7family board representation paid mid five… -0.02 ±0.41
group 8scheduled termination three months after early… -0.05 ±0.20
group 9four members did not seek reappointment shift… +0.09 ±0.35
group 10Pacific Northwest headquarters annual meeting +0.03 ±0.21
group 11special instruments intermediaries exercised… -0.04 ±0.20
group 12company completed offering hundreds of millions… +0.28 ±0.89
group 13board member economics liberal arts college… +0.25 ±0.88
group 14hotel property financing German bank interest… -0.01 ±0.10
group 15CEO and two senior leaders departing into… 0.00 flat
group 16mid 2020s registered auditing firm signed… 0.00 flat
group 17private financing arrangement spring 2020… -0.03 ±0.20
group 18audit firm signed report mid February 2025… -0.01 ±0.55
group 20expansion equity compensation framework 460,000… 0.00 flat
group 21subsidiary entered into financing arrangements… -0.03 ±0.20
group 22company transferred half a billion to acquire… +0.08 ±0.55
group 23maritime history institution at the mouth of a… +0.03 ±0.61
group 24board member co-founded gene therapy early… +0.09 ±0.35
group 25winter meeting extending deadlines dozen months… 0.00 flat
group 26two trademarks board size 6 employees 30 public… +0.12 ±0.79
group 277.625% Series C Mandatory Convertible Preferred… -0.03 ±0.35
group 28recapitalization 90-to-1 ratio shareholder… -0.03 ±0.20
group 29"research park" "enterprise" university… +0.27 ±1.00
group 30customer-facing entities -0.02 ±0.41
group 31"signed an opinion" internal controls" Middle… +0.04 ±0.34
group 32real property transaction summer company +0.23 ±0.88
group 33SPAC merger workforce global 2022 Middle… -0.10 ±0.20
group 34"early 70s" company "7500" employees "banking… +0.21 ±0.35
group 35performance product company governance… -0.03 ±0.20
group 36lease agreement early 2024 company B Malaga… +0.05 ±0.60
group 37Harbor Temple reinsurance 13D -0.02 ±0.54
group 38biotechnology firm 500 staff customer facing… 0.00 flat
group 39mid-year spring shareholder assembly early… +0.13 ±0.61
group 40remittance delay employee retirement savings… -0.05 ±0.20
group 41"one-time cash payment" "half million"… -0.10 ±0.20
group 422023 compensation committee policy recovery of… 0.00 flat
group 43"hundreds of thousands" distribution facilities… +0.09 ±0.61
group 44alternating-year workforce survey 90%… +0.17 ±0.68
group 46mid December 2021 brand acquisition expanded… +0.08 ±0.41
group 48dual class structure Class B ordinary shares… +0.17 ±0.68
group 49default reference lists validators count… +0.22 ±0.30
group 50virtual shareholders meeting approving… 0.00 flat
group 51audit committee members credit loss reserve ATM… +0.06 ±0.77
group 52registration statement accelerated… +0.20 ±0.41
group 53CEO PhD chemical engineering joined board… -0.10 ±0.20
group 54single-family lease back to builders vehicles… +0.23 ±0.88
group 55appointed interim chief executive officer… +0.04 ±0.71
group 56ownership cutoff mid March annual meeting late… -0.03 ±0.20
group 57Company C primary operational facility 50 miles… +0.06 ±0.15
group 58three-fifths of annual revenue top trio… -0.01 ±0.55
group 59"Danish Ship Finance" "$80.2" +0.13 ±0.21
group 60Jimmy John's distributors +0.34 ±0.88
group 61pharmaceutical fulfillment facility opened in… +0.19 ±0.88
group 62capital markets transaction over thirty million… +0.38 ±0.61
group 63over 20 million equity units partial… -0.05 ±0.20
update 6512 rollouts in 64 groups +0.11 94% 12.4 0.15 14/64

4 groups with transcripts, sampled across the range of reward spread

group 350000 rentable square feet waterfront city occupancy late… 0.00 flat
group 10extended borrowing arrangement expiration early part of the… -0.07 ±0.20
group 4212 directors elected by holders of Series A shares 2 directors… +0.33 ±1.20
group 59Oak Street company owns property incorporated mid-Atlantic +0.00 ±0.41
all 64 groups
group 0emeritus professor technology officer circuit… +0.92 ±0.32
group 1DM Lab Co., LTD acquisition May 2023 company B… +0.09 ±0.31
group 2"global hub" "specialized training" 250… +0.16 ±0.65
group 4not properly reported contractual obligations… -0.03 ±0.20
group 5underwritten public offering founder disposed… -0.04 ±0.20
group 6unvested equity awards five fiscal quarters 0.00 flat
group 7"31,000 square feet" "peninsula" -0.01 ±0.10
group 8early 2022 termination release agreement… +0.12 ±0.50
group 9prospectus termination final day of July… +0.25 ±0.68
group 11owned its main facility" superior court" 2017" +0.10 ±0.41
group 12water disposal operations acquire 2024 300… +0.30 ±0.35
group 13bicentennial first vessel in over a decade late… +0.18 ±0.88
group 14Company B workforce national origins diverse… +0.04 ±0.41
group 15ten-day average trading prices strategic… -0.03 ±0.20
group 16"sustainability-linked" borrowing arrangement… +0.28 ±0.87
group 17Company B CFO written trading plan early winter" +0.26 ±0.41
group 18liposomal adjuvant settlement Norwegian court… +0.80 ±0.35
group 19executive appointed in late 2023 had spent… +0.51 ±0.68
group 20archangel audit California trust instrument +0.08 ±0.41
group 21direct registered offering to certain… 0.00 flat
group 22$450 million debt offering 2033 bond +0.15 ±0.30
group 23"consolidated net sales" 1.8 billion 0.00 flat
group 24mid-2020s virtual gathering vote on corporate… +0.03 ±0.61
group 25CEO joined company late 1990s studied… -0.01 ±0.10
group 2630-for-1 reverse stock split BD company 30-to-1… 0.00 flat
group 27three-quarters voting power to amend bylaws… -0.04 ±0.20
group 28technology business board committee amended and… +0.55 ±1.20
group 29company governing body divided into three equal… -0.03 ±0.20
group 30acquire majority stake beverage related company… +0.21 ±0.41
group 31annual shareholder gathering Pacific Northwest… 0.00 flat
group 32special purchase rights CEO gifted foundation… 0.00 flat
group 33Company B governance 10 members -0.05 ±0.20
group 34suite \d{4} 10th floor waterfront corporate… +0.12 ±0.88
group 35"quarter of a million square feet" insurance… +0.13 ±0.35
group 36registered office on Falls Drive mid-atlantic… +0.13 ±0.41
group 37HP employees work in countries workforce across… +0.06 ±0.15
group 38weighted-average recognition period just under… +0.03 ±0.44
group 39trust officer second amendment exhibit 2024 10-Q +0.30 ±1.20
group 40board member joined prior organization… +0.01 ±0.31
group 41acquired remaining stake january 2020 gain 1.5… +0.04 ±0.35
group 43supplement to offering circular late January… +0.16 ±0.61
group 44non-payment of quarterly distributions newly… -0.03 ±0.20
group 45leasing workspace both administrative and… 0.00 flat
group 46directors and executive officers table… 0.00 flat
group 47shareholder meeting Tuesday June 2023 vote… +0.01 ±0.55
group 48holding entity reorganized its capital… +0.09 ±0.35
group 49outside chairman real estate infrastructure… +0.34 ±0.41
group 50single female representative one seventh… +0.13 ±0.35
group 51"private accredited investors" convertible… -0.01 ±0.10
group 52company extended equity instruments late 2029… +0.04 ±0.15
group 53mid-2025 CFO transition operations executive… 0.00 flat
group 54wholly-owned subsidiary mountainous central… -0.03 ±0.20
group 55dividend exceeding 10% of statutory capital… +0.08 ±0.33
group 56three permanent oversight bodies compensation… 0.00 flat
group 57multi-year cooperation relationship terminated… +0.43 ±0.33
group 58"principal executive offices" 11,000 square… 0.00 flat
group 60real estate investment trust total assets five… -0.01 ±0.55
group 61new processing plant multiple tens of acres… +0.09 ±0.68
group 62secured lending arrangement fee 1.5% early… 0.00 flat
group 63record date to attend annual meeting proposed… 0.00 flat
update 7512 rollouts in 64 groups +0.19 98% 12.2 0.23 13/64

4 groups with transcripts, sampled across the range of reward spread

group 2early summer 2023 acquisition major operator footprint… 0.00 flat
group 3executive offices located in "the city" "near transportation… +0.02 ±0.15
group 23technical center recognized 2016 manufacturing workshops 20000… +0.61 ±1.20
group 46board approved business combination fairness opinion written… +0.15 ±0.61
all 64 groups
group 0board member nearly two decades operational… +0.06 ±0.55
group 1principal executive officer signature filed… -0.01 ±0.10
group 41000 volunteer hours lease 100000 square feet… +0.32 ±1.00
group 5company B announced a major expansion to its… +0.41 ±0.01
group 6executive left interim leadership became board… +0.04 ±0.34
group 7retailer closed 6 stores leadership transition… +0.03 ±0.44
group 8over 2000 active organizations few dozen… 0.00 flat
group 9credit arrangement fifth amendment… +0.50 ±1.00
group 10renewable thermal credits voluntary program… +0.83 ±0.33
group 11overseers equal standing company B board -0.01 ±0.10
group 12workforce reduction percentage plant-derived… 0.00 flat
group 13board member nearly fifty years securities… 0.00 flat
group 14reverse merger special purpose acquisition… 0.00 flat
group 15restricted stock vest after a full year from a… 0.00 flat
group 16stock peaked late spring half year after… 0.00 flat
group 17Company B governing body 11 members reduction +0.05 ±0.21
group 18Company C chief executive paid time off 40 days +0.04 ±0.30
group 19terminated asset sale agreement paying over ten… +0.59 ±0.66
group 20retirement savings plan established 2000… -0.01 ±0.10
group 21swap dealer penalty Geneva liquidators… +0.41 flat
group 22majority-owned subsidiary secured financing… +0.38 ±0.68
group 24"The Westin Richmond" "10:00 a.m." oversight… +0.05 ±0.41
group 2548 narrow-body aircraft inventory +0.34 ±0.68
group 26collaborative research agreement military… -0.03 ±0.20
group 27investment framework agreement copper mine… +0.16 ±0.61
group 28distribute to UAE early 2025 health products… +0.30 ±0.68
group 29minimum multiplier in stock holdings relative… +0.04 ±0.35
group 30amortize customer relationships assigned to B 7… +0.36 ±0.41
group 31data analytics company filed regulatory… +0.28 ±0.88
group 32statutory trust July 31 2001 governing body… +0.01 ±0.25
group 33debt exchange with CEO 500,000 shares fewer… 0.00 flat
group 34Nevada incorporated 1995 subsidiary lease… +0.20 ±0.41
group 35acquired two businesses expand product… -0.01 ±0.10
group 36strategic restructuring"late spring"headcount… -0.01 ±0.10
group 37board composition consists of three distinct… 0.00 flat
group 38decommissioned leased spaces impairment charges +0.34 ±0.68
group 39company lease specialised bath equipment divest… +0.38 ±0.68
group 40Company B December 31 2024 employees 0.00 flat
group 41calendar days to submit remedial plan non… +0.09 ±0.68
group 42late-stage clinical trial nutritional treatment… +0.67 ±1.00
group 43northeastern coastal jurisdiction known for… +0.03 ±0.21
group 44independent assessment human rights impacts… +0.63 ±0.34
group 45prefabricated perimeter edge metal systems… +0.68 ±0.66
group 47liquidated damages per asset -0.03 ±0.20
group 48Company C debt offering spring 2024 maturity… -0.01 ±0.10
group 49acquired breakfast brand $80 million 2020 +0.66 ±0.76
group 50mid-2025 definitive transaction arrangement… +0.05 ±0.81
group 51forged cylinders segment smallest segment… +0.45 ±0.88
group 52serve until age 70 or 20 years 0.00 flat
group 53Company B infrastructure modernization mid… +0.25 ±0.81
group 54board director summer 2025 human resources… +0.51 ±1.00
group 55naming rights minor league baseball facility… +0.38 ±0.68
group 56162 million shares outstanding mid-month… +0.00 ±0.41
group 57municipality mid-2020s facility lease… 0.00 flat
group 58"equity compensation" "operating profit" July +0.10 ±0.88
group 59Tripadvisor languages +0.36 ±0.41
group 60wireless communications board member award… -0.01 ±0.10
group 61revolving credit commitments two autumns later… +0.08 ±0.35
group 62Cayman Islands registered office electronics… +0.04 ±0.45
group 63joint venture facility dedicated to equipment… +0.16 ±0.41
update 8512 rollouts in 64 groups +0.18 97% 13.2 0.21 7/64

4 groups with transcripts, sampled across the range of reward spread

group 12"12920 SE 38th Street" company +0.46 ±0.34
group 19mid-October non-binding agreement potential business… +0.74 ±1.10
group 23next prime number after ten governing board 11 "high twenty… 0.00 flat
group 37promotional spending 300000 workforce 35 months incentive… +0.08 ±0.61
all 64 groups
group 0principal accounting officer promotion Deloitte -0.03 ±0.10
group 1March 1 1992 Louisiana company founded +0.75 ±1.00
group 2125000 square feet combined manufacturing… -0.02 ±0.41
group 3appointed to lead committee focused on emerging… +0.12 ±0.45
group 4high voltage infrastructure renewable… +0.26 ±0.68
group 5early 2020s exercised option exclusive global… +0.05 ±0.40
group 6acquisition transaction winter fiscal year… +0.37 ±0.68
group 7product development staff 2025 sales production… +0.04 ±0.35
group 8FDA clearance cable-free monitoring system 13 +0.31 ±0.41
group 9president appointed early fall 2019 commercial… +0.20 ±0.34
group 10private capital healthcare senior partner board… +0.42 ±0.68
group 11principal accounting professional two decades… -0.01 ±0.10
group 13Company C credit agreement remittances -0.01 ±0.10
group 14real estate firm 99% ownership partnership Q1… +0.04 ±0.34
group 15100,000 nits brightness" materials" 80" +0.31 ±0.81
group 16board member former president independent… +0.02 ±0.39
group 17"retirement plan contributions" "16.0 million"… +0.07 ±0.88
group 18Aarna Holdings LLC board members -0.03 ±0.20
group 20convertible equity authorized 200 units +0.07 ±0.45
group 21small coastal community owned facility 2000… +0.01 ±0.41
group 22company new lease 35,000 square feet office… +0.66 ±0.75
group 24"royal court" approval merger" special purpose… +0.27 ±0.91
group 25CFO joined 2025 licensed attorney California +0.25 ±0.68
group 26reserve drilling opportunities inventory buffer… +0.08 ±0.33
group 27transaction laboratory diagnostic provider late… +0.13 ±0.61
group 28interim results oncology combination first-line… 0.00 flat
group 29ethylene oxide sterilization provider Los… +0.06 ±0.87
group 30170 registered equity holders leased retail… +0.25 ±0.68
group 31Company B non-management board equity awards… 0.00 flat
group 32spring water sources five regions North America… +0.57 ±0.64
group 33clinical-stage company had 150 shareholders… -0.01 ±0.10
group 34Company B Compensation Committee members -0.03 ±0.20
group 35first week mid-2020s acquisition health… +0.26 ±0.68
group 36filing-based regulatory regime overseas… +0.44 ±1.00
group 38operations 2023 global sites turned 2023 new… -0.03 ±0.20
group 39female board member age 75 joined 2024 wireless… 0.00 flat
group 40Company B governing body expanded early spring… +0.05 ±0.41
group 41over 1000 MW but less than 1500 MW identical… +0.06 ±0.77
group 42"retirement plan" Caribbean territory" fall"… +0.51 ±1.00
group 43150000 square feet combined office laboratory… +0.02 ±0.15
group 44$575 million senior secured second lien notes… -0.02 ±0.31
group 45dermal regeneration term sheet partnership… +0.51 ±0.36
group 46spring 2020s low tens of millions acquisition… +0.80 ±0.65
group 47large annual filing late first quarter standard… +0.20 ±0.61
group 48favorable determination letter preapproved plan… +0.30 ±0.35
group 49leased laboratory space couple thousand square… -0.03 ±0.20
group 50company "Miramar" principal executive offices… +0.23 ±0.60
group 51spun out from a leading institution early 2010s… +0.58 ±1.00
group 52stockholder meeting approved increase equity… +0.04 ±0.35
group 53foreign currency loan repaid board approval… 0.00 flat
group 54offshore Caribbean jurisdiction holding company… +0.25 ±0.68
group 55late October date warrant amendment minimum… +0.08 ±0.34
group 5650% tax credit corporate levy southeastern… +0.01 ±0.41
group 57holding entity relocated registered address low… +0.46 ±1.00
group 58Company C had executed approximately half of… +0.11 ±0.30
group 59equity consolidation ratio exchange listing… 0.00 flat
group 60"compensation committee" "December 31" 2023… +0.20 ±0.41
group 61securities forfeiture preserved additional… -0.01 ±0.10
group 62February variable compensation structure senior… -0.04 ±0.20
group 63laser-based product portfolio acquisition… 0.00 flat
update 9512 rollouts in 64 groups +0.18 98% 14.7 0.20 9/64

4 groups with transcripts, sampled across the range of reward spread

group 1board approved share repurchase program 0.00 flat
group 8product-centric field service management acquisition 2021… +0.09 ±0.59
group 9board member became top executive officer 750k base salary… +0.23 ±1.10
group 12employer contributions matching their own up to single digit… +0.17 ±0.35
all 64 groups
group 0fewer than thirty residences partnership +0.31 ±0.57
group 2midstream system nearly 250 miles high-pressure… +0.21 ±0.67
group 3Company B partnership 1993 Bill Clinton" +0.17 ±0.52
group 4professional accounting certification +0.21 ±0.35
group 5special class of stock superior voting rights… +0.03 ±0.45
group 6convenience store acquisition 2024 200… +0.06 ±0.47
group 7baker's dozen board nominees 0.00 flat
group 10"non-cumulative" perpetual series dividend… +0.18 ±0.61
group 11trusts selling shares $65 per share early… +0.26 ±0.68
group 13initial beneficial ownership statement… -0.01 ±0.10
group 14settlement land rights renewable energy monthly… +0.06 ±0.87
group 15therapeutic targeting cell membrane receptors… +0.83 ±0.65
group 16"Senior Counsel" 8-K early summer registration… +0.20 ±0.41
group 17corporate secretary proxy exhibits mail code +0.09 ±0.35
group 18compensation committee incentive arrangement… +0.09 ±0.34
group 19Company B primary production facilities… +0.13 ±0.41
group 20"month-to-month" lease principal office" +0.04 ±0.33
group 21subsidiary plaintiff chemical contamination… +0.87 ±1.00
group 22SeaWorld corporate headquarters address marine +0.15 ±0.41
group 23capital investment 230 million environmental… 0.00 flat
group 24executive retiring to consulting four figure… +0.29 ±0.67
group 25arbitration agreement state development… +0.36 ±0.88
group 26equity incentive plan summer tax loss… +0.32 ±0.54
group 27"sole forum" circuit court" +0.78 ±1.00
group 28approved new incentive structure mid spring… 0.00 flat
group 29equity grant independent directors "590" cash… +0.10 ±0.41
group 30companies 'sites globally' 'one and a half… +0.14 ±0.87
group 31"consolidated return" affiliated entities 6 "8… 0.00 flat
group 32statutory trust two series investment… +0.04 ±0.41
group 33manufacturing firm chief legal officer… +0.02 ±0.55
group 34virtual gathering stakeholders two elected… -0.06 ±0.20
group 35school bus distributor Quebec purchase… +0.09 ±0.59
group 36Hong Kong based entity subsidiary registered in… 0.00 flat
group 37board renewal independent directors added 5… -0.05 ±0.20
group 38"989,137" "held for sale" 2025 +0.13 ±0.29
group 39majority stake publicly traded enterprise Asian… +0.28 ±0.61
group 40"one fifth" ownership irrigation +0.41 ±0.68
group 41cliff vesting schedule years must elapse before… +0.32 ±0.68
group 42wellness-focused enterprise acquisition "low… 0.00 flat
group 43120 percent executive cash bonus +0.67 ±0.04
group 44June 2023 authorized capital increase filing… +0.25 ±0.68
group 455.40% senior unsecured notes September 5 2024 +0.04 ±0.52
group 46base continuation payment start date three-year… +0.17 ±0.35
group 47terminated lease agreement early fall withdrew… +0.50 ±0.68
group 48"expansion" "second full week" October 2023 ESG… 0.00 flat
group 49written requests for ethics documents main… +0.12 ±0.34
group 50floor 30 transfer agent +0.03 ±0.43
group 51"mid January" "critical transaction" +0.03 ±0.20
group 52digital asset tracking vehicle license hosted… +0.62 ±1.00
group 53Company C annual meeting of shareholders April… 0.00 flat
group 54board meeting announced name change appointed… +0.13 ±1.00
group 55audit committee half of board members… +0.03 ±0.21
group 56unsecured lending arrangements leadership early… +0.03 ±0.43
group 57eliminated its dual class stock structure… +0.67 ±0.66
group 5827,000 square feet facility leased early 2025… +0.09 ±0.41
group 59"authorized to purchase" 1.5 million equity… -0.03 ±0.20
group 60two-wheeled vehicles sales surpass eight digits… +0.15 ±0.58
group 61200 per share acquisition 2025 +0.00 ±0.41
group 62nonvoting cumulative callable shares program no… +0.45 ±0.68
group 63indenture lien secured property percent without… +0.06 ±0.53
update 10512 rollouts in 64 groups +0.16 96% 13.8 0.18 7/64

4 groups with transcripts, sampled across the range of reward spread

group 2borrowing arrangement low six figures backer acquired tens of… 0.00 flat
group 11"100 million" "800 million" units authorized equity +0.17 ±0.68
group 23Fifth Supplemental Indenture independent board members annual… +0.03 ±0.27
group 51senior human resources officer graduated from Trinity College… +0.40 ±1.10
all 64 groups
group 0majority-controlled division initial public… +0.40 ±0.06
group 1estimated monthly payments historical amounts… +0.46 ±1.00
group 3Company B active contractual arrangements -0.03 ±0.10
group 4cash distribution 3.4 million -0.03 ±0.20
group 5appointed to oversee holding company and… +0.13 ±1.00
group 6private placement over 200,000 units IPO summer… +0.24 ±0.78
group 7annual stockholders meeting mid-spring second… -0.01 ±0.10
group 8monoclonal antibody trial early 2020 company… +0.40 ±0.67
group 915000 rentable square feet lease 2023 +0.25 ±1.00
group 102026 annual meeting advance notice deadline… +0.09 ±0.38
group 12employee engagement network 1000 members +0.11 ±0.34
group 13fee-owned real properties +0.18 ±0.38
group 14ten year window incentive structure… 0.00 flat
group 15eastern Mediterranean early-stage biotechnology… +0.79 ±1.00
group 16(no search) +0.21 ±0.61
group 17holding entity organized under statutes of a… +0.49 ±0.36
group 18mid-2024 equity publicly offered board member… +0.23 ±0.44
group 19consultancy acquisition cash majority 300… +0.09 ±0.68
group 20mid-2020s annual meeting of shareholders "Rule… +0.06 ±0.27
group 21over three decades major investment bank board… +0.04 ±0.33
group 22pre-funded warrant minimal exercise price… +0.07 ±0.34
group 24audit oversight group new member mid-fifties… 0.00 flat
group 25frozen retirement arrangement board members… +0.41 ±0.77
group 26Company B 2025 Exchangeable Notes senior notes… -0.07 ±0.20
group 27unsecured borrowing principal shareholder… -0.01 ±0.10
group 28ended distribution agreement final months of… +0.21 ±0.68
group 29Accra audit opinions mid-2020s accumulated… +0.17 ±0.51
group 30nationwide legal matter tens of millions early… +0.46 ±1.00
group 31(no search) +0.04 ±0.88
group 32assets $3.75 billion late spring professional… +0.09 ±0.52
group 33plasma collection centers "four hundred" 2020s… +0.64 ±1.10
group 34NASDAQ non-compliance notification… -0.01 ±0.10
group 35clinical trial titration weeks three groups… +0.21 ±1.00
group 36relocated main offices road named after flying… 0.00 flat
group 37interest rate spread reduced 25 basis points… +0.16 ±0.68
group 38first major initiative multi-year supply chain… +0.36 ±0.88
group 39transportation services provider oceangoing… -0.03 ±0.10
group 4020000 square feet laboratory lease early fall… +0.08 ±0.34
group 41relocate legal domicile early 2025 equitable… +0.16 ±0.86
group 42(no search) -0.04 ±0.31
group 43acquired automating integration and assembly… +0.09 ±0.55
group 44authorized payment institution license small… +0.16 ±0.58
group 45June 30 2024 equity exchange integration -0.03 ±0.20
group 46executive formerly amazon stepped down late… -0.03 ±0.20
group 47redeemed on the last day of the month following… +0.06 ±0.78
group 48pre-delivery shares low six figures investment… +0.22 ±0.30
group 4920% stake AI data platform 2023 +0.35 ±0.81
group 50reinsurance program for property business… +0.95 ±0.10
group 52global workforce outside continental major… +0.32 ±0.41
group 53mutual fund administration street silver… -0.06 ±0.20
group 54autumn day board authorized multimillion dollar… +0.16 ±0.78
group 55(no search) -0.05 ±0.20
group 56development projects completed in the final… +0.20 ±0.87
group 57"excluded from" internal control for an… 0.00 flat
group 58corporate governance recommendations facility… +0.20 ±1.01
group 59company workforce 300 acquisition requires… 0.00 flat
group 60future payment rights partnership entity… +0.12 ±0.33
group 6122,000 employees 36 countries +0.18 ±0.61
group 62credit agreement amendment early September 2023… 0.00 flat
group 63"21%" "corporate tax" mid-2020s +0.03 ±0.25
update 11512 rollouts in 64 groups +0.15 95% 15 0.16 5/64

4 groups with transcripts, sampled across the range of reward spread

group 1"separate auditor" southeast metropolitan area independent… 0.00 flat
group 26audit attestation report mid February mid-2020s offer letter… -0.10 ±0.20
group 28clinical total-body imaging scanner +0.61 ±1.20
group 34256 individuals incentive compensation plan outstanding equity… +0.02 ±0.55
all 64 groups
group 0post-settlement medical administration health… +0.13 ±0.35
group 2company second highest prescription levels… +0.16 ±1.07
group 3administrative support agreement monthly sum… +0.07 ±0.73
group 4president graduated private university mid… +0.02 ±0.18
group 51920s founded by labor union certification… +0.03 ±0.43
group 6leases heavy equipment operating agreements… 0.00 flat
group 7government funding arrangement zero stated… +0.03 ±0.20
group 8CEO first anniversary vesting 2025 equity… -0.05 ±0.20
group 9mid-twenties proxy filing oversight individuals… +0.43 ±0.83
group 10board authorized a new capital return program… +0.03 ±0.47
group 11exclusive financial advisor delivered oral… +0.04 ±0.54
group 12blank check entity incorporated early 2020s… -0.01 ±0.10
group 13Caribbean holding company marketing technology… -0.03 ±0.10
group 14Delaware company compensation protection… +0.07 ±0.28
group 15matching began under separate executive… +0.36 ±1.00
group 16parent entity incorporated mid-2000s manages… +0.25 ±0.85
group 17performance based equity compensation… +0.03 ±0.30
group 18"produce facility" "subsidary" Mississippi… +0.33 ±0.67
group 19capital allocation initiative board authorized… -0.03 ±0.20
group 20lease extended 90 years 2023 property -0.01 ±0.10
group 21mid-Atlantic bedroom community loan origination… +0.30 ±0.88
group 22capital allocation program worth over ninety… +0.25 ±0.67
group 23company released event title referencing an… -0.03 ±0.10
group 24penalty 6% annual revenue regulatory… +0.49 ±1.00
group 25revised advertising regulation framework… +0.11 ±0.34
group 27Vice Chair educational initiative Middle… +0.51 ±1.20
group 29Company C restricted stock units vest 2025 CEO -0.05 ±0.20
group 30subsidiary acquired middle summer late 2010s… -0.05 ±0.20
group 31shareholder meeting numbered avenue law firm… -0.01 ±0.10
group 32control number shareholders virtual meeting… 0.00 flat
group 33termination of multi-hundred million financing… +0.06 ±0.52
group 35company new executive lead technology vision… +0.75 ±0.67
group 36"3,000,000" Class A Ordinary Shares granted to… 0.00 flat
group 37fiduciary duties directors Cayman Islands… 0.00 flat
group 38rebranding trademarks useful life non-cash… +0.33 ±0.57
group 39two dozen participants assessed response… -0.04 ±0.10
group 40"employee threshold" "minimum workforce" "fifth… +0.07 ±0.45
group 41annual leave allocation different from other… +0.25 ±0.67
group 42Company B auditor Singapore +0.05 ±0.21
group 43Canadian company changed legal domicile to… -0.03 ±0.10
group 442025 incorporation West African city auditor +0.02 ±0.15
group 45ARTV biotech ticker +0.99 ±0.06
group 46acquisition subsidiary forestry rights mu land… +0.33 ±0.79
group 47"convertible unsecured" senior notes" 3%" 2024 -0.01 ±0.53
group 48"shareholder-approved equity incentive plan"… +0.11 ±0.53
group 49authorized shares 700 million virtual meeting +0.03 ±0.41
group 50hearing solutions CEO diagnostic laboratory… +0.62 ±1.00
group 51fiscal year shift from October to December… -0.01 ±0.10
group 52smelting facility converting alternative fuel… +0.06 ±0.46
group 53administer fee agreement realized capital gains… +0.38 ±0.78
group 54unanimously approved late-summer evening… +0.14 ±0.75
group 55resource exploration company sold interests… +0.37 ±0.38
group 56polymer manufacturing 1960s regulatory penalty… +0.79 ±1.00
group 57three business units approximately… -0.01 ±0.10
group 58trapped-ion networking acquisition cash score… +0.19 ±0.28
group 59(no search) -0.10 ±0.20
group 60lease expired winter 2024 gulf coast +0.13 ±1.00
group 61modified virus licensed children medical center… +0.12 ±0.55
group 62Company B board of directors 6 +0.04 ±0.50
group 63founder shares fall 2022 subscription price… -0.03 ±0.10
update 12512 rollouts in 64 groups +0.22 97% 15.8 0.24 7/64

4 groups with transcripts, sampled across the range of reward spread

group 15,000 square feet procurement Macau office +0.01 ±0.31
group 4Company B legal executive employment agreement late winter 2020… 0.00 flat
group 51board member joined early to mid 2020s sales development… +0.44 ±1.30
group 62independent public accounting firm identification number 42… +0.10 ±0.66
all 64 groups
group 0temporary office Atlanta September 2024 +0.16 ±0.78
group 2company acquired privately-owned engineering… +0.96 ±0.32
group 3pharmaceutical research subsidiary transferred… +0.27 ±0.87
group 575,000 equity units allocated to governance… +0.03 ±0.43
group 6autonomous vehicle technology firm hired new… -0.01 ±0.10
group 7Bahrain exploration participation agreements… +0.11 ±0.51
group 8retirement savings plan amended first month of… +0.17 ±0.65
group 9multi-hundred-million-dollar authorization… -0.01 ±0.10
group 10underlying shares vest 25% 12 months dozen… -0.01 ±0.10
group 11fractional ownership stake limited liability… +0.03 ±0.51
group 12low-sulfur sub-bituminous coal two unit… +0.42 ±0.67
group 13corporate reorganization late winter 2010s… +0.21 ±0.68
group 14proxy materials first sent eligible voting… -0.01 ±0.10
group 15visual arts project-based courses mid-2020s… +0.37 ±0.68
group 16acquired holding entity right-of-use asset… +0.16 ±0.67
group 17controlling shareholders stock through entities… 0.00 flat
group 18incorporated in Delaware 2023 geological… +0.38 ±0.68
group 19cognitive impairment care company national… +0.67 ±0.67
group 20west coast lease renewal extends 2030 +0.01 ±0.30
group 21Studio Park consolidation Southeast coastal… +0.83 ±0.33
group 22share worth at least a multiple of their annual… +0.08 ±0.35
group 23unaffiliated audit opinion late winter… +0.03 ±0.61
group 24summer 2023 acquisition collection centers… +0.57 ±1.00
group 25amended and restated employment agreements… +0.03 ±0.23
group 26special committee of independent directors… +0.82 ±0.66
group 27"commanded a military squadron" Florida launch… +0.52 ±0.49
group 28global production executive based in Austin… -0.03 ±0.10
group 29executives hold stock base compensation… +0.12 ±0.34
group 30first lien non-recourse loan building… +0.22 ±0.52
group 31300 communities utility subsidiary serving 3/4… +0.32 ±1.20
group 32Hawaii consumer lending automotive financing… +0.46 ±0.68
group 33promissory note telepresence robots Company B… +0.38 ±0.11
group 34discounted ownership stake payroll deduction… +0.03 ±0.27
group 35CEO board president appointment effective… 0.00 flat
group 36federation of seven emirates approved company… +0.38 ±0.79
group 37secured debt instruments backed by… -0.03 ±0.10
group 38fungal wellness products trio vendors +0.21 ±0.67
group 39Series H Fixed-Rate Cumulative Redeemable… +0.18 ±0.30
group 40company operates from more than a dozen… -0.03 ±0.20
group 41mid-autumn expansion governing body 13 board of… -0.03 ±0.20
group 42"half a million" favorable votes board… +0.09 ±0.68
group 43new performance technology solution late winter… +0.01 ±0.40
group 44tender offer servo controls upstate New York +0.75 ±0.66
group 45public consultation closed update rules… +0.04 ±0.33
group 46submitted regulatory application last month of… +0.23 ±0.61
group 47sale of property for 100 million unaffiliated… +0.53 ±1.00
group 48"East Sego Lily" Drive 0.00 flat
group 49state-chartered depository institution FDIC… +0.14 ±0.52
group 50rehabilitation court foreign currency… +0.78 ±0.37
group 52corporate tax regime offshore jurisdiction… +0.15 ±0.60
group 53aviation fuel biorefinery southern European… +0.73 ±0.36
group 54senior executives first day of the seventh… 0.00 flat
group 55COO signed employment contract winter holidays +0.31 ±0.88
group 56protective overhead structures fueling stations… +0.11 ±0.51
group 57working capital deficiency audit report… 0.00 flat
group 58controlling interest tens of billions local… +0.60 ±1.00
group 59lowest trading price 20 trading day convertible… +0.20 ±0.57
group 60governance committee convened same number of… -0.04 ±0.20
group 61biotechnology company workforce 200 PhD… +0.04 ±0.79
group 63distribution center lease under construction… 0.00 flat
update 13512 rollouts in 64 groups +0.23 98% 19.6 0.24 8/64

4 groups with transcripts, sampled across the range of reward spread

group 20account product class action federal regulatory inquiries… +0.20 ±0.30
group 28Series D Cumulative Perpetual Redeemable Preferred Stock… 0.00 flat
group 55Alto Parnaíba phosphate concentrate pipeline +0.70 ±0.67
group 58company special governmental oversight removed compliance… +0.51 ±1.30
all 64 groups
group 0smelter facility >0.5 gigawatt electricity… +0.74 ±1.00
group 1"three and a half" "capital ratio" "subsidiary" +0.53 ±1.00
group 2late summer refinancing secured credit facility… +0.24 ±0.41
group 3mid-summer 2024 rights to exchange holdings… +0.77 ±0.39
group 4restricted funds just over four million +0.06 ±0.40
group 5390,000 options equity awards plan 2020 +0.28 ±1.10
group 6international hub 2023 capital city shares name… +0.18 ±0.60
group 7170,000 square feet mixed use facility board… +0.40 ±1.10
group 8equal ownership junior explorer majority rights… +0.21 ±0.64
group 9company acquired point-of-sale systems for… +0.30 ±0.81
group 10board member cell therapies early 2020s… +0.11 ±0.90
group 11annual shareholder gathering spring vote… -0.01 ±0.10
group 12"asset-backed" revolving credit facility can be… +0.05 ±0.41
group 13finance executive appointed late autumn year… +0.25 ±1.00
group 14authorized equity units increase early summer… -0.03 ±0.20
group 15record date four weeks before meeting… -0.01 ±0.10
group 16external auditor since 2010 200,000 square feet… -0.01 ±0.10
group 17co-CEO annual meeting spring address -0.05 ±0.30
group 18peak net asset value per unit end of tenth… +0.10 ±0.51
group 19breakthrough therapy designation pediatric… +0.38 ±0.67
group 21customer protection implementation rules… +0.51 ±1.10
group 22education company dual-class share structure… +0.25 ±0.61
group 23board members attended gathering mountain state… +0.49 ±0.36
group 24quarterly dividend $2 per share 2023 -0.01 ±0.10
group 25Orion Mine Finance side letter agreement… +0.04 ±0.52
group 26board member pharmaceutical sciences degrees… +0.18 ±0.88
group 27board and CFO will receive identical equity… -0.01 ±0.10
group 29historic area property agreement price collapse… +0.82 ±1.10
group 30former senior partner nominated to join… -0.01 ±0.10
group 31registered direct offering institutional… 0.00 flat
group 32acquisition startup compression machine… +0.47 ±1.30
group 33board executive joined mid-2020s advising… +0.07 ±0.34
group 34advance notice days stockholder proposals… +0.10 ±0.69
group 35singular individual centralized all major… 0.00 flat
group 36destructive events adjacent jurisdictions… +0.62 ±1.00
group 37expanded the pool of shares reserved for… +0.04 ±0.33
group 38Company B annual gathering of equity holders… +0.36 ±1.00
group 39company entered lease agreement early 2025 city… -0.01 ±0.10
group 40Board of Directors met 0.00 flat
group 41late-stage clinical trial results chronic… -0.01 ±0.10
group 42former executive oversight financial reporting… +0.33 ±1.00
group 4327,000 per month facility owned by healthcare… +0.51 ±1.10
group 444.41 per share last reported sale price Nasdaq +0.05 ±0.56
group 45seven individuals owed over two million debt… +0.98 ±0.04
group 46convertible debt offering 150 million cable… +0.33 ±0.10
group 47digital assets acquisition cash equity shares… 0.00 flat
group 48autumn 2020s company partnered antibiotic… +0.96 ±0.10
group 49substantial equivalence determined class II… +0.10 ±0.78
group 50investment group ownership rights director… 0.00 flat
group 51hydrogel drug delivery platform assignment… +0.10 ±0.41
group 52leasing over 100,000 square feet extends into… 0.00 flat
group 53independent directors approval to defer… 0.00 flat
group 54disposed of a wholly-owned dormant subsidiary… +0.53 ±0.22
group 56company authorized buy back up to eight figure… +0.02 ±0.39
group 57gene circuit technology government research… +0.21 ±0.53
group 59Depot Street laboratory lease 2020 40000 square… +0.45 ±1.10
group 60Board directors grant stock options 200,000… +0.08 ±0.40
group 6140 million test year ending in winter +0.21 ±0.85
group 62late 2021 founded company resource extraction… +0.32 ±0.95
group 63Convertible promissory note Miami +0.10 ±0.40
update 14512 rollouts in 64 groups +0.22 96% 19.6 0.24 4/64

4 groups with transcripts, sampled across the range of reward spread

group 4appointed new board member investment chief multilateral… 0.00 flat
group 31quarter million square feet cellular therapy partnership +0.29 ±0.67
group 3712,500 square feet lease production subsidiary acquired autumn… +0.60 ±1.20
group 59Company C disposition subsidiary unaffiliated trading entity… +0.03 ±0.27
all 64 groups
group 0corporate secretary address "Missouri"… +0.14 ±0.30
group 1shareholders of record registered transfer… +0.57 ±1.00
group 2executive led consumer brands European region… +0.33 ±0.10
group 3half-million square foot facility visual… +0.22 ±0.60
group 5month-to-month arrangement office facilities… -0.04 ±0.20
group 6300 metropolitan areas corporate headquarters… -0.01 ±0.10
group 7executed real estate arrangement future… +0.13 ±1.20
group 8200,000 electric customers 100,000 gas… +0.55 ±0.35
group 9early summer 2020s capital raise equity… +0.05 ±0.20
group 10customer commitment threshold equity awards… 0.00 flat
group 11appointed independent directors April 2013… 0.00 flat
group 12placement agent agreement private securities… +0.08 ±0.41
group 1312 members governance lease 100,000 square feet… +0.06 ±0.88
group 14state-chartered depository subsidiaries +0.34 ±1.10
group 15state shares its name with a type of naval… +0.18 ±0.38
group 16signals platform acquisition company B… +0.16 ±0.61
group 17mid-2025 proposal stockholders phased… +0.42 ±1.00
group 18"20 cent per unit" compensation intermediaries… -0.03 ±0.20
group 19founder private medical practice blood… -0.01 ±0.10
group 20goodwill $300,000 deferred tax liability… +0.98 ±0.10
group 21mid-month acquisition announced cross-border… +0.42 ±1.20
group 22repriced exercise price eligible instruments… +0.28 ±0.99
group 23loan origination facility outside branches… +0.50 ±1.00
group 24company employs over 80% workforce Bangladesh… +0.07 ±0.77
group 25audit opinion communications municipality… +0.18 ±0.51
group 26acquired two properties from a related entity… +0.83 ±1.20
group 27supplemental retirement benefit opening credits… +0.52 ±1.20
group 28registered stockholders fewer than seventy… +0.01 ±0.10
group 29incentive compensation arrangement… -0.01 ±0.10
group 30CEO stepped down from all management and… +0.01 ±0.05
group 32third quarter impairment private label… +0.43 ±0.18
group 33Library Avenue Wilmington registered agent… +0.27 ±1.00
group 340.25 percent preferred equity offering document +0.01 ±0.54
group 35real estate company stepping down founding… +0.34 ±0.21
group 3617 sites 12 customer facing items nomination… +0.04 ±0.34
group 38telecom equipment provider won auction for… +0.29 ±0.41
group 39Caribbean jurisdiction registration rights… +0.10 ±0.99
group 40private aviation time units executive perk… +0.15 ±0.88
group 41company governance six members shareholder… +0.05 ±0.38
group 42late 2010s founded by professor computer… +0.51 ±0.88
group 43joined in the late 1980s served in various… -0.03 ±0.20
group 44reimbursement to executive officers… +0.17 ±0.21
group 45300 megawatts storage renewable project… +0.17 ±0.30
group 46flat fee $20,000 annual audit work southern… +0.03 ±0.44
group 47board member volunteers charitable foundation… +0.09 ±0.87
group 48share repurchase program up to $300 million… +0.19 ±0.41
group 49board member crane manufacturing Asia early… +0.70 ±0.66
group 50company issued unsecured obligations mid-spring… +0.49 ±1.00
group 51operations leader southern africa energy… +0.26 ±0.55
group 52CFO equity award "distinctive" double-digit… +0.32 ±1.17
group 53mid-2025 shareholders meeting district small… +0.19 ±0.85
group 54hospital district revenue bonds investment… +0.38 ±0.40
group 55COO appointed president early months of 2023… 0.00 flat
group 56revolving credit facility 150 million… +0.66 ±0.10
group 57two-year lease arrangement for workspace late… +0.02 ±0.18
group 58equity awards consecutive trading days stock… +0.04 ±0.29
group 60Bach credit facility 2025 +0.02 ±0.54
group 61converted to Delaware from filed articles and… +0.10 ±0.41
group 62autonomous region northwest Asia borders… +0.42 ±1.19
group 63operational agreement amended winter managerial… -0.01 ±0.10
update 15512 rollouts in 64 groups +0.25 96% 21 0.26 4/64

4 groups with transcripts, sampled across the range of reward spread

group 1foreign subsidiary majority ownership one fifth profits 0.00 flat
group 3government grant royalty capped repayment maximum percentage… +0.42 ±0.31
group 12Board member elected late autumn mid 2020s retired under 5… +0.72 ±1.20
group 22October 2021 majority of revenue from California 5000 square… +0.08 ±0.61
all 64 groups
group 0$16.5 per equity unit shareholder vote 800,000… +0.13 ±0.61
group 22024 senior unsecured debt hedging instrument… +0.43 ±1.20
group 4five-year maturity financing arrangement early… 0.00 flat
group 5acquisition electric hybrid systems early… +0.52 ±1.20
group 6162-8551 Tokyo ward +0.39 ±1.01
group 7equity investment subsidiary early-stage… +0.51 ±0.68
group 8half a calendar year before retiring employees… -0.01 ±0.10
group 9Caribbean jurisdiction no taxation on… -0.01 ±0.10
group 10performance hurdle leveling quadruple share… +0.10 ±0.53
group 1110,000 square foot roasting and packing… +0.16 ±0.86
group 13corporation incorporated and began trading… +0.06 ±0.41
group 14four times audit committee met equity based… -0.01 ±0.10
group 15working capital advance converted into shares… +0.63 ±0.67
group 16acquisition entire equity stake technology… +0.45 ±0.41
group 17internal grading scale reserve increase… +0.37 ±1.00
group 18airports wagering CFO arrangement multinational… +0.04 ±0.42
group 19workplace belonging benchmark 2024 governance… +0.03 ±0.20
group 20tax exempt shipping activities subsidiary… +1.00 ±0.03
group 21transmission line development agreement late… +0.66 ±0.68
group 23company based in Florida acquired business… +0.78 ±0.35
group 24board member studied biochemistry scholarship… +0.47 ±1.00
group 25late summer acquisition over $200 million… +0.06 ±0.84
group 26authorized shares one billion stock… +0.07 ±0.49
group 27board shrank to eight members senior notes… +0.09 ±0.75
group 28annual virtual gathering for equity holders +0.11 ±0.43
group 292023 replaced credit facilities board… -0.05 ±0.20
group 30Singapore building complex named after a type… +0.15 ±0.77
group 31virtual sale of equipment 2.5 million February… +0.98 ±0.06
group 32Sixth Amended and Restated Certificate of… +0.14 ±0.41
group 33shelf registration become active request… -0.01 ±0.10
group 34extend deadline one month intervals stockholder… +0.35 ±1.17
group 35diamond deposits waterway drive company credit… +0.22 ±0.80
group 36reverse split"Valentine" +0.04 ±0.30
group 37governing body downsized early 2024 member… +0.04 ±0.34
group 38July 2024 supplementary restricted transfer -0.01 ±0.10
group 39offshore holding company variable interest… +0.14 ±1.18
group 40named after a historical figure key to westward… +0.09 ±0.26
group 41infrastructure surcharge authorizations… +0.28 ±0.67
group 42motion to dismiss shareholder derivative… +0.31 ±0.54
group 43lab workspace agreement Oak Street 2018 +0.40 ±0.99
group 44multinational technology firm closed presence… +0.90 ±0.64
group 45Company B governing body restructure autumn… +0.05 ±0.40
group 46mid-2020s replaced original facility century… 0.00 flat
group 47clinical development organization early… +0.03 ±0.43
group 48"autonomous region" headquarters relocation… +0.15 ±0.41
group 49executive chairman agreed to acquire several… -0.03 ±0.20
group 5050,000 contractual rights to acquire ownership… +0.07 ±0.44
group 51retail center purchase northwestern… 0.00 flat
group 52annual stockholder meeting late spring 2023… +0.73 ±1.10
group 53Feb 29 2024 attestation report management's… -0.01 ±0.53
group 54operating partner private equity services… +0.10 ±0.40
group 55Series B convertible preferred stock exchange… +0.23 ±0.78
group 56first publicly traded benefit corporation… +0.99 ±0.03
group 57acquired parcel 15,000 sq m under 700 million +0.96 ±0.29
group 58expanded governing body from single digits to… +0.03 ±0.20
group 59protective building structures company… -0.01 ±0.10
group 60board chairman majority stake parts producer… +0.11 ±0.44
group 61audit committee leadership change January 2024… +0.17 ±0.61
group 62single director elected by holders of special… -0.03 ±0.10
group 63intestine disorder multinational trial… +0.50 ±0.36
update 16512 rollouts in 64 groups +0.32 96% 22.9 0.32 2/64

4 groups with transcripts, sampled across the range of reward spread

group 5redeemable 2025 preferred stock quarterly dividend June 15 2025" 0.00 flat
group 11delay in annual filing notification signed by executive rights… +0.23 ±0.67
group 19energy producer memorandum of understanding southern central… +0.17 ±0.40
group 57conditional commitment for a loan exceeding 700 million dollars… +0.42 ±1.20
all 64 groups
group 0revolving lending facility third modification… +0.03 ±0.51
group 1mid 2024 amended license agreement foundational… +0.07 ±0.34
group 2business combination mid-2023 acquired entity… +0.19 ±0.88
group 3Company B internal restructuring late autumn… +0.34 ±0.41
group 4formed December 2020 acquisition majority stake… +0.13 ±1.00
group 6founder MBA Johns Hopkins -0.01 ±0.49
group 7real estate auction business owner joined the… +0.10 ±0.41
group 8minimum portion after tax profits allocated to… +0.31 ±0.58
group 9pest and wildlife control accounting firm… +0.81 ±0.77
group 1025 branches bank 25 branches 40 locations… +0.15 ±0.41
group 12equity incentive plan evergreen formula… +0.60 ±1.00
group 13July business combination equity consideration… +0.09 ±0.29
group 14fully backstopped equity issuance early 2024… +0.85 ±1.20
group 15mid-2020s legislation requiring developers… +0.22 ±0.44
group 16102 patents subsidiary regulatory filings +0.42 ±1.00
group 17board established terms for a retention-focused… +0.03 ±0.53
group 18share consolidation ordinary shares one-for-ten… +0.86 ±0.36
group 20unit 507 Building C 500 sq meters technology… +0.94 ±0.37
group 21blockchain fractional property sale settlement… +0.15 ±0.79
group 22direct supplier to luxury automaker +0.47 ±1.10
group 23promissory note 8% increase to 15% maturity two… -0.06 ±0.20
group 24headquarters no cost premises owner 760xx +0.02 ±0.54
group 25contingent equity consideration earnout tranche… +0.74 ±0.68
group 26primate supply operations island nation Indian… +0.39 ±0.81
group 27indemnification obligations without time limits… +0.92 ±0.33
group 28Accenture board 9 members trademarks 200 +0.03 ±0.27
group 29400000 square feet leased space headquarters… +0.56 ±0.99
group 30benchmark expansion kerosene 2025 +0.29 ±0.67
group 31'elected seven people' 'employee share purchase… 0.00 flat
group 3212:1 consolidation equity securities 90 million… -0.02 ±0.60
group 33"dual science degrees" "women's college" board -0.05 ±0.10
group 34anti-PD-1 antibody program license 2018 +0.41 ±0.35
group 35"three distinct groups" rotating terms eight… +0.00 ±0.22
group 36Weifang principal executive office county-level… +0.54 ±0.40
group 37biocompatible plasma technology license… +0.96 ±0.33
group 38regional headquarters lease 7000 square feet +0.14 ±0.53
group 39company water utilities groundwater wells… +0.59 ±0.42
group 40special committee on strategic matters advised… +0.28 ±0.65
group 41gaming peripherals acquisition three letter… +0.61 ±0.98
group 42former managing real estate executive joined… +0.04 ±0.50
group 43Caribbean jurisdiction SPAC incorporated early… -0.06 ±0.20
group 44promissory note partial stake natural resource… -0.04 ±0.20
group 45Bermuda SPAC 2022 board Feb 28 over-allotment… -0.01 ±0.40
group 46metal equipment assembly operations… +0.32 ±0.68
group 47extending deadline for a business combination… +0.77 ±1.00
group 48annual shareholders meeting November 2023 Friday +0.15 ±0.61
group 49(no search) +0.66 ±1.20
group 50post-approval re-examination period eight years… +0.04 ±0.29
group 51disposed of approximately fifty thousand… +0.38 ±0.33
group 52regulatory moratorium fifteen months notice… +0.04 ±0.41
group 53majority stake social media monitoring public… +0.72 ±1.20
group 54renovated complex interior garden spaces… +0.48 ±1.00
group 55Company B incurred rent expenses ... formal… +0.05 ±0.20
group 56supplementary protection certificate 2035… +0.40 ±1.20
group 58Primary Fuels Defendent Louisiana coastal… +0.26 ±0.52
group 59reproductive tissue storage facilities… +0.99 ±0.03
group 60mid March 2023 appointed CEO shareholder letter… -0.03 ±0.10
group 61"Class III directors" "Lake Tahoe" municipality +0.05 ±0.20
group 62Rule 14a-19 governing documents financing… +0.25 ±0.98
group 63subsidiary announced achieved production target… +0.90 ±0.65
update 17512 rollouts in 64 groups +0.35 95% 22.7 0.35 3/64

4 groups with transcripts, sampled across the range of reward spread

group 212 members elected by holders of one series and 2 members… +0.87 ±0.35
group 5facility lease extension regulatory approval state agency early… +0.60 ±1.30
group 32regional headquarters lease 7000 sq ft expires 2025 revenue 35… +0.13 ±0.68
group 35residential land parcel 16000 sqm 1 billion revenue generating… +1.00 flat
all 64 groups
group 0technology company safety certification… +0.83 ±0.34
group 1half equity distribution first quarter 2023… -0.01 ±0.10
group 3high altitude digital imaging merger water… +0.76 ±1.20
group 4"7.625% Series C Mandatory Convertible… +0.10 ±0.43
group 6validation technology MSc +0.18 ±0.87
group 7270 million shares business combination defined… +0.90 ±0.35
group 8multinational technology firm closed presence… +0.72 ±1.20
group 9executive employment agreement location shift… +0.41 ±0.70
group 105.5 billion assets 600 million rental revenue… +0.16 ±0.33
group 11"average director attendance" 99% board… +0.09 ±0.40
group 12special sites partnership structure owns less… +0.14 ±0.57
group 13engineering study late 2024 estimating… +0.93 ±0.33
group 14publicly traded completed separation from… +0.23 ±0.65
group 15decommissioned leased spaces impairment charges… +0.70 ±0.67
group 16late spring partnership pipeline infrastructure… +0.09 ±0.30
group 17volunteer hours lease 100k square feet IPO… +0.61 ±1.00
group 18utility infrastructure groundwater wells… +0.48 ±0.81
group 19250 individuals eligible incentive compensation… +0.18 ±0.54
group 20development-stage enterprise headquartered at… +0.50 ±1.00
group 21multimillion equity transfer tens of millions… +0.42 ±1.00
group 22restricted stock units to non-employee… -0.01 ±0.10
group 23board meetings 13 compensation committee… -0.03 ±0.20
group 24one fifth ownership irrigation infrastructure… +0.71 ±0.67
group 25six store closures half a dozen locations… -0.01 ±0.64
group 26"non-facility secured debt" "performance-based… +0.01 ±0.52
group 27executive joined in 1987 chief financial… -0.01 ±0.10
group 28board member medical professional patents… +0.56 ±1.20
group 29second high prescription levels operating lease… +0.20 ±0.81
group 30four dozen positions relocating support… +0.95 ±0.33
group 31former senior executive oversee governance… +0.01 ±0.42
group 33acquisition first week 2024 firm health… +0.28 ±1.00
group 34Japanese company announced 100 billion… +0.41 ±0.01
group 36executive network infrastructure over 25 years… -0.03 ±0.20
group 37company operates in over 200 countries minority… +0.10 ±1.08
group 385% shareholder Arabian Avenue corporate… +0.29 ±1.20
group 39retirement plan contributions exceeded 16… +0.04 ±0.32
group 40capital maintenance agreement 3.5 times 100%… +0.77 ±0.67
group 41February 2025 bonds early redemption 10 years… 0.00 flat
group 42joint venture minority equity partner… +0.38 ±1.00
group 43class settlement agreement entered into… +0.99 ±0.03
group 44senior officer medical informatics different… +0.25 ±0.65
group 45revolving credit commitment expansion by 200… +0.99 ±0.03
group 46personal computing printing solutions workforce… +0.37 ±0.47
group 47board approved executive salary adjustment… -0.04 ±0.20
group 481/8 share acquisition closure new jurisdiction… +0.26 ±0.68
group 49early-stage deposit majority rights equal… +0.31 ±0.67
group 50executive overseeing holding company six-figure… +0.31 ±1.20
group 51200 academic institutions research partnerships… +0.31 ±1.10
group 52business combination mid-2023 leasing… +0.19 ±0.65
group 53materials platform manufacturing 80°C… +0.29 ±0.81
group 54cable-free monitoring system FDA approval 13… +0.41 ±0.02
group 55"rotating classes" directors board 10 +0.04 ±0.59
group 56indexed annuity sales first nine months 2022… +0.71 ±0.69
group 57company B acquisition domestic asset portfolio… +0.11 ±0.61
group 58indirect subsidiary consummated a note… +0.15 ±0.61
group 59lease expires 2040s the executive office lease… +0.15 ±0.41
group 60electroplating production line lease industrial… +0.55 ±0.24
group 61data analytics company employee distribution by… +0.49 ±1.10
group 62October 2023 compensation committee adoption… 0.00 flat
group 63interim results oncology combination study… -0.04 ±0.20
update 18512 rollouts in 64 groups +0.26 93% 24.9 0.26 9/64

4 groups with transcripts, sampled across the range of reward spread

group 7hotel property financing German bank interest rate cap 0.00 flat
group 20board member decades experience overseeing international… +0.08 ±0.34
group 59board member joined early 2010s previously executive crane… +0.64 ±0.78
group 61mid-year spring shareholder assembly electronic platform… +0.17 ±1.20
all 64 groups
group 0administrator receives portion realized capital… +0.44 ±0.87
group 1board member audit committee joined nine years… +0.38 ±0.61
group 2internal controls opinion 2023 southern state -0.01 ±0.10
group 3biotechnology senior scientific leadership… -0.05 ±0.20
group 4eleven thousand square meters production site… +0.17 ±0.57
group 5Series B convertible preferred conversion ratio… +0.24 ±0.42
group 6"300,000 square feet" "percentage" "outside the… +0.22 ±0.81
group 8biocompatible plasma licensed 2008 research… +0.90 ±0.66
group 9trauma product liability claims joint venture… +1.00 flat
group 10initial beneficial ownership statement filed on… 0.00 flat
group 11company B preclinical metabolic candidate… +0.07 ±0.40
group 12board independent directors meeting listing… 0.00 flat
group 13acquisition goodwill 300,000 deferred tax… +1.00 flat
group 14institutional combination announced late July… 0.00 flat
group 15exchange of principal debt convertible… +0.18 ±0.41
group 16January 2025 relocate to New York reverse split… +0.10 ±0.80
group 17equipment financing obligation fixed annual… +0.23 ±0.96
group 18redeeming portion of its securities below five… +0.03 ±0.39
group 19product innovation division staffing allocation… +0.04 ±0.75
group 21electric vehicle network 21000 connection… +0.50 ±1.20
group 22late spring acquisition antibody drug conjugate… +0.49 ±1.00
group 23"research spending" exceeding three trillion… +0.31 ±0.92
group 24PhD chemical engineering board diabetes… +0.14 ±0.87
group 2550,000 square foot office space southern state… +0.96 ±0.32
group 26late-stage clinical trial nutritional treatment… +0.58 ±1.00
group 27200,000 electric customers 100,000 gas… +0.77 ±0.33
group 28Bermuda privacy legislation data protection… +0.50 ±0.77
group 29promissory instrument 8% interest increases to… -0.03 ±0.20
group 30shareholder meeting results all resolutions… +0.10 ±1.06
group 31clinical-stage company just under one hundred… +0.10 ±1.20
group 32just over a dozen miles on mostly unpaved… +0.24 ±0.98
group 33fiscal year end December early 2020s… +0.01 ±0.66
group 3436 patent registrations company less than 20… -0.05 ±0.20
group 35ownership statement filed the day after March… -0.03 ±0.35
group 36termination benefit after five years continuous… +0.21 ±0.67
group 37audit attestation report February 2024 offer… -0.03 ±0.40
group 38"Representative Corporate Executive Officer"… +0.46 ±1.12
group 39former AWS executive stepped down delayed… 0.00 flat
group 40"incorporated in 1972" workforce 7500 Michigan… +0.45 ±0.97
group 41early 2020s funding few hundred thousand equity… 0.00 flat
group 4230 years with the company consulting… 0.00 flat
group 43acquisition November 2020 purchase price over… +0.72 ±0.59
group 44"hot growth company" co-founded by executive… +0.41 ±0.87
group 45indirect automobile financing selected… +0.63 ±0.94
group 46Aarna Holdings LLC -0.03 ±0.20
group 47late-stage clinical trial chronic autoimmune… +0.23 ±0.41
group 48acquired expertise in automating integration… +0.30 ±0.85
group 49fractional property sales blockchain-backed… +0.25 ±0.79
group 50mid-2000s inaugural hire large nation grew… -0.07 ±0.20
group 51Series H Fixed-Rate Cumulative Redeemable… +0.30 ±0.43
group 52acquired dealership assets central plains 2024 +0.14 ±0.56
group 53400,000 shares Class A Common Stock amended… +0.05 ±0.21
group 54early-stage biotechnology facility eastern… +0.99 ±0.09
group 55annual shareholders meeting board 6 directors -0.03 ±0.20
group 56fifth amendment credit agreement interest rate… +0.83 ±0.98
group 57capital deployment authorization 1.5 billion… +0.06 ±0.52
group 58"5000 square miles" service area 50… +0.13 ±0.41
group 60maximum bonus opportunity percentage CEO cfo… -0.01 ±0.40
group 62average shift in base pay across all personnel… +0.41 ±0.85
group 63Fifth Supplemental Indenture unsecured notes 5… +0.07 ±0.20
update 19512 rollouts in 64 groups +0.30 95% 25.6 0.28 7/64

4 groups with transcripts, sampled across the range of reward spread

group 5direct registered offering to purchasers including governing… 0.00 flat
group 30government funding arrangement zero stated interest acquisition… +0.14 ±0.41
group 35administrative support agreement monthly sum thousands office… +0.17 ±0.72
group 55expensing origination costs mortgagem loan deferral-based… +0.55 ±1.20
all 64 groups
group 0shareholders approved consolidation securities… +0.28 ±0.97
group 1company governing body three equal groups… +0.10 ±0.50
group 2sold laboratory operation 2025 biomarker AI… +0.17 ±0.81
group 3130 employees CFO signed off documents 2023 -0.05 ±0.20
group 4over 150 employees "research and development"… +0.12 ±0.20
group 6tax authority issued assessment notice… +0.29 ±0.87
group 7royalty interest grams per barrel 20 leases… +0.61 ±0.80
group 8company derivative securities underlying class… +0.00 ±0.42
group 9"classified governing board" pair of seats" +0.11 ±0.60
group 10dozen board members leased facility 100000… +0.01 ±0.48
group 11marketplace compliance restored mid March… 0.00 flat
group 12authorized equity units increase automatic… +0.14 ±0.81
group 13liquidated damages per asset termination… +0.34 ±1.18
group 14"underwritten offering" "40 million" "quarterly… +0.45 ±1.00
group 15founder early 2000s former biomaterials company… +0.05 ±0.20
group 161960s polymer manufacturing facility acquired… +0.99 ±0.02
group 17amended consulting arrangement winter early… +0.24 ±0.97
group 18precise combinations of fluids color matching… +0.14 ±0.94
group 19digital operations permit renewed multi-year… +0.37 ±1.00
group 20virtual annual meeting 16-digit control number… +0.05 ±0.20
group 21waterfront facility long-term agreement late… +0.98 ±0.06
group 22wellness-focused enterprise proprietary… 0.00 flat
group 23facility lease expired winter 2024 gulf coast… +0.01 ±0.52
group 24June 2016 substantial equivalence regulatory… +0.18 ±0.64
group 25board member led efforts involving several… +0.28 ±0.96
group 26hundredths of a cent equity instruments board 8… -0.00 ±0.40
group 27CFO one third half a million shares special… +0.19 ±1.00
group 28interim leadership became board member… +0.33 ±0.67
group 29statutory capital surplus decrease framework… +0.85 ±0.41
group 31digital interim talent provider Europe Middle… +0.41 ±0.81
group 32disposed facility 250,000 square feet… 0.00 flat
group 33white Swiss subsidiary ethylene oxide… +0.08 ±0.33
group 34founder disposed shares underwritten public… -0.03 ±0.20
group 36annual meeting board seats increased former… +0.67 ±1.00
group 372025 meeting elect seven individuals terms… 0.00 flat
group 3810 million revenue 100 employees "back office"… +0.57 ±0.97
group 39dual class structure founder trust amplified… +0.33 ±1.00
group 40Vice President fab operations promoted late… +0.73 ±0.67
group 41digital asset tracking vehicle benchmark… +0.98 ±0.04
group 42"Cascade Drive" Washington DC registered office +0.30 ±0.61
group 43age 31 senior legal counsel managing all legal… +0.18 ±1.20
group 44ground lease 150000 monthly rent 8500 square… +0.67 ±0.03
group 45Series D cumulative perpetual redeemable… +0.04 ±0.18
group 46former senior partner consulting firm to join… -0.01 ±0.10
group 47lender services program retention initial… +0.88 ±0.65
group 4835 MW battery storage commercial operation… +0.67 ±0.66
group 49enterprise cloud applications professionals… +0.02 ±0.54
group 50late months of 2025 lease agreement term beyond… +0.71 ±0.98
group 51board resignation per share value less than… +0.06 ±0.42
group 52arrangement with financial executive who had… +0.04 ±0.83
group 53share registration ownership records firm… 0.00 flat
group 54audit committee leadership change late January… +0.17 ±0.41
group 56Malta payment institution license transitioned… +0.37 ±0.77
group 57former managing real estate executive joined… +0.05 ±0.58
group 58regulatory proceedings central agency quarterly… +0.63 ±0.67
group 59reincorporating under Delaware laws converting… 0.00 flat
group 60subsidiary credit rating upgraded outlook… +0.79 ±0.67
group 61blank check entity formed in final weeks of the… +0.47 ±0.59
group 62900,000 tons production capacity acquisition… +0.68 ±0.69
group 63Studio Park consolidated operations… +0.95 ±0.32
update 20512 rollouts in 64 groups +0.32 96% 26.5 0.29 3/64

4 groups with transcripts, sampled across the range of reward spread

group 5shareholders meeting February cutoff early June shareholder… 0.00 flat
group 8distribution center signed lease under construction mid-2020s… +0.08 ±0.33
group 35appointed president September 2018 commercial lending… +0.73 ±0.67
group 42collaborative research agreement with military laboratory… +0.35 ±1.20
all 64 groups
group 0manufacturing entity restructuring focus… -0.04 ±0.20
group 1cross-border acquisition announced mid-month… +0.62 ±1.00
group 2sale of 30 million units low double digit price… +0.10 ±0.29
group 3former bank examiner became vice chair… +0.19 ±0.41
group 4aluminum smelter southern hemisphere island… +0.91 ±0.37
group 6pre-contentious claim Geneva liquidators… +0.99 ±0.04
group 7coastal town relocated office warehouse… +0.21 ±0.60
group 9antibiotic treatment partner Middle East… +0.81 ±0.67
group 10trust officer exhibit certificate of… +0.79 ±1.00
group 11new executive leads technology vision holds… +0.90 ±0.45
group 12board arrangement staggered terms split evenly… +0.29 ±0.67
group 13cosmetic injectable regulatory approval shares… +0.34 ±0.58
group 14annual general meeting virtual shareholders… +0.52 ±0.98
group 15company restructuring staff support consulting… +0.14 ±0.75
group 16corporate acquisition manufacturing subsidiary… +0.79 ±0.01
group 172025 lease agreement early year tall structure… +0.07 ±0.74
group 1851,000 square feet centralized operations… +0.03 ±0.20
group 19board member founded charitable organization… +0.70 ±1.00
group 20revolving lending facility third modification… -0.01 ±0.10
group 21supplementary documentation 3-month restriction… +0.04 ±0.48
group 22subsidiary established in Singapore early 2024… +0.20 ±1.10
group 23sold fully-owned commercial property second… +0.27 ±0.41
group 24global sites 18 scientific experts dozens… +0.56 ±0.73
group 25clinical development organization board member… -0.07 ±0.20
group 26founder sold shares privately negotiated… -0.03 ±0.10
group 27expanded secured credit arrangement residential… +0.26 ±1.18
group 28special purchase rights gifted to charitable… +0.03 ±0.24
group 29mid winter lease 5500 square feet southern… 0.00 flat
group 30warrant 19.99% beneficial ownership limitation… +0.15 ±0.60
group 31board member Stanford advanced degree Harvard… +0.33 ±0.98
group 32suite 1000 tenth floor waterfront complex +0.21 ±1.18
group 33board member joined board mid-2020s advising… -0.01 ±0.10
group 34CytoArm CD-19 Armed-T licensed patent milestone… +0.24 ±0.22
group 36diagnostic laboratory services firm IPO raised… +0.75 ±1.00
group 37board member appointed late spring 2023… +0.12 ±0.33
group 38third party logistics warehouse near busiest… +0.14 ±0.61
group 39unanimously approved acquisition plan fairness… +0.22 ±0.77
group 40appointed board member chaired compensation… +0.19 ±1.00
group 41gene therapy co-founded early 1990s board… +0.10 ±0.53
group 43divest segment serving employers health-related… +0.42 ±1.19
group 44mid-2024 license agreement amended academic… +0.02 ±0.54
group 45annual ceiling board member remuneration… -0.05 ±0.20
group 46400 plasma collection centers acquisition… +0.79 ±0.40
group 47changed legal domicile from South Dakota to… +0.56 ±0.56
group 48first publicly traded benefit corporation 2020… +0.99 ±0.04
group 49standby equity agreement island limited… +0.03 ±0.27
group 50special committee of independent directors… +0.72 ±0.96
group 51company board of directors 11 members high… -0.03 ±0.20
group 52spin-out company 2015 university acquired tech… +0.96 ±0.19
group 53200 per share acquisition insurer buy-in… +0.04 ±0.19
group 54unsecured lending arrangements annual accrual… +0.16 ±0.33
group 55purchase instruments exercise rights $1.50… +0.17 ±0.67
group 56summer 2020 incentive equity or currency… +0.70 ±0.66
group 57shareholder send corporate governance… +0.38 ±0.81
group 58short-term investments public entities… +0.21 ±0.44
group 59half a calendar year advance written… +0.15 ±0.61
group 60renovated complex interior garden spaces… +0.40 ±0.97
group 61mid-2025 stockholders approved proposal phased… +0.47 ±1.17
group 62depository subsidiaries consolidated main… +0.37 ±0.98
group 63financial services organization oversight body… 0.00 flat
update 21512 rollouts in 64 groups +0.28 99% 27.3 0.24 13/64

4 groups with transcripts, sampled across the range of reward spread

group 1board meets 5 times per year compensation committee meets 5… 0.00 flat
group 5company operates branches across multiple regions most… +0.60 ±0.61
group 44board member chief financial officer joined late autumn… +0.04 ±0.20
group 48co-CEO shareholder meeting spring Delaware +0.10 ±1.20
all 64 groups
group 0registered accounting firm 160000 square feet… +0.17 ±0.40
group 2promissory note board member telepresence robots +0.37 ±0.13
group 3late winter quarterly results press release… +0.16 ±0.65
group 4back office sourcing facility city fort name… +0.66 ±1.00
group 6private debt offering convertible $150 million… +0.66 ±0.63
group 7Amended and Restated Employment Agreements… +0.03 ±0.26
group 8board member returned shares to issuer 10,000… 0.00 ±0.40
group 9redomiciled to Malta 2022 employees 5 +0.20 ±0.41
group 10board member 10 years public accounting… +0.04 ±0.32
group 11Israeli authorities closed criminal… +0.02 ±0.39
group 12quarter of the initial increment authorized… +0.17 ±0.57
group 131500 trucks automotive fleet 3000 units… 0.00 flat
group 14ten days before the backer acquired tens of… 0.00 flat
group 15lease expires 2029 "200,000" square feet… 0.00 flat
group 16stockholder meeting approved increase to equity… +0.08 ±0.61
group 17"double authorized shares" 700 million virtual… 0.00 flat
group 18autonomous vehicle technology firm executive… +0.07 ±0.53
group 19Chief operating officer signed key employment… +0.02 ±0.53
group 20new incentive structure reserved units matching… +0.11 ±1.10
group 21fiduciary duties common law British overseas… 0.00 flat
group 22municipality denied deduction shareholder… +0.62 ±0.98
group 23incentive compensation arrangement… 0.00 flat
group 24subordinated debt arrangement trustee executed… +0.57 ±0.34
group 25leverage ratio below 3.5 bank credit facility… 0.00 flat
group 26debt exchange with CEO issued over half a… 0.00 flat
group 27subsidiary prohibited from paying dividends… +0.15 ±0.32
group 28operating lease single digit discount rate… +0.13 ±0.60
group 29extraordinary asset distribution reorganization… +0.22 ±0.61
group 30chairman control number virtual meeting… 0.00 flat
group 31development projects final quarter reclassify… +0.37 ±0.67
group 32purchased real property over fifty million… +0.82 ±0.67
group 33elected seven directors annual meeting shares… +0.04 ±0.34
group 34delivery service rate increase 40 million test… +0.49 ±0.96
group 35mid summer 2024 conversion rights special class… +0.72 ±1.00
group 36Primary Fuels, Inc. defendant lawsuit Louisiana… +0.40 ±0.48
group 37100 Queensway annual shareholder meeting +0.02 ±0.14
group 38social media monitoring majority stake public… +0.70 ±0.67
group 39logistics company acquired retail automation… +0.51 ±0.96
group 40public consultation therapeutic devices rules… +0.26 ±0.54
group 41"net tangible asset" limitation share… +0.69 ±1.00
group 42distribution to common shareholders announced… +0.64 ±1.00
group 43annual shareholder meeting commercial law… +0.38 ±0.79
group 45capital allocation initiative effective end… 0.00 flat
group 46rehabilitation court dissolved subsidiary mid… +0.74 ±1.20
group 47revolving credit arrangement sub-facility 150… +0.71 ±0.34
group 49industrial software acquisition product-centric… +0.34 ±0.59
group 50healthcare company founded spring 2018 snack… 0.00 flat
group 51low tens of millions performance-based payments… +0.91 ±0.69
group 52Delaware incorporated technology company… +0.44 ±0.98
group 53compliance demonstration early spring 2025… 0.00 flat
group 54appointed chief executive value-based care… +0.52 ±0.96
group 55investment chief multilateral development… +0.12 ±0.52
group 56elect nominees to the board 2025 real estate… -0.01 ±0.10
group 57board member elected 2023 led actuarial teams… +0.98 ±0.04
group 58"The Corporation Trust Company" registered… +0.49 ±0.42
group 59gene therapy contraindicated deletions… +0.54 ±0.12
group 60revving credit commitments" two autumns later"… +0.09 ±0.35
group 61786 area code Florida keys corporate secretary… +0.94 ±0.16
group 62virtual gathering late summer ownership… -0.01 ±0.10
group 63summer corporate action combined outstanding… -0.03 ±0.20
update 22512 rollouts in 64 groups +0.36 97% 27.6 0.32 4/64

4 groups with transcripts, sampled across the range of reward spread

group 0business development company growth capital loan outstanding… +0.19 ±0.76
group 14non-employee board equity awards quarterly vesting service year… 0.00 flat
group 20terminated lease early fall withdrew operations restructuring… +0.72 ±1.20
group 36amended employment agreements senior executives effective July… +0.10 ±0.39
all 64 groups
group 1signals platform acquisition Company B +0.54 ±0.37
group 2virtual sale of equipment 2.5 million +0.94 ±0.12
group 3compensation committee cohort manufacturing… +0.75 ±1.20
group 490% employees Alaska 88% minorities workforce… +0.63 ±0.62
group 5special committee strategic matters advised… +0.24 ±0.85
group 6virtual stockholder meeting December 2023 120… +0.41 ±0.68
group 7alternative asset manager issued notes… +0.27 ±0.79
group 819th supplemental agreement to framework… +0.53 ±0.30
group 9"eight tranches" debt issuance company 2024 +0.50 ±0.71
group 10chairman appointed interim chief executive… +0.75 ±1.00
group 11secured lending arrangement amendment lease… -0.03 ±0.20
group 12industrial property lending portfolio one fifth… +0.52 ±0.70
group 13weighted-average vesting period unvested equity… -0.03 ±0.20
group 15Governance committee convened same number of… +0.07 ±0.53
group 16corporate secretary office proxy exhibits mail… +0.28 ±0.93
group 1710 elected members one-year terms global… +0.40 ±0.04
group 18board of governors youth development sport… +0.34 ±0.90
group 19closed a funding transaction units of equity… +0.12 ±0.93
group 21annual shareholder gathering Pacific Northwest… 0.00 flat
group 22distribution agreement partner commercialize… +0.33 ±0.99
group 23Company C appointed senior executive Chief… +0.05 ±0.50
group 2450,000 undeveloped net acres disposed leasehold… +0.42 ±0.33
group 2580,000 square feet lease scientific company… +0.71 ±0.32
group 26legal officer led operations company corporate… +0.74 ±0.69
group 27company manages sports team founded this decade… +0.35 ±1.00
group 28pharmaceutical research subsidiary transferred… +0.37 ±1.00
group 29voluntary debt prepayment reducing interest… +0.47 ±1.00
group 30170 million sales exiting product lines pre-tax… +0.44 ±0.76
group 31Phnom Penh Center 1800 treatment cycles… +0.57 ±0.79
group 32company controlling shareholders holding shares… +0.14 ±0.41
group 33Monetary Authority of Singapore acquisition… -0.03 ±0.20
group 34shareholder meeting 2024 board members… +0.41 ±1.12
group 3535,000 volunteer hours 38 million shares… +0.14 ±0.60
group 37state-chartered depository institution western… +0.31 ±0.45
group 38financial offering document fractional interest… +0.03 ±0.22
group 39arbitration agreement end arbitration state… +0.65 ±1.00
group 40April 2023 equity offering net proceeds over… 0.00 flat
group 41300 megawatts combined generation and storage… +0.28 ±0.61
group 42acquired two properties <200000 dollars… +0.94 ±0.38
group 43sole officer property developer humanities… +0.33 ±0.38
group 44high voltage electrical infrastructure… +0.74 ±0.66
group 45$450 million notes due 2033 corporate bond +0.19 ±0.45
group 46extension of warrant exercise dates board audit… -0.03 ±0.20
group 47ten years leading facilities maintenance… +0.21 ±0.57
group 48gaming peripherals acquisition three letter… +0.53 ±1.08
group 49established an institute in southwestern… +0.39 ±0.90
group 50geological samples sent to facility north of… +0.78 ±0.67
group 51milestone completion of one full year since… -0.03 ±0.20
group 5286,000 units equity deferred consideration… +0.62 ±1.00
group 53seven-year period of market exclusivity rare… +0.15 ±0.27
group 54aviation biorefinery southern Europe aviation… +0.90 ±0.31
group 5540 million partnership investment office… +0.14 ±0.60
group 5620% of payroll wellness retirement benefits… +0.26 ±0.79
group 57single leased facility master-planned community… +0.69 ±0.65
group 58weighted-average recognition period unvested… +0.17 ±1.00
group 59three business units board approved transaction… 0.00 flat
group 60high-risk artificial intelligence systems… +0.20 ±0.33
group 61Company B licensing arrangement final month new… +0.57 ±0.59
group 62mid-year voting assembly approximately… +0.12 ±0.75
group 63chemical recovery calcium turbines 100… +0.59 ±0.42
update 23512 rollouts in 64 groups +0.33 97% 29.8 0.28 6/64

4 groups with transcripts, sampled across the range of reward spread

group 6board establishes recurring payment program equity holders… 0.00 flat
group 21proxy filing oversight individuals "digital platforms" wagering… +0.76 ±0.37
group 51operating chief left company Oct 2024 executive managed… +0.63 ±0.68
group 57naming rights agreement minor league baseball facility opening… +0.80 ±1.20
all 64 groups
group 0holding company unsecured borrowing principal… +0.03 ±0.27
group 1served the company for over two decades until… +0.31 ±0.67
group 2acquisition summer 2023 organization operates… +0.80 ±0.98
group 3lease bath equipment subsidiary sold for less… +0.70 ±0.68
group 413D filing 350,000 shares Harbor House Church… +0.21 ±1.00
group 512920 SE 38th Street principal executive office +0.57 ±0.61
group 7operator affiliate major energy firm acquired… +0.81 ±0.39
group 8convertible notes $11 exercise price cannot be… +0.12 ±0.65
group 9acquired Caribbean island oxide minerals… +0.17 ±0.64
group 10liquid cooling equipment subsidiary early… +0.65 ±0.41
group 11fixed periodic compensation founder equity less… +0.04 ±0.31
group 12appointed independent directors 2013 32 offices… +0.01 ±0.50
group 13treasury platform based on ethereum controlling… +0.74 ±1.00
group 14electric hybrid systems acquisition early… +0.58 ±0.70
group 15$16.50 per equity unit merger vote 2023… +0.57 ±0.78
group 16110,000 shares 10b5-1 trading arrangement… -0.01 ±0.10
group 17first weekday following last Sunday in August… -0.04 ±0.20
group 18capital return program announced mid-December… +0.04 ±0.28
group 19holding company early 2020 disaster western… +0.33 ±0.60
group 20$4.41 per share at-the-market offering… +0.05 ±0.20
group 22biotechnology laboratory 2000 sq ft lease… +0.03 ±0.23
group 23settlement agreement tens of millions… +0.90 ±0.35
group 24settlement with former regional airline payment… +0.05 ±0.55
group 25senior executive overseeing medical research… +0.12 ±0.92
group 26mutual to stock ownership early 2020s board… +0.69 ±0.68
group 27supplement to offering circular January address… +0.46 ±0.62
group 28audit fee 15,000 to 2 million warrants exchange… +0.37 ±0.67
group 29partnership owns remaining units residential… +0.69 ±0.70
group 30capital city shares name with popular dark stout +0.22 ±0.61
group 31holding company incorporated offshore Caribbean… +0.51 ±0.99
group 32board member joined early first quarter 2018… +0.38 ±0.61
group 33breakthrough designation next-generation device… +0.47 ±0.98
group 34mid double digit millions purchase idle… +0.04 ±0.21
group 35majority owned joint venture Q2 2024 50% tax… +0.27 ±0.61
group 36spring 2023 financing agreement initial… +0.49 ±0.99
group 37remittance delay employee retirement savings… +0.16 ±0.64
group 38financial institution established first loan… +0.67 ±1.20
group 39marketing firm acquisition 17 million… 0.00 flat
group 4060% independent directors majority governance… 0.00 flat
group 41female board member age 75 joined 2024… +0.09 ±1.09
group 42global efficiency initiative early 2020s reduce… +0.81 ±0.97
group 43discount ownership stake program payroll… +0.15 ±0.67
group 44independent directors 2,800 restricted units… +0.21 ±0.73
group 45first vessel in over a decade late spring 3000… +0.91 ±0.69
group 46authorized equity units expansion proposed 2025… -0.03 ±0.20
group 4721 million finance costs adjusted operational… +0.22 ±0.28
group 48manufacturing partnership majority stake sold… +0.31 ±0.60
group 49capital return program low billions announced… +0.10 ±0.59
group 5016-digit control number shareholder voting… +0.36 ±1.06
group 52finance services ownership structure… 0.00 flat
group 53Alto Parnaíba phosphate mining relocation… +0.89 ±0.33
group 54real estate arrangements over fifty thousand… -0.03 ±0.20
group 55interagency rule thirty-six hours notifications… +0.23 ±0.59
group 56mid-winter mid-2020s agreement replaced… -0.05 ±0.20
group 58Crunchyroll 1.5 million paid subscribers spring… +0.84 ±1.00
group 59restricted stock vest after one year mid-year… 0.00 flat
group 60admin agent warrants become exercisable… +0.15 ±0.57
group 61shareholder request independent assessment… +0.84 ±0.98
group 62"cruelest month" poetry -0.03 ±0.20
group 63company replaced century old manufacturing… 0.00 flat
update 24512 rollouts in 64 groups +0.28 96% 29.9 0.24 10/64

4 groups with transcripts, sampled across the range of reward spread

group 5governance committee one‐fifth of employees headcount +0.10 ±0.60
group 9public company early winter 2024 headquarters leasing space… +0.03 ±0.27
group 13purchase options fully utilized preserved forfeiture securities… 0.00 flat
group 49supplementary protection certificate 2035 company patent term… +0.65 ±1.20
all 64 groups
group 0shareholders elected individuals to serve… +0.46 ±0.45
group 1convertible promissory note lowest trading… +0.30 ±0.20
group 2unit 507 building C technology park lease 500… +0.97 ±0.08
group 3did over twenty million dollars to home base… +0.07 ±0.40
group 4"Series A Preferred Stock" Delaware amended… +0.57 ±0.41
group 6president worked over fifteen years country… +0.07 ±0.60
group 7nearly equal nominees for board election female… -0.03 ±0.20
group 8acquired the remaining stake in the joint… +0.17 ±0.67
group 10exclusive financial advisor delivered an oral… +0.20 ±0.98
group 11board nominated for election until the next… +0.95 ±0.37
group 12lease 15,000 rentable square feet expansion… +0.56 ±1.20
group 14myopia medical device regulatory approval… +0.96 ±0.04
group 15company headquartered no cost premises sole… +0.04 ±0.32
group 16eliminating several series of ownership… +0.07 ±0.54
group 17labor union founded 1920s social responsibility… +0.26 ±1.10
group 18health savings account holders combine newly… +0.67 ±0.66
group 19automatic employer deposit % defined… 0.00 flat
group 20promotional spending 300000 'three-quarters'… +0.32 ±0.39
group 21statutory trust established 2018 two series… +0.32 ±0.22
group 22leasing office space few thousand square feet… +0.82 ±0.45
group 23three shore-based officers not compensated… +0.64 ±0.44
group 24board shrank to eight members retirement spring… +0.51 ±0.96
group 251.8 billion net sales overseas segment incurred… 0.00 flat
group 26director joined board mid-2024 equity public… +0.42 ±0.30
group 2712,500 square feet leased production subsidiary… +0.91 ±0.20
group 28board member 2023 co-founded youth education… +0.14 ±0.20
group 29board authorized buyback up to 80 million… -0.03 ±0.20
group 30three-way equal allocation design clinical… -0.06 ±0.35
group 31retired military officer led nonprofit since… +0.11 ±0.59
group 32foreign operating loss carryforwards small… 0.00 flat
group 33mutual fund administration subsidiary facility… +0.08 ±0.61
group 34real estate partnership developer land… +0.32 ±0.41
group 35hundreds of millions of local currency cell… +0.34 ±0.78
group 36board expanded size name change governance body… +0.41 ±1.12
group 37first net profit added shares equity plan… 0.00 flat
group 38Virginia cement plant only plant company +0.45 ±1.19
group 39over 100 debt investments lending platform 250… +0.02 ±0.15
group 40manufacturer pledged collateral bank loans… +0.61 ±0.99
group 41executives must hold shares five times base… 0.00 flat
group 42ideal number of board members governance… 0.00 flat
group 43advisory agreement potential strategic… +0.45 ±1.10
group 44indirect wholly owned subsidiary share exchange… +0.27 ±0.41
group 45five-figure equity award restricted units… +0.21 ±0.32
group 46private medical practice blood disorders tumors… +0.02 ±0.39
group 47agricultural holdings leases 8.5 dozen… +0.91 ±0.65
group 48depositary receipt restructuring conversion… -0.03 ±0.20
group 5017 monthly extensions critical deadline company… +0.07 ±0.39
group 51month-to-month lease principal office cost less… +0.12 ±0.62
group 52dual science degrees former women's college… 0.00 flat
group 53virtual shareholder gathering mid-morning… +0.08 ±0.65
group 54low sixties affirmative advisory vote annual… +0.41 ±0.82
group 55business entity completed acquisition early… +0.04 ±0.30
group 56"transfer" "defined benefit" pension… +0.35 ±0.99
group 57virtual stakeholder gathering elected for three… 0.00 flat
group 58"share repurchase" 2026 expiration open market… +0.08 ±0.61
group 59global workforce reduced by over a quarter in… -0.02 ±0.42
group 60November 1 acquisition 100 million facility… +0.92 ±0.33
group 61spring water sources five regions North America… +0.94 ±0.07
group 62six figures annual compensation medical… 0.00 flat
group 63distribution subsidiary established in the… +0.07 ±0.80

Some Closing Thoughts

We started with a 20B model that struggled to properly execute over our harness, then ran ablations and experiments to drive its eval F1 score from 0.20 up to 0.39.

There’s still a lot more we could do here to improve performance. For one, we only trained on a fraction of the total SEC Harness 1 dataset. We could expand the training set or test more learning-rate and batch size combinations — our “one at a time” approach to hyper-parameter optimization is the best approach under our specific budget, but we could have carried over a few configurations to the full run.

A few other, more interesting experiment directions:

  • Curriculum learning During reinforcement learning, we typically want to give the model tasks that are on the frontier of the models’ capabilities. One way to do this is by getting an empirical pass rate of each task before training. We can use this pass rate to bucket tasks into different difficulty tiers and then sample with different weights over the course of training.
  • SFT Warmup In our scaled up training runs, we end up devotion about a third of our data budget just to teaching the model how to use our harness. We can speed this up by adding an initial warmup stage with SFT over some easier tasks.
  • Harness Engineering We generally don’t want to be too prescriptive in the system prompt because we want the model to discover behaviors during training. However, that the model initially does so poorly is a sign that we can improve either our system prompt or harness signals a bit.
  • Other reward shapes So far, we’ve kept the our reward functions deliberately simple. There’s a lot more we can do here. For example: a turn penalty to encourage shorter rollouts, rewards for tool diversity, etc.