The damage towards the cog is the same as their maximum remaining health; for example, a level 5 cog in full health would receive 42 damage. You can carry a maximum of 255 pink slips, therefore defeating the CEO would reward no pink slips. The number of pink slips being carried is displayed in the Gag section of the Shticker Book. The number of rewarded pink slips is randomised between one to five. Additionally, they take priority over all gag tracks, excluding doodles.
The pink slip is one of the two attacks capable of defeating a level 12 cog in a single hit.
The other is an organic Railroad gag, however this also requires lure.
Originally in Test Toontown, a cupcake was used to activate the cannon.
This is the only attack which doesn't cause the cog to malfunction and explode.