<SEC-DOCUMENT>0001214659-22-001589.txt : 20220201
<SEC-HEADER>0001214659-22-001589.hdr.sgml : 20220201
<ACCEPTANCE-DATETIME>20220201163250
ACCESSION NUMBER:		0001214659-22-001589
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220201
DATE AS OF CHANGE:		20220201
EFFECTIVENESS DATE:		20220201

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Apple Inc.
		CENTRAL INDEX KEY:			0000320193
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPUTERS [3571]
		IRS NUMBER:				942404110
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			0924

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36743
		FILM NUMBER:		22579359

	BUSINESS ADDRESS:	
		STREET 1:		ONE APPLE PARK WAY
		CITY:			CUPERTINO
		STATE:			CA
		ZIP:			95014
		BUSINESS PHONE:		(408) 996-1010

	MAIL ADDRESS:	
		STREET 1:		ONE APPLE PARK WAY
		CITY:			CUPERTINO
		STATE:			CA
		ZIP:			95014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	APPLE INC
		DATE OF NAME CHANGE:	20070109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	APPLE COMPUTER INC
		DATE OF NAME CHANGE:	19970808

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NIA IMPACT ADVISORS, LLC
		CENTRAL INDEX KEY:			0001815217
		IRS NUMBER:				815416349
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		341 EL CERRITO AVE
		CITY:			PIEDMONT
		STATE:			CA
		ZIP:			94611
		BUSINESS PHONE:		(510) 601-5575

	MAIL ADDRESS:	
		STREET 1:		341 EL CERRITO AVE
		CITY:			PIEDMONT
		STATE:			CA
		ZIP:			94611
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>g131227px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Apple Exempt Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Notice of Exempt Solicitation (Voluntary Submission)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Name of the Registrant: Apple Inc.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Name of persons relying on exemption: Nia Impact Capital</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Address of persons relying on exemption: 4900 Shattuck Ave #3648, Oakland, CA 94609</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; border-bottom: black 1.5pt solid">Written materials are submitted pursuant to Rule
14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule,
and is made voluntarily.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The proponent urges you to vote FOR the stockholder proposal requesting reporting
on the risks to the company associated with concealment clauses, Proposal Ten, at the Apple Annual Meeting of Shareholders on March 4,
2022.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>SUMMARY OF THE PROPOSAL</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The resolution requests that Apple&rsquo;s Board of Directors oversee the preparation
of a public report assessing the potential risks to the company associated with its use of concealment clauses in the context of harassment,
discrimination and other unlawful acts. Concealment clauses are defined as any employment or post-employment agreement, such as arbitration,
non-disclosure or non-disparagement agreements, that Apple asks employees or contractors to sign which would limit their ability to discuss
unlawful acts in the workplace, including harassment and discrimination.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Apple uses concealment clauses in employment agreements to protect corporate information,
such as intellectual capital and trade secrets. However, Apple has not excluded from these clauses their workers' rights to speak openly
about harassment, discrimination and other unlawful acts.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Healthy workplace culture is linked to strong returns, while a workplace that tolerates
harassment invites legal, brand, financial and human capital risk. In addition, in California, legislation prohibits concealment clauses
in employment agreements involving recognized forms of discrimination and unlawful activity. Apple works under a patchwork of state laws
related to the use of concealment clauses and may benefit from consistent practices across all employees and contractors.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Investors have particular reason to be concerned with Apple, where allegations that
the company retaliated against employees complaining of discrimination and potential labor law violations<SUP>1</SUP> have led workers
to organize under the banner #AppleToo.<SUP>2,3</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.theverge.com/platform/amp/2021/8/9/22609687/apple-pay-equity-employee-surveys-protected-activity</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.theverge.com/2021/8/23/22638150/apple-appletoo-employee-harassment-discord</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://appletoo.us/</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>RATIONALE FOR SUPPORT OF THE PROPOSAL</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Support for this resolution is warranted given that:</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD><FONT STYLE="font-size: 10pt">The use of concealment clauses creates an unknown level of risk for investors</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD><FONT STYLE="font-size: 10pt">Investors benefit from accountability systems within companies</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD><FONT STYLE="font-size: 10pt">The use of concealment clauses can undermine beneficial diversity and inclusion programs</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4)</TD><TD><FONT STYLE="font-size: 10pt">Apple's practices appear to lag its peers</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5)</TD><TD><FONT STYLE="font-size: 10pt">Apple&rsquo;s policies appear to be inconsistently applied</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>&ndash; The use of concealment clauses creates an unknown level of risk for
investors &ndash; </U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Apple's use of concealment clauses creates an unknown level of risk for investors.
These include:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Risks associated with a shifting legislative landscape</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Apple is currently operating under a patchwork of state and international laws. California
has prohibited agreements settling sexual discrimination, harassment, and assault claims from including limits on the disclosure of factual
information related to the claims. In January 2022, the &ldquo;Silenced No More&rdquo; Act went into force. This Act extended existing
protections to claims based on race, age, disability, and all other protected categories.<SUP>4</SUP> As a part of that legislation, California
employees are required to have the following sentence placed in all employment contracts: &ldquo;Nothing in this agreement prevents you
from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct
that you have reason to believe is unlawful.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The laws that protect arbitration are actively under review at the state and federal
level. At the federal level, it is possible that the Forced Arbitration Injustice Repeal (FAIR) Act will gain enough support to pass in
the Senate. The Act was reintroduced in early 2021 after having been passed by the U.S. House in September 2019, by a bipartisan vote
of 225 to 186. The FAIR Act would prohibit companies from using pre-dispute arbitration agreements in all employment, civil rights, consumer
and antitrust cases. In July, 2021, the Ending Forced Arbitration of Sexual Assault &amp; Sexual Harassment Act was introduced and has
passed through the House Judiciary Commitee.<SUP>5</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Additionally, a number of states, including Maine, New York, and Washington, have
been progressing whistleblower protections that might allow employees to circumvent the confidentiality requirements often imposed by
the arbitration process. California law requires that an employee agree &ldquo;voluntarily and affirmatively&rdquo; to enter into an agreement
to arbitrate employment-related claims and bars retaliation against an employee who declines.<SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>4</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.marketwatch.com/story/silenced-no-more-act-becomes-law-in-california-crippling-ndas-11633705395</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>5</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://judiciary.house.gov/news/documentsingle.aspx?DocumentID=4793#:~:text=4445%2C%20the%20Ending%20Forced%20Arbitration,public%20accountability%20under%20the%20law</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>6</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.natlawreview.com/article/california-governor-signs-legislation-outlawing-mandatory-arbitration-agreement<U>s</U></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Risks associated with a possible surge in claims</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Apple&rsquo;s ongoing use of concealment clauses creates the risk of a sudden surge
of claims against the company, should the law change or a successful workaround be found. When previously-hidden discrimination or harassment
problems surface, multiple employees may step forward at once, creating a sudden and significant brand liability. Allegations of harassment
or discrimination, once released, may significantly disrupt business operations and undermine long-term business strategies, as occurred
at Activision, 21st Century Fox, Alphabet, CBS, Intel, Nike, Pinterest, Texas Instruments, Walt Disney, Wynn Resorts and many others.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Harm to relationship with employees</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Employees have protested the use of arbitration or other concealment clauses at a
number of technology companies, including Activision, AirBnb, eBay, Meta, Pinterest and Riot Games.<SUP>7</SUP> After twenty thousand
Google employees participated in a walkout to protest the practice, Google agreed to stop requiring arbitration of employment-related
claims, following an earlier agreement not to use it for sexual harassment claims.<SUP>8</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Harm to brand perception</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The use of concealment clauses for discrimination and harassment claims has generated
significant controversy, as the #MeToo and racial justice movements call attention to how provisions limiting workers&rsquo; (or former
workers&rsquo;) ability to speak freely about their experiences can perpetuate abuse and protect predators. Organized groups of tech workers,
members of Congress and political candidates have all expressed opposition to mandatory arbitration and non-disclosure agreements; press
coverage has been abundant.<SUP>9</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>7</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.theguardian.com/media/2021/oct/20/netflix-employees-activism-walkout-dave-chappelle-controversy</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>8</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.cnbc.com/2018/11/19/google-facebook-airbnb-employees-can-now-sue-over-sexual-harassment.html</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>9</SUP> <FONT STYLE="font-size: 10pt"><U>E.g.</U>, <FONT STYLE="color: #0563C1">https://www.newsweek.com/hollywoods-times-campaign-forced-arbitrationnon-disclosure-agreements-768539</FONT>;
<FONT STYLE="color: #0563C1">https://www.nytimes.com/2018/11/09/technology/facebook-arbitration-harassment.html</FONT>; <FONT STYLE="color: #0563C1">https://www.nytimes.com/2018/11/14/opinion/arbitration-google-facebook-employment.html</FONT>;
<FONT STYLE="color: #0563C1">https://www.bloomberg.com/news/articles/2018-11-08/google-changes-policies-on-sexual-misconduct-after-staff-walkout</FONT>;
<FONT STYLE="color: #0563C1">https://www.bloomberg.com/opinion/articles/2019-06-12/forced-arbitration-enables-sexual-harassment</FONT>;
<FONT STYLE="color: #0563C1">https://www.theguardian.com/commentisfree/2019/jan/08/forced-arbitration-sexual-harassment-metoo</FONT>;
<FONT STYLE="color: #1155CC">https://www.washingtonpost.com/business/why-companies-now-want-harassment-out-in-the-light/2021/06/08/2c2c5884-c8ce-11eb-8708-64991f2acf28_story.html</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Risk of litigation</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">In 2020, in violation of their signed non-disclosure agreements, a number of workers
spoke to the press about experiences of racism and discriminatory pay at Pinterest.<SUP>10</SUP> Pinterest then paid $22.5 million to
settle a gender discrimination lawsuit brought by a former executive; hundreds of employees stopped work in protest.<SUP>11,12</SUP> Shareholders
ultimately sued Pinterest executives alleging a breach of fiduciary duty by &ldquo;perpetrating or knowingly ignoring the long-standing
and systemic culture of discrimination and retaliation.&rdquo;<SUP>13</SUP> As part of its shareholder settlement agreement, Pinterest
pledged $50 million to overhaul its workplace culture and promote diversity, and agreed to release former employees from non-disclosure
agreements.<SUP>14</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>&ndash;Investors benefit from accountability systems within companies&ndash;</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Intrinsic to investments in public companies is the risk that company managers&rsquo;
goals do not align with those of the company&rsquo;s investors. Concealment clauses also provide advantages to managers and executives
who wish to limit their own accountability and keep their actions hidden from external stakeholders; concealment clauses mask from external
parties true workplace conditions, increasing the risk of diverging investor and manager goals.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The use of concealment clauses raises concerns that corporate managers are operating
with a sense of impunity, and rather than relying on the successful implementation of best practices, they may be relying on the ability
of arbitration, non-disclosure and non-disparagement agreements to mask failures in their internal systems.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The power imbalance between a well-funded company with a legal team and a single
employee with limited resources and a reliance on their paycheck is easily identified. If investors wish to have confidence that employees
will call out harassment and discrimination, particularly in those instances that are not extreme but remain unacceptable, this uneven
power dynamic must be addressed. Mandatory arbitration and non-disclosure agreements, by reducing employees&rsquo; ability to share their
own experiences, reduce their autonomy and self-determination in the face of harassment and discrimination. Investors should seek to reduce
the barriers that employees confront when seeking access to a fair and equitable hearing of claims.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Similarly, investors benefit from the use of transparency mechanisms that allow them
to track and monitor corporate performance and business issues in a timely manner. Concealment clauses unnecessarily block investors from
awareness and understanding of illegal workplace activity. Without transparency, investors may be left in the dark about key performance
issues that impact shareholder value. For years, Activision Blizzard reportedly withheld information from the Board of Directors about
sexual misconduct complaints, leading, once the problems surfaced, to significant negative press attention; several government lawsuits
alleging Activision Blizzard permitted a culture of sexual harassment, abuse and discrimination; and multiple employee walkouts. Since
the controversy erupted, the company ended its use of forced arbitration in sexual harassment and discrimination claims.<SUP>15</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>10</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.theverge.com/2020/9/11/21429619/pinterest-workplace-discrimination-finance-team-unequal-culture-bias</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>11</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.nytimes.com/2020/12/14/technology/pinterest-gender-discrimination-lawsuit.html</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>12</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.washingtonpost.com/technology/2020/07/03/pinterest-race-bias-black-employees/</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>13</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.institutionalinvestor.com/article/b1phvnsfffr2bp/Retirement-System-Sues-Pinterest-Board-and-Execs-Over-Discrimination</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>14</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.nytimes.com/2021/11/24/technology/pinterest-discrimination-settlement.html</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>15</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.theverge.com/2021/10/28/22750450/activision-blizzard-ends-forced-arbitration-bobby-kotick-paycut</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Concerns specific to mandatory arbitration: </B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Judicial opinions recount the factual basis of disputes and the legal analysis upon
which their decisions are based. That can be helpful information to an investor. In contrast, most arbitral decisions are not published,
and are known only to the parties or released by the decision of the arbitrator, not at the option of the affected employee. Although
some states require arbitration providers to disclose limited information about the disputes they resolve, these often only include the
parties involved, the type of dispute, final disposition, and the arbitrator&rsquo;s name.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Even when arbitration clauses in employment contracts do not explicitly contain confidentiality
requirements, private arbitration provides a company significantly greater control over information that might be publicly shared and
reduces the employee&rsquo;s access to discovery. As individual employees move through the arbitration process, they are less likely to
learn of others with similar experiences and concerns, reducing the likelihood of broader organizational change and improvement.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">A 2018 study from Cynthia L. Estlund at the New York University School of Law, looking
at the total number of claims brought into the courts relative to the number brought to arbitration, estimates that employment-related
claims in arbitration should have numbered between 515,000 and 722,000 in 2016. Only 5,126 arbitration claims were found, which suggests
that only a relatively few employees believe that bringing a case forward through arbitration is worth the expense, strain or risk. The
author of the study concluded that the asymmetrical power relationship between employee and employer, arbitrator bias in favor of employers,
and limited odds of success &ldquo;have made arbitration so inhospitable to claimants that they routinely give up their claims.&rdquo;<SUP>16</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Companies often implement arbitration requirements in order to block the development
of class action lawsuits. In doing this, they remove a key accountability system. The ability to join a class action enables employees
to respond when the harassment or discrimination has been systematic, rather than individual. Companies that have prevented their employees
from filing class-action lawsuits may have reduced attentiveness to the disenfranchisement of large groups of employees. Blocking class
actions can also create the risk that a company will need to address thousands of individual claims. For example, enterprising lawyers
have attempted to file individual arbitration claims <I>en masse</I>, encouraging claimant participation as they would with class-action
lawsuits. When this occurs, as it did when DoorDash found itself in receipt of 6,000 arbitration claims, a company may face significant
costs.<SUP>17</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Concerns specific to non-disclosure and non-disparagement agreements </B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Non-disclosure and non-disparagement agreements are often broadly worded to keep
an employee, ex-employee or contractor from speaking up about corporate culture or reporting information that would portray the company
and its executives in a negative light.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>16</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3111826</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>17</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.nytimes.com/2020/04/06/business/arbitration-overload.html</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">In California, effective January 1, 2022, &ldquo;The Silenced No More Act&rdquo;
impacts settlement agreements, employment agreements and separation agreements and allows California-based workers to speak openly about
discrimination, harassment, assault and other unlawful conduct regardless of language that might be contained in non-disclosure and non-disparagement
agreements. Specifically, any new agreements must now include a provision stating: &ldquo;Nothing in this agreement prevents you from
discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that
you have reason to believe is unlawful.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The California law means that workers at the same company, particularly a global
company, could be subject to wildly different protections depending on their location. This patchwork effect could make it far more difficult
for a company to institute appropriate corporate governance policies and practices and effectively monitor the workplace for evidence
of discrimination, harassment and other unlawful acts.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>&ndash;The use of concealment clauses can undermine beneficial diversity and
inclusion programs &ndash;</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">In February 2018, Attorneys General from all 50 states signed a letter calling for
the end of mandatory arbitration in sexual harassment cases. They stated, &ldquo;[C]oncerns arise from the secrecy requirements of arbitration
clauses, which disserve the public interest by keeping both the harassment complaints and any settlements confidential&hellip;Ending mandatory
arbitration of sexual harassment claims would help to put a stop to the culture of silence that protects perpetrators at the cost of their
victims.&rdquo;<SUP>18</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Significant concerns about arbitration&rsquo;s appropriateness as a forum for handling
discrimination cases have been raised by the Equal Employment Opportunity Commission (EEOC), the U.S. Government Accountability Office
and FINRA. For instance, in 2016, the legal counsel at the EEOC observed that, &ldquo;The EEOC&rsquo;s stance has always been that mandatory
arbitration of employment discrimination is bad: the secrecy, the lack of precedent.&rdquo; <SUP>19</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Investors benefit from diverse and inclusive workplaces</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">There is strong evidence that companies with diverse teams are better-managed, have
stronger long-term growth prospects, and may enjoy higher share value. These studies include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman">o</FONT></TD><TD>Credit Suisse, in a study of over 3,000 companies, found that companies with women representing more than 20 percent of managers have
had greater share price increases over the past decade than those companies with lower representations of women in management.<SUP>20</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>18</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">http://myfloridalegal.com/webfiles.nsf/WF/HFIS-AVWMYN/$file/NAAG+letter+to+Congress+Sexual+Harassment+Mandatory+Arbitration.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>19</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://time.com/4540111/arbitration-clauses-sexual-harassment/#:~:text=%E2%80%9CThe%20EEOC's%20stance%20has%20always,%2C%E2%80%9D%20says%20the%20EEOC's%20Mastroianni.&amp;text=The%20arbitration%20system%20has%20expanded,many%20argue%20are%20good%20reasons</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>20</SUP> <FONT STYLE="font-size: 10pt; color: #0563C1">https://www.cnbc.com/2019/10/14/female-leaders-may-boost-share-price-performance-credit-suisse-says.html</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman">o</FONT></TD><TD>McKinsey has found that companies in the top quartile for gender diversity in corporate leadership were 21 percent more likely to
have above-average profitability, compared to those companies in the bottom quarter. Similarly, leaders in racial and ethnic diversity
were 33 percent more likely to outperform industry peers on profitability than companies in the bottom quartile.<SUP>21</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman">o</FONT></TD><TD>A 2019 study of the S&amp;P 500 by the Wall Street Journal found that the 20 most diverse companies had an average annual five year
stock return that was 5.8% percent higher than the 20 least-diverse companies.<SUP>22</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Identified benefits of diverse teams include access to top talent, better understanding
of consumer preferences, a stronger mix of leadership skills, more informed strategy discussions, and improved risk management. Diversity,
and the different perspectives it encourages, has also been shown to encourage more creative and innovative workplace environments.<SUP>23</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Of particular relevance to Apple, a strong link seems to exist between diversity
and innovation revenue. BCG has found that, after surveying 1700 companies, companies with above-average diversity produced significantly
greater percentages of revenue from products or services launched within the previous 3 years than those with below-average diversity.
<SUP>24</SUP> BCG also found that companies with above-average diversity had EBIT margins nine percentage points higher than those with
below-average diversity.<SUP>25</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">In contrast, it is reasonable to believe that companies where harassment and discrimination
exist may experience reduced employee morale and productivity, increased absenteeism, challenges in attracting talent and difficulties
in retaining talent. Employees directly experiencing workplace discrimination are also more likely to experience anxiety and depression,
potentially hindering their ability to contribute in the workplace.<SUP>26</SUP> The implications of an exclusive or hostile workplace
go beyond directly impacted employees; in a Deloitte study, 80 percent of surveyed full-time employees said that inclusion was an important
factor in their employer choice. Seventy-two percent said that they would consider leaving an employer for a more inclusive work environment.<SUP>27
</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>&ndash;Apple&rsquo;s practices appear to lag its peers&ndash;</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Technology companies, with which Apple may compete for recruitment and hiring, have
moved away from the use of employee arbitration in claims of harassment or discrimination, or have never required its use. Adobe, AirBnb,
Google, IBM Intel, Microsoft, Salesforce and Uber, among others, have relaxed or do not use these policies.<SUP>28</SUP> Tech companies
Pinterest,<SUP>29</SUP> Expensify,<SUP>30</SUP> and Twilio have agreed to add to all of their employment agreements language that ensures
workers can speak up about issues of harassment, discrimination or any illegal activity by adopting the language required by California
law in all employment contracts.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>21</SUP> <FONT STYLE="font-size: 10pt; color: #0563C1">https://www.mckinsey.com/business-functions/organization/our-insights/delivering-through-diversity</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>22</SUP> <FONT STYLE="font-size: 10pt; color: #0563C1">https://www.wsj.com/articles/the-business-case-for-more-diversity-11572091200</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>23</SUP> <FONT STYLE="font-size: 10pt; color: #0563C1">https://images.forbes.com/forbesinsights/StudyPDFs/Innovation_Through_Diversity.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>24</SUP><FONT STYLE="color: rgb(5,99,193)"> https://www.forbes.c
om/sites/forbesinsights/2020/01/15/diversity-confirmed-to-boost-innovation-and-financial-results/</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>25</SUP> <FONT STYLE="font-size: 10pt; color: #0563C1">https://www.bcg.com/en-us/publications/2018/how-diverse-leadership-teams-boost-innovation.aspx</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>26</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.apa.org/news/press/releases/stress/2015/impact</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>27</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www2.deloitte.com/content/dam/Deloitte/us/Documents/about-deloitte/us-about-deloitte-inclusion-survey.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>28</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://forcetheissue.org/</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>29</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.protocol.com/pinterest-silenced-no-more-act</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>30</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.protocol.com/expensify-ceo-silenced-no-more</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">While conflicting information has been provided to the resolution's proponent, it
appears likely that Apple includes arbitration in its employment agreements, particularly within the documents employees sign as they
join the company. Apple has declined to provide examples of its employment agreement language. Apple is alone among its peers in having
been called out publicly by an employee who was asked to sign an employment agreement that included concealment clauses, contradicting
the company&rsquo;s own statements saying they do not ask employees to sign such documents.<SUP>31</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Investors have particular reason to be concerned with Apple, where allegations that
the company retaliated against employees complaining of discrimination and potential labor law violations<SUP>32</SUP> have led workers
to organize under the banner #AppleToo<SUP>33,34</SUP> and to file numerous unfair labor practices charges with the National Labor Relations
Board.<SUP>35</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">It is important to note that risks to a company like Apple are not confined to the
employee population; the treatment of contractors must also be seriously considered. In October 2021, a jury awarded $137 million to a
contractor for Tesla who alleged racial harassment by the company.<SUP>36 </SUP>Apple, which has about 147,000 full-time employees, reportedly
accepts contract workers from about three dozen staffing firms.<SUP>37</SUP> Many contractor positions at Apple are non-technical; Apple
employs hundreds of contractors, for example, who work as janitors and bus drivers and perform other functions on its campus.<SUP>38</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>31</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.marketwatch.com/story/sec-rejects-apples-argument-that-it-doesnt-try-to-silence-workers-after-former-employee-disputed-it-11640218188?mod=levi-sumagaysay</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>32</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.theverge.com/platform/amp/2021/8/9/22609687/apple-pay-equity-employee-surveys-protected-activity</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>33</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.theverge.com/2021/8/23/22638150/apple-appletoo-employee-harassment-discord</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>34</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://appletoo.us/</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>35</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.nbcnews.com/tech/apple/apple-posts-internal-memo-affirming-employees-right-discuss-pay-rcna5777</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>36</SUP> <FONT STYLE="font-size: 10pt; color: #0563C1">https://edition.cnn.com/2021/10/05/business/tesla-racial-harassment-jury-verdict/index.html</FONT><FONT STYLE="font-size: 10pt">;
<FONT STYLE="color: #1155CC">https://www.cnbc.com/2021/10/05/tesla-must-pay-137-million-to-ex-worker-over-hostile-work-environment-racism.html</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>37</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.latimes.com/business/la-fi-tn-apple-contract-workers-20190212-story.html#:~:text=Apple%2C%20which%20has%20about%20130%2C000,about%20three%20dozen%20staffing%20firms</FONT><FONT STYLE="font-size: 10pt">.
</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>38</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.wsj.com/articles/apple-commits-to-paying-contractors-after-some-were-told-theyd-lose-work-11585667276</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">In 2021, an employee at a facility run by Apple partner CSAT Solutions told <I>Business
Insider</I> their workplace was like a &ldquo;sweatshop,&rdquo; with unhygienic working conditions; Apple responded by saying the facility
is inspected regularly.<SUP>39</SUP> Apple contractors in Colombia, managed by Apple partner Teleperformance, have reportedly been pressured
to sign new employment contracts that allow their employer to install surveillance equipment in employees&rsquo; homes; many feared losing
their job.<SUP>40</SUP> In addition, a 2019 report by the <I>Los Angeles Times</I> suggests that Apple contractors in Sunnyvale, CA, who
are hired and managed by a separate company, faced &ldquo;the constant threat of termination&rdquo; and experienced sudden changes to
employment benefits, such as paid sick leave, with little notice.<SUP>41</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>&ndash;Apple&rsquo;s policies appear to be inconsistently applied&ndash; </U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Apple argues that the disclosure requested by the proponent is unnecessary because
there is nothing to disclose. Its Statement of Opposition leans heavily on Apple&rsquo;s Business Conduct Policy (&ldquo;BCP&rdquo;).
Apple asserts that the BCP &ldquo;sets out Apple&rsquo;s expectations regarding confidentiality of unreleased products and non-public
business information and provides that &lsquo;nothing in this Policy should be interpreted as being restrictive of your right to speak
freely about your wages, hours, or working conditions.&rsquo; Apple broadly interprets &lsquo;working conditions&rsquo; to include unlawful
acts in the workplace, including harassment and discrimination.&rdquo;<SUP>42</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">It is unclear if this statement, which is specific in its reference to the BCP, is
applied to all of Apple&rsquo;s contracts with its employees. An employee may reasonably believe that other contracts signed with the
company, particularly if they represent unique circumstances, such as harassment and discrimination concerns, would supersede Apple's
Business Conduct Policy. A former Apple employee reportedly sought to include the sentence &quot;Nothing in this agreement prevents you
from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct
that you have reason to believe is unlawful&quot; in her settlement agreement, and Apple declined to include the language.<SUP>43</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Apple does not make clear if it knows whether its contractors are asked to sign arbitration,
non-disclosure or non-disparagement agreements. While the Company says it &ldquo;expects&rdquo; its suppliers and contractors to follow
the &ldquo;principles&rdquo; of the BCP, it does not speak to the mechanisms in place to ensure compliance with the BCP document and,
as stated previously, workplace issues among contractors remain a concern for Apple.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>39</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.businessinsider.com/apple-repair-workers-sweatshop-csat-solutions-2021-7?r=US&amp;IR=T</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>40</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.nbcnews.com/tech/tech-news/big-tech-call-center-workers-face-pressure-accept-home-surveillance-n1276227</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>41</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.latimes.com/business/la-fi-tn-apple-contract-workers-20190212-story.html</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>42</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">No-Action Request</FONT><FONT STYLE="font-size: 10pt">,
at 4.</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>43</SUP> <FONT STYLE="font-size: 10pt; color: #1155CC">https://www.businessinsider.com/apple-sec-response-under-scrutiny-after-whistleblower-comes-forward</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Apple asserted in its no-action request to the SEC, asking to exclude the Proposal,
that it was &ldquo;not aware&rdquo; of the use of concealment clauses at the company.<SUP>44</SUP> Shortly after Apple submitted this
request to the SEC, former Apple employee Cher Scarlett went public with the contents of a severance agreement that the company had asked
her to sign. Ms. Scarlett&rsquo;s agreement included non-disclosure and non-disparagement clauses, along with $10,000 per occurrence penalty
for breaching the agreement. As those staffers at Apple responsible for submitting the no-action request were not aware of Ms.Scarlett's
non-disclosure agreement, it is reasonable for investors to be concerned that Apple&rsquo;s Board may also not know if, or to what extent,
concealment clauses are being used globally.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The Board's Statement of Opposition also does not address the company&rsquo;s use
of non-disclosure agreements with its global employees, a potentially significant exposure for Apple. Apple has not made clear what practices
it currently has in place outside the United States. Conducting the analysis requested by the Proposal, which would involve collection
of data about the use of concealment clauses, would fill these gaps and help ensure that Apple&rsquo;s board is informed about the practice.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Conclusion</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">In its December 2021 response to Apple&rsquo;s request to exclude the Proposal on
substantial implementation grounds, the SEC Staff wrote that &ldquo;it appears that the Company&rsquo;s policies, practices and procedures
do not compare favorably with the guidelines of the Proposal and that the Company has not, therefore, substantially implemented the Proposal.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">It is essential that the Board, in its responsibility to represent the best interests
of shareholders, assess the implications of Apple&rsquo;s use of concealment clauses and the sufficiency of its current oversight of these
policies. Investors are not benefited by the ongoing use of a practice that is strongly associated with discriminatory workplaces, obfuscates
true workplace conditions, reduces the capabilities of its employees, and carries with it brand, legal and human capital risks.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">For questions regarding Proposal Ten, please contact Meredith Benton, Whistle Stop
Capital, benton@whistlestop.capital, (415) 384-9895.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">__</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The foregoing information may be disseminated to shareholders via telephone, U.S.
mail, e-mail, certain websites and certain social media venues, and should not be construed as investment advice or as a solicitation
of authority to vote your proxy. The cost of disseminating the foregoing information to shareholders is being borne entirely by the resolution
filer.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Please do not send us your proxy card; Nia Impact Capital is not able to vote your
proxies, nor does this communication contemplate such an event. To vote your proxy, please follow the instructions in Apple&rsquo;s proxy
statement.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>44</SUP> <FONT STYLE="font-family: Times New Roman; font-size: 10pt; color: #1155CC">No-Action
Request</FONT><FONT STYLE="font-family: Times New Roman; font-size: 10pt">, at 4, 10</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; text-align: right; margin-top: 0pt; margin-bottom: 0pt">10</P>

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