<SEC-DOCUMENT>0000902664-24-000083.txt : 20240108
<SEC-HEADER>0000902664-24-000083.hdr.sgml : 20240108
<ACCEPTANCE-DATETIME>20240108170521
ACCESSION NUMBER:		0000902664-24-000083
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240108
DATE AS OF CHANGE:		20240108

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Walt Disney Co
		CENTRAL INDEX KEY:			0001744489
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				830940635
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0928

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38842
		FILM NUMBER:		24520958

	BUSINESS ADDRESS:	
		STREET 1:		500 SOUTH BUENA VISTA STREET
		CITY:			BURBANK
		STATE:			CA
		ZIP:			91521
		BUSINESS PHONE:		(818) 560-1000

	MAIL ADDRESS:	
		STREET 1:		500 SOUTH BUENA VISTA STREET
		CITY:			BURBANK
		STATE:			CA
		ZIP:			91521

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TWDC Holdco 613 Corp.
		DATE OF NAME CHANGE:	20180702

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TWDC Holdco 613 Corp
		DATE OF NAME CHANGE:	20180622

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRIAN FUND MANAGEMENT, L.P.
		CENTRAL INDEX KEY:			0001345471
		ORGANIZATION NAME:           	
		IRS NUMBER:				203454182
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-451-3000

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Trian Fund Management, L.P.
		DATE OF NAME CHANGE:	20051128
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>p24-0035dfan14a.htm
<DESCRIPTION>WALT DISNEY CO
<TEXT>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by the Registrant </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by a Party other than the Registrant </FONT><FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">&#254;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Walt Disney Company</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Fund Management, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Fund Management GP, LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nelson Peltz</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Peter W. May</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Matthew Peltz</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Josh Frank</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>James A. Rasulo</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Parallel Fund I, L.P. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Master Fund, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Co-Investment Opportunities Fund,
Ltd.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Fund (Sub)-G, L.P. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Strategic Investment Fund-N,
L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Strategic Fund-G II, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Strategic Fund-K, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Isaac Perlmutter</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Laura &amp; Isaac Perlmutter Foundation Inc.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Object Trading Corp.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Isaac Perlmutter T.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Zib Inc.</B></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white">(Name of Person(s)
Filing Proxy Statement, if other than the Registrant)<BR STYLE="clear: both">
</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center; background-color: white">Payment of Filing
Fee (Check the appropriate box):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">&#254;</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">No fee required.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

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    <TD STYLE="width: 3%; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and&nbsp;0-11.</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">In response to inquiries from shareholders
of The Walt Disney Company (&ldquo;Disney&rdquo;) relating to the involvement of Trian Fund Management, L.P. (&ldquo;Trian&rdquo;) with
Disney, representatives of Trian have responded, and may in the future respond, with the following statement or substantially similar
statements from time to time:</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify">&ldquo;Thank you for your support.
There is no action for shareholders to take at this time, but we intend to file a definitive proxy statement with the SEC containing important
information regarding, among other things, how and when to vote. The proxy statement will be available to you at no charge on the SEC&rsquo;s
website. When shareholders are able to vote, we will also make available additional materials with further instructions on how to vote
in support of our director nominees.&rdquo;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>IMPORTANT INFORMATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0">Trian Fund Management, L.P. (&ldquo;Trian&rdquo;), together with Nelson
Peltz, Peter W. May, Matthew Peltz, Josh Frank, Isaac Perlmutter, James A. Rasulo, Trian Fund Management GP, LLC, Trian Partners, L.P.,
Trian Partners Parallel Fund I, L.P., Trian Partners Master Fund, L.P., Trian Partners Co-Investment Opportunities Fund, Ltd., Trian Partners
Fund (Sub)-G, L.P., Trian Partners Strategic Investment Fund-N, L.P., Trian Partners Strategic Fund-G II, L.P., Trian Partners Strategic
Fund-K, L.P., The Laura &amp; Isaac Perlmutter Foundation Inc., Object Trading Corp., Isaac Perlmutter T.A., and Zib Inc. (collectively,
the &ldquo;Participants&rdquo;), intends to file a definitive proxy statement and accompanying form of proxy card with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) to be used in connection with the 2024 annual meeting of shareholders of The Walt Disney
Company (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0">THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ
THE DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH
PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEBSITE AT HTTP://WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING
PROXY CARD WILL BE FURNISHED TO SOME OR ALL OF THE COMPANY&rsquo;S SHAREHOLDERS.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0">Information about the Participants and a description
of their direct or indirect interests by security holdings or otherwise can be found in Exhibit 1 to the Schedule 14A filed by Trian
with the SEC on January 8, 2024.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"></P>


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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>p24-0035exhibit1.htm
<DESCRIPTION>EXHIBIT 1
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: right; background-color: #FEFEFE"><B>Exhibit 1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CERTAIN INFORMATION REGARDING THE PARTICIPANTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Participants (as defined below) intend
to file a definitive proxy statement and accompanying form of proxy card with the SEC to be used in connection with the 2024 annual meeting
of shareholders of The Walt Disney Company (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The &ldquo;Participants&rdquo; in this
proxy solicitation are currently: (i) Trian Fund Management, L.P., a Delaware limited partnership (&ldquo;Trian Management&rdquo;),
(ii) Trian Fund Management GP, LLC, a Delaware limited liability company (&ldquo;Trian Management GP&rdquo;), (iii) Nelson Peltz,
(iv) Peter W. May (&ldquo;Mr. May&rdquo;), (v) Matthew Peltz, (vi) Josh Frank (&ldquo;Mr. Frank&rdquo;), (vii) James A. Rasulo
(&ldquo;Mr. Rasulo&rdquo;), (viii) Trian Partners, L.P., a Delaware limited partnership (&ldquo;Onshore&rdquo;), (ix) Trian Partners
Parallel Fund I, L.P., a Delaware limited partnership (&ldquo;Parallel&rdquo;), (x) Trian Partners Master Fund, L.P., a Cayman
Islands limited partnership (&ldquo;Offshore&rdquo;), (xi) Trian Partners Co-Investment Opportunities Fund, Ltd., a Delaware limited
partnership (&ldquo;Co-Invest&rdquo;), (xii) Trian Partners Fund (Sub)-G, L.P., a Delaware limited partnership (&ldquo;Fund
G&rdquo;), (xiii) Trian Partners Strategic Investment Fund-N, L.P., a Delaware limited partnership (&ldquo;Strategic N&rdquo;),
(xiv) Trian Partners Strategic Fund-G II, L.P., a Delaware limited partnership (&ldquo;Strategic G-II&rdquo;), (xv) Trian Partners
Strategic Fund-K, L.P., a Delaware limited partnership (&ldquo;Strategic K,&rdquo; together with Onshore, Parallel, Offshore,
Co-Invest, Fund G, Strategic N and Strategic G-II, the &ldquo;Trian Funds&rdquo; and the Trian Funds together with Trian Management
and Trian Management GP, &ldquo;Trian,&rdquo; and Trian together with Nelson Peltz and Mr. May, the &ldquo;Trian Parties&rdquo;),
(xvi) Isaac Perlmutter (&ldquo;Mr. Perlmutter&rdquo;), (xvii) The Laura &amp; Isaac Perlmutter Foundation Inc., a Florida
corporation (the &ldquo;Perlmutter Foundation&rdquo;), (xviii) Object Trading Corp., a Florida corporation (&ldquo;Object&rdquo;),
(xix) Isaac Perlmutter T.A., a revocable trust formed under Florida law (the &ldquo;Perlmutter Trust&rdquo;), and (x) Zib Inc., a
Florida corporation (&ldquo;Zib&rdquo;, and together with the Perlmutter Foundation, Object, and the Perlmutter Trust, the
&ldquo;Perlmutter Entities&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date hereof, Trian beneficially owns, collectively, 32,337,856
shares of common stock, par value $0.01 per share, of the Company (the &ldquo;Common Stock&rdquo;) (including 200 shares of Common Stock
held in record name by certain Trian Funds), of which 25,569,059 shares of Common Stock are held by the Perlmutter Entities. Mr. Perlmutter,
by virtue of his relationship to the Perlmutter Entities, may be deemed to share beneficial ownership with Trian Management over such
25,569,059 shares of Common Stock. Nelson Peltz beneficially owns 32,339,954.71 shares of Common Stock (including 98.71 shares of Common
Stock held in record name under his name, 2,000 shares of Common Stock held in a separate account over which Nelson Peltz has sole voting
and dispositive power, and 32,337,856 shares of Common Stock held by Trian, which Nelson Peltz beneficially owns by virtue of his position
as the Chief Executive Officer and Founding Partner of Trian Management, the investment manager of the Trian Funds). Mr. May beneficially
owns 32,337,856 shares of Common Stock held by Trian by virtue of his position as President and a Founding Partner of Trian Management.
Mr. Rasulo beneficially owns 2,700 shares of Common Stock.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">In addition to the 25,569,059 shares of Common Stock that Mr. Perlmutter
may be deemed to beneficially own by virtue of his relationship to the Perlmutter Entities, Mr. Perlmutter may, as of the date hereof,
be deemed to have sole beneficial ownership over 51,094 shares of Common Stock, which shares include 48,328 shares of Common Stock underlying
options received by Mr. Perlmutter pursuant to the Company&rsquo;s equity incentive plan while Mr. Perlmutter was an employee of the Company
and 2,766 Shares held in Mr. Perlmutter&rsquo;s individual retirement account.&nbsp; All of such options have an expiration date of March
30, 2028 and have vested or will vest on dates ranging from December 17, 2021 to December 14, 2024 with exercise prices ranging from approximately
$110.54 to $173.40. Mr. Perlmutter currently has a total of 6,127 performance-based restricted stock units that vest based on certain
performance targets based on a performance end date of December 14, 2024. In addition, Mr. Perlmutter currently has a total of 1,111 time-based
restricted stock units with a vesting date of December 14, 2024. Each of the Trian Parties expressly disclaims beneficial ownership of
the shares of Common Stock over which Mr. Perlmutter has sole beneficial ownership. Except as set forth herein, none of the other Participants
beneficially owns any shares of Common Stock.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Each of the Trian Parties, Mr. Perlmutter
and the Perlmutter Entities expressly disclaims beneficial ownership of any shares of Common Stock beneficially owned by Mr. Rasulo.
Mr. Rasulo expressly disclaims beneficial ownership of any shares of Common Stock beneficially owned by the Trian Parties, Mr. Perlmutter
and the Perlmutter Entities.</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Trian Management serves as the management company for each of the Trian Funds. Trian Management GP is the
general partner of Trian Management, which serves as the management company for each of the Trian Funds. Mr. May is the President and
a Founding Partner of Trian Management. Mr. Frank is a Partner and Co-Chief Investment Officer of Trian Management. Matthew Peltz is
a Partner and Co-Chief Investment Officer of Trian Management. Mr. Perlmutter is a controlling person of the Perlmutter Entities.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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