<SEC-DOCUMENT>0001377739-21-000067.txt : 20210719
<SEC-HEADER>0001377739-21-000067.hdr.sgml : 20210719
<ACCEPTANCE-DATETIME>20210719164335
ACCESSION NUMBER:		0001377739-21-000067
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210719
DATE AS OF CHANGE:		20210719
EFFECTIVENESS DATE:		20210719

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELECTRONIC ARTS INC.
		CENTRAL INDEX KEY:			0000712515
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				942838567
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17948
		FILM NUMBER:		211098351

	BUSINESS ADDRESS:	
		STREET 1:		209 REDWOOD SHORES PARKWAY
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94065
		BUSINESS PHONE:		650-628-1500

	MAIL ADDRESS:	
		STREET 1:		209 REDWOOD SHORES PARKWAY
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94065

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELECTRONIC ARTS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELECTRONIC ARTS
		DATE OF NAME CHANGE:	19911211

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOC Investment Group
		CENTRAL INDEX KEY:			0001377739
		IRS NUMBER:				203688367

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		202 721 6060

	MAIL ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CtW Investment Group
		DATE OF NAME CHANGE:	20061006
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>ea21voteno.htm
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">SECURITIES &amp; EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">WASHINGTON, D.C.&nbsp;&nbsp; 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF REGISTRANT:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> Electronic Arts, Inc.&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> SOC Investment Group</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">ADDRESS OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> 1900 L Street, N.W., Suite 900, Washington, D.C.&nbsp;&nbsp; 20036</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934:</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">_________________________________________________________________________________________________________________________________________________________</FONT></B></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>July 19, 2021</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Dear Electronic Arts shareholders:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>We urge you to vote AGAINST the Say on Pay proposal as well as Compensation Committee Members Luis Ubi&#241;as (Chair), Leonard S. Coleman, Jay C. Hoag, and Heidi Ueberroth.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>In response to last year&#8217;s low Say on Pay vote (74</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>.5% </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8220;against&#8221; </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>votes) Electronic Arts (EA) made what we view as largely periphery changes to its overall executive compensation program and is now </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>campaigning to boost this year&#8217;s vote. </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>After reviewing those changes, we believe that they do not adequately </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>address the &#8220;elephant in the room,&#8221; namely, </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>the special equity grants to Named Executive Officers (NEOs) that have become too frequent. Also, a</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>lthough granted before last year&#8217;s vote outcome,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>CEO An</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>drew Wilson&#8217;s equity compensation in fiscal 2021 was substantially increased </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>to a target value of $30 million</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8212;</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>a significant </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8220;one</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>time&#8221; increase in equity compensation </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>that many shareholders would consider a special award. Shareholders should oppose both the Say on Pay proposal and the reelection of the Compensation Committee members for the following reasons:</FONT></P>

<UL>

<LI><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>EA&#8217;s executive compensation program changes do not </FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>adequately address the core issue of</FONT></B> <B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>too frequent special award grants to NEOs. </FONT></B><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The only way to hold the Board accountable to its</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>statement that special awards will be used sparingly is a firm commitment from the company</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>over a reasonably lengthy time period. Merely stating &#8220;no plans or intentions&#8221; to grant special</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>equity awards is simply not enough given EA&#8217;s track record.</FONT>

<LI><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Citing retention as a rationale for repeatedly granting special awards is not enough to justify</FONT></B> <B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>them</FONT></B><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>. Repeatedly granting special equity awards in the name of retention perpetuates a</FONT><BR><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8220;double reward&#8221; scenario where special awards end up being gr</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>anted in any situation, whether</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>stock price performance is strong or weak. In our view, companies must strike a balance</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>between retention and appropriate executive pay and executives should be content with</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>ordinary course equity award levels most of the time, guaranteeing alignment with</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>shareholders&#8217; interest</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>.</FONT> </LI></UL>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Mr. Ubi&#241;as is newly appointed to the Compensation Committee as Chair this year. While he may be new to the Committee, </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>he previously served as the company&#8217;s lead independent director and as such was an integral part of the company&#8217;s compensation decisions prior to his appointment</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The SOC Investment Group, formerly known as CtW Investment Group, is an EA shareholder and works with pension funds sponsored by unions affiliated with the Strategic Organizing Center, a coalition of four unions representing more than four million members, to enhance long term shareholder value through active ownership. These funds have over $250 billion in assets under management and are also substantial EA shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=Arial,Arial,Helvetica,sans-serif>1900 L Street NW, Suite 900, Washington, DC 20036</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>S O C I N V E S T M E N T G R O U P . C O M</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=Arial,Arial,Helvetica,sans-serif>(202) 721-0660</FONT></P></DIV>

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<B><I><FONT size=2 face="Calibri-BoldItalic,Arial,Helvetica,sans-serif">EA&#146;s executive compensation program changes do not address the core issue of special award grants </FONT></I></B><B><I><FONT size=2 face="Calibri-BoldItalic,Arial,Helvetica,sans-serif">to NEOs that are simply too frequent.</FONT></I></B></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">The changes that the company has made to several executive compensation components, including adjustments to its performance-based restricted stock unit (PRSU) program and annual bonus program, increased stock ownership guidelines, and expanded clawback policy, do not address the core issue driving excessive executive pay at the company which, very simply, is the frequency of special award grants to NEOs. In our previous communication with the company (discussed further below), we requested that EA commit to an eight-year moratorium on special award grants to NEOs. The eight-year period represents approximately two long-term incentive performance cycles, given that the average cycle is between three to five years. The company did not offer a response to this request.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">The proxy indicates the </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">company&#146;s intent not to grant special equity awards in fiscal 2022, a mere </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">one year period, along with a </FONT><U><FONT color="#0000ff" size=2 face="Calibri,Arial,Helvetica,sans-serif">supplemental filing</FONT></U><FONT>&#160;</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">that states the Board </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">has &#147;</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">no plans or intentions to utilize special equity awards.</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#148; </FONT><B><FONT size=2 face="Calibri-Bold,Arial,Helvetica,sans-serif">EA adds that special awards will be made only in &#147;unique and rare&#148; </FONT></B><B><FONT size=2 face="Calibri-Bold,Arial,Helvetica,sans-serif">circumstances, but does not explain what those situations might be, and the board retains total discretion on this point.</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">We believe that given EA&#146;s history with spe</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">cial awards combined with the shareholder dissatisfaction expressed through a failed Say on Pay vote at the last annual meeting, a longer commitment to not grant special awards is well-justified in this particular case. Specifically, EA NEOs have already received special equity awards in the recent past: Blake Jorgensen and Kenneth Moss both received multi-million dollar special equity awards in both fiscal 2020 and fiscal 2018 and CEO Andrew Wilson received his last special award in fiscal 2018. </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Given the company&#146;s track record, the company&#146;s &#147;no plans or intentions&#148; </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">statement </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">hardly dispels the concern that the board will find &#147;unique </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">and rare</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#148; circumstances to make </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">such awards in the near future.</FONT></P>
<P style="text-align: left;">
<B><I><FONT size=2 face="Calibri-BoldItalic,Arial,Helvetica,sans-serif">Retention challenges are not an adequate justification for frequent special equity awards as this line of reasoning </FONT></I></B><B><I><FONT size=2 face="Calibri-BoldItalic,Arial,Helvetica,sans-serif">can perpetuate a &#147;double reward&#148; scenario</FONT></I></B><B><I><FONT size=2 face="Calibri-BoldItalic,Arial,Helvetica,sans-serif">.</FONT></I></B></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">The company makes three main points of note in support of the Compensation </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Committee&#146;s decision to </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">grant the increased equity award to Mr. Wilson specifically and senior executives more broadly:</FONT></P>
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<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
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<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">That Mr. Wilson has garnered results for the company, highlighting that since Mr. Wilson </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">became CEO in 2013 EA&#146;s stock price has experienced strong growth from &#36;27.60 to &#36;125.73 on </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">the equity award grant date.</FONT>	</TD>
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<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">That their senior executives are at risk of being poached by other large technology companies:</FONT>	</TD>
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<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#147;Because we are a global leader in digital interactive entertainment and a pioneer in the gaming </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">industry, our executives, seasoned leaders with deep industry experience and expertise, are prime targets for recruiting from large technology companies that are headquartered in the San Francisco Bay Area, including companies like Alphabet, Apple and Facebook that are expanding their interactive entertainment capabilities, as well as emerging growth companies and mature </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">technology companies.&#148;</FONT>	</TD>
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<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">That the award was approved and granted prior to the 2020 annual meeting outcome.</FONT>	</TD>
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<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">While we acknowledge these points, none of them alone or taken together completely mitigate the</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Compensation Committee&#146;s actions in this case</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">. For M</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">r. Wilson&#146;s award in particular, </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">the large grant </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">contradicts the Compensation Committee&#146;s own statements that special awards (which his equity award is) should be used &#147;only in rare circumstances</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">.</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#148; </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">A three-year span in between equity awards of this magnitude simply is not </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#147;</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">rare</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#148; </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">in our view. As we previously stated, Mr. Wilson received a special equity award of similar size in fiscal 2018. Also, </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">the timing of Mr. Wilson&#146;s special equity grant does not fully </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">negate our concerns regarding its size and frequency.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">More broadly, we strongly believe that EA executives are already well incentivized through the </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">company&#146;s ordinary course pay program alone (without special awards or &#147;enhanced&#148; &#147;one</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">-</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">time&#148; </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">awards that are much larger than usual) because they already receive significant amounts of annual equity grants that appreciate when the company performs well. Special awards are not needed in most circumstances, and the response to </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#147;significant </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">recruiting </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">pressures&#148; </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">cannot be to offer multi-million-dollar special retention equity awards to executives each and every time. The company points out that its stock price has experienced strong growth since 2013 appreciating from &#36;27.60 to &#36;125.73 under Mr.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Wilson&#146;s leadership, an over 4</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">-fold increase. </FONT><I><FONT size=2 face="Calibri-Italic,Arial,Helvetica,sans-serif">That means Mr. Wilson&#146;s ordinary course equity awards </FONT></I><I><FONT size=2 face="Calibri-Italic,Arial,Helvetica,sans-serif">over that same time period, to the extent that are still held, have also appreciated substantially before any special awards are even taken into account.</FONT></I></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Further, it is our belief that when shareholders experience a loss in their long-term investment in the company, executives should as well. When a company frequently grants very high equity awards, such as in this case, executives may be insulated from falling stock prices to a greater extent than shareholders because diminished compensation is constantly replenished at outsized levels, which runs counter to the notion that equity pay appropriately aligns the interests of executives with those of shareholders.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Also, constantly citing retention challenges as justification for special award grants fuels </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">a &#147;double reward&#148; problem that </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">has significantly contributed to the rapid increase of executive compensation today. A company can rely on </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">a &#147;retention&#148; </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">rationale regardless of performance: when the stock price is rising, a company can claim that their executives are highly talented and sought after and thus special awards are needed to keep them from taking positions at competitors, but when the stock price is falling, a company can claim that not enough equity is vesting for executives to stay and therefore special equity awards are needed to retain them (even if the executives themselves may have played a large role in the fall of the stock price). In other words, the rationales are that on one end executives will leave to work elsewhere when the stock is performing well because they are not being paid enough, and on other hand executives will leave when the stock is performing poorly </FONT><I><FONT size=2 face="Calibri-Italic,Arial,Helvetica,sans-serif">because they are not being paid enough</FONT></I><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">. This fuels a never-ending cycle of executive overpay, unnecessarily inflates the market for executive talent, and may unduly reward executives, because these awards are given regardless of circumstance (stock highs or lows).</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Calibri-Bold,Arial,Helvetica,sans-serif">SOC Investment Group&#146;s </FONT></B><B><FONT size=2 face="Calibri-Bold,Arial,Helvetica,sans-serif">history of engagement with EA</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">We previously voiced concern in a </FONT><U><FONT color="#0563c1" size=2 face="Calibri,Arial,Helvetica,sans-serif">letter</FONT></U><U><SUP><FONT color="#0563c1" size=2 face="Calibri,Arial,Helvetica,sans-serif">i</FONT></SUP></U><FONT>&#160;</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">to EA </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">shareholders dated July 8, 2020 regarding the company&#146;s </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">frequency of special award grants. Following the results of the Say on Pay vote at the 2020 annual meeting, </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">where 74% of shareholder voted against the proposal, we met with a member of EA&#146;s Compensation Committee in December 2020. Following EA&#146;s proxy disclosure in June 2021, we </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">sent a</FONT></P>
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<P style="TEXT-ALIGN: left"><U><FONT color=#0000ff size=2 face=Calibri,Arial,Helvetica,sans-serif>letter</FONT></U><SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>ii </FONT></SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>to Compensation Committee Chair Luis Ubi&#241;as requesting the company commit to an eight-year halt to special awards.</FONT><SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>iii</FONT></SUP></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>To conclude, by not committing to a longer moratorium on special awards, EA has not addressed the core issue with its executive compensation practices and the cause of majority shareholder opposition to its Say on Pay proposal last year.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>It is up to shareholders to take a stand against rationales that allow companies to grant its executives additional </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8220;special&#8221; </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>equity regardless of performance </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>all in the name of &#8220;retention.&#8221; </FONT><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Special (or </FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>in EA&#8217;s </FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>case </FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>&#8220;larger than normal&#8221;</FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>) awards have become a problematic pay practice that have been overused by large companies and need to be seriously curtailed. </FONT></B><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Therefore, we urge you to vote AGAINST the Say on Pay proposal and AGAINST Compensation Committee Members Luis Ubi&#241;as (Chair), Leonard S. Coleman, Jay C. Hoag, and Heidi Ueberroth.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Please contact my colleague Michael Varner, Director of Executive Compensation Research, at </FONT><U><FONT color=#0000ff size=2 face=Calibri,Arial,Helvetica,sans-serif>michael.varner@ctwinvestmentgroup.com</FONT></U><FONT>&nbsp;</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>with any questions.</FONT></P>
<IMG border=0 src="ea21votenox4x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face="Cambria Math,Arial,Helvetica,sans-serif">i </FONT></SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>CtW Investment Group letter to Shareholders. July 8, 2020. Available at: </FONT><U><FONT color=#800080 size=2 face=Calibri,Arial,Helvetica,sans-serif>https://static1.squarespace.com/static/5d374de8aae9940001c8ed59/t/5f05d180bcfc3e26099fb59b/1594216834451/EA+Vote +No+2020+-+FINAL.pdf</FONT></U><FONT>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face="Cambria Math,Arial,Helvetica,sans-serif">ii </FONT></SUP><FONT size=2 face="Cambria Math,Arial,Helvetica,sans-serif">SOC Investment Group letter to Director Ubinas. July 1, 2021. </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Available at: </FONT><U><FONT color=#800080 size=2 face=Calibri,Arial,Helvetica,sans-serif>https://static1.squarespace.com/static/5d374de8aae9940001c8ed59/t/60ddf534cc0972060d020e98/1625158965995/EA+Dem and+Letter+2021+-+FINAL.pdf</FONT></U><FONT>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face="Cambria Math,Arial,Helvetica,sans-serif">iii </FONT></SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>You may have received a communication from the company stating erroneously that SOC Investment Group is not a shareholder and that our views on </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>compensation &#8220;are not aligned with the views of the majority&#8221; of EA shareholders. We </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>pointed out these misstatements to the company, which posted a revised communication deleting these statements.</FONT></P></DIV>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
