<SEC-DOCUMENT>0001377739-21-000069.txt : 20210803
<SEC-HEADER>0001377739-21-000069.hdr.sgml : 20210803
<ACCEPTANCE-DATETIME>20210803142524
ACCESSION NUMBER:		0001377739-21-000069
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210803
DATE AS OF CHANGE:		20210803
EFFECTIVENESS DATE:		20210803

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:		211139060

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

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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">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</FONT></B></P>

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<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"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"><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></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"><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. 20036</FONT></FONT></FONT></P>

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

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<P style="MARGIN-LEFT: 0in; LINE-HEIGHT: 0pt; MARGIN-RIGHT: 0in"><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>August 3, 2021</FONT><BR><BR><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Dear EA Shareholders:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>We have reviewed </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Electronic Arts&#8217; (NASDAQ: EA) </FONT><U><FONT color=#0000ff size=2 face=Calibri,Arial,Helvetica,sans-serif>supplemental filing</FONT></U><U><SUP><FONT color=#0000ff size=2 face=Calibri,Arial,Helvetica,sans-serif>i</FONT></SUP></U><FONT>&nbsp;</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>dated July 27, 2021, in which the company makes a firm commitment to not grant special awards for a period of at least five years (through the end 2026). This commitment is unprecedented, and we view it as a good first step by the Board; </FONT><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>in recognition of that, we are no longer calling for shareholders to vote against Compensation Committee members. </FONT></I></B><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>However, the Board&#8217;s five</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-year commitment falls short of what is optimal given the performance periods of outstanding special awards Named Executive Officers (NEOs) already hold. Put simply, the gap between when the performance period for previously granted special awards ends in 2023 and the end of the special award grant moratorium is only three years, which we view as too short. </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Given EA&#8217;s track record in particular, a </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>longer, more meaningful period is needed, which is why we emphasized at least an eight-year commitment (six-year gap). </FONT><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>Because the </FONT></I></B><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>company&#8217;s </FONT></I></B><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>commitment falls short of what is optimal in this case, we are still urging shareholders to vote against the Say on Pay proposal at the annual meeting on August 12, 2021.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Our call for an eight-year moratorium (reduced from an initial ten years in an attempt at reasonable compromise when we first engaged with the Board on this issue) was rooted in sound logic. The eight-year period represented approximately </FONT><I><FONT size=2 face=Calibri-Italic,Arial,Helvetica,sans-serif>two </FONT></I><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>long-term incentive performance cycles (given that the average cycle is between three to five years) and thus represented at least a </FONT><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>six-year gap </FONT></I></B><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>between the ending of the last special award period and granting of a new award. A five-year commitment, on the other hand, leaves only three years in between the time when the performance period for </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Mr. Wilson&#8217;s &#8220;</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>enhanced</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8221; </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>equity award ends and the company resumes the ability to grant special awards </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8211; </FONT><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>that three-year gap is simply too short and not meaningful enough</FONT></I></B><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>. We also note that the Board has d</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>ecided to increase Mr. Wilson&#8217;s ordinary course equity award from a targeted $15 million to $</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>18 million beginning fiscal 2022, and it is reasonable to assume that subsequent increases will occur for other NEOs during the special award moratorium, thereby sufficiently incentivizing them during a longer eight-year commitment period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>As we have stated previously, special awards have become overused by large companies and need to be seriously curtailed. </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>We believe that, barring truly &#8220;one</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>time&#8221; or &#8220;special&#8221; ci</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>rcumstances such as newly hired executives for example, granting special awards outside the ordinary course pay program should </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>be classified as a &#8220;problematic pay practice&#8221; in the same vein as excise tax gross ups </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>or single-trigger equity acceleration in the event of a change-in-control. Some may think that a more nuanced approach </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>is optimal and that special awards should be &#8220;analyzed&#8221; </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>case-by-case. </FONT><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>However, it has become abundantly clear that the problem with special awards is not their various vesting features or the extent of their rigor, but the actual awards themselves. </FONT></I></B><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>While we acknowledge a company&#8217;s retention </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>challenges and need to retain talented executives, we believe it is time to encourage a climate where executives are content with ordinary course equity award levels most of the time, guaranteeing </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>alignment with shareholders&#8217; interest.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Therefore, we continue to urge you to vote against the Say on Pay proposal.</FONT></B></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>mvarner@socinvestmentgroup.com</FONT></U><FONT>&nbsp;</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>with any questions.</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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<SUP><FONT size=2 face="Cambria Math,Arial,Helvetica,sans-serif">i </FONT></SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Retrieved from </FONT><U><FONT color="#0000ff" size=2 face="Calibri,Arial,Helvetica,sans-serif">https://www.sec.gov/Archives/edgar/data/0000712515/000071251521000109/defa14a2021_0726a.htm</FONT></U></P>
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