<SEC-DOCUMENT>0001214659-21-008178.txt : 20210805
<SEC-HEADER>0001214659-21-008178.hdr.sgml : 20210805
<ACCEPTANCE-DATETIME>20210805164405
ACCESSION NUMBER:		0001214659-21-008178
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210805
DATE AS OF CHANGE:		20210805
EFFECTIVENESS DATE:		20210805

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:		211149048

	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:			McRitchie James
		CENTRAL INDEX KEY:			0001736547

	FILING VALUES:
		FORM TYPE:		PX14A6G

	MAIL ADDRESS:	
		STREET 1:		9295 YORKSHIP CT
		CITY:			ELK GROVE
		STATE:			CA
		ZIP:			95758
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="color: #2F5496; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: black">Notice of Exempt Solicitation&nbsp;<BR>
</FONT><FONT STYLE="color: #222222">Electronic Arts (EA)</FONT><FONT STYLE="color: black"><BR>
Shareholder Alert<BR>
Voluntary submission by James McRitchie </FONT></P>

<P STYLE="color: #2F5496; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9295 Yorkship Ct., Elk Grove, CA 95758</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholder since 2010</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please vote Against Proposal #4 and For Proposal #5 by August 11, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholder Meeting August 12, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject:&nbsp;Trojan Horse Written Consent vs Real Written Consent</P>

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

<P STYLE="color: #222222; font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4. Trojan Horse Written Consent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">53% of shares last year voted for my proposal to allow
written consent. When it appeared the Board would not honor that vote, I submitted proposal #5 below. The Board filed a counter-proposal
that looks to give shareholders a new right. Unfortunately, it is a deception, like the Trojan horse. The Board&rsquo;s gift is no gift.
It is like naming your company Organica, hoping to confuse customers into thinking your products are organic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">Shareholders are being asked to approve the Amended
and Restated Certificate of Incorporation to enable stockholders who comply with the applicable requirements and procedures to act by
written consent. Read beyond that headline to the fine print.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">The Board&rsquo;s proposal will require that stockholders
seeking to act by written consent must own, individually or in the aggregate, at least 25% of the outstanding shares of common stock to
request that the Board of Directors set a&nbsp;<I>record date</I>&nbsp;to determine the stockholders entitled to act by written consent.&nbsp;<I>Most</I>&nbsp;companies
allowing shareholders to call a special meeting require&nbsp;<I>no</I>threshold to set a record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">The 25% ownership threshold to set a record date is
the same ownership threshold required for stockholders to call a special meeting, so no one would logically gather written consents instead
of calling a special meeting. &nbsp;When shareholders call a special meeting, they only have to win a majority vote&nbsp;<I>from those
voting at the meeting</I>,&nbsp;<I>not</I>&nbsp;a majority of votes from&nbsp;<I>shares outstanding</I>. That makes a huge difference,
since many shares are not voted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #222222">Delaware-based boards can add restrictions
to holding special meetings by unilaterally changing the bylaws. However, the Delaware Supreme Court ruled that any modification or elimination
of the right to written consent must be in the company&rsquo;s certificate of incorporation, which must be voted on by shareholders. The
Court took this action to protect shareholders. (</FONT><FONT STYLE="color: #222299"><B>Special Meetings and Consent Solicitations: How
the Written-Consent Right Uniquely Empowers Shareholders</B></FONT><FONT STYLE="color: #222222">, beginning page 1736)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222"><I>When judging whether a company has &ldquo;good corporate
governance,&rdquo; the focus is often on what rights shareholders are affirmatively given. (note 180)&nbsp;This Note shows that looking
only at what rights shareholders are given, and not at the restrictions placed on those rights, produces an overly optimistic picture
of how much power shareholders actually have. While a shareholder may nominally have certain rights&mdash;and, as a result, the company
may be able to portray itself as having a shareholder-friendly corporate governance&mdash;the reality may be quite different.&nbsp;&hellip;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222"><I>Contrary to popular opinion, the right to act by
written consent is more empowering to shareholders than the right to call a special meeting, because boards cannot unilaterally impose
the same type of restrictions on the latter as they can on the former. A review of the corporate governance documents of large Delaware
companies demonstrates the significance of this distinction. Boards have, with little oversight or fanfare, significantly restricted shareholders&rsquo;
exercise of their special-meeting right. However, companies have generally not imposed similar restrictions on shareholders&rsquo; exercise
of their written-consent right.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">In the past, companies faced with a written consent
proposal often would include a proposal to lower the special meeting threshold on the proxy in return for the shareholder withdrawing
their written consent proposal. In this case, the Board could have offered to lower the special meeting threshold from 25% to 20%. Had
they done so, I might have withdrawn my proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">Instead, the Electronic Arts Board took a relatively
new tactic. Include their own proposal that pretends to offer shareholders the right to act by written consent but that no shareholder
will ever use. Then call the shareholder proposal &ldquo;unnecessary and moot in light of Proposal 4.&rdquo; The Board&rsquo;s proposal
will become effective quickly, whereas the shareholder proposal will require at least another year to implement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">If the Electronic Arts Board succeeds in fooling shareholders
into forclosing their ability to ever use written consent through such deception, how else will they deceive us? Appearing to provide
a right that is essentially nonexistent is worse than opposing a real right. Unfortunately, many shareholders, including institutional
shareholders, are falling for this Trojan horse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222"><B>Vote: AGAINST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">&nbsp;</P>

<P STYLE="color: #222222; font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5. Real Written Consent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">This real corporate governance proposal comes from
me, James McRitchie (as it did last year), so of course, I voted FOR. As indicated in the proposal, many boards and investors assume a
false equivalency between rights of written consent and special meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #222222">However, at most firms allowing written
consent, any shareholder, regardless of the number of shares owned, can seek to solicit written consents on a proposal.&nbsp;By contrast,
calling a special meeting may require a two-step process. A shareholder who does not own the minimum shares required must first obtain
the support of other shareholders. Once that meeting is called, the shareholder must distribute proxies asking shareholders to vote on
the proposal to be presented at the special meeting. That can take more time and expense. Additionally, management generally places more
restrictions on special meetings.&nbsp;See&nbsp;</FONT><FONT STYLE="color: #222299"><B>Special Meetings and Consent Solicitations: How
the Written-Consent Right Uniquely Empowers Shareholders.</B></FONT><FONT STYLE="color: #222222"><SUP>1</SUP>&nbsp;The Trojan Horse
&ldquo;right&rdquo; of written consent removes this advantage and actually forecloses the opportunity of shareholders to ever act by written
consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #222222">The Bank of New York Mellon&nbsp;</FONT><FONT STYLE="color: #222299"><B>argued</B></FONT><FONT STYLE="color: #222222"><SUP>2</SUP>&nbsp;a
provision similar to that contained in the Electronic Arts&rsquo; false written consent proposal (except requiring 20% not 25% of shares)
was equivalent to written consent without such a requirement. Even though the proponent offered no defense, the SEC&nbsp;</FONT><FONT STYLE="color: #222299"><B>denied</B></FONT><FONT STYLE="color: #222222"><SUP>3</SUP>&nbsp;the
no-action request as false on its face. Trojan Horse written consent is NOT equivalent to real written consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">Trojan Horse written consent diminishes the power of
shareholders to hold the Board accountable, so will decrease the value of your shares. Genuine written consent creates a more competitive
environment. That increases the value of your shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #222222"><B>Vote: FOR</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This is not a solicitation of authority to vote your proxy. Please
DO NOT send me your proxy card; James McRitchie is not able to vote your proxies, nor does this communication contemplate such an event.
James McRitchie urges shareholders to vote Against Proposal 4; FOR proposal 5 following the instructions provided on management&rsquo;s
proxy.</B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
https://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?article=9336&amp;context=ylj</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
https://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2020/steinerbnymc120820-14a8-incoming.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
https://www.sec.gov/divisions/corpfin/shareholder-proposals.pdf</P>

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