<SEC-DOCUMENT>0001214659-23-007687.txt : 20230522
<SEC-HEADER>0001214659-23-007687.hdr.sgml : 20230522
<ACCEPTANCE-DATETIME>20230522171620
ACCESSION NUMBER:		0001214659-23-007687
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230522
DATE AS OF CHANGE:		20230522
EFFECTIVENESS DATE:		20230522

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KROGER CO
		CENTRAL INDEX KEY:			0000056873
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-GROCERY STORES [5411]
		IRS NUMBER:				310345740
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0128

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00303
		FILM NUMBER:		23945621

	BUSINESS ADDRESS:	
		STREET 1:		1014 VINE ST
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45201
		BUSINESS PHONE:		5137624000

	MAIL ADDRESS:	
		STREET 1:		1014 VINE ST
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45201

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arjuna Capital
		CENTRAL INDEX KEY:			0001703208
		IRS NUMBER:				475345511
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		353 WEST MAIN STREET
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27701
		BUSINESS PHONE:		(978) 704-0114

	MAIL ADDRESS:	
		STREET 1:		353 WEST MAIN STREET
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27701
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>o522230px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Notice
of Exempt Solicitation</B></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"><B>NAME OF REGISTRANT:&nbsp;</B>The Kroger Co.</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; text-align: justify"><B>NAME OF PERSONS RELYING ON EXEMPTION:</B>&nbsp;
Arjuna Capital</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; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:&nbsp;</B>13
Elm St. Manchester, MA 01944</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"><B>WRITTEN MATERIALS</B>: The attached written materials are submitted
pursuant to Rule 14a-6(g)(1) (the &ldquo;Rule&rdquo;) promulgated under the Securities Exchange Act of 1934,* in connection with a proxy
proposal to be voted on at the Registrant&rsquo;s 2023 Annual Meeting. <FONT STYLE="color: #1A1A1A">*Submission is not required of this
filer under the terms of the Rule but is made voluntarily by the proponent in the interest of public disclosure and consideration of these
important issues.</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"></P>

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<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">May 22, 2023</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">Dear The Kroger Co. Shareholders,</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">We are writing to urge you to <B>VOTE &ldquo;FOR&rdquo; PROPOSAL 8
</B>on the proxy card, which asks the Company to report on unadjusted and statistically adjusted pay gaps across race and gender. The
Proposal makes the following request:</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; background-color: white">Resolved: &nbsp;Shareholders request The Kroger
Co. report on both quantitative&nbsp;median and adjusted&nbsp;pay gaps across race and gender, including associated policy, reputational,
competitive, and operational risks, and risks related to recruiting and retaining diverse talent. The report should be prepared at reasonable
cost, omitting proprietary information, litigation strategy and legal compliance information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Racial/gender pay gaps are defined as the
difference between non-minority and minority/male and female&nbsp;median&nbsp;earnings expressed as a percentage of non-minority/male
earnings (Wikipedia/OECD, respectively).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><U>We believe shareholders
should vote &ldquo;FOR&rdquo; the Proposal for the following reasons: </U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="padding-right: 0.5in"><B>Kroger does not report <U>any</U> quantitative metrics on racial and gender pay gaps, which is increasingly
becoming a standard disclosure for large US companies. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">About 50 percent of the 100 largest US employers
currently report adjusted gaps, and an increasing number of companies disclose unadjusted gaps to address the structural bias women and
minorities face regarding job opportunity and pay. In 2021 to 2023, Microsoft, Visa, Bank of New York Mellon, Best Buy, Chipotle, Disney,
Home Depot, Lowe&rsquo;s, Target, Amalgamated Bank, Visa, Thermo Fisher, BlackRock, and Netflix committed to expanding their pay gap reporting
to include median pay. Kroger lags these companies in its pay equity disclosures. While Kroger states that it &ldquo;review(s) our pay
equity analysis annually,&rdquo; only quantitative metrics provide the accountability and transparency investors seek. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><B>2.</B></P></TD><TD STYLE="padding-right: 0.5in"><B>Best practice pay equity reporting consists of <U>two parts</U>, </B>both of which are requested in
the Proposal:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>unadjusted </U></I><U>pay gaps</U>:
median gaps assess how jobs are distributed by race and gender, and which groups hold the high-paying jobs </B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">o</TD><TD>The median pay of minorities/women working full time versus non-minorities/ men working full time. This is <B><I>literally </I></B>the
definition of the pay gap.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Black workers in the U.S. earn 81 cents on the dollar versus white workers on this basis.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Women in the U.S. earn 83 cents on the dollar versus men on this basis.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">o</TD><TD>United Kingdom and Ireland-based companies are mandated to report median pay.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>adjusted gaps</U></I>, a statistical
assessment of pay between minorities/non-minorities, women/men, performing similar roles </B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="padding-right: 0.5in">What minorities and women are paid versus their direct peers, <U>statistically adjusted</U> for factors
such as job, seniority, and geography.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="padding-right: 0.5in">Glassdoor reports there is a 4.9% adjusted gender pay gap in the United States.<SUP>1</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="padding-right: 0.5in">United States companies prefer to report on this basis as the gaps are smaller and easier to remedy.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B><I>Median</I> pay gap disclosures can improve performance and provide a baseline to investors for measuring progress moving forward.</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A 2019 study&nbsp;cited in the Harvard Business Review&nbsp;found that wage transparency, in countries that mandate it, narrowed the
<I>median</I> wage gap. Refinitive reports companies reporting no gender pay gaps outperformed companies reporting negative pay gaps
from 2016-2021, with a 58.16% spread for their FTSE All-World portfolio and a 135.92% spread for their FTSE North American portfolio.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Citigroup was the first US company to publish its global gender and US minority
median pay gaps in January 2019. It has since shrunk those gaps 3 points each. Large companies like Microsoft, Adobe, Mastercard, Starbucks,
Bank of New York Mellon, Wyndham Hotels and Resorts, and Pfizer have since adopted the same best practice disclosures for not just U.K.,
but U.S. and global operations. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">There are many ways to shrink racial/gender pay gaps at a company &ndash;
improving diversity, conducting statistically-adjusted pay audits, and advancing women/minorities into higher-paying roles and positions
of leadership &ndash; <B>but the only benchmark to measure whether the pay gap is actually shrinking from these various levers is to publish
the median pay gap itself</B>. </FONT></TD></TR></TABLE>

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

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">https://www.glassdoor.com/research/app/uploads/sites/2/2019/03/Gender-Pay-Gap-2019-Research-Report-1.pdf</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Information around Kroger&rsquo;s compensation structure does not replace the need for median and statistically-adjusted pay gap
reporting. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The opposition statement mentions that Kroger has performed
an annual pay equity analysis since 2016, and that the Company has &ldquo;robust and comprehensive pay administration guidelines.&rdquo;
Yet, qualitative assurances are no replacement for quantitative reporting. Without quantitative pay gaps, we are left to trust the Company&rsquo;s
efforts in this area.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Kroger&rsquo;s peers, including Target, Lowe&rsquo;s, and
Home Depot have committed to disclosing <B>both</B> median and adjusted pay gaps annually. And within the last few years, more and more
companies are disclosing racial and gender median pay gaps, committing to an honest accounting of pay equity that will strengthen their
diversity and talent retention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>The Company&rsquo;s current efforts around diversity and inclusion are not a substitute for median and statistically-adjusted pay
gap reporting. </B></TD></TR></TABLE>

<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 0pt 0.5in">While we support the Company&rsquo;s diversity and inclusion
efforts, this work is not a substitute for the median and statistically-adjusted pay gaps that this Proposal seeks. The Board contends
the disclosures are &ldquo;not necessary in light of our existing practices.&rdquo; Although a comprehensive diversity and inclusion strategy
is important, pay gap statistics will complement the Company&rsquo;s efforts and allow Kroger to benchmark its progress toward its DEI
goals. Kroger&rsquo;s refusal to publish adjusted or unadjusted pay gap data is reflective of a lack of transparency and accountability
to investors and employees.</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 0pt 0.5in">Additionally, current diversity reporting efforts are no
substitute for median and adjusted pay gap reporting. While the Company publishes its representation data in its annual ESG report and
EEO-1 disclosures, there is no transparency into the Company&rsquo;s wage gaps to ensure fair pay. More and more companies are publicly
disclosing pay gap audits to create trust and transparency with stakeholders. Only concrete, quantitative pay gap metrics will facilitate
this trust and transparency.</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 0pt 0.5in">Without annual reporting, stakeholders are left to simply
trust whatever internal measures the Company decides to take.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Median pay disclosure is a crucial way to evaluate the Company&rsquo;s efforts in developing a diverse talent pipeline. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In the opposition statement, the Company discusses its efforts
to develop and promote diverse talent. While these efforts are crucial, median pay gaps are essential in assessing and measuring progress
year-over-year. These pay gaps show, quite literally, how companies assign value to their employees through the roles they inhabit and
the pay they receive. Median pay gap data provides a comprehensive view into whether minorities/women are holding as many high-paying
jobs as non-minorities/men.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><B><U>Conclusion</U></B></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">For all the reasons provided above, we strongly urge you to support
the Proposal. Pay transparency has been shown to lead to narrower pay gaps and improved diversity of companies that disclose them, which
we believe is in the long-term best interest of shareholders.</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 contact Julia Cedarholm at <U>juliac@arjuna-capital.com</U>
for additional information.</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">Sincerely,</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"><IMG SRC="nlambsig.jpg" ALT="">&nbsp;</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">Natasha Lamb</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arjuna Capital</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"><B>This is not a solicitation of authority to vote your proxy. Please
DO NOT send us your proxy card. Arjuna Capital is not able to vote your proxies, nor does this communication contemplate such an event.
The proponent urges shareholders to vote for Proxy Item 8 following the instruction provided on the management&rsquo;s proxy mailing.</B></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"><B>The views expressed are those of the authors and Arjuna Capital
as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be
a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information
provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed
that investments in such securities have been or will be profitable. This piece is for informational purposes and should not be construed
as a research report.</B></P>

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

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