<SEC-DOCUMENT>0001377739-15-000004.txt : 20150324
<SEC-HEADER>0001377739-15-000004.hdr.sgml : 20150324
<ACCEPTANCE-DATETIME>20150323181755
ACCESSION NUMBER:		0001377739-15-000004
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20150324
DATE AS OF CHANGE:		20150323
EFFECTIVENESS DATE:		20150324

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOMINOS PIZZA INC
		CENTRAL INDEX KEY:			0001286681
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-GROCERIES & RELATED PRODUCTS [5140]
		IRS NUMBER:				382511577

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32242
		FILM NUMBER:		15720094

	BUSINESS ADDRESS:	
		STREET 1:		30 FRANK LLOYD WRIGHT DRIVE
		CITY:			ANN ARBOR
		STATE:			MI
		ZIP:			48106

	MAIL ADDRESS:	
		STREET 1:		30 FRANK LLOYD WRIGHT DRIVE
		CITY:			ANN ARBOR
		STATE:			MI
		ZIP:			48106

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CtW 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
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<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">March 23, 2015</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Please vote AGAINST the &#147;Say</FONT></B><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">-on-</FONT></B><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Pay&#148; proposal at Domino&#146;s Pizza, Inc. (NYSE:DPZ) Annual</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Meeting on April 21, 2015.</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Dear Domino&#146;s shareholder:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">For the second-year running, we urge you to </FONT><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Vote No </FONT></B><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">on the Advisory Vote to Approve Executive</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Compensation (&#147;Say</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">-on-</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Pay&#148;). We believe Domino&#146;s aggressively leveraged balance sheet and the </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">market pricing of high growth expectations places long-term shareholder value at a sensitive crossroads, making it essential that excessive and poorly structured pay practices are reformed, and compensation disclosures strengthened. These are actions which the board has failed to take despite strong investor opposition </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">to the company&#146;s pay practices </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">last year.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">For investors, the following are of immediate concern:</FONT></P>
<UL>
<LI>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Domino&#146;s aggressive strategy reinforces the need for long</FONT></B><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">-term focused pay.</FONT></B></LI>
<LI>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Three-year realizable CEO pay of &#36;46 million, or over twice the peer median.</FONT></B><SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1</FONT></SUP></LI>
<LI>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Long-term and annual incentive vehicles that suffer from truncated performance horizons,</FONT></B> <B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">and pay-for-failure vesting schedule: </FONT></B><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(1) The annual incentive plan operates as a de </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#150;</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">facto</FONT> <FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">semi-annual bonus plan risking a myopic focus on quarterly performance; (2) The long-term</FONT> <FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">incentive plan operates as an annual incentive plan, offers a generous pay-for-failure vesting</FONT> <FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">schedule, and an apparent reliance on the same single metric, adjusted segment income, as the</FONT> <FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">annual incentive plan.</FONT></LI>
<LI>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">The failure to reform any of these practices </FONT></B><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">despite over 30% of shares opposing the re-</FONT> <FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">election of Compensation Committee Chairman Andrew Balson at last year&#146;s annual meeting,</FONT> <FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">and nearly a quarter cast against &#147;Say</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">-on-</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Pay.&#148;</FONT></LI>
</UL>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">The CtW Investment Group works with pension funds in order to enhance long-term shareholder value through active ownership. These funds invest over &#36;250 billion in the global capital markets and are </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">substantial investors in Domino&#146;s.</FONT></P>
<P style="text-align: left;">
<B><I><FONT size=2 face="Times New Roman,BoldItalic,Arial,Helvetica,sans-serif">Domino&#146;s aggressive strategy reinforces the need for long</FONT></I></B><B><I><FONT size=2 face="Times New Roman,BoldItalic,Arial,Helvetica,sans-serif">-term focused pay.</FONT></I></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Domino&#146;s strong stoc</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">k performance, rich valuation and aggressive expansion plans leave as much to fear as to hope looking forward, with very high growth expectations priced into the stock. Shares have benefited from strong multiple expansion over the past 5 years, leaving Dom</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">ino&#146;s price</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">-to-earnings ratio at a 5-year high </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#150; </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">35 x last 12 months earnings and two-thirds greater than the multiple for the S&amp;P1500 consumer discretionary index. Over the same period </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#150; </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">and driving the rich valuation -- </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Domino&#146;s has </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">dramatically accelerated the pace of store growth, both domestically and internationally, and plans to continue doing so going forward. Without question, shareholders have benefited from this aggressive strategy thus far. But the trinity of ambitious growth, high market expectations, and aggressive leverage (3.93 LTM Net Debt/EBITDA), makes it vital that compensation structures incentivize management to judiciously deploy capital for the long-term, and not offer rewards for managing or meeting these</FONT></P>
<P style="text-align: left;">
<SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">1 </FONT></SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Based on ISS ExecComp Analytics and ISS Selected peers performed on March 18, 2015.</FONT></P>
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<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">expectations irrespective of the long-run value consequences. Unfortunately, this is precisely what the board has failed to ensure</FONT><I><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">.</FONT></I></P>
<P style="text-align: left;">
<B><I><FONT size=2 face="Times New Roman,BoldItalic,Arial,Helvetica,sans-serif">Long-term and annual incentive vehicles suffer from truncated performance horizons, and pay-for-failure vesting schedule</FONT></I></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Contrary to its name, the annual incentive plan incorporates a six-month time horizon, while the long-term performance share plan is more akin to an annual compensation plan than a truly long-term incentive vehicle. Moreover, both plans appear to use the same performance metric </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#150; </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">adjusted segment income. This not only extinguishes any meaningful distinction between the short-term and long-term pay incentives, but risks an unhealthy emphasis on short-term profitability. With the remainder of CEO</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Patrick </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Doyle&#146;s long</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">-term pay comprisi</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">ng &#147;plain vanilla&#148; stock options, Domino&#146;s </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">incentive pay lacks a credible connection to the risks and opportunities of long-term value creation.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Rather than focusing exclusively on full-year performance, the annual cash incentive plan incorporates a mid-year payout equal to 50% of the award, based on performance over the first two quarters. Critically, this mid-</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">year payout is &#147;not subject to forfeiture&#148; if the full</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">-year performance falls short. We believe this structure could lead to a possible excessive short-term quarterly-by-quarterly focus. Meanwhile, the use of performance shares (approximately 50% of the equity mix, with the remainder in seemingly plain vanilla stock options) is undermined by having each tranche vest on the basis of annually established performance targets. In other words, the awards are divided into one-year tranches vesting on one-year performance goals, set at the beginning of each respective year, and subject to no additional time-based vesting once earned. While this may provide retention benefits over an annual cash plan, it risks incentivizing exactly the same short-term performance horizon. Indeed, according to a recent survey of Fortune 500 companies by Towers Watson, just 1% of long-term performance-based award plans utilized such a structure.</FONT><SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2</FONT></SUP></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">The integrity of the long-term incentive structure is further undermined by providing for full, 100% vesting on the basis of an 85% achievement level. Although the company does not disclose the metric or </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">target (problematic in itself), we learned from last year&#146;s </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Institutional Shareholder Services (ISS) proxy report that the company has been using the same segment income goal that applies to the annual incentive plan, although with the awards fully vesting at just 85% of that goal. This generous pay-for-failure vesting schedule seems designed solely to ensure the awards qualify as performance-based awards for corporate tax purposes under Section 162(m) of the Internal Revenue Code of 1986.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Perhaps more concerning, however, is that the sole reliance on segment income in both incentive plans, coupled with the short measurement period, risks incentivizing excessive risk-taking. Segment income is defined along the lines of EBITDA, or earnings before interest tax depreciation and amortization; a measure of profitability that strips out a substantial portion of the costs of generating those earnings. Certainly, EBITDA can play a valid role in a compensation plan, but used in isolation, without any accounting for the underlying investments helping to generate those earnings, there is a serious risk of undermining the long-term alignment with value creation, especially at a company that is aggressively expanding. Based on a 2014 JPMorgan s</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">urvey of pay practices in the restaurant industry, Domino&#146;s </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">over-</FONT></P>
<P style="text-align: left;">
<SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2 </FONT></SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#147;Long</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">-term Incentives </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#150; </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">the Continuing Shift to Performance Based-Awards, </FONT><I><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">Towers Watson</FONT></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">, March 10, 2014.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">This is not a proxy solicitation. Please DO NOT send us your proxy card as it will not be accepted.</FONT></B></P>

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<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">reliance on EBITDA appears an outlier practice.</FONT><SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3 </FONT></SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Indeed, we note there is mounting investor concern with traditional operational pay metrics such as EBITDA and EPS, given their malleability and failure to incorporate the investment or capital costs underlying those earnings, and increasing interest in measures derived from economic profit and return on invested capital.</FONT><SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4</FONT></SUP></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">We strongly believe such profound weaknesses and latent risks in the executive pay plan cannot be ignored, irrespective of recent stock performance.</FONT></P>
<P style="text-align: left;">
<B><I><FONT size=2 face="Times New Roman,BoldItalic,Arial,Helvetica,sans-serif">The failure to address last yea</FONT></I></B><B><I><FONT size=2 face="Times New Roman,BoldItalic,Arial,Helvetica,sans-serif">r&#146;s vote</FONT></I></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Despite last </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">year&#146;s </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">opposition to Say-on-Pay exceeding levels at which, according to a PWC survey, a majority of investors believe boards should consider modifying executive pay structures, the board has </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#147;</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">made minimal changes to the program during 2014</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">,&#148; with the </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">incentive structures and accompanying disclosures unaltered. </FONT><SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5 </FONT></SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Indeed, the company actually took a step backwards </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">since last year&#146;s meeting </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">by executing a new employment agreement with CEO Doyle in February 2015 that extends his personal aircraft use allowance from 35 hours to 45 hours and continues the questionable practice of providing related tax-gross up payments. </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">The agreement, we note follows the replacement of the company&#146;s </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">corporate jet and CEO Doyle having exceeded the 35 hours personal usage. Using data from Equilar, a compensation research firm, </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">we note CEO Doyle&#146;s </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">aircraft perk, valued at &#36;203,000 in 2014 under the 35-hour allotment, is over twice the median value of aircraft perquisites at Fortune 100 CEOs, while his tax-gross up payments on corporate perquisites of &#36;89,000, including &#36;83,000 for personal aircraft use, are four times the median received by Fortune 100 CEOs.</FONT><SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6 </FONT></SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Unfortunately, rather than grappling with the clear weaknesses in its compensation plan, the board has shown a surprising willingness to </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">subsidize a CEO&#146;s personal travel habits.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">We urge you to join us by voting </FONT><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">AGAINST </FONT></B><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">approval of the advisory vote on executive compensation (Item 3). If you would like to discuss our concerns directly with us, please contact my colleague Michael Pryce-Jones at (202) 721-6079 or </FONT><U><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">michael.pryce-jones@changetowin.org</FONT></U><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">.</FONT></P>
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<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Dieter Waizenegger, Executive Director, CtW Investment Group</FONT></P>
<P style="text-align: left;">
<SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">3 </FONT></SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#147;Restaurant HandBook,&#148; </FONT><I><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">JPMorgan North America Equity Research</FONT></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">, March 6, 2014.</FONT></P>
<P style="text-align: left;">
<SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">4 </FONT></SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">For example: &#147;Deep Misalignment Between Corporate Economic Performan</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">ce, Shareholder Return and Executive</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Compensation,&#148; </FONT><I><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">IRRC Institute and Organizational Capital Partners</FONT></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">, November 17, 2014; </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#147;HOLT: Linking Corporate Performance &amp; Valuation to Management Incentives,&#148; </FONT><I><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">Credit Suisse HOLT Analysis</FONT></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">, December 2013; </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#147;Tesco fiasco fuels fears executive pay metrics can skew priorities,&#148; </FONT><I><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">Financial Times</FONT></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">, September 28, 2014; </FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#147;Fidelity makes a stand on executive pay,&#148;</FONT></P>
<P style="text-align: left;">
<I><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">Financial Times</FONT></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">, July 3, 2014; &#147;</FONT><FONT color="#333333" size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Bloomberg Review of Company Performance by Economic Profit Puts New Twist on Pay for Performance Discussion</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">,&#148; </FONT><I><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">Bloomberg</FONT></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">, March 11, 2015; &#147;Earnings Guidance &amp; Compensation Targets: Not Always the Same thing!,&#148; </FONT><I><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">Credit Suisse </FONT></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Equity Research, May 13, 2014.</FONT></P>
<P style="text-align: left;">
<SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">5 </FONT></SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#147;Through the investor lens: perspectives on risk &amp; governance: PwC&#146;s Investor Survey 2013&#148;</FONT></P>
<P style="text-align: left;">
<SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">6 </FONT></SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#147;Fortune 100 CEO Aircraft Perquisite Analysis,&#148; </FONT><I><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">Equilar </FONT></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">available at </FONT><U><FONT color="#0000ff" size=2 face="Times New Roman,Arial,Helvetica,sans-serif">http://www.equilar.com/publications/articles/fortune-100-ceo-aircraft-perquisite-analysis</FONT></U><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">; Certainties of Life: Tax Gross-</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Ups,&#148; </FONT><I><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">Equilar </FONT></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">available at http://www.equilar.com/blog/tax-gross-ups/#sthash.xi0gRefM.dpbs</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">This is not a proxy solicitation. Please DO NOT send us your proxy card as it will not be accepted.</FONT></B></P>


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