<SEC-DOCUMENT>0001214659-23-006449.txt : 20230503
<SEC-HEADER>0001214659-23-006449.hdr.sgml : 20230503
<ACCEPTANCE-DATETIME>20230503120247
ACCESSION NUMBER:		0001214659-23-006449
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230503
DATE AS OF CHANGE:		20230503
EFFECTIVENESS DATE:		20230503

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETSY INC
		CENTRAL INDEX KEY:			0001370637
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36911
		FILM NUMBER:		23882566

	BUSINESS ADDRESS:	
		STREET 1:		117 ADAMS STREET
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11201
		BUSINESS PHONE:		(718) 880-3660

	MAIL ADDRESS:	
		STREET 1:		117 ADAMS STREET
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11201

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NIA IMPACT ADVISORS, LLC
		CENTRAL INDEX KEY:			0001815217
		IRS NUMBER:				815416349
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2666 SHASTA ROAD
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94708
		BUSINESS PHONE:		(510) 601-5575

	MAIL ADDRESS:	
		STREET 1:		4900 SHATTUCK AVE
		STREET 2:		#3648
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94609
</SEC-HEADER>
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<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>o51230px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Etsy Exempt Solicitation</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">Notice of Exempt Solicitation (Voluntary Submission)</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">Pursuant to Rule 14a-103</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">Name of the Registrant: Etsy, Inc.</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">Name of persons relying on exemption: Nia Impact 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">Address of persons relying on exemption: 4900 Shattuck Ave #3648, Oakland,
CA 94609</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; border-bottom: black 1.5pt solid">Written materials are submitted pursuant
to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of
the Rule, and is made voluntarily.</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">The proponents urge you to vote FOR the stockholder proposal
requesting an independent review of the effectiveness and outcomes of the Company&#8217;s efforts to prevent harassment and
discrimination against its protected classes of employees, which is Proposal 5, at the Etsy Inc. (&#8220;Etsy&#8221; or the
&#8220;Company&#8221;) Annual Meeting of Shareholders on June 14, 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"><B>SUMMARY OF THE PROPOSAL</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">The resolution requests that the Board of Directors commission an
independent review of the effectiveness and outcomes of the company&#8217;s efforts to prevent harassment and discrimination against
its protected classes of employees, and issue a public report summarizing the findings.</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">The supporting statement suggests that, in its discretion, the Board
may wish to consider including in the report disclosures such as:</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">&#9679;</TD><TD>the total number and aggregate costs associated with disputes settled by the Company related to harassment or discrimination in the
previous three years;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the total number of pending harassment or discrimination complaints the Company is seeking to resolve through internal processes,
arbitration or litigation;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the total number and aggregate costs associated with contracts that include exit or other agreements where concealment clauses that
restrict discussions of harassment or discrimination are present; and</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>an estimate of the number of claims which may be made public, should existing non-disclosure or arbitration agreements be invalidated
by changing legislation.</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">The report should not include the names or details of settlements without
consent from the affected employee or ex-employee and should be prepared at a reasonable cost and omit any information that is proprietary,
privileged, or violative of contractual obligations.</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>BACKGROUND TO THE PROPOSAL </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This resolution was made necessary by the company&#8217;s ongoing use
of non-disclosure agreements (NDAs) in severance arrangements. Etsy states that diversity, equity, and inclusion are core to its business,
that it has a transparent culture, and that it has successful and robust anti-harassment and anti-discrimination programs. However, the
proponents are concerned that the company&#8217;s use of NDAs at termination of employment restricts employees from sharing their own
experiences with external stakeholders, such as investors.</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>RATIONALE FOR SUPPORT OF THE PROPOSAL</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"><B>Support for this resolution is warranted given that:</B></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">1)</TD><TD><B>The Extent to which Etsy uses Non-Disclosure Agreements is Unknown</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: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD><B>Use of Non-Disclosure Agreements Remains a Significant Concern</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: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD><B>Investors Benefit from Accountability Systems within Companies</B></TD></TR></TABLE>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Extent to which Etsy uses Non-Disclosure Agreements is Unknown</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">Etsy&#8217;s &#8220;Report Regarding Employment-Related Concealment
Clauses&#8221; states that the Company uses confidentiality in post-employment agreements in limited circumstances for involuntarily terminated
employees. However, it is unclear how Etsy defines the term &#8220;limited&#8221; or what quantitative range should be assigned to the
term.</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">If Etsy has experienced limited harassment and discrimination claims
and NDAs are rarely applied, Etsy&#8217;s provision of the data requested by the resolution should provide investors with great reassurance
that the Company&#8217;s commitment to diversity and inclusion has been effectively implemented.</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>Use of Non-Disclosure Agreements Remains a Significant Concern</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">A number of risks are associated with the use of concealment clauses:</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">1) <U>Risks associated with a shifting legislative landscape</U></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">Etsy is currently operating under a patchwork of state, federal and
international laws. At the federal level, The Ending Forced Arbitration for Sexual Assault and Sexual Harassment Act and The Speak Out
Act have banned the use of arbitration and pre-dispute NDAs for sexual assault and harassment. The states of California and Washington
have prohibited NDAs from covering any harassment or discrimination allegations.</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">In March 2023, the National Labor Relations Board issued a memo stating
that employers cannot demand that laid-off employees keep the terms of their exit agreements secret or sign overly broad non-disparagement
clauses. This ruling is considered retroactive.<SUP>1</SUP></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">2) <U>Risk of a possible surge in claims</U></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">Etsy&#8217;s ongoing use of concealment clauses creates the risk of
a sudden surge of claims against the Company, should more laws be passed disfavoring their use or a successful workaround be found. When
previously hidden discrimination or harassment problems surface, multiple employees may step forward at once, creating a sudden and significant
brand liability. Allegations of harassment or discrimination, once released, may significantly disrupt business operations and undermine
long-term business strategies, as has occurred at Activision, 21st Century Fox, Alphabet, CBS, Intel, Nike, Pinterest, Texas Instruments,
Walt Disney, Wynn Resorts, and many others.</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">3) <U>Risk of harm to relationship with employees</U></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.vice.com/en/article/n7ewy7/non-disparagement-clauses-are-retroactively-voided-nlrbs-top-cop-clarifies</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">Employees have protested the use of concealment clauses at a number
of technology companies, including Activision, Airbnb, eBay, Meta, Pinterest, and Riot Games.<SUP>2</SUP> For years, Activision Blizzard
reportedly withheld information from its board of directors about sexual misconduct complaints, leading, to significant negative press
attention once allegations surfaced; several government enforcement action alleging Activision Blizzard permitted a culture of sexual
harassment, abuse, and discrimination; and multiple employee walkouts.<SUP>3</SUP></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">4) <U>Risk of harm to brand perception</U></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">The use of concealment clauses for discrimination and harassment claims
has generated significant controversy, as the #MeToo and racial justice movements call attention to how provisions limiting workers&#8217;
(or former workers&#8217;) ability to speak freely about their experiences can perpetuate abuse and protect predators. Organized groups
of tech workers, members of Congress, and political candidates have all expressed opposition to mandatory arbitration and NDAs; press
coverage has been abundant.</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">5) <U>Risk of litigation</U></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">In 2020, in violation of their signed NDAs, a number of workers spoke
to the press about experiences of racism and pay inequity at Pinterest.<SUP>4</SUP> Shareholders ultimately sued Pinterest executives,
alleging a breach of fiduciary duty by &#8220;perpetrating or knowingly ignoring the long-standing and systemic culture of discrimination
and retaliation.&#8221;<SUP>5</SUP>As part of its agreement settling that suit, Pinterest pledged $50 million to overhaul its workplace
culture and promote diversity, and it agreed to release former employees from NDAs.<SUP>6</SUP></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">6) <U>Risk that Etsy will lose talent to peers</U></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">Technology companies, some of which are listed as compensation peers
in Etsy&#8217;s 2022 proxy statement and may compete with Etsy for recruitment and hiring, have discontinued the use of NDAs which apply
to harassment or discrimination claims, or they have never required their use. Many technology companies, including Alphabet, Twilio,
Apple, Microsoft, and Salesforce, have stopped using these policies.</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">7) <U>Risk that the use of concealment clauses undermines diversity
and inclusion programs</U></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">The benefits of diverse and inclusive workplaces have been well documented.
Research on this topic includes, but is not limited to:</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">&#9679;</TD><TD><I>As You Sow</I>&#8217;s 2022 review of 277 EEO-1 reports, which detail a company&#8217;s workforce composition, found a positive association between diversity
in management and cash flow, net profit, revenue, and return on equity.<SUP>7</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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">&#9679;</TD><TD>Credit Suisse, in a study of over 3,000 companies, found that companies with women representing more than 20% of managers have had greater share
price increases over the past decade than those companies with lower representation of
women in management.<SUP>8</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.theguardian.com/media/2021/oct/20/netflix-employees-activism-walkout-dave-</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.theverge.com/2021/10/28/22750450/activision-blizzard-ends-forced-arbitration-bobby-kotick-paycut</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.washingtonpost.com/technology/2020/07/03/pinterest-race-bias-black-employees/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.institutionalinvestor.com/article/b1phvnsfffr2bp/Retirement-System-Sues-Pinterest-Board-and-Execs-Over-Discrimination</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.nytimes.com/2021/11/24/technology/pinterest-discrimination-settlement.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.asyousow.org/report-page/workplace-diversity-and-financial-performance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.cnbc.com/2019/10/14/female-leaders-may-boost-share-price-performance-credit-suisse-says.html</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 0pt 0.5in"></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">&#9679;</TD><TD>McKinsey has found that companies in the top quartile for gender diversity in corporate leadership were 21% more likely to have above-average profitability,
compared to those companies in the bottom quartile. Similarly, leaders in racial
and ethnic diversity were 33% more likely to outperform industry peers on profitability than
companies in the bottom quartile.<SUP>9</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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">&#9679;</TD><TD>A 2019 study of the S&amp;P 500 by The Wall Street Journal found that the 20 most-diverse companies had an average annual five-year stock return that
was 5.8% higher than the 20 least-diverse companies.<SUP>10</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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">&#9679;</TD><TD>Of particular relevance to Etsy, a strong link seems to exist between diversity and innovation revenue. BCG has found that, after surveying 1,700 companies,
those with above-average diversity produced significantly greater percentages of revenue
from products or services launched within the previous three years than those with
below-average diversity.<SUP>11</SUP></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"><B>Investors Benefit from Accountability Systems within Companies</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">Inherent to investments in public companies is the risk that
company managers&#8217; goals do not align with those of the company&#8217;s investors. Concealment clauses also provide advantages
to managers and executives who wish to limit their own accountability and keep their actions hidden from external stakeholders;
these clauses mask from external parties true workplace conditions, increasing the risk of diverging investor and manager goals.</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">The use of concealment clauses raises concerns that corporate managers
are insulated, and rather than relying on the successful implementation of best practices, they may be relying on the ability of arbitration,
NDAs, and non-disparagement agreements to mask failures in their internal systems.</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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While Etsy asserts that it uses concealment clauses only in limited
circumstances and that it &#8220;care[s] deeply about creating a workplace free from discrimination and harassment,&#8221; the abrupt
changes in leadership and company culture<SUP>12</SUP> coupled with recent accounts of Etsy employees considering unionization<SUP>13</SUP>,
suggest that Etsy&#8217;s use of concealment clauses may be masking needed improvements in human capital management from the public eye.
With concealment clauses in place, investors cannot know how extensive the problems are within the company.</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">In order to remedy the lack of transparency for external
stakeholders about the Company&#8217;s workplace conditions, additional reporting was requested from Etsy. However, Etsy has not yet
provided reporting which shows an independent determination of the effectiveness and outcomes of the Company&#8217;s efforts to
prevent harassment and discrimination against its protected classes of 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">For questions regarding Proposal 5, please contact Meredith Benton,
Whistle Stop Capital, benton@whistlestop.capital, (415) 384-9895.</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>

<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"><SUP>9</SUP> https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/delivering-through-diversity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.wsj.com/articles/the-business-case-for-more-diversity-11572091200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.forbes.com/sites/forbesinsights/2020/01/15/diversity-confirmed-to-boost-innovation-and-financial-results/?sh=789c79d3c4a6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.nytimes.com/2017/11/25/business/etsy-josh-silverman.html#:~:text=The%20board%20was%20under%20pressure%2C%20and%<BR>
20in%20early,that%20had%20been%20in%20the%20works%20for%20months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.cnbc.com/2022/04/16/etsy-sellers-eye-forming-a-union-after-going-on-strike.html</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing information may be disseminated to shareholders via telephone,
U.S. mail, e-mail, certain websites and certain social media venues, and should not be construed as investment advice or as a solicitation
of authority to vote your proxy. The cost of disseminating the foregoing information to shareholders is being borne entirely by the resolution
filer.</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 do not send us your proxy card; Nia Impact Capital is not able
to vote your proxies, nor does this communication contemplate such an event. To vote your proxy, please follow the instructions in Etsy&#8217;s
proxy statement.</P>

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