<SEC-DOCUMENT>0001377739-17-000008.txt : 20170511
<SEC-HEADER>0001377739-17-000008.hdr.sgml : 20170511
<ACCEPTANCE-DATETIME>20170511114313
ACCESSION NUMBER:		0001377739-17-000008
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20170511
DATE AS OF CHANGE:		20170511
EFFECTIVENESS DATE:		20170511

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			URBAN OUTFITTERS INC
		CENTRAL INDEX KEY:			0000912615
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-FAMILY CLOTHING STORES [5651]
		IRS NUMBER:				232003332
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22754
		FILM NUMBER:		17833077

	BUSINESS ADDRESS:	
		STREET 1:		5000 SOUTH BROAD STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19112
		BUSINESS PHONE:		2154545500

	MAIL ADDRESS:	
		STREET 1:		5000 SOUTH BROAD STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19112

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>urbnletter2a.htm
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   <TITLE>urbnletter2a.htm - sixteen</TITLE>
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  <td width=4% style="padding:0in 0in 0in 0in;">&nbsp;</td>
 <td width=92% style="padding:0in 0in 0in 0in;">
  <p align=center style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" style="line-height:107%;"><b><font face="times new roman" style="font-size:12.0pt;">SECURITIES &amp;
  EXCHANGE COMMISSION</font></b></font></p>
  <p align=center style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" style="line-height:107%;"><b><font face="times new roman" style="font-size:12.0pt;">WASHINGTON,
  D.C.&#160;&#160; 20549</font></b></font></p>
  <p align=center style="line-height:107%;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" style="line-height:107%;"><b><font face="times new roman" style="font-size:12.0pt;">NOTICE
  OF EXEMPT SOLICITATION</font></b></font></p>
  <p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="line-height:107%;"><b><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></b></font></p>
  <p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="line-height:107%;"><b><font face="times new roman" style="font-size:12.0pt;">NAME
  OF REGISTRANT:</font></b></font><font face="times new roman" style="line-height:107%;"><font face="times new roman" style="font-size:12.0pt;">
  Urban Outfitters, Inc. </font></font></p>
  <p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="line-height:107%;"><b><font face="times new roman" style="font-size:12.0pt;">NAME
  OF PERSON RELYING ON EXEMPTION:</font></b></font><font face="times new roman" style="line-height:107%;"><font face="times new roman" style="font-size:12.0pt;"> Change to Win Investment Group</font></font></p>
  <p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="line-height:107%;"><b><font face="times new roman" style="font-size:12.0pt;">ADDRESS
  OF PERSON RELYING ON EXEMPTION:</font></b></font><font face="times new roman" style="line-height:107%;"><font face="times new roman" style="font-size:12.0pt;"> 1900 K Street, N.W., Suite 900,
  Washington, DC 20036</font></font></p>
  <p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=#1a1a1a face="times new roman" style="line-height:107%;"><b><font color=#1a1a1a face="times new roman" style="font-size:12.0pt;">Written materials are submitted pursuant to Rule 14a-6(g)(1)
  promulgated under the Securities Exchange Act of 1934:</font></b></font></p>
  <p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=#1a1a1a face="times new roman" style="line-height:107%;"><b><font color=#1a1a1a face="times new roman" style="font-size:12.0pt;">______________________________________________________________________________</font></b></font></p>
  </td>
 <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td width=92% style="padding:0in 0in 0in 0in;">
  <p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
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  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td width=92% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><img alt="http:::na04.mypinpointe.com:admin:temp:user:512:CtWDiamond3.png" height=50 id="Picture3" src="x17051111374100.jpg" width=262>&nbsp;</p>
  </td>
 <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td width=92% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td width=92% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">Dear _______________:<br>
  <br>
  Please find below CtW Investment Group&#8217;s response to Urban Outfitters&#8217; recent
  letter to shareholders.&nbsp; Should you have any questions, please let us
  know.<br>
  Sincerely,<br>
  Tejal Patel<br>
  Director of Corporate Governance&nbsp;</font></p>
  </td>
 <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
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  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td width=92% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td width=92% style="padding:0in 0in 0in 0in;">
  <p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><img alt="CtW Investment Group" height=33 id="Picture2" src="x17051111374101.jpg" width=265>&nbsp;</p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">May 10, 2017<br>
  &nbsp;<br>
  Chairman and CEO Richard A. Hayne<br>
  Lead Independent Director Robert H. Strouse<br>
  Urban Outfitters Inc.<br>
  5000 South Broad Street<br>
  Philadelphia, PA 19112-1495<br>
  &nbsp;<br>
  Dear Mr. Hayne and Mr. Strouse,<br>
  &nbsp;<br>
  We appreciate your outreach to shareholders regarding initiatives to improve
  Urban Outfitters&#8217; board diversity and refreshment, and are pleased to see you
  take these first steps toward improved board composition at Urban.&nbsp;
  However, while we recognize the corporate governance improvements that the
  board has made over the last few years, these changes do not adequately address the longstanding independence, tenure and
  diversity issues presented by the board&#8217;s current make-up.&nbsp; Adding one
  or two non-independent directors that may be female, as suggested by your
  recent letter to shareholders, while an improvement, does not in itself
  amount to a robust and credible commitment to board diversity, particularly
  when it is not clear which directors will be rotated off the board in the
  next year.&nbsp; Given that shareholders have been calling for years for
  improvements to the board&#8217;s composition with little effect, more concrete
  steps are needed to demonstrate to shareholders that the company is taking
  our concerns seriously.<br>
  &nbsp;<br>
  To strengthen your commitment, we urge the board to take the following
  actions in advance of the Urban&#8217;s annual meeting on May 23, 2017:<br>
  &nbsp;</font></p>
  <ul type=disc style="margin-bottom:0in;">
   <li style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">The Nominating Committee, led by Nominating
       Committee Chair Strouse, should articulate a clear refreshment plan with
       concrete timelines, including expected off-rotation of the
       non-independent directors Margaret Hayne, Scott Belair and Harry
       Cherken. </font></li>
   <li style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">The board should adopt and implement a policy
       that requires that the initial list of candidates from which new management-supported
       director nominees are chosen by the Nominating Committee should include
       women and minority candidates (known as the &#8220;Rooney Rule&#8221;). </font></li>
  </ul>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;<br>
  We believe that each of these steps would provide an improvement to Urban&#8217;s
  long term director succession planning and demonstrate to shareholders that
  their voices are finally being heard as it relates to Urban&#8217;s board
  composition and refreshment issues.&nbsp;<br>
  &nbsp;<br>
  We would be happy to discuss our recommendations with you at your
  convenience.&nbsp; Please contact my colleague Tejal K. Patel at (202)
  721-6079 or tejal.patel@ctwinvestmentgroup.com to pursue such discussion.<br>
  &nbsp;<br>
  Thank you.<br>
  <img alt="Dieter Waizenegger" border=0 height=44 id="Picture1" src="x17051111374102.jpg" width=149><br>
  &nbsp;<br>
  Dieter Waizenegger<br>
  Executive Director</font></p>
  </td>
 <td width=4% style="padding:0in 0in 0in 0in;">&nbsp;</td>
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