<SEC-DOCUMENT>0001377739-22-000014.txt : 20220406
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<ACCEPTANCE-DATETIME>20220406152730
ACCESSION NUMBER:		0001377739-22-000014
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220406
DATE AS OF CHANGE:		20220406
EFFECTIVENESS DATE:		20220406

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GEO GROUP INC
		CENTRAL INDEX KEY:			0000923796
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				650043078
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14260
		FILM NUMBER:		22810453

	BUSINESS ADDRESS:	
		STREET 1:		4955 TECHNOLOGY WAY
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33431
		BUSINESS PHONE:		561-893-0101

	MAIL ADDRESS:	
		STREET 1:		4955 TECHNOLOGY WAY
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33431

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WACKENHUT CORRECTIONS CORP
		DATE OF NAME CHANGE:	19940525

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOC 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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CtW Investment Group
		DATE OF NAME CHANGE:	20061006
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<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">SECURITIES &amp; EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">WASHINGTON, D.C.&nbsp;&nbsp; 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</FONT></B></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF REGISTRANT:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> <FONT style="FONT-SIZE: 12pt" face="Times New Roman">The GEO Group, Inc.&nbsp;</FONT>&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> SOC Investment Group</FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">ADDRESS OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> 1900 L Street, N.W., Suite 900, Washington, D.C. 20036</FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934:</FONT></B></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">_________________________________________________________________________________________________________________________________________________________________</FONT></B></P>

<P align=center>
<IMG border=0 src="geo22votenox1x1.jpg">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>April 6, 2022</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>At The GEO </FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Group&#8217;s (NYSE: GEO) Annual Meeting on April 26, 2022, please vote AGAINST the &#8220;Say</FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>-On-</FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Pay&#8221; proposal.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Dear GEO Group shareholder:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>There is a significant pay-for-performance disconnect at the company and its incentive programs have generously rewarded executives while investors have seen their long-term investment in the company decline substantially.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The SOC Investment Group is a GEO shareholder and works with pension funds sponsored by unions affiliated with the Strategic Organizing Center, a coalition of four unions representing more than four million members, to enhance long term shareholder value through active ownership. These funds have over $250 billion in assets under management and are also substantial GEO shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>Executive bonuses were earned at or near maximum despite target goals being set lower than the previous year.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The company&#8217;s annual cash incentive program is based on net income and revenue goals, weighted 65% and 35% </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>respectively. Targets for both goals were lowered below not only the targets that were set last year, but also the actual </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>results achieved in 2020 as well. The company&#8217;s own proxy </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>statement affirms that the net income target for 2021 was set at $111.1 million, a decrease of $49.7 million or </FONT><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>31% </FONT></I></B><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>compared to adjusted net income achieved during 2020, and the revenue target was set at $2.25 billion, a decrease of $102.1 million or 4% compared to revenue achieved during 2020. The board does not offer a rationale for why goals were set lower, but the proxy statement mentions a number of adjustments including COVID-19. Despite setting both goals lower year-over-year, the net income goal was achieved at 160% of target and the revenue goal was achieved at target for 2021, entitling executives to a payout at 166% payout, well-above target.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>We believe that a reduction in bonus pay opportunity or application of negative discretion should be used by the Compensation Committee in instances where annual bonus goals are set below actual results from the prior year.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Also, we note that despite poor shareholder return performance discussed further below, annual cash bonuses have been paid to executive at- or above-target over the past five years with the most recent bonus payment being the </FONT><I><FONT size=2 face=Calibri-Italic,Arial,Helvetica,sans-serif>highest </FONT></I><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>despite new all-time lows in the stock price in 2021:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="32%"></TD>

   <TD width="53%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=center><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>STI Payout</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Fiscal</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>(% of</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Year</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7.799pt" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Target)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2017</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>120.8</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2018</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>104.6</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2019</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>110.6</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2020</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>101.5</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2021</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>166.4</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>The company&#8217;s long</FONT></I></B><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>-term equity program design appears to insulate executives from poor shareholder return (TSR) performance.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Long-term shareholders have lost 80% of their investment in the company over the past five years; meanwhile, the board appears to have set up an equity compensation scheme that shield executives from the risk of significant forfeiture of their equity. </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The company&#8217;s long</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-term equity incentive program is based on relative TSR and return on</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=Arial,Arial,Helvetica,sans-serif>1900 L Street NW, Suite 900, Washington, DC 20036</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>S O C I N V E S T M E N T G R O U P . C O M</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=Arial,Arial,Helvetica,sans-serif>(202) 721-0660</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



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<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>capital employed, both weighted 50%, over a three-year performance period. However, despite a whopping -54.9% TSR and TSR comprising 50% of the performance award, somehow payouts were still near-target at 97%. How? Because the return on capital employed was achieved </FONT><I><FONT size=2 face=Calibri-Italic,Arial,Helvetica,sans-serif>near maximum</FONT></I><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>. In fact, it seems that the target for this metric has been achieved at near maximum for at least the past five performance equity cycles, despite dismal TSR performance over the past five years (the past three performance equity cycles) as the table below demonstrates:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="29%"></TD>

   <TD width="21%"></TD>

   <TD width="6%"></TD>

   <TD width="18%"></TD>

   <TD width="17%"></TD>

   <TD width="6%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Payout</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Performance</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>TSR</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>ROCE</FONT></B></TD>

   <TD style="TEXT-INDENT: 4.32pt" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>(% of</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Cycle</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.479pt" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>target)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2019 - 2021</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-54.9</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>11.8</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>97</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2018 - 2020</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-46.9</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>11.5</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>92</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2017 - 2019</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-15.7</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>11.4</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>180</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2016 - 2018</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>45.9</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>11.3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>168</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2015 - 2017</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>13.3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>11.3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>96</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>%</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>When one examines this table and long-term performance equity payouts executives have received over the seven years it begs the question: how much of executive equity is really at risk of being forfeited at this company? The table illustrates that GEO </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Group&#8217;s shareholder returns have been sharply negative over the past three performance equity </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>cycles, but executive always receive near- or above-target payout/vesting. In fact, despite double digit negative TSR for the 2017 </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8211; </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2019 performance period, where the company mentions it ranked in the </FONT><I><FONT size=2 face=Calibri-Italic,Arial,Helvetica,sans-serif>13</FONT></I><I><SUP><FONT size=2 face=Calibri-Italic,Arial,Helvetica,sans-serif>th </FONT></SUP></I><I><FONT size=2 face=Calibri-Italic,Arial,Helvetica,sans-serif>percentile </FONT></I><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>against its comparator index, executives earned a whopping 180% of target payout, which was higher than the cycle before it with much stronger returns. The program is clearly driven by the return on capital employed metric, which has always been achieved well-above-target for the past five performance periods. Therefore, in practice this equity compensation design </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>is only &#8220;performance&#8221; based if the result increases executives&#8217; payout.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>This is one of the problems withs performance equity awards: they are not significantly &#8220;at</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>risk&#8221; and forfeited awards </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>tend to be made up for in one way or another</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8212;</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>in some cases that could mean special awards, in other cases that could mean shifting to different performance metrics or periods, and in </FONT><I><FONT size=2 face=Calibri-Italic,Arial,Helvetica,sans-serif>this </FONT></I><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>case it means using a performance metric with a relatively consistent outcome year-over-year to ensure awards always vest near target. In our view, time vesting awards at lower amounts is a better, more honest alternative.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Given the issues we have discussed regarding GEO </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Group&#8217;s annual bonus and long</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-term performance equity program, paying executives well-above target cash bonuse</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>s despite goals set lower than last year&#8217;s actual results and consistently </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>at- or well-above target vesting of performance equity despite extremely poor shareholder return performance, we urge you to vote AGAINST the Say-On-Pay proposal.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Please contact my colleague Michael Varner, Director of Executive Compensation Research at mvarner@socinvestmentgroup.com with any questions.</FONT></P>
<IMG border=0 src="geo22votenox2x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>THIS IS NOT A PROXY SOLICITATION AND NO PROXY CARDS WILL BE ACCEPTED.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Please execute and return your proxy card according to The GEO Group</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8217;s instructions.</FONT></P>

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