<SEC-DOCUMENT>0001377739-22-000012.txt : 20220406
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<ACCEPTANCE-DATETIME>20220406144923
ACCESSION NUMBER:		0001377739-22-000012
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:		22810357

	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"> Apple Inc.&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>

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<IMG border=0 src="ge22votenox1x1.jpg"> </P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>April 5, 2021</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>At the General Electric (NYSE: GE) Annual Meeting on May 4, 2022</FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>, 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; </FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>proposal (Item 2); AGAINST Compensation Committee Members S&#233;bastien Bazin</FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>, Francisco D&#8217;Souza, Edward </FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Garden, Thomas Horton (Chair), and Paula Reynolds (Items 1b, 1e, 1g, 1h, 1l); and FOR the Ratification of Termination Pay proposal (Item 6).</FONT></B></P>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>In our view, General Electric (GE) has not sufficien</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>tly responded to last year&#8217;s very high and rare votes against </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>both the Say-on-Pay proposal and the Compensation Committee members. At that meeting, we urged shareholders to oppose the pay of CEO Larry Culp after the board decided to lower stock price appreciation hurdles associated with his new hire award. Shareholders agreed with our critique</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8212;not only did GE&#8217;s </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Say-on-Pay proposal fail to receive majority support, but also four out of five Compensation Committee members received below 80% support for their re-elections, with two receiving approximately 70% support, which is comparatively very low. Average shareholder support for director nominees is 95.1% and support below 80% represents less than 6% of all cases for the broader Russell 3000 market index.</FONT><SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Following these results, the company announced a one-</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>time, $10 million reduction to Larry Culp&#8217;s annual equity incentive award for 2022.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>We do not view this as a sufficient response.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Shareholders should oppose both the Say-on-Pay proposal and the re-election of Compensation Committee members for the following reasons:</FONT></P>

<UL>

<LI><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>There is a complete disconnect between Mr. Culp&#8217;s already earned equity pay and the company&#8217;s</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>performance</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8212;</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Mr. Culp has total equity holdings of approximately $173 million including one</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>outstanding equity award with an already banked amount of $110 million </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>while the company&#8217;s stock</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>price has barely moved since his hire.</FONT>

<LI><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>While w</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>e commend General Electric for taking this initial step to curb Mr. Culp&#8217;s annual equity pay</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>, a</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>one-time reduction for a single year is insufficient, in our view, and should be extended for the length of</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>his contract through 2024. We believe that Mr. Culp has more than enough incentive to increase </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>GE&#8217;s</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>stock price through his replaced sign-on equity award.</FONT>

<LI><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The company&#8217;s </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>shift away from primarily Total Shareholder Return (TSR)-based performance metrics is</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>somewhat concerning. After recent annual performance equity awards have either failed to vest or are</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>trending in that direction, the company has now pivoted away from utilizing TSR primarily as a measure</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>in its long-term equity program, implying </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>the company may not have complete faith that Mr. Culp&#8217;s</FONT> <FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>turnaround strategy will manifest a higher stock price.</FONT> </LI></UL>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Additionally, we believe shareholders should have a voice in executive termination payments at the company, </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>particularly in light of GE&#8217;s </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>various announced spinoffs in 2023 and 2024. To that end, please support Item 6 </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>requesting that the board seek shareholder approval of any senior manager&#8217;s new or renewed pay package tha</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>t provides for high severance/termination payments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The SOC Investment Group is an GE 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</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Semler Brossy. (2021, July). 2021 Say on Pay &amp; Proxy Results.</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>

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<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">enhance long term shareholder value through active ownership. These funds have over &#36;250 billion in assets under management and are substantial GE shareholders.</FONT></P>
<P style="text-align: left;">
<B><I><FONT size=2 face="Calibri-BoldItalic,Arial,Helvetica,sans-serif">CEO Larry Culp&#146;s pay and the GE&#146;s stock price performance </FONT></I></B><B><I><FONT size=2 face="Calibri-BoldItalic,Arial,Helvetica,sans-serif">remain completely divorced from each other.</FONT></I></B></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">General Electric finds itself in a position where CEO Culp has an equity award with an already banked amount of </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#36;110 million while the company&#146;s stock price has barely moved since his hire. How did GE find itself in such a </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">predicament? To recap, in late 2018 Mr. Culp was hired to turn the company around amid years of lagging performance, especially dwindling shareholder returns. The board gave Mr. Culp an extremely generous (over &#36;120 million at target) sign-on performance equity award tied to ambitious stock price improvement goals. Mr. Culp would have had to more than double the stock price to receive any payout at all.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Then, two years later, the board made the goals much easier to achieve by lowering them by nearly half, citing many reasons, including the covid-19 pandemic. In exchange, Mr. Culp agreed to a two-year contract extension. The new goals made it so easy for Mr. Culp to earn a payout, that he received a large chunk (&#36;46.5 million) for achieving a stock price approximately 11% </FONT><B><I><FONT size=2 face="Calibri-BoldItalic,Arial,Helvetica,sans-serif">lower </FONT></I></B><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">than when he was hired. Additionally, the target stock price </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">goal only required an 18% stock price increase relative to Mr. Culp&#146;s </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">hire date, which was likely achieved in May </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">or June 2021. Notably, disclosure as to the status of the award is conspicuously absent from this year&#146;s proxy </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">statement. The result: Mr. Culp banked 1,161,919 shares.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">And thus, GE finds itself in the situation where it is today: after a failed Say-on-Pay </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">vote at last year&#146;s annual meeting (over 57% opposition), Mr. Culp&#146;s earned shares from his revised sign</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">-on award alone are worth at or near &#36;110 million, the stock price has since retreated from its highs in June 2021, barely increasing at all since </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Mr. Culp&#146;s hire, and long</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">-term shareholders have lost over 60% of their investment in the company over a five-year period</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#151;a complete disconnect between CEO pay and the company&#146;s performance. While Mr. Culp has not </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">been CEO over that full five-year period, he was hired to turn the company around. We have stated in the past our belief that executives should receive the bulk of their rewards for turnarounds </FONT><I><FONT size=2 face="Calibri-Italic,Arial,Helvetica,sans-serif">after </FONT></I><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">they are successful, </FONT><I><FONT size=2 face="Calibri-Italic,Arial,Helvetica,sans-serif">not before and not during</FONT></I><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">. The board could have avoided this by simply granting a time-vesting sign-on award at a lower amount.</FONT></P>
<P style="text-align: left;">
<B><I><FONT size=2 face="Calibri-BoldItalic,Arial,Helvetica,sans-serif">An extension of Mr. Culp&#146;s annual equity award reduction is justified given the board&#146;s modifications to his </FONT></I></B><B><I><FONT size=2 face="Calibri-BoldItalic,Arial,Helvetica,sans-serif">sign-on award combined with the nearly &#36;110 million he has already banked.</FONT></I></B></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">The company&#146;s response after last year&#146;s failed vote was to authorize a one</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">-time, &#36;10 million reduction to Mr. </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Culp&#146;s annual equity award from &#36;15 million to &#36;5 million for 2022 only. While we commend the reduction, </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">in our view a one-time reduction is an inadequate response to a failed MSOP in this case and is a half-hearted attempt to appease shareholders; instead, the Compensation Committee should have extended the reduction for the full term </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">of Culp&#146;s contract. </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Our rationale: M</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">r. Culp&#146;s initial &#36;15 million annual equity award was justified </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">given how difficult his original sign-on award targets were to achieve; now that the board lowered those goals to make the award easier to earn and that Mr. Culp has banked nearly &#36;110 million, his &#36;15 million annual equity award is overpay. Mr. Culp has more than enough incentive to grow the stock price through his banked equity to date.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Other boards </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">reduced pay following low shareholder support for a company&#146;s </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Say-on-Pay proposal. A study</FONT><SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">2 </FONT></SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">conducted by executive compensation firm Equilar found that 23 out of the 49 Russell 3000 companies</FONT></P>
<P style="text-align: left;">
<SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">2 </FONT></SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Lehr, E. (2019, October 3). The Effects of Say on Pay Failures. Equilar. </FONT><U><FONT color="#0563c1" size=2 face="Calibri,Arial,Helvetica,sans-serif">https://www.equilar.com/blogs/428-the-effects-of-say-on-pay-failures.html</FONT></U></P>

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<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">responded to their failed their Say-on-Pay votes in 2018 by reducing executive pay. Wynn Resorts was among the companies mentioned in the study. At Wynn, after board refreshment in 2018, where the entire compensation committee was replaced (something we are advocating for at GE)</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">, Wynn&#146;s new board highlighted </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">a CEO pay reduction, noting that 2019 Total CEO Compensation was 19% lower than 2018, and 44% lower than 2017.</FONT><SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">3</FONT></SUP></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">The experience at GE contrasts with how some other companies have dealt with pay packages for new CEOs, notably by making a large upfront lump-sum equity award in lieu of annual equity awards. One example is Apple </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">CEO Tim Cook&#146;s large equity awar</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">d he received in 2011 spread out over 10 years;</FONT><SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">4 </FONT></SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">he received no additional equity during that 10-year period. A more recent example was newly hired Warner Media CEO Jason Kilar, who received a &#36;48 million equity award upon hire intended to cover four years of pay.</FONT><SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">5 </FONT></SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Taking a different path, GE&#146;s </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">board awarded both a generous sign-on award </FONT><I><FONT size=2 face="Calibri-Italic,Arial,Helvetica,sans-serif">and </FONT></I><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">annual equity pay, then lowered the goal of the original sign-on award to make it easier to achieve.</FONT></P>
<P style="text-align: left;">
<B><I><FONT size=2 face="Calibri-BoldItalic,Arial,Helvetica,sans-serif">A shift in annual equity award design away from primarily TSR may signal a lack of confidence in stock price improvement.</FONT></I></B></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Although the one-</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">time reduction in Mr. Culp&#146;s annual equity award is a positive step, it comes with other changes to the company&#146;s long</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">-term incentive program in 2021 that should concern shareholders. First, performance share units (PSUs) shifted from a three-year to a one-year performance period, which we do not </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">consider to be &#147;long</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">-</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">term&#148; and overly rewards executives for short</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">-term achievements, which is more the purpose of annual bonus programs.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Second, Performance Share Units (PSU) metrics were shifted away from shareholder return and instead are now based primarily on Earnings Per Share (EPS) and Free Cash Flow performance (each weighted 50% with TSR as a modest +/- 20% </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">modifier). This begs the question, if the company is sure that Mr. Culp&#146;s turnaround strategy will </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">manifest in significant stock price appreciation, why would it shift so heavily away from TSR as a performance measure?</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Third, one of the metrics for 2021 P</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">SUs, free cash flow, is already used in the company&#146;s corporate annual bonus </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">program for Mr. Culp (now weighted 50% in both annual bonus and PSUs), which carries with it the possibility of being rewarded twice for accomplishment of the same metric.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">These decisions are explained on page 32 of </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">GE&#146;s </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">proxy statement:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">The committee chose these operating metrics to incentivize and focus management on both profitability and cash generation, and these continue to be important financial priorities as we execute on our plan to form three independent companies. The use of a one-year performance period for Earnings per Share and Free Cash Flow reflects variability in these metrics and the challenges of setting long-term financial targets in the face of difficult macroeconomic conditions.</FONT></P>
<P style="text-align: left;">
<SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">3 </FONT></SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Wynn Resorts. (2020, April 29). Proxy Statement (p. 34). Retrieved from </FONT><U><FONT color="#0563c1" size=2 face="Calibri,Arial,Helvetica,sans-serif">https://www.sec.gov/Archives/edgar/data/0001174922/000119312520126275/d882700ddef14a.htm</FONT></U><FONT>&#160;</FONT><SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">4 </FONT></SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Apple Inc. (2012, December 27). Proxy Statement (p. 23). Retrieved from </FONT><U><FONT color="#0563c1" size=2 face="Calibri,Arial,Helvetica,sans-serif">https://www.sec.gov/Archives/edgar/data/0000320193/000119312512515422/d450591dpre14a.htm</FONT></U></P>
<P style="text-align: left;">
<SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">5 </FONT></SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Warner Media LLC. (2020, March 20). Agreement between Jason Kilar and WarnerMedia LLC (p. 1). Retrieved from </FONT><U><FONT color="#0563c1" size=2 face="Calibri,Arial,Helvetica,sans-serif">https://www.sec.gov/Archives/edgar/data/732717/000156276220000279/ex102.htm</FONT></U></P>

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<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">We are not convinced by this rationale and believe that there is a much simpler explanation for why these changes were made, so executives can get paid: the 2019 PSUs based on relative TSR did not pay out at all and the 2020 PSUs are trending for low or no payout in 2022. It is not about strategic plan execution or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#147;macroeconomic conditions,&#148; it is simply that GE constructed equity incentive earnings for Mr. Culp almost </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">entirely around shareholder return goals and now that that is not paying out as expected they are seeking to find other ways to justify compensating him, which undermines the very core of a pay for performance philosophy.</FONT></P>
<P style="text-align: left;">
<B><I><FONT size=2 face="Calibri-BoldItalic,Arial,Helvetica,sans-serif">We believe shareholders should have a voice in severance payouts at the company.</FONT></I></B></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Note that we have a proposal (Item 6) on ballot requesting that the board seek shareholder approval of any </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">senior manager&#146;s new or renewed pay package that provides for severance or termination payments with an estimated value exceeding 2.99 times the sum of the executive&#146;s bas</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">e salary plus target short-term bonus. We believe that it is in the best interest of General Electric shareholders to be protected from excessive executive separation payouts, as well as potential windfall payments that can arise from lowering goals and subsequently </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">receiving unduly large payouts upon a &#147;without cause&#148; termination, particularly in light of GE&#146;s announced </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">spinoffs of GE Healthcare in 2023 and GE Power, GE Renewable Energy, and GE Digital in 2024.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">To conclude, General Electric&#146;s situation dem</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">onstrates what we have been repeatedly stating about </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">performance equity: that it can reward for temporary spikes in performance, as we have seen with Mr. Culp&#146;s </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">sign-on award achieving target level performance in June 2021, only to retreat significantly from that target price a month later; </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">that goals can be lowered at the board&#146;s whim undermining the notion of initial &#147;rigor</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">;</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#148; and </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">that performance periods and metrics can be changed from year to year when payouts are low to enrich executives irrespective of stock price performance (in other words, multi-year equity forfeiture is somewhat of </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">an illusion). Because of the board&#146;s poor decision making, GE </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">finds itself in a situation where </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Mr. Culp&#146;s earned </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">shares are worth nearly &#36;110 million having barely increased </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">since Mr. Culp&#146;s hire, and long</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">-term shareholders who invested in the company five years ago have lost over 60% of their investment</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#151;</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">a complete and total </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">disconnect between CEO pay and the company&#146;s performance</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Therefore, we urge you to vote AGAINST the Say-on-Pay proposal; AGAINST the re-elections of Compensation</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Committee Members S&eacute;bastien Bazin, Francisco D&#146;Souza, Edward Garden, Thomas Horton, and Paula Reynolds</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">; and FOR the shareholder proposal calling for Ratification of Termination Pay.</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 </FONT><U><FONT color="#0563c1" size=2 face="Calibri,Arial,Helvetica,sans-serif">mvarner@socinvestmentgroup.com</FONT></U><FONT>&#160;</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">with any questions.</FONT></P>
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<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 General Electric&#146;s instructions.</FONT></P>


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