<SEC-DOCUMENT>0001104659-25-042607.txt : 20250430
<SEC-HEADER>0001104659-25-042607.hdr.sgml : 20250430
<ACCEPTANCE-DATETIME>20250430164527
ACCESSION NUMBER:		0001104659-25-042607
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250430
DATE AS OF CHANGE:		20250430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			O-I Glass, Inc. /DE/
		CENTRAL INDEX KEY:			0000812074
		STANDARD INDUSTRIAL CLASSIFICATION:	GLASS CONTAINERS [3221]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				222781933
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09576
		FILM NUMBER:		25896278

	BUSINESS ADDRESS:	
		STREET 1:		ONE MICHAEL OWENS WAY
		CITY:			PERRYSBURG
		STATE:			OH
		ZIP:			43551-2999
		BUSINESS PHONE:		5673365000

	MAIL ADDRESS:	
		STREET 1:		ONE MICHAEL OWENS WAY
		CITY:			PERRYSBURG
		STATE:			OH
		ZIP:			43551-2999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OWENS ILLINOIS INC /DE/
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OWENS-ILLINOIS INC /DE/
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OWENS ILLINOIS INC /DE/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2513692d1_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B>&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Proxy Statement Pursuant to
Section&nbsp;14(a)&nbsp;of&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">the Securities Exchange Act of 1934 (Amendment No.&nbsp;
)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Check the appropriate box:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Soliciting Material under &sect;240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>O-I
GLASS,&nbsp;INC.</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: top">
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 5pt; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Name
of Registrant as Specified in its Charter)</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: top">
<TD COLSPAN="2" STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Name
of Person(s)&nbsp;Filing Proxy Statement, if Other Than the Registrant)</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: top">
<TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: top">
<TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payment
of Filing Fee (Check all boxes that apply):</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 8pt"><FONT STYLE="font-family: Wingdings; font-size: 8pt">&#120;</FONT></TD>
<TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">No fee required</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
<TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Fee paid previously with preliminary materials</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
<TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">Fee computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act
Rules&nbsp;14a-6(i)(I)&nbsp;and 0-1I</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: #FFD100 2.25pt solid"><FONT STYLE="text-transform: uppercase">SUPPLEMENT
TO PROXY STATEMENT FOR ANNUAL MEETING OF SHARE OWNERS TO BE HELD ON MAY&nbsp;14, 2025</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #7030a0"><B>DEAR FELLOW SHARE OWNERS:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">O-I Glass,&nbsp;Inc. (the
 &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;) is writing to ask for your support in voting, at the Company&rsquo;s
2025 Annual Meeting of Share Owners (the &ldquo;Annual Meeting&rdquo;), in accordance with the recommendations of our Board of Directors
on all of the proposals set forth in our definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission
on April&nbsp;1, 2025 (the &ldquo;Proxy Statement&rdquo;). In particular, we are requesting your support on Proposal 4 in the Proxy Statement,
the annual advisory vote to approve the compensation paid to our named executive officers (the &ldquo;Say on Pay Proposal&rdquo;). In
deciding how to vote on the Say on Pay Proposal, we encourage you to read the relevant portions of our Proxy Statement and consider the
supplemental information below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Glass Lewis&nbsp;&amp; Co.,
one of the leading proxy advisory firms, issued a report recommending that the Company&rsquo;s share owners vote &ldquo;FOR&rdquo; all
of the proposals presented in our Proxy Statement, including the Say on Pay Proposal. Institutional Shareholder Services Inc. (&ldquo;ISS&rdquo;),
another leading proxy advisory firm, recently recommended that our share owners vote &ldquo;FOR&rdquo; all of the proposals presented
in our Proxy Statement, except for our Say on Pay Proposal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The primary concern cited
by ISS was the cash payments made to Andres A. Lopez, our former President and Chief Executive Officer, upon his retirement after nearly
40 years of service with the Company. These payments were the result of legal obligations established decades ago under the Company&rsquo;s
legacy life insurance, pension and retirement plans, which have been closed to new participants since as far back as 2004, and which have
been disclosed in our annual proxy statements for a significant number of years. While market practices for similar plans in our industry
have shifted over the years, that does not change our legal obligations to our long-tenured executives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Respectfully, we strongly
disagree with the ISS recommendation on our Say on Pay Proposal and firmly believe that our executive compensation program reflects a
strong pay-for-performance philosophy, responsible governance, and respect for legacy obligations to long-tenured executives. We are confident
that our executive compensation program will continue to have the support of proxy advisors in the coming years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We hope that by providing
an explanation of the ISS recommendation and the additional information set forth below, our share owners will vote in support of our
Say on Pay Proposal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>Say on Pay Proposal</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Strong Share
Owner Support for Our Executive Compensation Program</I></B></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our share owners have overwhelmingly
supported the compensation of our named executive officers (&ldquo;NEOs&rdquo;) over the past few years, with approximately 97%, 97% and
96% of votes cast by share owners in favor of our say on pay proposals in 2024, 2023 and 2022, respectively. Moreover,&nbsp;ISS has recommended
a vote FOR our say on pay proposals for all three years, noting that there were &ldquo;no significant concerns&rdquo; with our executive
compensation practices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This strong share owner support
was a key factor in the Compensation and Talent Development Committee&rsquo;s decision not to make any significant changes to our executive
compensation program design in recent years, including 2024. In fact, our 2024 executive compensation was substantially the same as our
2023 executive compensation program, which received significant share owner support and resulted in ISS recommending a vote FOR our say
on pay proposal for that year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>ISS Concern</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In recommending that our share
owners vote against our Say on Pay Proposal,&nbsp;ISS primarily cites as an area of concern the cash payments to Mr.&nbsp;Lopez in connection
with his retirement, labeling them as excessive, unusual and problematic. In particular,&nbsp;ISS focuses on: (i)&nbsp;the payments to
Mr.&nbsp;Lopez under our life insurance, pension and retirement plans, (ii)&nbsp;cash payments related to Mr.&nbsp;Lopez&rsquo;s relocation
to Florida, and (iii)&nbsp;tax gross-up payments related to his life insurance and relocation benefits. We believe ISS&rsquo;s characterization
of these payments as excessive, unusual and problematic does not take into consideration the context of Mr.&nbsp;Lopez&rsquo;s retirement
and disregards the fact &ndash; which has been publicized in our annual proxy statements for decades &ndash; that these payments were
made pursuant to historical benefit plans that the Company undertook well over a decade ago. These historical benefit plans are not indicative
of the Company&rsquo;s current executive compensation program.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><I>Pension and
Retirement Plan and Relocation Payments</I></B></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to his retirement, Mr.&nbsp;Lopez
was a participant in (i)&nbsp;our Salary Retirement Plan (a qualified defined benefit pension plan); (ii)&nbsp;our Supplemental Retirement
Benefit Plan (a non-qualified deferred compensation plan); and (iii)&nbsp;our International Pension Plan. Each of these three plans was
closed to new entrants as of December&nbsp;31, 2004 and benefits were frozen under the plans with no new accruals as of December&nbsp;31,
2015. The pension and retirement benefits Mr.&nbsp;Lopez received under these plans in connection with his retirement ($437,245 under
the Salary Retirement Plan, $1,156,783 under the Supplemental Retirement Benefit Plan and $2,766,991 under the International Pension Plan)
were not discretionary payments or the result of recent policies and decisions, but contractually-mandated pension and retirement obligations
that Mr.&nbsp;Lopez earned over nearly 30 years of service with the Company. Further, his payout under the International Pension Plan,
which covered his service from January&nbsp;30, 1986 (his original hire date) through December&nbsp;31, 2015, was offset by the benefits
he earned under the Salary Retirement Plan and the Supplemental Retirement Benefit Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with his retirement,
the Company was under a historical contractual obligation to provide Mr.&nbsp;Lopez with relocation assistance in connection with his
relocation from Ohio to Florida, the amount of which was $110,574 in the aggregate, which includes a tax gross-up on the relocation benefits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Life Insurance Payments</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company&rsquo;s legacy
Executive Life Insurance Plan, a supplemental universal life insurance benefits program, which was closed to new entrants in 2006, provides
participating retiring executives with life insurance benefits and a tax reimbursement for the value of the policy, based on plan terms
established prior to 2006. As with the pension and retirement benefits discussed above, the supplemental life insurance distributed to
Mr.&nbsp;Lopez under this plan in connection with his retirement (valued at $1,588,490), along with the associated tax gross-up ($1,030,619)
on the value of the distribution, were not discretionary payments or the result of recent policies and decisions, but the result of contractual
obligations that had &ndash; at the time of Mr.&nbsp;Lopez&rsquo;s retirement &ndash; been in place for more than two decades.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Compensation and Talent
Development Committee had previously reviewed Mr.&nbsp;Lopez&rsquo;s grandfathered eligibility for the tax gross-up under the Executive
Life Insurance Plan and determined that it was not in the share owners&rsquo; best interest to incur the costs that would be required
to eliminate this contractual benefit. Tax gross-ups are not a part of the Company&rsquo;s current executive compensation program. As
stated in our Proxy Statement, none of our other NEOs are eligible to receive tax gross-up payment on any severance benefits or executive
perquisites.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>Conclusion</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We respectfully reject ISS&rsquo;s
characterization of the payments described above as excessive, unusual or problematic. We strongly believe that it is important that our
Company honor its historical commitments and contractual obligations to its executive officers. ISS&rsquo;s focus on the amount of cash
paid to Mr.&nbsp;Lopez under the Company&rsquo;s historical retirement, pension and life insurance plans overlooks the longstanding nature
of these plans, which have been disclosed in our annual proxy statements for many years and have been closed to new participants for nearly
(and in some cases, more than) 20 years, and disregards the fact that these historical plans are not a part of the Company&rsquo;s current
executive compensation program. None of the so-called &ldquo;excessive&rdquo; cash payments to Mr.&nbsp;Lopez were discretionary in nature
or the result of recent decisions or agreements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We firmly believe that our
executive compensation program reflects our commitment to pay for performance, responsible governance and an alignment of our executives&rsquo;
compensation with our share owners&rsquo; interests. Further, we hope that our share owners recognize the Company&rsquo;s respect for
its legacy contractual obligations to Mr.&nbsp;Lopez, a long-tenured executive who provided years of leadership and nearly 40 years of
service to our Company before his well-deserved retirement. As always, we remain committed to focusing on, and creating value for, our
share owners and aligning our executive compensation program with the long-term interests of our share owners.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>We encourage you to review
the relevant information in our Proxy Statement and to consider the additional information provided above, and respectfully request that
you vote <U>FOR</U> Proposal 4.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>Important Information</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company encourages its
share owners to read the relevant sections of the Proxy Statement, as supplemented by the discussion herein, because it contains important
information. Share owners may obtain a free copy of the Proxy Statement and other documents that the Company files with the Securities
and Exchange Commission (&ldquo;SEC&rdquo;), such as Annual Reports on Form&nbsp;10-K and Quarterly Reports on Form&nbsp;10-Q, at the
SEC&rsquo;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Additional Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If you have already voted
by Internet, telephone, or by mail, you do not need to take any action unless you wish to change your vote. Proxy voting instructions
already returned by share owners (via Internet, telephone, or mail) will remain valid and will be voted at the Annual Meeting unless revoked.
Important information regarding how to vote your shares and revoke proxies already cast is available in the Proxy Statement under &ldquo;General
Information about the Meeting.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
