<SEC-DOCUMENT>0001549346-21-000026.txt : 20210528
<SEC-HEADER>0001549346-21-000026.hdr.sgml : 20210528
<ACCEPTANCE-DATETIME>20210528081005
ACCESSION NUMBER:		0001549346-21-000026
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210528
DATE AS OF CHANGE:		20210528

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Shutterstock, Inc.
		CENTRAL INDEX KEY:			0001549346
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				800812659
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35669
		FILM NUMBER:		21976224

	BUSINESS ADDRESS:	
		STREET 1:		350 FIFTH AVENUE
		STREET 2:		21ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10118
		BUSINESS PHONE:		646-419-4452

	MAIL ADDRESS:	
		STREET 1:		350 FIFTH AVENUE
		STREET 2:		21ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10118
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>proxysupplementregulationg.htm
<DESCRIPTION>DEFA14A
<TEXT>
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<title>Document</title></head><body><div id="id42df3d1ab284e8b829365ed8a5d0706_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:18pt;padding-right:18pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">UNITED STATES</font></div><div style="padding-left:18pt;padding-right:18pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="padding-left:18pt;padding-right:18pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Washington, D.C. 20549</font></div><div style="margin-bottom:8pt;margin-top:8pt;padding-left:18pt;padding-right:18pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">SCHEDULE 14A</font></div><div style="padding-left:18pt;padding-right:18pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Proxy Statement Pursuant to Section 14(a) of</font></div><div style="margin-bottom:5pt;padding-left:18pt;padding-right:18pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the Securities Exchange Act of 1934 (Amendment No.      )</font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.692%"><tr><td style="width:0.1%"></td><td style="width:0.575%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.520%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.381%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.381%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.350%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.381%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.575%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.853%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:1.5pt;margin-top:2.65pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Filed by the Registrant </font><font style="font-family:'Wingdings',sans-serif;font-size:11pt;font-weight:400;line-height:120%"></font></div></td></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Filed by a Party other than the Registrant</font></td></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Check the appropriate box&#58;</font></td></tr><tr><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preliminary Proxy Statement</font></td></tr><tr><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></td></tr><tr><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Definitive Proxy Statement</font></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:2.65pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:12pt;font-weight:400;line-height:120%">x</font></div></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Definitive Additional Materials</font></td></tr><tr><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Soliciting Material under &#167;240.14a-12</font></td></tr></table></div><div style="margin-bottom:6pt;padding-right:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.333%"><tr><td style="width:0.1%"></td><td style="width:0.953%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.300%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.376%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.376%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.376%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.376%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.761%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.553%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.376%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.376%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:86.592%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.385%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="36" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SHUTTERSTOCK,&#160;INC.</font></div></td></tr><tr><td colspan="36" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Name of Registrant as Specified in its Charter)</font></td></tr><tr><td colspan="36" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</font></td></tr><tr><td colspan="36" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payment of Filing Fee (Check the appropriate box)&#58;</font></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:2.65pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:12pt;font-weight:400;line-height:120%">x</font></div></td><td colspan="9" style="padding:0 1pt"></td><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">No fee required.</font></td></tr><tr><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&#160;0-11.</font></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1)</font></td><td colspan="9" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Title of each class of securities to which transaction applies&#58;</font></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2)</font></td><td colspan="9" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Aggregate number of securities to which transaction applies&#58;&#160;&#160;&#160;&#160;</font></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3)</font></td><td colspan="9" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined)&#58;</font></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4)</font></td><td colspan="9" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Proposed maximum aggregate value of 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(the &#8220;Company&#8221;) with the Securities and Exchange Commission on April&#160;22, 2021, as supplemented on April 23, 2021 (collectively, the &#8220;Proxy Statement&#8221;) is being filed to provide a reference to the specific </font><font style="background-color:#ffffff;color:#333333;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">pages in the Company&#8217;s 2020 Annual Report on Form 10-K (the &#8220;2020 Annual Report&#8221;) containing the required GAAP reconciliation and other information required by Regulation G and Item 10(e) with respect to the non-GAAP financial measures included in the &#8220;Compensation Discussion and Analysis&#8212;Section 1 &#8211; Executive Summary&#8212;2020 Business Highlights&#8221; section of the Proxy Statement</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.  While a prominent cross reference to the GAAP reconciliation contained in the Company&#8217;s 2020 Annual Report was included, the specific page references were inadvertently omitted.  </font></div><div style="margin-bottom:4pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The </font><font style="background-color:#ffffff;color:#333333;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;Compensation Discussion and Analysis&#8212;Section 1 &#8211; Executive Summary&#8212;2020 Business Highlights&#8221; section of the Proxy Statement is hereby supplemented to read as follows (</font><font style="background-color:#ffffff;color:#333333;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">emphasis added</font><font style="background-color:#ffffff;color:#333333;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">)&#58;</font></div><div style="margin-bottom:4pt"><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2020 Business Highlights</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">(1)</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fiscal 2020 was a year of unprecedented business circumstances that presented both challenges as well as opportunities for us. During fiscal 2020, we continued to grow and make strategic investments while navigating our business through the COVID-19 pandemic. Despite the COVID-19 pandemic, we completed a successful fiscal 2020 where we grew net revenue and active subscribers, grew our capabilities through strategic asset acquisitions and made further investments in talent and technology infrastructure.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Over 2.0 million active, paying customers contributed to our revenue in 2020. As of the end of fiscal 2020, more than 1.6 million approved contributors made their images, footage and music tracks available in our collection, which has grown to more than 360 million images and more than 21 million footage clips as of December 31, 2020. This makes our collection of content one of the largest of its kind, and we delivered 180.0 million paid downloads to our customers across all of our brands during fiscal 2020. The majority of our content licenses and 62% of our revenue came from our E-commerce sales channel in fiscal 2020. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Over the course of fiscal 2020, we invested aggressively in product development and cloud-based hosting infrastructure to support the quality of the user experience we provide on our websites, especially the efficiency and speed with which our search interfaces and algorithms help customers find and download the content that they need, the degree to which our websites have been localized for our global user base, the degree to which we make use of the large quantity of data we collect about image, footage and music and search patterns, and the security of user information on our platform. We intend to continue to invest in these areas, to the extent that we can improve the customer experience and increase the efficiency with which we deploy new products and features. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The highlights of our 2020 performance amidst the pandemic include&#58;</font></div><div style="text-indent:-18pt"><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; Revenue increased 2% to $666.7 million</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">(2)</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; Income from operations increased by $65.1 million to $85.3 million</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; Net income increased 257% to $71.8 million</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; Adjusted EBITDA increased 61% to $154.9 million</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6pt;font-weight:700;line-height:120%">(3)</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; Operating cash flows increased by 61% to $165.1 million</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; Free cash flow increased by 97% to $144.2 million</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6pt;font-weight:700;line-height:120%">(3)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. </font></div><div style="padding-left:36pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">________________________</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(1)&#160;&#160;&#160;&#160;For additional information regarding our financial results, please see our 2020 Annual Report, including &#8220;Item&#160;7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.&#8221; For a description of our key metrics, including number of subscribers, subscriber revenue, average revenue per customer, paid downloads, revenue per download and images in our collection, see &#8220;Key Operating Metrics&#8221; within &#8220;Item&#160;7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; in our 2020 Annual Report together with the discussion regarding, and reconciliation of, our non-GAAP to GAAP financial measures </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">found on pages 42 through 45 of our 2020 Annual Report</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">. </font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(2)&#160;&#160;&#160;&#160;Foreign currency fluctuations did not have a significant impact on full year 2020 revenue.</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">(3)&#160;&#160;&#160;&#160;For a discussion regarding, and reconciliation of, our non-GAAP to GAAP financial measures, please see pages 42 through 45 of our 2020 Annual Report.</font><font style="color:#000000;font-family:'Helvetica',sans-serif;font-size:12pt;font-weight:700;line-height:120%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div style="margin-bottom:4pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Except as specifically discussed in this Explanatory Note, this Supplement does not otherwise modify or update any other disclosures in the Proxy Statement.  This supplement should be read together with the Proxy Statement, which should be read in its entirety.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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