2018 Guide to Effective Proxies

6 TH EDITION | GUIDE TO EFFECTIVE PROXIES 42 SHUTTERFLY SPARTANNASH COMPANY SPX CORPORATION STARBUCKS CORPORATION LETTER FROM THE CEO April 13, 2018 DEAR STOCKHOLDERS, 2017wasapivotalyearforShutterfly.We’re proudoftheresultswedeliveredandthe progresswemadeonanumberoffronts, settingthecompanyupwellfor2018and beyond. BackinFebruaryof2017,wesharedourplans torestructureourConsumerbusiness, consolidatingandsimplifyingourbrand portfolio,bringingthevastmajorityofour customerstogetheronasinglewebsite, Shutterfly.com,andfocusingourresourceson ourgreatestopportunities.Atthesametime, wearticulatedfourareasofstrategicfocus goingforward:simplifyingtheprocessof creatingandpurchasingpersonalized products,expandingourrangeofproducts, pivotingtomobile,andleveragingour manufacturingplatformtoservebusiness customers. I’mpleasedtoreportthatwesucceeded againstallofourmajorobjectivesfor2017. Evenwhileshuttingdownbrandsand consolidatingplatforms,weretainedthe majorityofrevenueandcustomersfromthe migratingbrandsandshutteredwebsites.The coreShutterflybrandachievedhealthy like-for-likegrowthof6%,andweheldoverall Consumerrevenueflatwhilereducingour marketingexpenditureby15%andeliminating around250positions.InourEnterprise segment,SBSrevenuesgrew41%year-over- yearasweonboardedamajornewprogram fromalargetechnologyclient. AtShutterfly,webelievethatthesurestpath tolong-term,profitablegrowthisthrough customer-facinginnovation;thatis,by continuallyimprovingandexpandingour productsandservices.Theevolutionofour mobileappisagreatexample.Overthe courseof2017,weshippeddozensofnewapp builds;addedmorethan40newproducts, nowcoveringeverycategory;andcreatedan elegantlysimpleproductcreationexperience. Asaresult,apprevenuesmorethandoubled year-over-yearinthefourthquarterand mobileisnowanimportantcontributortoour Consumerbusiness. Throughoutthisperiodoftransition,we’ve continuedtofocusonfinancialdisciplineand costcontrol.Wesignificantlyimproved profitabilityandqualityofearningsin2017.At thesametime,weenteredintoanewcredit facilitywithlow-costflexibledebt,and returned$110milliontostockholdersviashare repurchases,followingourcapitalallocation strategy. Turningto2018,wecouldn’tbemoreexcited aboutourtransformationalacquisitionof Lifetouch,theleaderinschoolphotography. Thisacquisitionbringstogethertwouniquely complementarycompanies,givesShutterfly accesstomorethan10millionhighlydesirable households,positioningShutterflytoincrease revenueandprofitability. ShutterflyandLifetouch’sbusinessesareboth builtaroundhelpingconsumerscapture, preserve,andshareimageslinkedto importantmomentsintheirlives.Thisdeep- seatedandenduringhumanneedisreflected inthelargeandstabledemandforour productsandservicesovermanyyearsto dateand,wepredict,formanyyearstocome. SpartanNash Company 850 76th Street, S.W. P.O. Box 8700 Grand Rapids, Michigan 49518-8700 (616) 878-2000 SpartanNash Company Notice of Annual Meeting and Proxy Statement April 11, 2018 Dear SpartanNash Shareholder: In 2017, SpartanNash made significant progress against key strategic initiatives, including strong sales growth, expansion of the food distribution customer base, diversification of sales channels, and investment in our retail store base, all despite a challenging operating environment. Our accomplishments included: • We increased consolidated net sales 5.1% over the prior year, to $8.1 billion. • We grew sales in the food distribution segment 15.6% over the prior year to $4.0 billion. • The Board of Directors increased the quarterly cash dividend from $0.15 per common share to $0.165 per common share. • We returned $35.0 million to shareholders through share repurchases. Going forward, we will continue to focus on executing strategic initiatives that drive sales growth, improve margins, and ultimately deliver value to our shareholders. These initiatives include: • Growing our distribution business by optimizing the network, improving asset utilization, and leveraging programs that will drive more value for our retailers and customers. • Expanding our distribution network to be more national in scope so that we can grow with existing customers and reach additional opportunities in a variety of sales channels. • Enhancing our corporate-owned retail store base by aligning our marketing and merchandising strategies with consumer behavior. We will accomplish this by offering personalization, value beyond price, affordable wellness, a local focus and a commitment to being socially responsible — all designed to deliver a superior shopping experience. On behalf of the Board of Directors, our leadership team, and all of our associates, I thank you for your continued support and investment in SpartanNash Company. Sincerely, David M. Staples President and Chief Executive Officer Your vote is important. Even if you plan to attend the meeting, PLEASE SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD PROMPTLY OR VOTE BY TELEPHONE OR INTERNET. Letter to Our Shareholders DearShareholders: YouarecordiallyinvitedtoattendtheStarbucksCorporation2018AnnualMeetingofShareholdersonMarch21,2018 at10:00a.m.(PacificTime)(the“AnnualMeeting”orthe“AnnualMeetingofShareholders”).Themeetingwillbeheld atMarionOliverMcCawHallattheSeattleCenter,locatedat321MercerStreet,inSeattle,Washington.More informationappearsonthebackcoverofthisproxystatement. Asinprioryears,wehaveelectedtodeliverourproxymaterialstothemajorityofourshareholdersovertheInternet. Thisdeliveryprocessallowsustoprovideshareholderswiththeinformationtheyneed,whileatthesametime conservingnaturalresourcesandloweringthecostofdelivery.OnJanuary26,2018,wemailedtoourshareholdersa NoticeofInternetAvailabilityofProxyMaterials(the“Notice”)containinginstructionsonhowto: • AccessourproxystatementforourAnnualMeetingandourfiscal2017AnnualReportonForm10-KforthefiscalyearendedOctober1,2017, asfiledwiththeSecuritiesandExchangeCommission(the“AnnualReport”); • VotebyInternet,bytelephoneorbymail;and • Receiveapapercopyoftheproxymaterialsbymail. OnJanuary26,2018,wealsofirstmailedthisproxystatementandtheenclosedproxycardtocertainshareholders. ThematterstobeacteduponaredescribedinthenoticeofAnnualMeetingofShareholdersandproxystatement.AttheAnnualMeetingof Shareholders,wewillalsoreportonouroperationsandrespondtoquestionsfromshareholders. ProofofshareownershipwillberequiredtoentertheStarbucksAnnualMeeting.Inaddition,eachattendeemustpresentagovernment-issued photoidentification(suchasadriver’slicenseorpassport).Seethebackcoverofthisproxystatement—“ADMISSIONREQUIREMENTSAND TRANSPORTATIONINFORMATIONFORTHESTARBUCKSCORPORATION2018ANNUALMEETINGOFSHAREHOLDERS”fordetails. Thisyearweareimplementinganewseatingprocessonthedayoftheevent.Uponverificationofproofofshareownershipandidentification, admittedattendeeswillbeprovidedwithaseatassignment.Oneseatwillbegivenpernameontheproofofshareownership.Attendeesthatwish tobeseatedtogethermustbeadmittedatthesametime.(Note:assignedseatsmaynotbeobtainedbeforethedayoftheevent.) Asalways,we anticipatealargenumberofattendeesattheAnnualMeetingofShareholders.Seatingwillbeonafirst-come,first-servedbasisuntilvenue capacityhasbeenreached.Wecannotguaranteeseatingforallshareholders. Aswehavedonebefore,wewillalsoprovidealivewebcastofthemeetingfromtheInvestorRelationswebsiteathttp://investor.starbucks.com. PresentationsandareplayofthewebcastwillbeavailableontheInvestorRelationssiteonthe“CurrentandPastEvents”pageunder“Events& Presentations.”WehopethisprovidesthoseunabletoattendthemeetingtheopportunitytohearStarbucksleadersdiscussouroperatingresults andplansforthefuture.OurInvestorRelationssiteisfrequentlyupdated,andincludesadditionalinformationwebelieveourinvestorsfinduseful. PleasealsonotethatStarbucksiscommittedtoprovidinganaccessibleexperience.TheeventwillbeinterpretedinAmericanSignLanguageand real-timecaptioningwillbeprovidedintheauditorium.Complimentaryassistivelisteningdevicesandwheelchairswillbeavailable.McCawHallis anaccessiblebuildingwithwheelchairseating,disabilityparkingandaccessiblerestrooms.Ifyouhaveadisabilityaccommodationrequest,please emailusat investorrelations@starbucks.com orcallusat(206)318-7118byMarch2,2018.Alternateformatsofthisproxystatement,theAnnual ReportandLettertoShareholdersareavailableat http://investor.starbucks.com oruponrequestbycontacting investorrelations@starbucks.com . YOURVOTEISVERYIMPORTANT. WhetherornotyouplantoattendtheAnnualMeeting,weurgeyoutopleasecastyourvoteassoonas possiblebyInternet,telephoneormail.Welookforwardtoseeingyouatthemeeting. WarmRegards, HowardSchultz executivechairman 13320-ABallantyneCorporatePlace Charlotte,NC28277 Telephone:(980)474-3700 Facsimile:(980)474-3729 April3,2018 FellowStockholders: OnbehalfoftheBoardofDirectors,weinviteyoutoattendtheSPXCorporation2018AnnualMeetingof StockholdersonMay15,2018,at8:00a.m.(EasternTime),attheSPXBuilding,13320BallantyneCorporatePlace, Charlotte,NorthCarolina28277. Significant Accomplishments in 2017 In2017,weexceededthetargetsweprovidedtothefinancialcommunityearlyintheyearanddrovegrowthinour full-yearadjustedearningsandcashgenerationfromourcoreoperations.Thesefinancialresultsweredrivenby commercialandoperationalinitiativesacrossourbusinesses,includingenhancementstooursaleschannelsandnew productintroductions. Asaresultofourteam’sefforts,bothourDetectionandMeasurementandEngineeredSolutions(Core)segments recordedfull-yearsegmentincomegrowthofapproximately40%andsubstantialimprovementinmargins.Atthe sametime,ourHVACsegmentremainswellpositionedtoachievesolidgrowthinprofitabilityandcashgeneration. Furthermore,werecentlyreducedourexpectationsforcashusageassociatedwithourprojectworkinSouthAfrica, whichremainsontrackforsubstantialcompletionbytheendofnextyear(2019). Whilewecontinuetoworkvigorouslytowardsourlonger-termgoals,wearepleasedwithourteam’seffortstocreatea stronger,moreprofitablecompany.Oursuccessesin2017werewellreceivedbyinvestorsastheseaccomplishments werereflectedinanotheryearofsignificantappreciationinourshareprice. Well PositionedforGrowthand Value Creation SPXisnowcomprisedofthreehealthyplatforms,andeachisgeneratingdouble-digitreturnsoninvestedcapital. Mostofourbusinessesareleadersinattractive,nichemarkets,withstrongtechnologyandbrands,andhighlevelsof replacementrevenues.Ourbalancesheetisstrong,andthecompanyiswellpositionedtoinvest,bothorganically andinorganically,forcontinued,sustainabledouble-digitearningsgrowthandcashgeneration. OnourQ42017earningscall,weannouncedthatwehadincreasedthelevelofexpectedliquidityavailablethrough 2020forcapitalallocationtomorethan$600million,orby50%.Wehavealsoincreasedourresourcesdirectedat managingourpipelineofacquisitiontargets.Oureffortsareprimarilyfocusedonopportunitiesthatalignwellwithour existingplatformsandthatstrengthenourcompetitivepositionwithinourHVACandDetectionandMeasurement segments. Ourteamhasdoneagreatjobrepositioningourcompanyforgrowth.Weexpect2018tobeanothersuccessfulyear forSPX,andweareexcitedabouttheopportunitiesaheadofus. MeetingAttendanceand Voting AllSPXstockholdersofrecordatthecloseofbusinessonMarch20,2018,arewelcometoattendtheAnnual Meeting.Whetherornotyouplantoattend,itisimportantthatyoursharesberepresentedattheAnnualMeeting. To ensurethatyourshareswillberepresented,weaskyoutovotebytelephone,mail,orovertheinternetassoonas possible. Forstockholdersplanningtoattendthisyear’smeeting,weandtheothermembersofyourBoardofDirectorslook forwardtogreetingyoupersonally.OnbehalfoftheBoardofDirectorsandourleadershipteam,wewouldliketo expressourappreciationforyourcontinuedinterestinthebusinessofSPX. Sincerely, Patrick O’Leary ChairmanoftheBoardofDirectors Gene Lowe PresidentandChiefExecutiveOfficer