Walt Disney Co — Proxy Solicitation & Information Statement 2024

Mar 26, 2024

DFAN14A 1 ea0202613-dfan14a_blackwells.htm DEFINITIVE ADDITIONAL MATERIALS

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

SCHEDULE 14A

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

Filed by the Registrant ☐

Filed by a Party other than the Registrant ☒

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☐ Definitive Proxy Statement

☒ Definitive Additional Materials

☐ Soliciting Material under §240.14a-12

The Walt Disney Company (Name of Registrant as Specified In Its Charter)

Blackwells Capital LLC Blackwells Onshore I LLC Jason Aintabi Craig Hatkoff Leah Solivan Jessica Schell (Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

☒ No fee required

☐ Fee paid previously with preliminary materials

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

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From time to time, Blackwells Capital LLC and/or the other participants in its solicitation may make certain posts regarding the campaign to their respective social media pages, including each of their X (formerly known as Twitter) pages, LinkedIn pages, Instagram pages, YouTube pages and/or Facebook pages. A copy of the posts are attached hereto as Exhibit 1 and Exhibit 2 .

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Certain Information Concerning Participants

Blackwells Onshore I LLC, Blackwells Capital LLC, Jason Aintabi, Craig Hatkoff, Jessica Schell and Leah Solivan (collectively, the “Participants”) are participants in the solicitation of proxies from the shareholders of the Company for the 2024 Annual Meeting of Shareholders (the “Annual Meeting”). On February 6, 2024, the Participants filed with the U.S. Securities and Exchange Commission (the “SEC”) their definitive proxy statement and accompanying GREEN Proxy Card in connection with their solicitation of proxies from the shareholders of the Company for the Annual Meeting. ALL SHAREHOLDERS OF THE COMPANY ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT, THE ACCOMPANYING GREEN PROXY CARD AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY THE PARTICIPANTS, AS THEY CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS AND THEIR DIRECT OR INDIRECT INTERESTS IN THE COMPANY, BY SECURITY HOLDINGS OR OTHERWISE. The definitive proxy statement and an accompanying GREEN proxy card will be furnished to some or all of the Company’s shareholders and are, along with other relevant documents, publicly available at no charge on the SEC’s website at http://www.sec.gov/. In addition, the Participants will provide copies of the definitive proxy statement without charge, when available, upon request. Requests for copies should be directed to Blackwells Onshore I LLC.

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Exhibit 1

Nelson Peltz says: “I told Unilever not to pull out [of Russia] and so far they’ve listened. If we pull out of Russia, they will take our brands for themselves. I don’t think that’s a good trade.”

If Mr. Peltz’s judgment is this off-base when it comes to his other investments, who knows what mistakes he’d make if left in charge of Disney’s board?

Read our letter to Disney shareholders: https://thefutureofdisney.com/wp-content/uploads/2024/03/The-Future-of-Disney-3-25-2024.pdf

thefutureofdisney #disneydeservesthebest

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Exhibit 2

In regard to Disney’s 2023 movie The Marvels, Nelson Peltz says: “Why do I have to have a Marvel [movie] that’s all women?”

Disney’s board doesn’t need someone like Mr. Peltz on its board who’s stuck in the past — it needs fresh ideas to propel it into the future.

Read our letter to Disney shareholders: https://thefutureofdisney.com/wp-content/uploads/2024/03/The-Future-of-Disney-3-25-2024.pdf

thefutureofdisney #disneydeservesthebest

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