Bloomin' Brands adds Dave George (ex-Darden COO) and Starboard's Jon Sagal to board under cooperation agreement

Bloomin' Brands, Inc.

Dave George, former COO of Darden Restaurants, and Jon Sagal, Starboard partner, appointed to board effective Jan 2, 2024.
Starboard owns ~9.7% of BLMN; agreement includes standstill, voting commitments, and mutual non-disparagement.
Newly formed Operating Committee to work with management on operational improvements; George to chair, Sagal, Mohan, and Mahoney as members.
George will also serve on Compensation Committee; Sagal on Nominating and Governance Committee.
Standard director compensation: $95K annual retainer plus $155K RSU; pro-rated for new appointees.

item 1.01 item 5.02 item 8.01 item 9.01

Executive movements

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Appointed

Jon Sagal

Director

BLMN · Bloomin' Brands, Inc.

Effective: 2024-01-02
Filed: January 2, 2024, 6:59 PM ET

Pursuant to the Agreement, on January 2, 2024, Mr. George and Mr. Sagal were appointed to the Board.

Appointed

Dave George

Director

BLMN · Bloomin' Brands, Inc.

Effective: 2024-01-02
Filed: January 2, 2024, 6:59 PM ET

Pursuant to the Agreement, on January 2, 2024, Mr. George and Mr. Sagal were appointed to the Board.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Jon Sagal was appointed as Director at Bloomin' Brands, Inc..

Action: appointed
Role: Director

Exact text from the filing

Pursuant to the Agreement, on January 2, 2024, Mr. George and Mr. Sagal were appointed to the Board.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Dave George was appointed as Director at Bloomin' Brands, Inc..

Action: appointed
Role: Director

Exact text from the filing

Pursuant to the Agreement, on January 2, 2024, Mr. George and Mr. Sagal were appointed to the Board.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Bloomin' Brands, Inc. entered into Cooperation Agreement with Starboard Value LP and certain of its affiliates (collectively, “Starboard”) (effective 2024-01-02).

Action: entry
Counterparty: Starboard Value LP and certain of its affiliates (collectively, “Starboard”)
Effective: 2024-01-02

Exact text from the filing

On January 2, 2024, Bloomin’ Brands (the “Company”) entered into a cooperating Agreement (the “Agreement”) with Starboard Value LP and certain of its affiliates (collectively, “Starboard”).

View on SEC.gov

23 material agreements filed in the last 30 days. Browse all material agreements →

Bloomin' Brands, Inc. filing history →

Source: SEC EDGAR

accession 0001546417-24-000002

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