4, 2024
We look forward to seeing you at the annual meeting.
Chairman
and Chief Executive Officer
 David Deno, Chief Executive Officer | ||||||||||||||
23, 2024
2024.
BY ORDER OF THE BOARD OF DIRECTORS
Kelly Lefferts, Secretary
| BY ORDER OF THE BOARD OF DIRECTORS | ||||||||||||||
 Kelly Lefferts, Secretary | ||||||||||||||
4, 2024
23, 2024:
TABLE OF CONTENTS
| TABLE OF CONTENTS | |||||||||||
| Page No. | |||||||||||
Bloomin’ Brands, Inc. — 2018 Proxy Statement i
ii Bloomin’ Brands, Inc.— 2018 Proxy Statement
The affirmative vote
Proposals 2 (ratification of the appointment of Independent Auditor), 3 (advisory approval of the compensation of the named executive officers), and 4 (stockholder proposal regarding stockholder written consent) are not binding on the Company or the Board. The Board or the appropriate committee will review and consider the results of the votes on these proposals.
Bloomin’ Brands, Inc. — 2018 Proxy Statement 1
in person at the annual meeting or by proxy. If you decide to vote by proxy, you may vote via the internet, by telephone or by mail and your shares will be voted at the annual meeting in the manner you direct. For those registered holders who receive a paper proxy card, instructions for voting via the internet or by telephone are set forth on the proxy card or such holders can complete, sign, date and return the mailed proxy card in the prepaid and addressed envelope that was enclosed with the proxy materials. For those stockholders who receive a Notice of Internet Availability of Proxy Materials, the Notice of Internet Availability of Proxy Materials provides information on how to access your proxy card, which contains instructions on how to vote via the internet or by telephone or receive a paper proxy card to vote by mail. Telephone and internet voting facilities for registered stockholders of record will close at 11:59 p.m. (EDT) on April 23, 2018. each all director nominees, FOR Proposals 2 and 3, and AGAINST Proposal 4.maywish to vote in personyour shares at the annual meeting, only if you obtain a legal proxy frommust follow the procedures provided by the nominee that holds your shares and present itfor obtaining a legal proxy to the inspector of elections with your ballotvote such shares at the annual meeting.meeting, as well as the registration instructions provided below under “Admission to the Annual Meeting.” Alternatively, you may provide voting instructions to the nominee that holds your shares by completing, signing and returning the voting instruction form that the nominee provides to you, or by using telephone or internet voting arrangements described on the voting instruction form, the Notice of Internet Availability of Proxy Materials or other materials that the nominee provides to you. or, thenon-binding advisory approval of the compensation of our named executive officers (Proposal 3), or the stockholder proposal regarding stockholder written consent (Proposal 4). However, your nominee will be able to exercise its discretionary voting power with respect to the ratification of the appointment of PricewaterhouseCoopers LLP as our Independent Auditor for the fiscal year ending December 30, 201829, 2024 (Proposal 2) and would be able to cause your shares to be counted as present at the annual meeting for purposes of determining a quorum.20182024 proxy statement and 20172023 annual report to stockholders electronically will be receiving an email on or about March 8, 2018,4, 2024, with information on how to access stockholder information and instructions for voting.visitvisit www-us.computershare.com/Investor to createcreate a login and to enroll. If you hold your Bloomin’ Brands stock through a bank, broker or other nominee, please refer to the information provided by that entity for instructions on how to elect to view future proxy statements and annual reports over the internet and how to change your elections.2 Bloomin’ Brands, Inc.— 2018 Proxy Statement
the annual meeting and voting, in person, although attendance at the annual meeting will not, in and of itself, revoke a valid proxy that was previously delivered. If you hold shares in “street name,” you must contact the nominee that holds the shares on your behalf to revoke any prior voting instructions. You also may revoke any prior voting instructions by voting in person at the annual meeting if you obtain a legal proxy as described above.
Bloomin’ Brands, Inc. — 2018 Proxy Statement 3
The
The current terms2025. All were nominated at the recommendation of office of the Class III directors, David R. Fitzjohn, John J. Mahoney and R. Michael Mohan, will expire on the day of this annual meeting (as soon as they or their successors are elected) and have each been nominated for election by the Board of Directors upon recommendation by theour Nominating and Corporate Governance Committee. Committee and all have previously served on the Board. Commencing with this annual meeting, each director will stand for election every year.
David R. Fitzjohn, 61, has served as a director since February 2014. Since November 2012, Mr. Fitzjohn has been Chairman
 | Key Skills and Experience: •Executive Leadership: As the CEO of Bloomin’ Brands since 2019, responsible for developing and executing the Company’s long-term objectives, growth strategies and initiatives for its portfolio of casual and fine-dining brands. Previously served as CFO and Chief Administrative Officer at Bloomin’ Brands, President of Asia and CFO at Best Buy International, and CFO and COO at Yum! Brands, building deep public company executive experience in these roles. •Casual Dining: Extensive industry experience with nearly four decades of service at iconic restaurant companies, including Bloomin’ Brands, Yum! Brands and Burger King Corporation. •Finance: Significant financial expertise across business analytics and global strategy, as well as all areas of financial planning and reporting, including accounting services, corporate tax, treasury and investor relations through CFO and finance roles at Bloomin’ Brands, Best Buy International, Yum! Brands and Burger King Corporation. •Logistics and Supply Chain: Gained skills in overseeing and optimizing global supply chains through role as Chief Administrative Officer at Bloomin’ Brands and COO at Yum! Brands. •International: Strong international experience earned as President of Asia for Best Buy International, in addition to leadership roles overseeing Bloomin’ Brands’ international expansion. Career Highlights: •Bloomin’ Brands (since 2012) •CEO (since 2019) •CFO and Chief Administrative Officer (2012-2019) •President of Asia and Chief Financial Officer (International Division), Best Buy (2009 – 2012) •Yum! Brands (1997 – 2006) •COO (2004 – 2006) •CFO (1999 – 2005) •CFO (International Division) (1997 – 1999) •Various roles, including CFO of Pizza Hut, PepsiCo, Inc. (1991 – 1997) •Various financial roles, Burger King Corporation (1983 – 1991) Other Public Company Boards: •Krispy Kreme (since 2016) •Brinker International (2011 – 2012) Education: •BA, Economics and Political Science, Macalester College •MBA, University of Michigan | |||||||
David J. Deno Chief Executive Officer, Bloomin’ Brands Director since: 2019 Age: 66 | ||||||||
 | Key Skills and Experience: •Casual Dining: Brings over 30 years of leadership experience in restaurant industry, including direct operational oversight of Olive Garden and LongHorn Steakhouse. Deeply familiar with unique aspects of casual dining consumer landscape and value creation opportunities with proven record of driving growth and profitability. •Executive Leadership: As COO of Darden Restaurants, helped identify and drive significant operational and organizational turnaround initiatives at company during his tenure. Career Highlights: •Darden Restaurants (2007 – 2020) •EVP, COO (2018 – 2020) •EVP, Darden (2016 – 2018) •President, Olive Garden (2013 – 2018) •Rare Hospitality International Inc. (1998 – 2013) (acquired by Darden Restaurants in 2007) •President, LongHorn Steakhouse (2003 – 2013) •SVP of Operations, LongHorn Steakhouse (2001 – 2003) •VP of Operations, The Capital Grille(2000 – 2001) •Regional VP of Operations North, LongHorn Steakhouse (1998 – 2000) Education: •BS, Hotel and Restaurant Management, Michigan State University | |||||||
David George Retired Chief Operating Officer, Darden Restaurants Independent Director since: 2024 Committees: •Operating (Chair) •Compensation Age: 68 | ||||||||
 | Key Skills and Experience: •Executive Leadership: Held top leadership roles at some of the largest companies in the world, including Walmart Inc., Dollar General Corporation, Safeway, Inc. and PepsiCo, Inc. As Senior Advisor to New Mountain Capital, LLC, a manager of private equity funds based in New York, has also served on the boards of several portfolio companies. •Consumer and Retail: Spent 40 years leading consumer product companies and retailers, including Walmart Inc. and Dollar General Corporation, where his efforts led to significant new store openings and improved same-store results, as well as Safeway, Inc. and PepsiCo, Inc. •Finance: Through his role at New Mountain Capital, LLC, has gained significant experience overseeing financial profiles of various portfolio companies. As President and CEO of the Global Procurement division at Walmart Inc, directed efforts of purchasing offices in 28 countries. In various roles at PepsiCo, Inc., including VP of Sales for Pepsi Cola, General Manager of Pepsi Cola Bottling and COO of Worldwide Operations for PepsiCo Foods, had key role in financial strategy and planning decisions. •Logistics and Supply Chain: Gained deep knowledge regarding food manufacturing, distribution and supply chain operations throughout career. Implemented programs to improve the company’s factory sourcing while President and CEO of the Global Procurement division at Walmart Inc. As Senior Vice President of Supply Chain Operations at Safeway, Inc., led the manufacturing, distribution and private-label operations for the $30bn grocer. •Business Development and Marketing: As General Manager of Pepsi Cola Bottling, oversaw strategy and activities for Marketing and Development teams. •Human Resources/Talent Management: As Chief People Officer at Walmart Inc., was responsible for all human resources planning for the Company’s 1.5 million associates worldwide, including recruitment, training and executive development, succession planning, implementation of human resource technology and all diversity initiatives. Career Highlights: •Senior Advisor and Board member for several of the firm’s private portfolio companies, New Mountain Capital, LLC, a manager of private equity funds (since 2008) •Walmart Inc. (2004 – 2008) •President and CEO of Global Procurement Division (2006 – 2008) •EVP and Chief People Officer (2004 – 2006) •President and COO, Dollar General Corporation (2003 – 2004) •Senior Vice President, Supply Chain Operations, Safeway, Inc. (1997 – 2003) •Various executive roles, PepsiCo, Inc. (1981 – 1998) •Consultant, McKinsey & Company (1979 – 1981) Other Public Company Boards: •John Bean Technologies Corporation (since 2020) •Assurant, Inc. (since 2009) •Snyder's-Lance, Inc. (2015 – 2018) Education: •BA, Economics, Harvard University •MBA, Harvard Business School | |||||||
Lawrence V. Jackson Senior Advisor, New Mountain Capital Independent Director since: 2020 Committees: •Nominating and Corporate Governance (Chair) •Audit Age: 70 | ||||||||
 | Key Skills and Experience: •Finance: Deep expertise gained while at Ernst & Young LLP. Advised companies on the finance, accounting and reporting impacts of their business transformations, including mergers and acquisitions, dispositions and IT systems, and regularly collaborated with their merchandising and operations personnel in addressing the financial implications of their operational initiatives. •Accounting and Auditing: Significant experience acquired as the lead audit partner for consumer businesses, resulting in expertise in accounting and auditing standards. •Risk Management: Proven expert in risk management and compliance standards while advising multiple public companies at Ernst & Young LLP. •Executive Leadership: Held various market-facing leadership roles in Ernst & Young LLP’s Consumer sector during last 20 years of tenure and served as Managing Partner of the Columbus office for five years, overseeing client engagement and quality reviews in addition to personnel and staffing management, training and thought leadership. •Consumer and Retail: Spent nearly 40 years in various audit and assurance positions, focusing on all sectors of consumer products and retail. •ESG: Advised companies on environmental, social and corporate governance (“ESG”) assessments, reporting and governance frameworks. Career Highlights: •Ernst & Young LLP (1984 – 2021) •Senior Partner, Financial Accounting Advisory Services (2015 – 2021) •Various audit and assurance positions (1984 – 2015) Education: •BA, Accounting and Business Management, University of St. Thomas •Certified Public Accountant | |||||||
Julie Kunkel Former Senior Partner, Financial Accounting Advisory Services, Ernst & Young LLP Independent Director since: 2022 Committees: •Audit Age: 61 | ||||||||
 | Key Skills and Experience: •Cybersecurity: As EVP and Chief Information Officer at Saia, Inc., a public logistics company, leads data privacy and NIST-based cybersecurity programs through training, process changes and technology. •Information Technology and Digital: Deep technology acumen and proven track record transforming IT systems and cultures and ensuring IT solutions and data-driven decisions become competitive tools to enable and advance an organization’s strategic objectives. Significant experience in designing and implementing solutions focused on the customer experience, productivity and asset utilization. •Logistics and Supply Chain: In current role at a public logistics company, leads IT teams to develop and deliver enterprise-wide solutions. Co-developed modern machine learning-based decision support and real-time traffic routing applications to replace legacy supply chain planning and city delivery solutions. While at The Coca-Cola Company, held advisory and governance roles with franchise bottler boards and helped implement end-to-end ERP solutions, including order-to-cash, forecasting, manufacturing, warehousing and route planning. Prior to that, led ERP value realization engagements at mid-market and global companies across multiple industries as CEO and Founder of AceTrack, Inc., a boutique consultancy. •Executive Leadership: Proven leader at a publicly-traded company, having enacted transformative change and delivered impressive financial results, operating margin improvements and debt reduction. •Business Development and Marketing: Extensive business development experience having founded and led AceTrack, Inc., including overseeing a multi-million dollar RFP to select a managed service provider for The Coca-Cola Company. In addition, six years of software sales and business development experience as a sales manager and sales executive at QAD. •Consumer and Retail: Through a nine-year tenure at The Coca-Cola Company, gained expertise in consumer product sales and manufacturing. Oversaw the rollout of solutions for Trade Promotion Management, mobile sales force and Direct Store Delivery to convenience stores. •Innovation and Culture: At Saia, Inc., transformed IT culture and technology to enable business growth through digital innovation. At The Coca-Cola Company, introduced customer-centric innovative solutions for better product ordering and sales force automation. Career Highlights: •Executive Vice President and Chief Information Officer, Saia, Inc. (since 2017) •The Coca-Cola Company / CONA (Coke One North America) (2008 – 2017) •Director, Enterprise Architecture, CONA Services (2016 – 2017) •Director of Technology Strategy, CONA (2013 – 2016) •Director of Application Development and Infrastructure (2008 – 2013) •CEO and Founder, AceTrack, Inc. (2000 – 2008) •Sales Manager, Sales Executive, Consultant and Application Developer, QAD (1989 – 1998) Education: •BS, Chemical Engineering, Indian Institute of Technology | |||||||
Rohit Lal Executive Vice President and Chief Information Officer, Saia, Inc. Independent Director since: 2023 Committees: •Audit Age: 63 | ||||||||
 | Key Skills and Experience: •Executive Leadership: Proven strategic and operational leadership capabilities having held multiple broad-based roles at Google, including current role leading the Americas for YouTube, Visible World (now owned by Comcast), where she was President and developed the Company into a leading technology platform for addressable video advertising, and McKinsey & Company, where she helped lead the Global Media & Entertainment and Sales & Marketing practices. •Business Development and Marketing: Has more than 25 years of digital media sales and marketing experience, including tenure as Managing Director of Ads Marketing at Google, during which time she led Google’s communications and market development for clients and partners across products worldwide. Additionally, she was an advisor to CROs and CMOs throughout her tenure at McKinsey & Company and helped develop key thought leadership for the firm. •Consumer and Retail: Deep understanding of evolving consumer interests and behavior based on 13 years at Google and YouTube, including leadership of initiatives driving retail media and e-commerce solutions. Regular advisor to CMOs and CEOs on best practices to drive consumer results across the purchase funnel. •Information Technology and Digital: Significant digital transformation expertise from her roles at Visible World and Google, ranging from sales and marketing to operations and culture. •Innovation and Culture: Writes and speaks frequently as a C-suite advisor on how to step-change innovation and culture to succeed in a rapidly evolving landscape. •Human Resources and Talent Management: Led numerous talent management initiatives at McKinsey & Company, Visible World and Google to improve recruiting, performance management, employee engagement, and diversity and inclusion. Career Highlights: •Google (since 2011) •Vice President, Americas, YouTube (since 2021) •Vice President, Agency and Brand Solutions (2017 – 2021) •Vice President, Agency Solutions (2014 – 2017) •Managing Director, Ads Marketing (2011 – 2014) •President, Visible World (2005 – 2011) •Associate Partner, McKinsey & Company (1999 – 2005) Other Public Company Boards: •Braze, Inc. (since 2019) Education: •BA, Economics, Harvard University •MBA, Harvard Business School | |||||||
Tara Walpert Levy Vice President, Americas, YouTube Independent Director since: 2013 Committees: •Compensation (Chair) Age: 50 | ||||||||
 | Key Skills and Experience: •Finance: Accomplished financial executive with large-cap public company experience. Gained substantial expertise in corporate finance, financial reporting and financial management from executive roles at Staples, Inc., experience as a Director for various public companies, and career as a certified public accountant and Partner at Ernst & Young LLP. •Accounting and Auditing: Significant knowledge of auditing, accounting, governance and executive compensation through his 20-year career at Ernst & Young LLP and 15-year tenure as CFO of Staples, Inc. •Risk Management: Gained expertise in risk management advising companies on appropriate controls during tenure at Ernst & Young LLP in addition to overseeing IT protocols and initiatives through role as Chief Administrative Officer at Staples, Inc. •Executive Leadership: Over 45 years in leadership and management roles of increasing responsibility. •Consumer and Retail: 35+ years of extensive experience during service in various roles at Staples, Inc., a multinational office supply retailer, as well as service on several retail public company boards including Chico’s FAS, Burlington Stores, Inc., and The Michael’s Companies, Inc. •International: Through role as Chief Administrative Officer at Staples, Inc., helped oversee the Company’s international operations. •Human Resources and Talent Management: Experience overseeing the human resources initiatives of public companies as Chair of Chico’s Human Resources, Compensation and Benefits Committee and previously as Chair of Burlington’s Compensation Committee. Career Highlights: •Staples, Inc. (1996 – 2012) •Vice Chairman (2006 – 2012) •CFO (1996 – 2012) •Chief Administrative Officer (1997 – 2006) •Executive Vice President (1996 – 2006) •Partner, Ernst & Young LLP, holding roles in its National Office Accounting and Auditing groups (1975 – 1996) Other Public Company Boards: •Chico's FAS (since 2007) •Burlington Stores, Inc. (since 2013, appointed Chair in 2020) •The Michael’s Companies, Inc. (2013 - 2021) •Zipcar, Inc. (2010 – 2012) Education: •BA, English, College of the Holy Cross •MBA, Northeastern University •Certified Public Accountant | |||||||
John J. Mahoney Former Chief Financial Officer and Retired Vice Chairman, Staples, Inc. Independent Director since: 2012 Committees: •Audit (Chair) •Operating Age: 72 | ||||||||
 | Key Skills and Experience: •Finance: Extensive expertise in financial planning and analysis, including current position as CFO of Urban Outfitters, Inc. where she oversees finance, accounting, tax, business development and strategy and loss prevention. •Accounting and Auditing: Significant knowledge of financial reporting, accounting and auditing through nearly two decades of experience in financial roles at publicly traded companies. •Executive Leadership: Served in key leadership roles in finance organizations at large public companies, including General Motors, Campbell Soup Company and currently Urban Outfitters, Inc. •Business Development and Marketing: Serving in various roles at Urban Outfitters, Inc. concentrating on financial planning and business analysis, long-range planning and business development for the Company's global consumer brands including Urban Outfitters, Anthropologie, Free People, BHLDN, Terrain, Menus & Venues and Nuuly. •Consumer and Retail: Over 27 years in roles of increasing responsibility at major retail and consumer products organizations driving top line growth and financial returns, including several in the food and beverage sector. Career Highlights: •Urban Outfitters, Inc. (since 2013) •CFO (since 2020) •Executive Director, Corporate Development & Finance (2013 – 2020) •Various financial roles including Assistant Treasurer, Campbell Soup Company (2004 – 2013) •North America Finance Director, Godiva Chocolatier (2000 – 2004) •Manager, Finance, General Motors (1996 – 2000) Education: •BS, Accounting and Decision Sciences, The Wharton School of the University of Pennsylvania •MBA, Finance, The Wharton School of the University of Pennsylvania | |||||||
Melanie Marein-Efron Chief Financial Officer, Urban Outfitters, Inc. Independent Director since: 2022 Committees: •Compensation Age: 54 | ||||||||
 | Key Skills and Experience: •Executive Leadership: Leadership roles over the majority of career have had significant focus on all aspects of operations, including sales, merchandising, marketing, supply chain management, services and new business initiatives. •Business Development and Marketing: Expertise in digital marketing over 35+ year career including various roles at Best Buy Co. leading merchandising and marketing efforts. At Best Buy Co., gained additional significant business development experience through the launch of partnerships with leading consumer brands to create the within-store Magnolia and Pacific Kitchen & Home concepts and leading the evolution of Best Buy’s private-label, fitness devices and connected home products. •Logistics and Supply Chain: Significant experience through close involvement in vendor engagement throughout tenure at Best Buy Co., assisting with negotiating master agreements and pricing for billions of dollars of goods purchased from vendors each year. As Chief Operating Officer, directly oversaw the logistics and distribution teams, including the massive upgrade in automated technology in the distribution centers. •Real Estate: Experience directly managing large real estate portfolios, including leading Best Buy Co.’s real estate committee and directly overseeing its real estate, capital and maintenance planning for new stores, renovations, relocations and vacated locations involving ~200 real estate transactions per year. •Consumer and Retail: An extensive career at large retail companies including Best Buy Co. and Good Guys, an audio-video specialty retailer that operated 79 stores in the western United States. •Human Resources and Talent Management: As Chief Operating Officer of Best Buy Co., led complete overhaul in operating model of the Company’s 5,000+ corporate roles to support talent and development plans and had deep involvement in all decisions related to compensation, job grades and benefits for Company’s ~100,000 global employees. •Information Technology and Digital: Proven ability to advance consumer-facing digital strategy having directly overseen Best Buy Co.’s ecommerce platform as Chief Operating Officer, including all aspects of development, product release and specific online customer demand generation. Career Highlights: •Best Buy Co. (2004 – 2021) •President and Chief Operating Officer (2019 – 2021) •Chief Operating Officer, U.S. Business (2018 – 2019) •Senior Executive Vice President and Chief Merchandising and Marketing Officer (2014 – 2018) •Senior Vice President and President of the Home Business Group (2013 – 2014) •Senior Vice President of Merchandising (2008 – 2013) •Vice President and General Merchandise Manager (2004 – 2007) •Good Guys (1997 – 2004) •Vice President and General Merchandise Manager (2002 – 2004) •Senior Category Management (1997 – 2002) •Various positions, Future Shop (1988 - 1997) Other Public Company Boards: •Vizio Holding Corp. (since 2023) •Petco Health and Wellness Company, Inc., Lead Independent Director (since 2021) Education: •Engineering and Commerce, University of Calgary | |||||||
R. Michael Mohan Chairman of the Board Former President and Chief Operating Officer, Best Buy Co. Independent Director since: 2017 Chairman since: 2023 Committees: •Compensation •Nominating and Corporate Governance •Operating Age: 56 | ||||||||
 | Key Skills and Experience: •Finance: Brings valuable financial and investment acumen as a Partner at Starboard Value. In previous roles at Casablanca Capital, Mill Road Capital and Prentice Capital Management, gained expertise evaluating and executing opportunities for long-term investments to drive growth and profitability. •Executive Leadership: As a Partner at Starboard Value, actively engages with management teams and boards of directors of publicly traded U.S. companies to identify and execute on opportunities to unlock value for the benefit of shareholders. •Casual Dining: Helped lead prior Starboard investments in Darden Restaurants and Papa John’s with a focus on driving operational improvements. •Real Estate: Gained experience advising companies in managing large or complex real estate footprints, including at Darden through REIT spin to create Four Corners Property Trust. •ESG: Brings expertise in key corporate governance matters and sustainability initiatives to inform best-in-class processes, including through prior role as member of Acacia Research Corporation’s Board of Directors and service on its Nominating, Governance & Sustainability Committee. Career Highlights: •Partner, Starboard Value LP (since 2011) •Investment Analyst, Casablanca Capital (2010 – 2011) •Investment Analyst, Mill Road Capital (2009 – 2010) •Investment Analyst, Prentice Capital Management (2006 – 2009) •Investment Banking Analyst, Rothschild Inc. (2004 – 2006) Other Public Company Boards: •Acacia Research Corporation (2019 – 2024) Education: •AB, Philosophy, Princeton University •MBA, Columbia Business School | |||||||
Jonathan Sagal Partner, Starboard Value LP Independent Director since: 2024 Committees: •Nominating and Corporate Governance •Operating Age: 42 | ||||||||
Directors Continuing in Office
The following are the directors who will continue in office after this annual meeting:
Class I Directors – Terms Expiring at the 2019 Annual Meeting
Wendy A. Beck, 53, has served as a director since February 2018. Ms. Beck is the Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd. (“NCLH”), a leading global cruise company that operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands, a position she has held since September 2010 and will transition from on or before September 30, 2018. Prior to joining NCLH in 2010, Ms. Beck served as Executive Vice President and Chief Financial Officer of Domino’s Pizza, Inc., one
Tara Walpert Levy, 44, has served as a director since July 2013. Ms. Levy is the Vice President of Agency and Media Solutions for Google Inc., a leading developer and marketer of commercial and consumer technologies, a position she has held since October 2014. From June 2011 to September 2014, she was the Managing Director of Global Ad Market Development for Google Inc. From June 2007 to May 2011, Ms. Levy was President of Visible World Inc., a leading technology platform for addressable video advertising, now owned by Comcast, Inc. Ms. Levy was also an Associate Partner at McKinsey & Company, Inc., a management consulting firm, where she was a leader of the Global Media & Entertainment2024 annual meeting, and Sales & Marketing groups. Ms. Levyhe is an executive membernot standing for re-election.
BOARD DIVERSITY MATRIX (AS OF MARCH 4, 2024)(1)(2) | ||||||||||||||||||||||||||
| BOARD SIZE: | ||||||||||||||||||||||||||
| Total number of directors | 11(1) | |||||||||||||||||||||||||
| GENDER IDENTITY: | FEMALE | MALE | NON- BINARY | DID NOT DISCLOSE GENDER | ||||||||||||||||||||||
| Number of directors based on gender identity | 3 | 8 | — | — | ||||||||||||||||||||||
| Number of directors who identity in any of the categories below: | ||||||||||||||||||||||||||
| African American or Black | — | 1 | — | — | ||||||||||||||||||||||
| Alaskan Native and Native American | — | — | — | — | ||||||||||||||||||||||
| Asian | — | 1 | — | — | ||||||||||||||||||||||
| Hispanic or Latinx | — | — | — | — | ||||||||||||||||||||||
| Native Hawaiian or Pacific Islander | — | — | — | — | ||||||||||||||||||||||
| White | 3 | 5 | — | — | ||||||||||||||||||||||
| Two or More Races or Ethnicities | — | 1 | — | — | ||||||||||||||||||||||
| LGBTQ+ | — | |||||||||||||||||||||||||
| Did Not Disclose Demographic Background | — | |||||||||||||||||||||||||
Elizabeth A. Smith, 54, has served as the Chairman of2024 annual meeting, and he is not standing for re-election.
Class II Directors – Terms Expiring at the 2020 Annual Meeting
James R. Craigie, 64, has served as a director since November 2013. Mr. Craigie has been thenon-executive Chairman of the Board of Directors of Church & Dwight Co., Inc., a leading developer, manufacturer, and marketer of household and personal care consumer products, since January 2016. He was the President and Chief Executive Officer of Church & Dwight Co., Inc. from July 2004 through May 2007 and executive Chairman and Chief Executive Officer from May 2007 through December 2015. From December 1998 through 2003, he was the President, Chief Executive Officer, and a member of the Board of Directors of Spalding Sports Worldwide and its successor,Top-Flite Golf Co. From 1983 to November
Bloomin’ Brands, Inc. — 2018 Proxy Statement 5
1998, he held various senior management positions with Kraft Foods, Inc., including Executive Vice President and General Manager of its Beverages and Desserts Division, and Dinners and Enhancers Division. Prior to entering private industry, Mr. Craigie served six years as an officer2023 proxy statement filed with the U.S. Navy/DepartmentSEC on that date.
| DIRECTOR | AUDIT COMMITTEE | COMPENSATION COMMITTEE | NOMINATING AND CORPORATE GOVERNANCE COMMITTEE | ||||||||||||||||||||||
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
David R. Fitzjohn | X | ||||||||||||||||||||||||
| X | ||||||||||||||||||||||||
Lawrence V. Jackson | X | Chair | |||||||||||||||||||||||
| Julie Kunkel | X | ||||||||||||||||||||||||
| Rohit Lal | X | ||||||||||||||||||||||||
| Tara Walpert Levy | Chair | ||||||||||||||||||||||||
John J. Mahoney (1) | Chair | ||||||||||||||||||||||||
Melanie Marein-Efron | X | ||||||||||||||||||||||||
| R. Michael Mohan (1) | X | X | |||||||||||||||||||||||
| Jonathan Sagal (1) | X | ||||||||||||||||||||||||
6 Bloomin’ Brands, Inc.— 2018 Proxy Statement
2023.
2023.
Bloomin’ Brands, Inc. — 2018 Proxy Statement 7
Governance Committee evaluates the relationships of each director and director nominee and makes a recommendation to the Board of Directors as to whether to make an affirmative determination that such director or director nominee is independent. Upon recommendation of the Nominating and Corporate Governance Committee, the Board of Directors has affirmatively determined that: (a) Messrs. Craigie, Fitzjohn, George, Jackson, Lal, Mahoney, and Mohan, and Sagal and Mses. Beck, GrossmanKunkel, Levy and LevyMarein-Efron are independent under the criteria established by NASDAQ for director independence; (b) Ms. Kunkel and Messrs. CraigieJackson, Lal, and Mahoney and Ms. Levy are independent under the criteria established by NASDAQ for audit committee membership; and (c) Messrs. FitzjohnGeorge and Mohan and Mses. BeckLevy and GrossmanMarein-Efron are independent under the criteria established by NASDAQ for compensation committee membership.
Ms. Beck was
January 2, 2024.
and believes that the collective business experience, industry knowledge and other fields of significant knowledge, good character, sound judgment, integrity and diversity of our current Board provides appropriate support and guidance to our Company.
AsCEO are held by the same person, or if the Chairman of the Board of Directors, Ms. Smith’s executive responsibilities provide insight that assists our Board of Directors in addressing both internal and external issues affectingis not otherwise independent, the Company, and Mr. Craigie, asindependent directors may annually elect (by majority vote) a Lead Independent Director, is responsible for, among other things:
8 Bloomin’ Brands, Inc.— 2018 Proxy Statement
In addition, various other corporate governance measures also contribute to a high degree of independent oversight of the Company’s management, including holding regular executive sessions,sessions; all continuing directors other(other than Ms. SmithMr. Deno) and all of the Board committee members being independent under the NASDAQ standards,standards; and the Board and each committee conducting annual self-assessments to ensure that they are functioning effectively. The Board of Directors believes that this leadership structure is appropriate at this time and provides the most effective leadership in a highly competitive and rapidly changing industry. Combining the roles of
The Board believes the current leadership structure, with an independent Chairman of the Board, is appropriate at this time and will promote continued effective decision-making.
The
Bloomin’ Brands, Inc. — 2018 Proxy Statement 9
following the grant date.
appointment, as applicable. Mr. Deno and all non-employee Directors have met their ownership requirement or are on track to meet their requirement before their respective deadlines.
| NAME | FEES EARNED OR PAID IN CASH (1) ($) | STOCK AWARDS (2) ($) | ALL OTHER COMPENSATION (3) ($) | TOTAL ($) | ||||||||||||||||
Wendy A. Beck(4) | — | — | — | — | ||||||||||||||||
James R. Craigie | 135,000 | 100,003 | 3,824 | 238,827 | ||||||||||||||||
David R. Fitzjohn | 97,500 | 100,003 | — | 197,503 | ||||||||||||||||
Mindy Grossman | 105,000 | 100,003 | 5,975 | 210,978 | ||||||||||||||||
Tara Walpert Levy | 100,000 | 100,003 | 8,063 | 208,066 | ||||||||||||||||
John J. Mahoney | 115,000 | 100,003 | 26,850 | 241,853 | ||||||||||||||||
R. Michael Mohan(5) | 19,076 | 50,010 | — | 69,086 | ||||||||||||||||
Chris T. Sullivan(6) | 90,000 | 100,003 | — | 190,003 | ||||||||||||||||
10 Bloomin’ Brands, Inc.— 2018 Proxy Statement
| FEES EARNED OR PAID IN CASH | STOCK AWARDS (1) | OTHER COMPENSATION | TOTAL | |||||||||||||||||||||||||||||||||||||||||
| NAME | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||||||||||
| James R. Craigie (2) | 123,125 | 220,002 | — | 343,127 | ||||||||||||||||||||||||||||||||||||||||
| David R. Fitzjohn | 102,500 | 155,021 | — | 257,521 | ||||||||||||||||||||||||||||||||||||||||
| John P. Gainor, Jr. (3) | 117,500 | 155,021 | — | 272,521 | ||||||||||||||||||||||||||||||||||||||||
| Lawrence V. Jackson | 117,500 | 155,021 | — | 272,521 | ||||||||||||||||||||||||||||||||||||||||
| Julie Kunkel | 107,500 | 155,021 | — | 262,521 | ||||||||||||||||||||||||||||||||||||||||
| Rohit Lal (4) | 32,527 | 90,405 | — | 122,932 | ||||||||||||||||||||||||||||||||||||||||
| Tara Walpert Levy | 105,000 | 155,021 | — | 260,021 | ||||||||||||||||||||||||||||||||||||||||
| John J. Mahoney | 122,500 | 155,021 | — | 277,521 | ||||||||||||||||||||||||||||||||||||||||
| Melanie Marein-Efron | 107,500 | 155,021 | — | 262,521 | ||||||||||||||||||||||||||||||||||||||||
| R. Michael Mohan | 143,043 | 192,933 | — | 335,976 | ||||||||||||||||||||||||||||||||||||||||
| Elizabeth A. Smith (5) | 45,000 | — | — | 45,000 | ||||||||||||||||||||||||||||||||||||||||
its stockholders.
Audit Fees Audit-Related Fees Tax Fees All Other Fees Total Fees 2022 (dollars in thousands): 20172023 and December 25, 2016:FEE CATEGORY 2017 2016 $ 2,554,000 $ 2,874,000 153,000 5,000 35,000 55,000 8,000 6,000 $ 2,750,000 $ 2,940,000 FEE CATEGORY 2023 2022 Audit Fees $ 1,790 $ 1,666 Audit-Related Fees 51 12 Tax Fees 136 158 All Other Fees 2 5 Total Fees $ 1,979 $ 1,841 engagementsengagements. These fees represent work for the fiscal years ended December 31, 20172023 and December 25, 2016,2022, including audited consolidated financial statements presented in our Annual Reports on Form10-K and the review of the financial statements presented in our Quarterly Reports on Form10-Q.Bloomin’ Brands, Inc. — 2018 Proxy Statement 11
2022.
2022.
12 Bloomin’ Brands, Inc.— 2018 Proxy Statement
The
officers
.
13, 2024.
| NAME OF BENEFICIAL OWNER | AMOUNT AND NATURE OF BENEFICIAL OWNERSHIP | PERCENT OF CLASS (COMMON STOCK) | ||||||
Five Percent Shareholders: | ||||||||
The Vanguard Group(1) 100 Vanguard Blvd. Malvern, PA 19355 | 11,174,868 | 12.02 | % | |||||
Jana Partners LLC(2) 919 Third Avenue New York, NY 10022 | 7,929,638 | 8.53 | % | |||||
BlackRock Inc.(3) 55 East 52nd Street New York, NY 10055 | 6,851,353 | 7.37 | % | |||||
AllianceBernstein L.P.(4) 1345 Avenue of the Americas New York, NY 01015 | 6,174,053 | 6.64 | % | |||||
RDB Equities(5) 4343 Anchor Plaza Pkwy Suite 1 Tampa, FL 33634 | 6,113,000 | 6.58 | % | |||||
Earnest Partners, LLC(6) 1180 Peachtree Street NE Suite 2300 Atlanta, GA 30309 | 5,268,819 | 5.67 | % | |||||
Directors and Named Executive Officers: | ||||||||
Wendy Beck(7) | — | * | ||||||
Christopher W. Brandt(8) | 26,121 | * | ||||||
James R. Craigie(7) | 21,143 | * | ||||||
David J. Deno(9) | 640,166 | * | ||||||
David R. Fitzjohn(7) | 12,780 | * | ||||||
Mindy Grossman(7) | 29,790 | * | ||||||
Tara Walpert Levy(7) | 18,292 | * | ||||||
John J. Mahoney(7) | 26,372 | * | ||||||
R. Michael Mohan(7) | 976 | * | ||||||
Patrick Murtha(10) | 210,580 | * | ||||||
Sukhdev Singh(11) | 294,635 | �� | * | |||||
Elizabeth A. Smith(12) | 3,797,349 | 3.93 | % | |||||
Chris T. Sullivan(7)(13) | 1,209,187 | 1.30 | % | |||||
All current directors and executive officers as a group(12) | 7,352,795 | 7.47 | % | |||||
|
14 Bloomin’ Brands,
| NAME OF BENEFICIAL OWNER | AMOUNT AND NATURE OF BENEFICIAL OWNERSHIP | PERCENT OF CLASS (COMMON STOCK) | ||||||||||||
| Five Percent Stockholders: | ||||||||||||||
| BlackRock Inc. (1) 50 Hudson Yards New York, NY 10001 | 13,524,987 | 15.62 | % | |||||||||||
| The Vanguard Group (2) 100 Vanguard Blvd. Malvern, PA 19355 | 12,425,332 | 14.35 | % | |||||||||||
| Starboard Value LP (3) 777 Third Avenue, 18th Floor New York, NY 10017 | 8,441,000 | 9.75 | % | |||||||||||
| Directors and Named Executive Officers: | ||||||||||||||
| David J. Deno (4) | 1,408,044 | 1.61 | % | |||||||||||
| David R. Fitzjohn (5) | 37,335 | * | ||||||||||||
| David George (5) | 1,196 | * | ||||||||||||
| Lawrence V. Jackson (5) | 20,344 | * | ||||||||||||
| Julie Kunkel (5) | 5,142 | * | ||||||||||||
| Rohit Lal (5) | — | * | ||||||||||||
| Kelly M. Lefferts (6) | 116,450 | * | ||||||||||||
| Tara Walpert Levy (5) | 55,725 | * | ||||||||||||
| John J. Mahoney (5) | 63,683 | * | ||||||||||||
| Melanie Marein-Efron (5) | 4,142 | * | ||||||||||||
| Christopher Meyer (7) | 246,632 | * | ||||||||||||
| R. Michael Mohan (5) | 34,707 | * | ||||||||||||
| Brett Patterson (8) | 51,689 | * | ||||||||||||
| Jonathan Sagal (5) | — | * | ||||||||||||
| Gregg D. Scarlett (9) | 721,668 | * | ||||||||||||
| All current directors and executive officers as a group (10) | 2,766,757 | 3.14 | % | |||||||||||
Reports
and Executive Summary
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| Executive Vice President, Chief Financial | |||||
| Executive Vice President, Chief | |||||
| Executive Vice President, President | |||||
| Executive Vice President, | |||||
2017 Macroeconomic and Industry Conditions and the Effect on Our Business
In 2017, the casual dining industryHeadwinds
The improving macroeconomic backdrop has not translated into casual dining sales momentum, while the improved labor market has led to an increase in industry labor costs. This combination has added pressure to industry operating margins.
In response to these challenges,sales. However, we continued to grow our strategic plan to revitalizeoff-premises business and invest in our competitive position to drive profitability, strengthen our balance sheet and increase returns to stockholders. Actions taken in 2017 included:
| 2023 Performance | |||||||||||||||||||||||
U.S. Combined Comparable Restaurant Sales(1) +1.4% from fiscal 2022 | Revenue Growth +6% from fiscal 2022 | Adjusted Operating Income Growth 6 % from fiscal 2022 (2) | |||||||||||||||||||||
16 Bloomin’ Brands, Inc.— 2018 Proxy Statement
Impact on Our Pay Decisions
For fiscal 2017, we maintained ourexecutive compensation strategy, which is designedand performance-based compensation tied to motivate execution and implementation of ourspecific financial and operations objectives. Highlightsstrategic initiatives. For 2023, the Company set rigorous goals for both revenue and profitability under the annual plan (same store sales relative to the industry and adjusted operating income performance, respectively). Despite relatively strong execution, we fell short of our compensation program for 2017 included the following stockholder-aligned pay decisions:
In line with our pay for performance philosophy, the realizable value of our NEOs’ pay responds to market conditions and Company performance. The following table illustrates this by comparing our CEO’s 2017 target and realizable incentive pay, which reflects the improvement of our performance and total stockholder return in 2017:
Bloomin’ Brands, Inc. — 2018 Proxy Statement 17
The following chart illustrates the relationship between our CEO’s target and realizable compensation for the prior three years and the Company’s three-year total shareholder return.Over the period, our CEO’s realizable compensation has tracked the shareholder experience while target compensation has remained flat.
Compensation Program Philosophy
The Company’s primary & Principles
Our methods of achieving these objectivesthem are summarized below:
| OBJECTIVES | HOW WE MEET OBJECTIVES | ||||||||||
Attract and retain talented executives | • |
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Motivate and reward executives | • |
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Provide a competitive compensation package | • |
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Ensure internal equity among executives | • |
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Align management and stockholder interests | • |
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18 Bloomin’ Brands, Inc.— 2018 Proxy Statement
Pay for | • |
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Our Executive Compensation Program
What We Do and Do Not Do—Elements of Our Executive Compensation Program.
| WHAT WE DO | WHAT WE DO NOT DO | ||||||||||||||||
| Design an executive compensation program to mitigate undue risk and conduct annual reviews to assess risk of our compensation programs | r | |||||||||||||||
| Award annual incentive compensation subject to achievement of objective andpre-established performance goals tied to operational and strategic objectives | r | Perform stock optionre-pricing without stockholder approval | ||||||||||||||
| Benchmark executive officer compensation around the market median on all elements of target compensation against a relevant peer group | r | Provide cash buyouts for underwater stock options or stock appreciation rights without stockholder approval | ||||||||||||||
| Include double trigger | r | Provide cash compensation upon death or disability | ||||||||||||||
| Engage an independent compensation consultant that reports directly to the Compensation Committee | r | Pay dividends on any unvested stock options, stock appreciation rights, restricted stock units or unearned performance-based equity | ||||||||||||||
| Use a compensation recovery (“clawback”) policy for the CEO, certain officers and other key employees that applies to cash and equity compensation | r | Provide excise taxgross-ups upon change in control | ||||||||||||||
| Require stock ownership and retention values that align the interests of our executive officers and other key employees with the long-term interests of our stockholders | r | |||||||||||||||
| Provide | ||||||||||||||||
Peer Group and Competitive Market Information.The
For 2017, the peer group data compiled by the independent compensation consultant, Frederic W. Cook & Co., Inc. (“FW Cook”) was used to establish market consensus information (the “Competitive Market”) against which the Compensation Committee assessed our compensation elements. The Compensation Committee also periodically reviews other benchmarking data as presented by FW Cook and the Company’s human resources management, such as equity vesting practices, the prevalence of performance metrics among peer companies, types of equity vehicles used by peer companies and equity burn rates.
Bloomin’ Brands, Inc. — 2018 Proxy Statement 19
The peer group used for 2017 compensation benchmarking consisted of the following companies:
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Competitive Positioning.Our executive compensation program is designed to target the following Competitive Market ranges for each element of compensation; however, an individual’s compensation may be below or above the targeted competitive positioning based on performance of the business or operations for which the individual is responsible, the individual’s skill set relative to industry peers, overall experience and time in the position, critical nature of the individual’s role, difficulty of replacement, expected future contributions, readiness for promotion to a higher level and role relative to that of other executive officers and other business factors. In assessing the target range for compensation relative to the market, the Compensation Committee considered the need to attract and retain key executive talent and provide minimum, competitive levels of base salary, taking into account that base salaries serve as the basis for short- and long-term incentive opportunities. For incentive-based compensation, the Compensation Committee also considered the competitive market for talent in the restaurant industry, and the responsibility for determining the overall strategy and direction for the Company. The Compensation Committee determined that it was appropriate to target the median for cash compensation and between the median and 75th percentile for short- and long-term incentives to keep our executives motivated to achieve high performance in both short- and long-term.
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Compensation Setting Process
Compensation Committee.Our Compensation Committee oversees our executive compensation program and, in some cases, together with the Board of Directors, approves the type and amount of compensation paid to our CEO and other executive officers, approves agreements with our executive officers and provides oversight to our equity compensation plan and meets periodically and monitors our compensation arrangements and objectives. The Compensation Committee considers the Competitive Market data provided by FW Cook and the Company’s human resources management, as well as recommendations from management, and evaluates the appropriateness and competitive positioning of the CEO and the other NEOs’ total compensation and each compensation element. The Compensation Committee reviews the compensation of the CEO and recommends her compensation to the full Board of Directors for approval, which also reviews the CEO’s performance. Our executive officers possess employment agreements or offers of employment that establish, among other things, the executive’s base salary and target bonus, measured as a percentage of base salary, as well as benefits upon a termination of employment and/or a change in control of the Company. Our Compensation Committee is responsible for approving equity awards to our executive officers in order to qualify these awards as exempt awards under Rule16b-3 under the Exchange Act.
The Compensation Committee also considers the annualnon-binding stockholder vote on executive compensation in setting executive compensation. At our 2017 annual meeting, this proposal received a vote of 79% of the votes cast in favor of approving our executive compensation for 2016.
Our Investor Outreach Program.We conduct wide-ranging governance reviews and investor outreach throughout the year to ensure that management and the Board understand and consider the issues that matter most to our stockholders to enable the Company to address them effectively. After considering feedback received from investors, the Board determined to formalize additional
20 Bloomin’ Brands, Inc.— 2018 Proxy Statement
responsibilities for, and enhance its process for selecting, the Chairman (see “Board Leadership Structure”). In addition, the Compensation Committee reviewed and determined the current mix of long-term equity awards (approximately 60% performance-based with 30% granted in the form of PSUs and 30% in stock options along with 40% granted in the form of RSUs). Although no change was made, the Compensation Committee will continue to evaluate the mix of long-term equity awards each year.
Role of Independent Compensation Consultant. The Compensation Committee has engaged FW Cook to serve as its independent compensation consultant since 2013. FW Cook’s responsibilities include, but are not limited to, providing compensation market data, advising on trends and developments in executive compensation, periodically reviewing the design of the executive compensation program, providing independent analysis of CEO compensation and providing advice to the Compensation Committee and its Chair, as requested. The Compensation Committee has directly engaged, and has the sole authority to hire and terminate FW Cook. FW Cook attends Compensation Committee meetings and, on occasion, obtains information and input from management to ensure that its recommendations are consistent with Bloomin’ Brands’ strategy and culture.
Role of Chief Executive Officer in Compensation Decisions.The Compensation Committee considers the recommendations of the CEO with respect to salary adjustments, annual cash incentive bonus targets and awards and equity incentive awards for our other executive officers. In addition, the CEO provides input to the Committee on the design of incentive compensation and other employee benefit plans to ensure alignment with the Company’s strategy.
Our CEO reviewed fiscal 2017 performance objectives with the Compensation Committee, including financial objectives andnon-financial objectives for strategic business and human capital priorities. The Compensation Committee meets in executive session with and without its compensation consultant to review and discuss the performance and compensation of the CEO. The CEO does not participate in determinations or recommendations regarding her own compensation.
Compensation Elements
Mix of
| COMPENSATION ELEMENT | DESCRIPTION | ||||||||||||||
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Primary Elements | Base salary | Fixed cash compensation designed to provide appropriate, Competitive | |||||||||||||
| Determined and reviewed annually by the Compensation Committee with input from the compensation consultant, CEO (for other officers) and the Company’s human resources management | |||||||||||||||
| Performance-based cash incentives | Variable cash compensation based on pre-established performance goals measured against Compensation Committee-approved annual targets and individual performance | ||||||||||||||
| Target | |||||||||||||||
| Long-term equity incentive awards | Variable compensation | ||||||||||||||
PSUs cliff vest after | |||||||||||||||
RSUs vest ratably over | |||||||||||||||
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| Secondary Benefits | |||||||||||||||
| Other benefits and perquisites | Medical, dental and vision insurance coverage, as well as life insurance and disability protection | ||||||||||||||
Deferred compensation plan to allow efficient personal tax planning | |||||||||||||||
| Executive physicals | |||||||||||||||
| Relocation assistance for certain newly-hired executives | |||||||||||||||
| Change in | Provides the CEO, NEOs and other | ||||||||||||||
In allocating compensation among the various compensation elements, we provide
Bloomin’ Brands, Inc. — 2018 Proxy Statement 21
specific percentage for each element of compensation relative to total compensation. Our target compensation mix of compensation results from placing a greater emphasis on variable compensation and targeting a percentage that will allow us to be competitive.
around the market median on all elements of target compensation.
As
pay strategy. No other salaries were changed in 2023 from 2022.
| NAMED EXECUTIVE OFFICER | 2017 BASE SALARY | CHANGE DURING 2017 | ||||||
Elizabeth A. Smith | $ | 1,000,000 | — | |||||
David J. Deno | 650,000 | — | ||||||
Christopher W. Brandt | 560,000 | — | ||||||
Patrick C. Murtha | 500,000 | — | ||||||
Sukhdev Singh | 500,000 | 25,000 | ||||||
| NAMED EXECUTIVE OFFICER | ANNUAL BASE SALARY | MARKET ADJUSTMENT APPLIED IN 2023 | ||||||||||||
| David J. Deno | $ | 1,000,000 | $ | — | ||||||||||
| Christopher A. Meyer (1) | 600,000 | 75,000 | ||||||||||||
| Gregg D. Scarlett | 675,000 | — | ||||||||||||
| Kelly M. Lefferts (1) | 520,000 | 20,000 | ||||||||||||
| Brett A. Patterson | 500,000 | — | ||||||||||||
• 2017 STIP Measures and Targets
22 Bloomin’ Brands, Inc.— 2018 Proxy Statement
stockholders, adjusted to include certain variable, performance-based compensation expense, and excluding the impact of sale leaseback transactions, restaurant closings, gains and losses on disposed assets and certain other gains and losses, and the impact of other infrequent occurrences that are not reflective of our business operations (mainly the impact of Hurricanes Harvey and Irma) (collectively, the “Certain Items”); (2) adjusted EBIT (earnings before interest and taxes adjusted to primarily exclude the Excluded Items (“Adjusted EBIT”)); and (3) total revenue growth (measured as the percentage increase in total revenue over the prior fiscal year (“Total Revenue Growth”)). The purpose of the adjustments is to ensure that the measurement of performance reflects factors that management can directly control and that payout levels are not artificially inflated or impaired by factors unrelated to the ongoing operation of the business. SeeNon-GAAP Financial Measures—OtherNon-GAAP Financial Measures under Item 7 of our Annual Report on Form10-K for the year ended December 31, 2017 for additional information.
The STIP for Ms. Smith and Messrs. Deno, Brandt and Singh was based solely on the 20172023 Corporate STIP. The STIP for Mr. Murtha was based 50% on the 2017 Corporate STIP and 50% on the 2017 Concept STIP for the Company’s international business unit (“BBI International”).
The financial objectives for the 2017 Corporate STIP consisted of two measures: Adjusted EPS (weighted 70% of the STIP) and Total Revenue Growth (weighted 30% of the STIP). The financial objectives for the 2017 Concept STIP also consisted of two measures: Adjusted EBIT (weighted 70%) and Total Revenue Growth (weighted 30%) for the restaurant concept.
In addition, the STIP payout amount is subject to individual performance ratings. These criteria encourage critical leadership behaviors and performance, but are not quantifiable, such as the development of a high-performing and inclusive team, a strong commitment to high ethical standards and the achievement of strategic goals and objectives for the year. The 2017 STIP target payout amounts for each NEO, as a percentage of his or her base salary were as follows:
| NAMED EXECUTIVE OFFICER | 2017 ANNUAL PERFORMANCE-BASED CASH INCENTIVE TARGET, AS A PERCENTAGE OF BASE SALARY | CHANGE FROM 2016 AS A PERCENTAGE OF BASE SALARY | STIP WEIGHTING | |||||
| COMPANY | CONCEPT | |||||||
Ms. Smith | 150% | — | 100% | — | ||||
Mr. Deno | 85% | — | 100% | — | ||||
Mr. Brandt | 85% | — | 100% | — | ||||
Mr. Murtha(1) | 85% | N/A | 50% | 50% | ||||
Mr. Singh(1) | 85% | N/A | 100% | — | ||||
The 2017
| NAMED EXECUTIVE OFFICER | 2023 ANNUAL PERFORMANCE-BASED CASH INCENTIVE TARGET, AS A PERCENTAGE OF BASE SALARY | CHANGE FROM 2022 AS A PERCENTAGE OF BASE SALARY | ||||||||||||
| Mr. Deno | 150% | —% | ||||||||||||
| Mr. Meyer | 120% | —% | ||||||||||||
| Mr. Scarlett | 120% | —% | ||||||||||||
| Ms. Lefferts | 85% | —% | ||||||||||||
| Mr. Patterson (1) | 85% | 15% | ||||||||||||
| PERFORMANCE PERIOD: DECEMBER 26, 2022 to DECEMBER 31, 2023 | |||||||||||||||||||||||
| Financial Objective | Weighting | Threshold | Target | Max | Actual Results | Performance Factor | Funding Level | ||||||||||||||||
| Relative Comparable Sales | 50% | (2.97)% | 0.00% | 3.00% | (1.20)% | 60.0% | 30.0% | ||||||||||||||||
| Adjusted Operating Income (dollars in millions) (1) | 50% | $250.7 | $344.8 | $364.2 | $319.9 | 61.4% | 30.7% | ||||||||||||||||
| 1% Payout | 100% Payout | 200% Payout | 60.7% Payout | ||||||||||||||||||||
| NAMED EXECUTIVE OFFICER | ADJUSTED EARNINGS PER SHARE(1) | COMPANY REVENUE GROWTH(2) | BBI INTERNATIONAL ADJUSTED EBIT GROWTH(3) | BBI INTERNATIONAL REVENUE GROWTH(4) | ||||
| TARGET ($1.29) | TARGET (-3.4%) | TARGET (3.2%) | TARGET (-5.1%) | |||||
Ms. Smith | 105% | 45% | — | — | ||||
Mr. Deno | 59.5% | 25.5% | — | — | ||||
Mr. Brandt | 59.5% | 25.5% | — | — | ||||
Mr. Murtha(3) | 29.75% | 12.75% | 29.75% | 12.75% | ||||
Mr. Singh | 59.5% | 25.5% | — | — |
The Adjusted EPS, Adjusted EBIT and Total Revenue Growth performance levels were established by the Compensation Committee at the beginningreconciliation of the year based on the Company’s and/or the restaurant concept’s business plan, as well as industry and general economic conditions and trends, among other considerations. Our goals were rigorously set based on our business plan and at or above last year’s results. The performance levels were expected to present a challenge, especially with the persisting economic conditions; however, achievement of these goals was not viewed as requiring or encouraging excessive risk-taking by our executives.
Bloomin’ Brands, Inc. — 2018 Proxy Statement 23
• 2017 Performance
For the 2017 Corporate STIP, the Company attained a Total Revenue Growth of-0.9% and Adjusted EPS of $1.30 (comparable calendar year) resulting in a weighted achievement percentage of 128% of target.
In addition to the financial performance measures listed above, each executive officer was assigned an individual performance ratingOperating Income calculation for the year, as recommended by the CEO. Individual performance and subsequent compensation decisions are based on the achievement of strategic goals and objectives for which the individual is responsible, such as the development of a high-performing and inclusive team, a strong commitment to high ethical standards, the individual’s skill set relative to peers, the critical nature of the individual’s role, the difficulty of replacement, their expected future contributions and their role relative to that of other executive officers.
In determining incentive award payouts for 2017, the Compensation Committee and Board considered the following:
Ms. Smith and Mr. Deno received 100% individual performance rating, and Mr. Singh received 120% individual performance rating. Their efforts led to the achievement of the Company’s annual operating plan, maximizing short-term business results while supporting the achievement of long-term goals. In addition, Mr. Singh led the design, development and construction for our first Express locations which opened in 2017 that combine Outback and Carrabba’s offerings in the delivery and takeout-only format. Mr. Singh continues to lead our efforts to relocate stores and create an improved ambiance for our guests’ experience through interior and exterior remodels.
Messrs. Brandt and Murtha left the Company prior to the STIP payment; therefore, they were not eligible to receive the STIP payout.
• 2017 STIP Payouts
The financialcombined performance achieved under the 20172023 Corporate and 2017 Concept STIP combined with the respective individual performance resulted in the following performance-based cash incentives:
| NAMED EXECUTIVE OFFICER | STIP PERFORMANCE PAYOUT | ACHIEVEMENT AS A % of STIP TARGET | ACHIEVEMENT AS A % of BASE SALARY | |||||
Ms. Smith | $ | 1,920,000 | 128% | 192% | ||||
Mr. Deno | 707,200 | 128% | 109% | |||||
Mr. Brandt | — | — | — | |||||
Mr. Murtha | — | — | — | |||||
Mr. Singh | 647,778 | 154% | 128% | |||||
Performance-based cash incentives earned
| NAMED EXECUTIVE OFFICER | STIP PERFORMANCE PAYOUT (1) | ACHIEVEMENT AS % OF STIP TARGET | |||||||||||||||
| Mr. Deno | $ | 910,500 | 60.7 | % | |||||||||||||
| Mr. Meyer | 437,040 | 60.7 | % | ||||||||||||||
| Mr. Scarlett | 491,670 | 60.7 | % | ||||||||||||||
| Ms. Lefferts | 268,294 | 60.7 | % | ||||||||||||||
| Mr. Patterson (2) | 218,463 | 60.7 | % | ||||||||||||||
• Other Cash Incentives, Retention Awards
In connection with Mr. Brandt’s offer of employment in May 2016, he was granted aone-time cash award of $250,000 payable in 2017.
In light of retention concerns and in recognition of their significant responsibilities in 2017 to continue execution on our transformational strategy that began in 2016 relating to reinvestments in our product and labor model, cost cutting measures, revisions to our menus and improvements in our supply chain, the Compensation Committee recommended to the Board in March 2017 a payment of special cash incentives to all NEOs other than the CEO. Payments to the NEOs were made in the following amounts:individual performance factors: Mr. Deno $200,000,100%, Mr. Brandt $150,000,Meyer 100%, Mr. Murtha $100,000, andScarlett 100%, Ms. Lefferts 100%, Mr. Singh $300,000. Upon any voluntary termination less thanone-year fromPatterson 100%.
24 Bloomin’ Brands, Inc.— 2018
| MEASURE | PERFORMANCE SHARE UNITS (PSUs) | RESTRICTED STOCK UNITS (RSUs) | ||||||||||||
| WEIGHTING | 2/3 | 1/3 | ||||||||||||
| PURPOSE | PSUs align our executives with stockholders by encouraging executives to have a longer-term perspective with respect to driving sustainable performance, rather than taking risks for short-term pay-off. | RSUs provide our key executives with meaningful retentive value. | ||||||||||||
| DESIGN | The 2023 PSUs provide for cliff vesting at the end of the three year performance period (2023-2025), contingent upon meeting performance objectives and continued employment. The number of units earned varies to the extent the performance targets are achieved over the period, ranging from 1% for threshold achievement to 200% for maximum achievement. The PSUs are distributed upon the Compensation Committee certifying that the performance metrics have been attained and making a recommendation of payment that is approved by the Board. | The 2023 RSUs vest one-third per year over three years. | ||||||||||||
| PERFORMANCE MEASURE | PERFORMANCE MEASURES AND TARGETS | |||||||||||||||||||
THRESHOLD (1% of shares are earned) | TARGET (100% of shares are earned) | MAXIMUM (200% of shares are earned) | ||||||||||||||||||
| 2023-2025 Adjusted EPS Performance (1) | $2.68 | $3.00 | $3.35 | |||||||||||||||||
| PERFORMANCE MEASURE | PERFORMANCE MEASURES AND TARGETS | |||||||||||||||||||
MINIMUM (Bottom Third of Relative TSR Comparison Group) | TARGET (Middle Third of Relative TSR Comparison Group) | MAXIMUM (Top Third of Relative TSR Comparison Group) | ||||||||||||||||||
| Relative TSR Performance 2023-2025 | 75% | 100% | 125% | |||||||||||||||||
| PERFORMANCE MEASURE | PERFORMANCE MEASURES AND TARGETS | ACTUAL RESULTS | PERCENTAGE OF PSUs EARNED 2021-2023 (2) | |||||||||||||||||||||||||||||
| THRESHOLD (1% of shares are earned) | TARGET (100% of shares are earned) | MAXIMUM (200% of shares are earned) | ||||||||||||||||||||||||||||||
| 2021-2023 Adjusted EPS Performance (1) | $1.97 | $2.06 | $2.20 | $2.51 | 200% | |||||||||||||||||||||||||||
(2)2021 Relative TSR delivered top third performance of the relative Comparison Group and resulted in a 125% modifier. However, Adjusted Diluted EPS performance delivered the maximum 200% payout.
2020 and remains in effect.
| 2023 COMPENSATION PEER GROUP COMPANIES | ||||||||||||||
| Brinker International, Inc. | Foot Locker, Inc. | Texas Roadhouse, Inc. | ||||||||||||
| Chipotle Mexican Grill, Inc. | Hyatt Hotels Corporation | The Cheesecake Factory Incorporated | ||||||||||||
| Cracker Barrel Old Country Store, Inc. | Jack in the Box Inc. | The Wendy’s Company | ||||||||||||
| Darden Restaurants, Inc. | MGM Resorts International | Williams-Sonoma Inc. | ||||||||||||
| Dine Brands Global | Norwegian Cruise Line Holdings | Wyndham Hotels & Resorts, Inc. | ||||||||||||
| Domino’s Pizza | Royal Caribbean Cruises Ltd. | YUM! Brands, Inc. | ||||||||||||
| 2024 COMPENSATION PEER GROUP COMPANIES | ||||||||||||||
| Boot Barn Holdings, Inc. | Foot Locker, Inc. | Texas Roadhouse, Inc. | ||||||||||||
| Brinker International, Inc. | Guess? Inc. | The Cheesecake Factory Incorporated | ||||||||||||
| Caleres, Inc. | Jack in the Box Inc. | The Wendy’s Company | ||||||||||||
| Cracker Barrel Old Country Store, Inc. | Kontoor Brands, Inc. | V.F. Corporation | ||||||||||||
| Darden Restaurants, Inc. | Norwegian Cruise Line Holdings, Ltd. | Williams-Sonoma, Inc. | ||||||||||||
| Dave & Buster's Entertainment, Inc. | PVH Corp. | Yum China Holdings, Inc. | ||||||||||||
| Designer Brands Inc. | Royal Caribbean Cruises Ltd. | YUM! Brands, Inc. | ||||||||||||
| Dine Brands Global Inc. | Shake Shack Inc. | |||||||||||||
| Domino’s Pizza Inc. | Tapestry, Inc. | |||||||||||||
• 2017 LTI Awards
In February 2017,as benefits and perquisites.
In 2017, we awarded stock options which provide our executives the opportunity to share in the increase in stock value over time. The stock options vest 25% per year over four years, have an exercise price equal to 100%design of the closing priceexecutive compensation program, providing independent analysis of our common stockCEO compensation and providing advice to the Compensation Committee and its Chair, as requested. The Compensation Committee has directly engaged and has the sole authority to hire and terminate the independent compensation consultant. FW Cook attends Compensation Committee meetings and, on occasion, obtains information and input from management to ensure that its recommendations are consistent with the dateCompany’s strategy and culture. The Company does not engage FW Cook for any other unrelated consulting or services.
In addition, we awarded PSUs to our executives intended to motivate executives to achieve preset goals that areChief Executive Officer in line with critical business value drivers. In 2016, we moved away fromCompensation Decisions:
Management andobjectives with the Compensation Committee, including financial objectives and non-financial objectives for strategic business and human capital priorities. The Compensation Committee meets in executive session with and without its compensation consultant to review and discuss the performance target each year as partand compensation of the LTI design to ensure the goals incent the right behaviors and business decisions. For 2017, Adjusted EPS growth was chosen as the performance measure for the PSUsCEO. The CEO does not participate in order to continue to incentivize executives to successfully balance profit maximization and the efficient usedeterminations or recommendations regarding his own compensation.
| PERFORMANCE MEASURE | PERFORMANCE MEASURES AND TARGETS | |||||
THRESHOLD (50% of shares | TARGET (100% of shares | MAXIMUM (200% of shares | ||||
2017-2019 Average Annual Adjusted EPS Growth(1) | 4% | 7% | 12% | |||
The LTI grants made in 2014 and 2015 for performance periods 2014-2017, and 2015-2018, respectively, utilized annual performance periods for each year during the four-year terms. Therefore, the Company’s performance during 2017 also determined the extent of the awards earned for a portion of those awards. The Company’s 2017 Adjusted EPS, as defined under the Company’s 2012 Equity Incentive Plan and the 2014 and 2015 award agreements, was the performance metric for the fourth tranche of the 2014 PSU award and third tranche of the 2015 PSU award. Adjusted EPS calculation for LTI purposes is similar to thenon-GAAP Adjusted
Bloomin’ Brands, Inc. — 2018 Proxy Statement 25
EPS that we use in our presentations with stockholders, adjusted to include certain variable, performance-based compensation expense, and excluding the impact of the Certain Items. The following table shows the percentage of PSUs earned under the fourth tranche of the 2014 PSU award and the third tranche of the 2015 PSU award and the applicable performance measures:
| PERFORMANCE MEASURE | PERFORMANCE MEASURES AND TARGETS | ACTUAL RESULTS | PERCENTAGE OF PSUs EARNED IN 2017 | |||||||||||||||||
| THRESHOLD (50% of shares are earned) | TARGET (100% of shares are earned) | MAXIMUM (200% of shares are earned) | ||||||||||||||||||
2017 Adjusted EPS (2014 and 2015 grant)(1) | $ | 1.19 | $ | 1.29 | $ | 1.42 | $ | 1.25 | 83.33 | % | ||||||||||
For amounts between the threshold, target and maximum amounts set forth above, the participant will earn a number of shares based on anon-linear sliding scale between such percentages. No shares are earned for achievement of performance measures below the threshold. The following table sets forth (a) the aggregate target PSUs awarded in 2014, 2015, 2016 and 2017, (b) the number of shares that could be earned based on 2017 results and continued employment through the vesting date and (c) the number of shares actually earned of the tranche based on 2017 results (25% of the total award for years prior to the 2016 grant) that were earned, based on the performance achieved for 2017.
| PSUs AWARDED | PORTION OF PSUs SUBJECT TO 2017 PERFORMANCE | PSUs EARNED BASED ON FY 2017 RESULTS | ||||||||||||||||||||||||||||||||||||||||||
| NAMED EXECUTIVE OFFICER | 2014 AWARD | 2015 AWARD | 2016 AWARD | 2017 AWARD | 2014 AWARD | 2015 AWARD | 2016 AWARD(1) | 2017 AWARD(1) | 2014 AWARD | 2015 AWARD | ||||||||||||||||||||||||||||||||||
Ms. Smith | 86,651 | 92,138 | 82,670 | 82,620 | 21,663 | 23,034 | — | — | 18,052 | 19,195 | ||||||||||||||||||||||||||||||||||
Mr. Deno | 28,634 | 23,291 | 17,912 | 17,901 | 7,159 | 5,823 | — | — | 5,966 | 4,853 | ||||||||||||||||||||||||||||||||||
Mr. Brandt(2) | — | — | — | 12,852 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Mr. Murtha(2) | — | 9,214 | 11,023 | 9,180 | — | 2,303 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Mr. Singh | — | 6,911 | 10,472 | 26,163 | — | 1,728 | — | — | — | 1,440 | ||||||||||||||||||||||||||||||||||
Off-Cycle 2017 LTI Awards
In May 2017, Mr. Murtha was granted 46,927 PSUs to further engage long-term performance and strengthen retention. The award was intended as a retention incentive for thetwo-year term of the award. The performance metrics included (i) financial performance (revenue growth); (ii) operating performance (EBITDA growth); (iii) strategy development and execution to create long-term growth by expanding beyond current market, increasing number of franchise partnerships and grow franchise revenues during the performance period; and (iv) succession planning. As Mr. Murtha left the Company at the end of the 2017 fiscal year, per the terms of the agreement, the award was forfeited.
See “—Grants of Plan-Based Awards for Fiscal 2017” for additional information regarding 2017 equity awards to the named executive officers and “Potential Payments Upon Termination or Change in Control—Equity Awards” for additional information regarding the terms of awards upon termination of employment and a change in control.
At
in those circumstances.
26 Bloomin’ Brands, Inc.— 2018 Proxy Statement
| POSITION | TARGET OWNERSHIP | |||||||
| ||||||||
Chief Executive Officer | ||||||||
Executive Officers | 3x Base Salary | |||||||
Other Executive Leadership Team Members Not Listed Above | 1x Base Salary | |||||||
•Stock Owned (either Directly or Indirectly) •Estimated after-tax value of unvested, time-based RSUs | Beginning in 2023, estimated in-the-money value of vested stock options no longer count towards stock ownership requirement. | ||||||||||
In addition, our directors and executive officers are prohibited from holding our securities in a margin account and from pledging our securities as collateral for a loan. Our policy is not intended to prohibit diversification transactions or broad-based index transactions.
Control” below.
The Company entered into a separation agreement with each of Messrs. Brandt and Murtha, effective December 31, 2017 related to involuntary termination without cause. The separation agreements set forth our obligation to make payments, includingone-time lump sum severance payments, to Messrs. Brandt and Murtha totaling $815,435 and $1,200,900, respectively. These additional payments were agreed to in exchange fornon-solicitation,non-disparagement and cooperation covenants in favor of the Company, Messrs. Brandt’s and Murtha’s waiver of the notice provisions of their offer of employment agreement and their execution of a general release of claims against the Company.
Bloomin’ Brands, Inc. — 2018 Proxy Statement 27
appropriate severance benefits helps to attract and retain highly-qualified executives by mitigating the risks associated with leaving a previous employer and accepting a new position with the Company, and by providing income continuity following an unexpected termination. Furthermore, these severance benefits provide the executive officers with a reasonable range of income protection in the event of a qualifying employment termination and, following a change in control, support our executive retention goals and encourage their independence and objectivity in considering potentialchange-in-control transactions. These arrangements also allow the Company to protect its interests through corresponding confidentiality, noncompetitionnon-competition and other restrictive covenants in the event of an executive’s termination.
Company.
Mindy Grossman,
George
28 Bloomin’ Brands, Inc.— 2018 Proxy Statement
| NAMED EXECUTIVE OFFICER | YEAR | SALARY(1) | BONUS(2) | STOCK AWARDS(3) | OPTION AWARDS(4) | NON-EQUITY INCENTIVE PLAN COMPENSATION(5) | ALL OTHER COMPENSATION(6) | TOTAL | ||||||||||||||
Elizabeth A. Smith | | 2017 2016 2015 |
| $1,019,231 1,000,000 1,000,000 | $
| — — — |
| $3,150,020 3,150,002 2,250,010 | $1,350,001 1,350,001 2,250,008 | $
| 1,920,000 — 690,000 |
| $ 6,386 2,622 | $7,445,638 5,502,625 6,195,718 | ||||||||
David J. Deno | | 2017 2016 2015 |
| 662,500 650,000 650,000 | | 200,000 — — |
| 682,515 682,506 568,766 | 292,501 292,503 568,752 | | 707,200 — 254,150 |
| 8,438 3,096 6,282 | 2,553,154 1,628,105 2,047,950 | ||||||||
Christopher W. Brandt(7)(8) | | 2017 2016 |
| 570,769 333,846 | | 400,000 — |
| 490,012 1,362,000 | 210,004 1,196,000 | | — — |
| 819,205 240,230 | 2,489,990 3,132,076 | ||||||||
Patrick C. Murtha(8) | 2017 | 509,615 | 100,000 | 1,350,018 | 150,000 | — | 1,203,222 | 3,312,855 | ||||||||||||||
Sukhdev Singh | 2017 | 505,288 | 300,000 | 997,516 | 427,503 | 647,778 | 1,231 | 2,879,316 | ||||||||||||||
Bloomin’ Brands, Inc. — 2018 Proxy Statement 29
NAMED EXECUTIVE OFFICER SALARY STOCK AWARDS OPTION AWARDS NON-EQUITY INCENTIVE PLAN COMPENSATION ALL OTHER COMPENSATION YEAR (1) (2) (3) (4) TOTAL David J. Deno 2023 $ 1,000,000 $ 4,900,025 $ — $ 910,500 $ 14,478 $ 6,825,003 Chief Executive Officer 2022 984,615 4,350,033 — 897,969 19,015 6,251,632 2021 900,000 4,600,046 — 2,011,500 6,732 7,518,278 Christopher Meyer 2023 588,461 800,031 437,040 5,510 1,831,042 Executive Vice President,
Chief Financial Officer2022 525,000 656,285 — 319,200 5,733 1,506,218 2021 509,615 721,899 — 744,714 4,347 1,980,575 Gregg D. Scarlett 2023 675,000 1,012,528 — 491,670 4,950 2,184,148 Executive Vice President,
Chief Operating Officer,
Casual Dining Restaurants2022 675,000 1,012,536 — 492,480 4,950 2,184,966 2021 675,000 1,113,761 — 1,206,900 4,950 3,000,611 Kelly M. Lefferts 2023 516,923 550,026 — 268,294 7,166 1,342,409 Executive Vice President,
Chief Legal Officer2022 500,000 500,028 — 284,240 6,955 1,291,223 2021 488,462 550,042 — 618,636 6,099 1,663,239 Brett A. Patterson (5) 2023 500,000 675,043 — 218,463 6,010 1,399,516
| NAMED EXECUTIVE OFFICER | LIFE INSURANCE | OTHER | TOTAL | |||||||||
Elizabeth A. Smith(1) | $ | 2,622 | $ | 3,764 | $ | 6,386 | ||||||
David J. Deno(1) | 4,752 | 3,686 | 8,438 | |||||||||
Christopher W. Brandt(2)(3) | 918 | 818,287 | 819,205 | |||||||||
Patrick C. Murtha(2) | 2,322 | 1,200,900 | 1,203,222 | |||||||||
Sukhdev Singh | 1,231 | — | 1,231 | |||||||||
| LIFE | ||||||||||||||||||||
| NAMED EXECUTIVE OFFICER | INSURANCE (1) | OTHER (2) | TOTAL | |||||||||||||||||
| David J. Deno | $ | 14,478 | $ | — | $ | 14,478 | ||||||||||||||
| Christopher A. Meyer | 1,486 | 4,024 | 5,510 | |||||||||||||||||
| Gregg D. Scarlett | 4,950 | — | 4,950 | |||||||||||||||||
| Kelly M. Lefferts | 2,409 | 4,757 | 7,166 | |||||||||||||||||
| Brett A. Patterson | 2,322 | 3,688 | 6,010 | |||||||||||||||||
2023
NAMED EXECUTIVE OFFICER | ESTIMATED FUTURE PAYOUTS UNDERNON-EQUITY INCENTIVE PLAN AWARDS(1) | ESTIMATED FUTURE PAYOUTS UNDER EQUITY INCENTIVE PLAN AWARDS(2) | ALL OTHER STOCK AWARDS: NUMBER OF SHARES (#) (3) | ALL OTHER OPTIONS (#) | EXERCISE AWARDS | GRANT AWARDS | ||||||||||||||||||||||||||||||||||||
| GRANT DATE | THRESHOLD ($) | TARGET ($) | MAXIMUM ($) | THRESHOLD (#) | TARGET (#) | MAXIMUM (#) | ||||||||||||||||||||||||||||||||||||
Elizabeth A. Smith | ||||||||||||||||||||||||||||||||||||||||||
Annual STIP Bonus | 750,000 | 1,500,000 | 3,000,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Annual PSU Grant(4) | 2/24/2017 | — | — | — | 41,310 | 82,620 | 165,240 | — | — | — | 1,350,011 | |||||||||||||||||||||||||||||||
Annual Option Grant(5) | 2/24/2017 | — | — | — | — | — | — | — | 267,327 | 17.27 | 1,350,001 | |||||||||||||||||||||||||||||||
Annual RSU Grant(5) | 2/24/2017 | — | — | — | — | — | — | 112,220 | — | — | 1,800,009 | |||||||||||||||||||||||||||||||
David J. Deno | ||||||||||||||||||||||||||||||||||||||||||
Annual STIP Bonus | 276,250 | 552,500 | 1,105,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Annual PSU Grant(4) | 2/24/2017 | — | — | — | 8,951 | 17,901 | 35,802 | — | — | — | 292,502 | |||||||||||||||||||||||||||||||
Annual Option Grant(5) | 2/24/2017 | — | — | — | — | — | — | — | 57,921 | 17.27 | 292,501 | |||||||||||||||||||||||||||||||
Annual RSU Grant(5) | 2/24/2017 | — | — | — | — | — | — | 24,315 | — | — | 390,013 | |||||||||||||||||||||||||||||||
Christopher W. Brandt | ||||||||||||||||||||||||||||||||||||||||||
Annual STIP Bonus | 238,000 | 476,000 | 952,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Annual PSU Grant(4) | 2/24/2017 | — | — | — | 6,426 | 12,852 | 25,704 | — | — | — | 210,002 | |||||||||||||||||||||||||||||||
Annual Option Grant(5) | 2/24/2017 | — | — | — | — | — | — | — | 41,585 | 17.27 | 210,004 | |||||||||||||||||||||||||||||||
Annual RSU Grant(5) | 2/24/2017 | — | — | — | — | — | — | 17,457 | — | — | 280,010 | |||||||||||||||||||||||||||||||
Patrick C. Murtha | ||||||||||||||||||||||||||||||||||||||||||
Annual STIP Bonus | 212,500 | 425,000 | 850,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Annual PSU Grant(4) | 2/24/2017 | — | — | — | 4,590 | 9,180 | 18,360 | — | — | — | 150,001 | |||||||||||||||||||||||||||||||
Annual Option Grant(5) | 2/24/2017 | — | — | — | — | — | — | — | 29,703 | 17.27 | 150,000 | |||||||||||||||||||||||||||||||
Annual RSU Grant(5) | 2/24/2017 | — | — | — | — | — | — | 12,469 | — | — | 200,003 | |||||||||||||||||||||||||||||||
Retention PSU Grant(6) | 5/1/2017 | — | — | — | 23,464 | 46,927 | 93,854 | — | — | — | 1,000,014 | |||||||||||||||||||||||||||||||
Sukhdev Singh | ||||||||||||||||||||||||||||||||||||||||||
Annual STIP Bonus | 210,866 | 421,731 | 843,462 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Annual PSU Grant(4) | 2/24/2017 | — | — | — | 13,082 | 26,163 | 52,326 | — | — | — | 427,503 | |||||||||||||||||||||||||||||||
Annual Option Grant(5) | 2/24/2017 | — | — | — | — | — | — | — | 84,654 | 17.27 | 427,503 | |||||||||||||||||||||||||||||||
Annual RSU Grant(5) | 2/24/2017 | — | — | — | — | — | — | 35,537 | — | — | 570,013 | |||||||||||||||||||||||||||||||
30 Bloomin’ Brands, Inc.— 2018 Proxy Statement
| GRANT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ALL | ALL OTHER | DATE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER | OPTION | FAIR | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ESTIMATED FUTURE PAYOUTS | ESTIMATED FUTURE PAYOUTS | STOCK | AWARDS: | EXERCISE | VALUE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| UNDER NON-EQUITY | UNDER EQUITY | AWARDS: | NUMBER OF | PRICE | OF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCENTIVE | INCENTIVE | NUMBER | SECURITIES | OF | STOCK & | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PLAN AWARDS (1) | PLAN AWARDS (2) | OF | UNDERLYING | OPTION | OPTION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GRANT | THRESHOLD | TARGET | MAXIMUM | THRESHOLD | TARGET | MAXIMUM | SHARES | OPTIONS | AWARDS | AWARDS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NAMED EXECUTIVE OFFICER | DATE | ($) | ($) | ($) | (#) | (#) | (#) | (#) (3) | (#) | ($/Sh) | ($) (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| David J. Deno | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual STIP Bonus | 15,000 | 1,500,000 | 3,000,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual PSU Grant | 2/22/2023 | — | — | — | 1,127 | 112,605 | 225,210 | — | — | — | 3,266,671 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual RSU Grant (4) | 2/22/2023 | — | — | — | — | — | — | 64,028 | — | — | 1,633,354 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Christopher A. Meyer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual STIP Bonus | 7,200 | 720,000 | 1,440,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual PSU Grant | 2/22/2023 | — | — | — | 184 | 18,385 | 36,770 | — | — | — | 533,349 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual RSU Grant (4) | 2/22/2023 | — | — | — | — | — | — | 10,454 | — | — | 266,682 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gregg D. Scarlett | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual STIP Bonus | 8,100 | 810,000 | 1,620,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual PSU Grant | 2/22/2023 | — | — | — | 233 | 23,268 | 46,536 | — | — | — | 675,005 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual RSU Grant (4) | 2/22/2023 | — | — | — | — | — | — | 13,231 | — | — | 337,523 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kelly M. Lefferts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual STIP Bonus | 4,420 | 442,000 | 884,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual PSU Grant | 2/22/2023 | — | — | — | 127 | 12,640 | 25,280 | — | — | — | 366,686 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual RSU Grant (4) | 2/22/2023 | — | — | — | — | — | — | 7,187 | — | — | 183,340 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Brett A. Patterson | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual STIP Bonus (5) | 3,599 | 359,906 | 719,812 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual PSU Grant | 2/22/2023 | — | — | — | 98 | 9,767 | 19,534 | — | — | — | 283,341 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual RSU Grant (4) | 2/22/2023 | — | — | — | — | — | — | 5,554 | — | — | 141,683 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Appointment RSU Grant (4)(6) | 12/1/2023 | — | — | — | — | — | — | 11,705 | — | — | 250,019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAMED EXECUTIVE OFFICER | OPTION AWARDS
| STOCK AWARDS(2)
| ||||||||||||||||||||||||||
| NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) | OPTION EXERCISE PRICE PER SHARE $ | OPTION EXPIRATION DATE | EQUITY INCENTIVE PLAN AWARDS: UNEARNED SHARES, UNITS, OR RIGHTS THAT HAVE NOT VESTED | |||||||||||||||||||||||||
NUMBER | MARKET | |||||||||||||||||||||||||||
| EXERCISABLE | UNEXERCISABLE(1) | |||||||||||||||||||||||||||
Elizabeth A. Smith | ||||||||||||||||||||||||||||
November 16, 2009 Tranche A, B, C, D(4) | 2,562,424 | — | 6.50 | 11/16/2019 | — | — | ||||||||||||||||||||||
July 1, 2011(6) | 550,000 | — | 10.03 | 7/1/2021 | — | — | ||||||||||||||||||||||
February 27, 2014(5)(6) | 133,455 | 44,485 | 25.32 | 2/27/2024 | 21,663 | 462,288 | ||||||||||||||||||||||
February 26, 2015(5)(6) | 110,294 | 110,295 | 25.36 | 2/26/2025 | 46,069 | 983,112 | ||||||||||||||||||||||
February 25, 2016(6)(8)(9) | 65,280 | 195,842 | 17.15 | 2/25/2026 | 166,678 | 3,556,909 | ||||||||||||||||||||||
February 24, 2017(6)(8)(9) | — | 267,327 | 17.27 | 2/24/2027 | 194,840 | 4,157,886 | ||||||||||||||||||||||
David J. Deno | ||||||||||||||||||||||||||||
May 7, 2012(7) | 400,000 | — | 14.58 | 5/7/2022 | — | — | ||||||||||||||||||||||
February 26, 2013(5)(6) | 72,551 | — | 17.40 | 2/26/2023 | — | — | ||||||||||||||||||||||
February 27, 2014(5)(6) | 44,100 | 14,700 | 25.32 | 2/27/2024 | 7,159 | 152,773 | ||||||||||||||||||||||
February 26, 2015(5)(6) | 27,880 | 27,880 | 25.36 | 2/26/2025 | 11,646 | 248,526 | ||||||||||||||||||||||
February 25, 2016(6)(8)(9) | 14,144 | 42,433 | 17.15 | 2/25/2026 | 36,114 | 770,673 | ||||||||||||||||||||||
February 24, 2017(6)(8)(9) | — | �� | 57,921 | 17.27 | 2/24/2027 | 42,216 | 900,889 | |||||||||||||||||||||
Christopher W. Brandt(10) | ||||||||||||||||||||||||||||
June 1, 2016(6)(8) | 25,000 | 150,000 | 19.25 | 6/1/2026 | 56,250 | 1,200,375 | ||||||||||||||||||||||
February 24, 2017(6)(8)(9) | — | 41,585 | 17.27 | 2/24/2027 | 30,309 | 646,794 | ||||||||||||||||||||||
Patrick C. Murtha(10) | ||||||||||||||||||||||||||||
December 2, 2013(6) | 175,000 | — | 25.36 | 12/2/2023 | — | — | ||||||||||||||||||||||
October 1, 2014(8) | — | — | — | — | 7,500 | 160,050 | ||||||||||||||||||||||
February 26, 2015(5)(6) | 11,029 | 11,030 | 25.36 | 2/26/2025 | 4,607 | 98,313 | ||||||||||||||||||||||
February 25, 2016(6)(8)(9) | 8,704 | 26,113 | 17.15 | 2/25/2026 | 22,225 | 474,282 | ||||||||||||||||||||||
March 1, 2016(11) | — | 46,729 | 17.80 | 3/1/2026 | — | — | ||||||||||||||||||||||
February 24, 2017(6)(8)(9) | — | 29,703 | 17.27 | 2/24/2027 | 21,649 | 461,990 | ||||||||||||||||||||||
May 1, 2017(12) | — | — | — | — | 46,927 | 1,001,422 | ||||||||||||||||||||||
Sukhdev Singh | ||||||||||||||||||||||||||||
February 3, 2014(6)(8) | 150,000 | 50,000 | 22.09 | 2/3/2024 | 10,000 | 213,400 | ||||||||||||||||||||||
October 1, 2014(8) | — | — | — | — | 7,500 | 160,050 | ||||||||||||||||||||||
February 26, 2015(5)(6) | 8,272 | 8,273 | 25.36 | 2/26/2025 | 3,456 | 73,751 | ||||||||||||||||||||||
June 1, 2015(8) | — | — | — | — | 15,000 | 320,100 | ||||||||||||||||||||||
February 25, 2016(6)(8)(9) | 8,269 | 24,807 | 17.15 | 2/25/2026 | 21,113 | 450,551 | ||||||||||||||||||||||
March 1, 2016(11) | — | 44,393 | 17.80 | 3/1/2026 | — | — | ||||||||||||||||||||||
February 24, 2017(6)(8)(9) | — | 84,654 | 17.27 | 2/24/2027 | 61,700 | 1,316,678 | ||||||||||||||||||||||
Bloomin’ Brands, Inc. — 2018 Proxy Statement 31
| OPTION AWARDS | STOCK AWARDS (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EQUITY INCENTIVE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PLAN AWARDS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OPTION | UNEARNED SHARES, UNITS, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EXERCISE | OR RIGHTS THAT HAVE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NUMBER OF | PRICE | NOT VESTED | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SECURITIES UNDERLYING | PER | OPTION | NUMBER OF | MARKET | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| UNEXERCISED OPTIONS (#) | SHARE | EXPIRATION | SHARES | VALUE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| NAMED EXECUTIVE OFFICER | EXERCISABLE | UNEXERCISABLE | $ | DATE | (#) (2) | $ (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| David J. Deno | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| February 27, 2014 (4) | 58,800 | — | 25.32 | 2/27/2024 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 26, 2015 (4) | 55,760 | — | 25.36 | 2/26/2025 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 25, 2016 (4) | 56,577 | — | 17.15 | 2/25/2026 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 24, 2017 (4) | 57,921 | — | 17.27 | 2/24/2027 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 23, 2018 (4) | 42,917 | — | 24.10 | 2/23/2028 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 19, 2019 (5) | 50,345 | — | 21.29 | 2/19/2029 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| April 1, 2019 (5) | 270,758 | — | 20.62 | 4/1/2029 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 22, 2021 (6)(7)(8) | — | — | — | — | 244,113 | 6,871,781 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 21, 2022 (6)(7)(9) | — | — | — | — | 153,942 | 4,333,467 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 22, 2023 (6)(7)(10) | — | — | — | — | 176,633 | 4,972,219 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Christopher Meyer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| February 27, 2014 (4) | 3,194 | — | 25.32 | 2/27/2024 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 26, 2015 (4) | 6,251 | — | 25.36 | 2/26/2025 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 25, 2016 (4) | 4,207 | — | 17.15 | 2/25/2026 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 24, 2017 (4) | 6,591 | — | 17.27 | 2/24/2027 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 23, 2018 (4) | 7,222 | — | 24.10 | 2/23/2028 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 19, 2019 (5) | 9,682 | — | 21.29 | 2/19/2029 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| April 1, 2019 (5) | 69,043 | — | 20.62 | 4/1/2029 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 22, 2021 (6)(7)(8) | — | — | — | — | 35,461 | 998,227 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 21, 2022 (6)(7)(9) | — | — | — | — | 23,225 | 653,784 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 22, 2023 (6)(7)(10) | — | — | — | — | 28,839 | 811,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Gregg D. Scarlett | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| February 27, 2014 (4) | 12,166 | — | 25.32 | 2/27/2024 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 26, 2015 (4) | 14,706 | — | 25.36 | 2/26/2025 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| April 1, 2015 (4) | 100,000 | — | 24.14 | 4/1/2025 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 25, 2016 (4) | 16,973 | — | 17.15 | 2/25/2026 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| August 1, 2016 (4) | 100,000 | — | 17.96 | 8/1/2026 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 24, 2017 (4) | 36,090 | — | 17.27 | 2/24/2027 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 23, 2018 (4) | 36,974 | — | 24.10 | 2/23/2028 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 19, 2019 (5) | 46,472 | — | 21.29 | 2/19/2029 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| March 2, 2020 (5) | 100,000 | — | 18.45 | 3/2/2030 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 22, 2021 (6)(7)(8) | — | — | — | — | 54,710 | 1,540,087 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 21, 2022 (6)(7)(9) | — | — | — | — | 35,833 | 1,008,699 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 22, 2023 (6)(7)(10) | — | — | — | — | 36,499 | 1,027,447 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Kelly M. Lefferts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| February 27, 2014 (4) | 3,407 | — | 25.32 | 2/27/2024 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 26, 2015 (4) | 4,200 | — | 25.36 | 2/26/2025 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 23, 2018 (4) | 5,703 | — | 24.10 | 2/23/2028 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 19, 2019 (5) | 7,281 | — | 21.29 | 2/19/2029 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 22, 2021 (6)(7)(8) | — | — | — | — | 27,019 | 760,585 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 21, 2022 (6)(7)(9) | — | — | — | — | 17,696 | 498,142 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 22, 2023 (6)(7)(10) | — | — | — | — | 19,827 | 558,130 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Brett A. Patterson | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| February 22, 2021 (6)(7)(8) | — | — | — | — | 18,237 | 513,372 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 21, 2022 (6)(7)(9) | — | — | — | — | 13,272 | 373,607 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| February 22, 2023 (6)(7)(10) | — | — | — | — | 15,321 | 431,286 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| December 1, 2023 (6) | — | — | — | — | 11,705 | 329,496 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023
| OPTION AWARDS | STOCK AWARDS | |||||||||||||||
NAMED EXECUTIVE OFFICER | NUMBER OF SHARES ACQUIRED ON EXERCISE (#) | VALUE REALIZED ON EXERCISE (1) | NUMBER OF SHARES ACQUIRED ON VESTING (#) | VALUE REALIZED ON VESTING (2) | ||||||||||||
Elizabeth A. Smith | 750,000 | $ | 10,620,743 | 53,544 | $ | 917,295 | ||||||||||
David J. Deno | — | — | 13,486 | 231,212 | ||||||||||||
Christopher W. Brandt | 25,000 | 30,430 | 18,750 | 375,563 | ||||||||||||
Patrick C. Murtha | — | — | 12,550 | 217,630 | ||||||||||||
Sukhdev Singh | — | — | 29,535 | 542,903 | ||||||||||||
2023:
| OPTION AWARDS | STOCK AWARDS | |||||||||||||||||||||||||
| NUMBER OF | NUMBER OF | |||||||||||||||||||||||||
| SHARES | VALUE | SHARES | VALUE | |||||||||||||||||||||||
| ACQUIRED | REALIZED | ACQUIRED | REALIZED | |||||||||||||||||||||||
| ON EXERCISE | ON EXERCISE | ON VESTING | ON VESTING | |||||||||||||||||||||||
| NAMED EXECUTIVE OFFICER | (#) | (1) | (#) | (2) | ||||||||||||||||||||||
| David J. Deno | — | $ | — | 227,905 | $ | 6,293,532 | ||||||||||||||||||||
| Christopher Meyer | — | — | 37,903 | 1,046,870 | ||||||||||||||||||||||
| Gregg D. Scarlett | — | — | 115,373 | 3,154,309 | ||||||||||||||||||||||
| Kelly M. Lefferts | — | — | 36,399 | 1,004,505 | ||||||||||||||||||||||
| Brett A. Patterson | 16,305 | 89,113 | 58,107 | 1,583,544 | ||||||||||||||||||||||
32 Bloomin’ Brands, Inc.— 2018 Proxy Statement
Nonqualified Deferred Compensation
| NAMED EXECUTIVE OFFICER | AGGREGATE BALANCE AT DECEMBER 26, 2016 | EXECUTIVE CONTRIBUTIONS IN 2017 | AGGREGATE EARNINGS IN 2017 | AGGREGATE WITHDRAWALS/ DISTRIBUTIONS IN 2017 | AGGREGATE BALANCE AT DECEMBER 31, 2017 | |||||||||||||
Sukhdev Singh | $ | 352,964 | $ | 102,885 | $ | 84,590 | — | $ | 540,439 | |||||||||
NAMED EXECUTIVE OFFICER AGGREGATE BALANCE AT DECEMBER 25, 2022 EXECUTIVE CONTRIBUTIONS IN 2023 AGGREGATE EARNINGS IN 2023 AGGREGATE WITHDRAWALS/ DISTRIBUTIONS IN 2023 AGGREGATE BALANCE AT DECEMBER 31, 2023 Kelly M. Lefferts $ 779,773 $ 50,996 $ 154,089 $ — $ 984,858 Brett A. Patterson $ 579,865 $ 106,085 $ 159,547 $ — $ 845,497
2023.
In September 2012,Mr. Deno
Ms. Smith’s
By Ms. Smith for Good Reason. “Good Reason” is defined to include: (i) aaffiliates; or (v) any material diminution in the nature or scope of her duties, authority or responsibilities, including, without limitation, loss of membership on our Board of Directors (with certain listed exceptions); (ii) a reduction of her annual base salary or annual target cash bonus; (iii) requiring her to be based at a
Bloomin’ Brands, Inc. — 2018 Proxy Statement 33
|
Ms. Smith will be entitled to receive severance benefits if her employment is terminated by us other than for Cause or if she terminates employment for Good Reason. If her employment is terminated under these circumstances, she will be entitled to receive severance equal to two times the sum of her base salary at the rate in effect on the date of termination plus her target annual cash bonus for the year of termination, payable in 24 equal monthly installments from the effective date of such termination.
In the event Ms. Smith’s employment is terminated due to her death or disability, she will receive base salary or annual bonus for the preceding fiscal year earned but not paid as of the date of her employment termination, any accrued and payable travel or business expenses and benefits under the employee benefit plus a pro rata portion of her target bonus for the year of termination.
A change in control of the Company does not trigger any severance payments to her under the employment agreement. However, in the event of a qualifying termination within the 24 months following a change in control, Ms. Smith would be entitled to receive the benefits described above under “—Change in Control Plan.”
Rights and Potential Payments Upon Termination or Change in Control: Mr. Deno
On May 7, 2012, Mr. Deno entered into an employment agreement with us for a five-year term that is automatically renewed for successive renewal terms of one year unless either party elects not to renew by giving written notice to the other party not less than 60 days prior to the start of any renewal term. The employment agreement is also subject to earlier termination under certain circumstances described below.
Mr. Deno’s employment may be terminated as follows:
For all purposesFlorida; or (iv) a material breach by us of our obligations under his employment agreement termination
Mr. Deno’s employment agreement provides that he will receive severance benefits in the event of a termination ofif his employment is terminated by us withoutother than for Cause or by him withif he terminates employment for Good Reason. UnderIf his employment is terminated under these circumstances, he will be entitled to receive an amountseverance equal to two times the sum of thehis base salary thenat the rate in effect on the date of termination, payablebi-weekly in a lump sum within sixty days following the effective date of such termination, plus a pro rata portion of his target bonus for one year.
the year of termination and pro rata vesting of the RSUs, PSUs and stock options granted in connection with his appointment as Chief Executive Officer.
The CompanyMr. Scarlett entered into an agreement pursuant to which Mr. Scarlett will separate from the Company once his transitional duties are complete effective March 15, 2024. The agreement provides that Mr. Scarlett will receive a lump sum severance payment of $1,485,000 and $20,705 for COBRA premiums to extend health benefits for 12 months. All payments are subject to Mr. Scarlett’s execution of a separation agreement with each of Messrs. Brandt and Murtha, effective December 31, 2017. The separation agreements set forth our obligation to make payments, includingone-time lump sum severance payments, to Messrs. Brandt and Murtha totaling $815,435 and $1,200,900, respectively. These additional payments were agreed to in exchange fornon-solicitation,non-disparagement and cooperation covenants in favor of the Company, Messrs. Brandt’s and Murtha’s waiver of the notice provisions of their offer of employment agreement, and their execution ofthat includes a generalcustomary release of claims againstand certain other covenants.
34 Bloomin’ Brands, Inc.— 2018 Proxy Statement
Stock options accelerated due to death or disability become exercisable on the award’s original vesting schedule.
Under the 2020 Equity Plan, if the NEO retires on or after age 60 with five years of service, or age 55 with ten years of service with the Company or an affiliate (“Retirement under 2020 Plan”) prior to the vesting or forfeiture of stock options, RSUs, or PSUs, then the number of stock options, RSUs or PSUs that vest shall be determined as of the date of the Retirement under 2020 Plan on a pro rata basis, determined based on the number of full months of employment completed from the date of grant to the date of the Retirement under 2020 Plan divided by the number of full months of the original vesting period and, in the case of PSUs, the PSUs earned shall be determined at the end of the performance period based on the actual performance levels achieved. If the NEO retires prior to the vesting or forfeiture of the option to purchase shares of our common stock, the NEO may exercise the option at any time following the date of Retirement under 2020 Plan (but in no event later than the original expiration date of the grant, generally the tenth anniversary of the date of grant).
Stock Options: Ms. Smith
Pursuant to the terms of Ms. Smith’s option agreement dated November 16, 2009, the vested stock options will remain outstanding for a period ranging from 90 days to three years in the case of a termination of Ms. Smith’s employment, depending on the type of option and the nature of the termination, except that all options will be forfeited on a termination for Cause.
Ms. Smith and
separation for any reason other than voluntary resignation, for a period equal to the period used for calculating the amount of severance paid upon termination, if any.
Bloomin’ Brands, Inc. — 2018 Proxy Statement 35
(ii) by us without Cause or by the executive for good reason, following a change in control assuming that such termination constitutes a qualifying termination under the Change in Control Plan, (iii) by the executive voluntarily, (iv) as a result of retirement, (v) as a result of disability or (v)(vi) as a result of death, in each case, assuming that such termination of employment occurred on December 31, 2017. In the case2023.
| NAMED EXECUTIVE OFFICER | EXECUTIVE PAYMENTS AND BENEFITS UPON SEPARATION(1) | INVOLUNTARY TERMINATION WITHOUT CAUSE OR TERMINATION BY EXECUTIVE FOR GOOD REASON WITHOUT CHANGE IN CONTROL ($) | INVOLUNTARY TERMINATION WITHOUT CAUSE OR TERMINATION BY EXECUTIVE FOR GOOD REASON WITH CHANGE IN CONTROL ($) | VOLUNTARY TERMINATION ($) | DISABILITY ($) | DEATH ($) | ||||||||||||||||
Elizabeth A. Smith | Severance | 3,500,000 | 5,000,000 | — | — | — | ||||||||||||||||
| Equity Awards(2) | — | 11,068,793 | — | 5,652,746 | 5,652,746 | |||||||||||||||||
| Health and Welfare Benefits | — | 23,147 | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Total | 3,500,000 | 16,091,940 | — | 5,652,746 | 5,652,746 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
David J. Deno | Severance | 650,000 | 1,803,750 | — | — | — | ||||||||||||||||
| Equity Awards(2) | — | 2,486,394 | — | 1,289,522 | 1,289,522 | |||||||||||||||||
| Health and Welfare Benefits | — | 16,916 | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Total | 650,000 | 4,307,060 | — | 1,289,522 | 1,289,522 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Christopher W. Brandt | Severance(3) | 800,000 | — | — | — | — | ||||||||||||||||
| Equity Awards(2) | — | — | — | — | — | |||||||||||||||||
| Health and Welfare Benefits | 15,435 | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Total | 815,435 | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Patrick C. Murtha | Severance(3) | 1,200,000 | — | — | — | — | ||||||||||||||||
| Equity Awards(2) | — | — | — | — | — | |||||||||||||||||
| Health and Welfare Benefits | 900 | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Total | 1,200,900 | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Sukhdev Singh | Severance(4) | — | 1,387,500 | — | — | — | ||||||||||||||||
| Equity Awards(2) | — | 3,140,165 | — | 1,899,020 | 1,899,020 | |||||||||||||||||
| Health and Welfare Benefits | — | 14,639 | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Total | — | 4,542,304 | — | 1,899,020 | 1,899,020 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
| NAMED EXECUTIVE OFFICER | EXECUTIVE PAYMENTS AND BENEFITS UPON SEPARATION | INVOLUNTARY TERMINATION WITHOUT CAUSE OR TERMINATION BY EXECUTIVE FOR GOOD REASON WITHOUT CHANGE IN CONTROL | INVOLUNTARY TERMINATION WITHOUT CAUSE OR TERMINATION BY EXECUTIVE FOR GOOD REASON WITH CHANGE IN CONTROL | VOLUNTARY TERMINATION | RETIREMENT | DISABILITY | DEATH | |||||||||||||||||||||||||||||||||||||
| (1) | ($) | ($) | ($) | ($) (2) | ($) | ($) | ||||||||||||||||||||||||||||||||||||||
| David J. Deno | Severance | 3,500,000 | 5,000,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Equity Awards (3) | — | 12,958,120 | — | 7,479,033 | 9,802,299 | 9,802,299 | ||||||||||||||||||||||||||||||||||||||
| Health Benefits | — | 22,562 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Total | 3,500,000 | 17,980,682 | — | 7,479.033 | 9,802,299 | 9,802,299 | ||||||||||||||||||||||||||||||||||||||
| Christopher Meyer | Severance | — | 1,962,692 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Equity Awards (3) | — | 2,008,137 | — | — | 1,505,819 | 1,505,819 | ||||||||||||||||||||||||||||||||||||||
| Health Benefits | — | 31,057 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Total | — | 4,001,886 | — | — | 1,505,819 | 1,505,819 | ||||||||||||||||||||||||||||||||||||||
| Gregg D. Scarlett | Severance | — | 2,227,500 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Equity Awards (3) | — | 2,873,186 | — | 1,692,462 | 2,193,842 | 2,193,842 | ||||||||||||||||||||||||||||||||||||||
| Health Benefits | — | 31,057 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Total | — | 5,131,743 | — | 1,692,462 | 2,193,842 | 2,193,842 | ||||||||||||||||||||||||||||||||||||||
| Kelly M. Lefferts | Severance | — | 1,438,385 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Equity Awards (3) | — | 1,469,655 | — | 849,989 | 1,112,601 | 1,112,601 | ||||||||||||||||||||||||||||||||||||||
| Health Benefits | — | 19,529 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Total | — | 2,927,569 | — | 849,989 | 1,112,601 | 1,112,601 | ||||||||||||||||||||||||||||||||||||||
| Brett A. Patterson | Severance | — | 1,289,859 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Equity Awards (3) | — | 1,413,412 | — | — | 1,140,235 | 1,140,235 | ||||||||||||||||||||||||||||||||||||||
| Health Benefits | — | 31,057 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Total | — | 2,734,328 | — | — | 1,140,235 | 1,140,235 | ||||||||||||||||||||||||||||||||||||||
| Fiscal Year | Summary Compensation Table Total for PEO (1) | Compensation Actually Paid to PEO (2) | Average Summary Compensation Table Total for Non-PEO NEOs (3) | Average Compensation Actually Paid to Non-PEO NEOs (2) | Value of Initial Fixed $100 | Net Income (Loss) (dollars in millions) | Adjusted Diluted EPS (5) | |||||||||||||||||||||||||||||||||||||||||||
| Total Shareholder Return | Peer Group Total Shareholder Return (4) | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | $ | 6,825,003 | $ | 8,305,815 | $ | 1,689,279 | $ | 2,116,313 | $ | 139.94 | $ | 148.11 | $ | 254.4 | $ | 2.93 | ||||||||||||||||||||||||||||||||||
| 2022 | 6,251,632 | 5,068,922 | 1,561,981 | 1,339,269 | 100.18 | 106.39 | 109.2 | 2.52 | ||||||||||||||||||||||||||||||||||||||||||
| 2021 | 7,518,278 | 11,384,346 | 2,200,145 | 2,598,640 | 97.64 | 129.49 | 222.9 | 2.70 | ||||||||||||||||||||||||||||||||||||||||||
| 2020 | 5,576,984 | 6,261,185 | 1,945,655 | 1,701,174 | 88.32 | 102.95 | (158.8) | (0.69) | ||||||||||||||||||||||||||||||||||||||||||
| Fiscal Year | Salary | Bonus and Non-Equity Incentive Compensation | Equity Compensation | All Other Compensation | Summary Compensation Table Total | Deductions from Summary Compensation Table Total (1) | Additions to Compensation Table Total (2) | Compensation Actually Paid | ||||||||||||||||||||||||||||||||||||||||||
| 2023 | $ | 1,000,000 | $ | 910,500 | $ | 4,900,025 | $ | 14,478 | $ | 6,825,003 | $ | (4,900,025) | $ | 6,380,837 | $ | 8,305,815 | ||||||||||||||||||||||||||||||||||
| 2022 | 984,615 | 897,969 | 4,350,033 | 19,015 | 6,251,632 | (4,350,033) | 3,167,323 | 5,068,922 | ||||||||||||||||||||||||||||||||||||||||||
| 2021 | 900,000 | 2,011,500 | 4,600,046 | 6,732 | 7,518,278 | (4,600,046) | 8,466,114 | 11,384,346 | ||||||||||||||||||||||||||||||||||||||||||
| 2020 | 695,597 | 1,271,700 | 3,600,036 | 9,651 | 5,576,984 | (3,600,036) | 4,284,237 | 6,261,185 | ||||||||||||||||||||||||||||||||||||||||||
| Fiscal Year | Average Salary | Average Bonus and Non-Equity Incentive Compensation | Average Equity Compensation | Average All Other Compensation | Average Summary Compensation Table Total | Deductions from Summary Compensation Table Total (1) | Additions to Compensation Table Total (2) | Average Compensation Actually Paid | ||||||||||||||||||||||||||||||||||||||||||
| 2023 | $ | 570,096 | $ | 353,867 | $ | 759,407 | $ | 5,909 | $ | 1,689,279 | $ | (759,407) | $ | 1,186,441 | $ | 2,116,313 | ||||||||||||||||||||||||||||||||||
| 2022 | 550,000 | 338,580 | 667,219 | 6,182 | 1,561,981 | (667,219) | 444,507 | 1,339,269 | ||||||||||||||||||||||||||||||||||||||||||
| 2021 | 536,539 | 640,700 | 697,157 | 325,749 | 2,200,145 | (697,157) | 1,095,652 | 2,598,640 | ||||||||||||||||||||||||||||||||||||||||||
| 2020 | 410,300 | 360,564 | 865,989 | 308,802 | 1,945,655 | (865,989) | 621,508 | 1,701,174 | ||||||||||||||||||||||||||||||||||||||||||
| Fiscal Year | Addition of Fair Value of Current Year Equity Awards at Fiscal Year End | (Deductions) Additions for Change in Value of Prior Years’ Awards Unvested at Fiscal Year End (1) | Additions (Deductions) for Change in Value of Prior Years’ Awards That Vested in Fiscal Year | Equity Value Included in Compensation Actually Paid | ||||||||||||||||||||||
| 2023 | $ | 5,194,051 | $ | (329,870) | $ | 1,516,656 | $ | 6,380,837 | ||||||||||||||||||
| 2022 | 3,910,236 | (1,252,356) | 509,443 | 3,167,323 | ||||||||||||||||||||||
| 2021 | 3,268,932 | 3,748,314 | 1,448,868 | 8,466,114 | ||||||||||||||||||||||
| 2020 | 3,298,873 | 1,895,458 | (910,094) | 4,284,237 | ||||||||||||||||||||||
| Fiscal Year | Addition of Average Fair Value of Current Year Equity Awards at Fiscal Year End | (Deductions) Additions for Average Change in Value of Prior Years’ Awards Unvested at Fiscal Year End (1) | Additions (Deductions) for Average Change in Value of Prior Years’ Awards That Vested in Fiscal Year | Average Equity Value Included in Compensation Actually Paid | ||||||||||||||||||||||
| 2023 | $ | 821,094 | $ | (63,284) | $ | 428,631 | $ | 1,186,441 | ||||||||||||||||||
| 2022 | 599,763 | (278,452) | 123,196 | 444,507 | ||||||||||||||||||||||
| 2021 | 422,722 | 364,276 | 308,654 | 1,095,652 | ||||||||||||||||||||||
| 2020 | 975,526 | (57,273) | (296,745) | 621,508 | ||||||||||||||||||||||
| 1. | ||||||||
| 2. | Revenue | |||||||
| 3. | Adjusted Operating Income Dollars | |||||||
36 Bloomin’ Brands, Inc.— 2018
Review, Approval or Ratification of Transactions with Related Persons
The
Registration Rights Agreement
On April 29, 2014, we entered into a registration rights agreement with Chris T. Sullivan and certain family members of Chris T. Sullivan (collectively, the “Sullivan Parties”), Bain Capital (OSI) IX, L.P., its related funds (collectively, the “Bain Funds”), Elizabeth A. Smith, our Chairman and CEO, and certain other parties (the “Registration Rights Agreement”). The Registration Rights Agreement provides the parties with certain demand and “piggyback” registration rights. We areor relationships required to bear the registration expenses, other than underwriting discounts and commissions and transfer taxes, associated with any registration of shares pursuant to the Registration Rights Agreement. The Registration Rights Agreement also contains customary terms and conditions related to various matters, including registration procedures,lock-up agreements and permitted transfers and indemnification and contribution.
Lease Payments
In fiscal 2017, MVP LRS, LLC (“MVP”), an entitybe reported in which Chris T. Sullivan (one of our founders and a former director) and Robert D. Basham (one of our founders who is known to us to beneficially own more than 5% of our common stock), are each a partner, paid us $647,149 in lease payments. These leases were originally for two restaurants in the Lee Roy Selmon’s concept, which was purchased from us in 2008. In 2014, MVP converted onethis Proxy Statement under Item 404 of the Lee Roy Selmon’s restaurants to a Glory Days restaurant and we entered into a new lease with MVP for the Glory Days restaurant. We also guarantee lease payments by MVP under two leases with third parties. The base rent payments made by MVP under these two leases totaled $174,076 for 2017, and the amount is consistent with the amounts for prior years of $166,171 and $154,358 for 2016 and 2015, respectively. As guarantor, we are also contingently liable for percentage rent, real estate taxes, insurance expense and certain other operating expense payments under these two leases.
Lease Termination and Surrender Agreement
On August 28, 2017, we entered into a Lease Termination and Surrender Agreement with MVP for one of the restaurant properties that we lease to MVP. The payment to MVP for the buyout of the lease is $850,000, payable within five business days after the termination of the lease. The termination date will be no earlier than April 3, 2018 and no later than November 29, 2018.
Mobile Application Services
In 2015, we evaluated a point of sale integration platform provided by Omnivore Technologies, Inc. f/k/a Positronics Technologies, Inc. (“Omnivore”), which is owned, in part, by Chris T. Sullivan, one of our founders and a former director, or by entities he owns or controls. After this evaluation, we entered into an engagement with Omnivore for services related to the development of our connected customer mobile application. In fiscal 2017, we paid Omnivore $272,174 for such services.
Bloomin’ Brands, Inc. — 2018 Proxy Statement 37
3200.
the Company.
38 Bloomin’ Brands, Inc.— 2018 Proxy Statement
830-5323.
Bloomin’ Brands, Inc. — 2018 Proxy Statement 39
| BY ORDER OF THE BOARD OF DIRECTORS | ||||||||||||||
Kelly Lefferts Secretary | ||||||||||||||
| BLOOMIN’ BRANDS, INC. | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||
| FISCAL YEAR | ||||||||||||||||||||||||||
| (dollars in thousands) | 2023 | |||||||||||||||||||||||||
| Income from operations | $ | 325,144 | ||||||||||||||||||||||||
| Income from operations adjustments (1) | 31,576 | |||||||||||||||||||||||||
| Adjusted income from operations | 356,720 | |||||||||||||||||||||||||
| Less: benefit of 53rd week (2) | (19,801) | |||||||||||||||||||||||||
| Less: benefit of Brazil tax legislation (3) | (12,754) | |||||||||||||||||||||||||
| Less: impact of foreign currency translation (4) | (4,254) | |||||||||||||||||||||||||
| Adjusted income from operations, as defined in the STIP | $ | 319,911 | ||||||||||||||||||||||||
Dated: March 8, 2018
40 BLOOMIN’ BRANDS, INC. INCENTIVE COMPENSATION DILUTED EARNINGS PER SHARE NON-GAAP RECONCILIATIONS (UNAUDITED) FISCAL YEAR (in thousands, except per share data) 2023 Net income attributable to Bloomin’ Brands $ 247,386 Net income adjustments (1) 20,775 Adjusted net income attributable to Bloomin’ Brands (1) 268,161 Less: benefit of 53rd week (2) (14,893) Less: benefit of Brazil tax legislation (3) (23,643) Adjusted net income attributable to Bloomin’ Brands, as defined in the LTI plan $ 229,625 Adjusted diluted earnings per share, as defined in the LTI plan $ 2.51 Adjusted diluted weighted average common shares outstanding (1) 91,386 Brands, Inc.— 2018 Proxy StatementBrands.
Using(2)We utilize a black ink pen, mark your votes52-53-week year ending on the last Sunday in December. Fiscal year 2023 consisted of 53 weeks with December 25, 2023 through December 31, 2023 representing the 53rd week. Adjusted diluted earnings per share as defined by the 2021 LTI grant agreement excludes the benefit of this additional 53rd week.
| BLOOMIN’ BRANDS, INC. | |||||||||||||||||||||||
| ADJUSTED NET INCOME AND DILUTED EARNINGS PER SHARE NON-GAAP RECONCILIATIONS | |||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||
| FISCAL YEAR | |||||||||||||||||||||||
| (in thousands, except per share data) | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||
| Diluted net income attributable to common stockholders | $ | 247,386 | $ | 101,907 | $ | 215,900 | $ | (162,211) | |||||||||||||||
| Convertible senior notes if-converted method interest adjustment, net of tax (1) | — | — | 345 | — | |||||||||||||||||||
| Net income attributable to common stockholders | 247,386 | 101,907 | 215,555 | (162,211) | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Asset impairments and closure costs (2) | 25,786 | — | — | (2,205) | |||||||||||||||||||
| Partner compensation (3) | 1,894 | — | — | — | |||||||||||||||||||
| Legal and other matters (4) | (3,650) | 5,900 | (372) | 178 | |||||||||||||||||||
| Royalty termination expense (5) | — | — | 61,880 | — | |||||||||||||||||||
| Severance and other transformational costs (6) | — | — | 2,764 | 32,404 | |||||||||||||||||||
| COVID-19-related costs (7) | — | — | — | 93,811 | |||||||||||||||||||
| Loss on extinguishment and modification of debt (8) | — | 107,630 | 2,073 | — | |||||||||||||||||||
| Loss on fair value adjustment of derivatives, net (8) | — | 17,685 | — | — | |||||||||||||||||||
| Amortization of debt discount (9) | — | — | — | 6,275 | |||||||||||||||||||
| Other (10) | 7,546 | — | — | — | |||||||||||||||||||
| Total adjustments, before income taxes | 31,576 | 131,215 | 66,345 | 130,463 | |||||||||||||||||||
| Adjustment to provision for income taxes (11) | (10,801) | (263) | (21,222) | (32,526) | |||||||||||||||||||
| Redemption of preferred stock in excess of carrying value (12) | — | — | — | 3,496 | |||||||||||||||||||
| Net adjustments | 20,775 | 130,952 | 45,123 | 101,433 | |||||||||||||||||||
| Adjusted net income (loss) | $ | 268,161 | $ | 232,859 | $ | 260,678 | $ | (60,778) | |||||||||||||||
| Diluted earnings (loss) per share attributable to common stockholders (13) | $ | 2.56 | $ | 1.03 | $ | 2.00 | $ | (1.85) | |||||||||||||||
| Adjusted diluted earnings (loss) per share (14) | $ | 2.93 | $ | 2.52 | $ | 2.70 | $ | (0.69) | |||||||||||||||
| Diluted weighted average common shares outstanding (13) | 96,453 | 98,512 | 107,803 | 87,468 | |||||||||||||||||||
| Adjusted diluted weighted average common shares outstanding (14) | 91,386 | 92,423 | 96,426 | 87,468 | |||||||||||||||||||
Notice of 2018 Annual Meeting of Stockholders Corporate Center One 2202 North West Shore Boulevard, 4th Floor, Tampa, Florida 33607 Proxy Solicited by Board of Directors for Annual Meeting - Tuesday, April 24, 2018 David J. Deno, Joseph J. Kadow and Kelly Lefferts, or any of them, each with the power of substitution, are hereby authorized to represent and vote the shares of the undersigned, with all the powers which the undersigned would possess if personally present, at the Annual Meeting of Stockholders of Bloomin’ Brands, Inc. to be held on Tuesday, April 24, 2018 or at any postponement or adjournment thereof. Shares represented by this proxy will be voted by the stockholder. If no such directions are indicated, the Proxies will have authority to vote FOR all nominees, FOR Proposal 2 and FOR Proposal 3. In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the meeting. (Items to be voted appear on reverse side.) Proxy - Bloomin’ Brands, Inc. 2018 Annual Meeting Admission Ticket 2018 Annual Meeting of Bloomin’ Brands, Inc. Stockholders Tuesday, April 24, 2018, 8:00 a.m. EDT Corporate Center One 2202 North West Shore Boulevard, 4th Floor, Tampa, Florida 33607 Upon arrival, please present this admission ticket and photo identification at the registration desk. Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The Notice and Proxy Statement and Form 10-K are available at www.edocumentview.com/BLMN qIF YOU HAVE NOT VOTED VIA THE INTERNET OR TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.q
