<SEC-DOCUMENT>0001214659-21-007626.txt : 20210720
<SEC-HEADER>0001214659-21-007626.hdr.sgml : 20210720
<ACCEPTANCE-DATETIME>20210719190939
ACCESSION NUMBER:		0001214659-21-007626
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210720
DATE AS OF CHANGE:		20210719
EFFECTIVENESS DATE:		20210720

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MONRO, INC.
		CENTRAL INDEX KEY:			0000876427
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-AUTOMOTIVE REPAIR, SERVICES & PARKING [7500]
		IRS NUMBER:				160838627
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0327

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19357
		FILM NUMBER:		211098986

	BUSINESS ADDRESS:	
		STREET 1:		200 HOLLEDER PKWY
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14615-3808
		BUSINESS PHONE:		5856476400

	MAIL ADDRESS:	
		STREET 1:		200 HOLLEDER PKWY
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14615-3808

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MONRO MUFFLER BRAKE INC
		DATE OF NAME CHANGE:	19930328

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ides Capital Management, LP
		CENTRAL INDEX KEY:			0001670429
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		165 W 66TH STREET
		STREET 2:		#21EF
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10023
		BUSINESS PHONE:		917-432-7787

	MAIL ADDRESS:	
		STREET 1:		165 W 66TH STREET
		STREET 2:		#21EF
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10023
</SEC-HEADER>
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<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>g719211px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>240.14a-103 Notice of Exempt Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>U.S. Securities and Exchange Commission, Washington DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">NAME OF REGISTRANT: Monro, Inc.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">NAME OF PERSON RELYING ON EXEMPTION: Ides Capital Management LP</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">ADDRESS OF PERSON RELYING ON EXEMPTION: 3 Columbus Circle, Suite 1636, New York,
NY 10019</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the
Securities Exchange Act of 1934.*</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">*Submission is not required of this filer under the terms of the Rule, but is made
voluntarily in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">This is not a solicitation of authority to vote your proxy. <U>Please
DO NOT send us your proxy card</U>; the Proponent is not able to vote your proxies, nor does this communication contemplate such an event.
The proponent urges shareholders to vote YES on item number 5 following the instruction provided on the Management&rsquo;s proxy mailing.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">Investors with questions may contact us at dmckeever@idescapital.com
or contact our information agent, Okapi Partners, via phone at (844) 343-2623 or via E-mail at info@okapipartners.com.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="ides_logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">July 19, 2021</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Dear Monro, Inc. Shareholders,</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>At the Monro, Inc. (MNRO) Annual Meeting of Shareholders on August 17, 2021 please
vote <U>FOR</U>: Item #5 &ndash; Shareholder Proposal &ndash; Proposal for Board to Adopt Recapitalization Plan<FONT STYLE="font-size: 10pt">.
</FONT></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>The Resolution:</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in"><B><I>RESOLVED</I></B>: Shareholders request that our Board take all practicable
steps in its control to initiate and adopt a recapitalization plan for all outstanding classes of stock to have one vote per share in
each voting situation and eliminate any veto power held by one class of stock over the voting power of another class of stock.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>Summary and Rationale For Your Support</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>Overview of Monro&rsquo;s Undemocratic and Unequal Voting Rights</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Our Company has two classes of stock:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Common Stock, representing approximately 98% of the economic ownership of the Company as of the date when this proposal was filed,
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Class C Convertible Preferred Stock (the &ldquo;Class C Preferred&rdquo;), representing approximately 2% of the economic ownership
of the Company as of the date when this proposal was filed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">As Monro&rsquo;s own Proxy Statement discloses, <B><I><U>the holders of the Class
C Preferred</U></I></B><U> &ldquo;<FONT STYLE="background-color: white"><B><I>have an effective veto over all matters put to a vote of
our common shareholders</I></B></FONT></U><FONT STYLE="background-color: white"><B><I>, and could use that veto power to block any matter
that our common shareholders may approve at the Annual Meeting.&rdquo;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">This is not a solicitation of authority to vote your proxy. <U>Please
DO NOT send us your proxy card</U>; the Proponent is not able to vote your proxies, nor does this communication contemplate such an event.
The proponent urges shareholders to vote YES on item number 5 following the instruction provided on the Management&rsquo;s proxy mailing.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">Investors with questions may contact us at dmckeever@idescapital.com
or contact our information agent, Okapi Partners, via phone at (844) 343-2623 or via E-mail at info@okapipartners.com.</P>


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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>Monro&rsquo;s Class C Preferred &ndash; A Corporate Golden Share</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Monro&rsquo;s Class C Preferred structure could be described as a corporate golden
share &ndash; in other words, it appears that only one share of the Class C Preferred need exist for its owners to retain and exercise
an exclusive veto power. And this structural possibility could soon be borne out in reality, as the owners of the Class C Preferred regularly
convert their Class C Preferred into Common Stock, which, in turn, they often sell into the market. In fact, today, the owners of the
Class C Preferred are reduced to a single individual &ndash; Monro, Inc. Director Peter J. Solomon - and entities related to him. <FONT STYLE="background-color: white">But
whether owned by a single individual or smaller group, the existence of these preferred rights&nbsp;in-and-of-itself&nbsp;is problematic.
In granting certain shares a veto right over common shareholders, Monro does not afford its common shareholders any guaranteed voice in
our Company&rsquo;s governance.</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">It is, however, worth noting that under the current status quo, it is conceivable
that <B><I><U>a single individual could retain one share</U> of Monro&rsquo;s Class C Preferred &ndash; a share worth, at today&rsquo;s
market valuation, approximately $1,500 &ndash; and <U>could veto the affirmative will of a majority of Monro&rsquo;s common shareholders</U>
whose current economic interests in Monro total approximately $2,100,000,000, or $2.1 billion.</I></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>Companies with Dual-Class Structures Underperform Over the Long-Term and Monro
is No Exception</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Study after study establishes the long-term underperformance of companies with dual-class
share structures and most especially those that are &ldquo;perpetual&rdquo; and lack &ldquo;sunset provisions&rdquo;, as is the case at
Monro. As one example, in a speech titled &ldquo;Perpetual Dual-Class Stock: The Case Against Corporate Royalty&rdquo; and within its
corresponding Data Appendix, former SEC Commissioner Robert J. Jackson Jr. highlighted that &ldquo;the valuations of firms with perpetual
dual-class stock at least three years after IPO are 37% lower (= 0.66 / 1.783) than the valuations of firms with sunset provisions in
these years.&rdquo;<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">And Monro, to the detriment of its long-suffering shareholders, is the rule rather
than the exception. <B><I>Monro&rsquo;s stock price has underperformed when compared with the Russell 2000 Index over the past 1, 3, 5
and 10 years.<SUP>2</SUP></I></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 25%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Time Period (Years)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Monro, Inc. <BR>
Performance</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Russell 2000 <BR>
Performance</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Monro, Inc. <BR>
Underperformance</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">3.7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">48.2%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(44.5%)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(5.7%)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">30.5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(36.2%)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(2.1%)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">81.7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(83.8%)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">68.7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">164.3%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(95.6%)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Governance experts are largely in agreement that these types of preferential share
classes, if they are to exist at all, should, at a minimum, have limits. As one example, the Council of Institutional Investors (CII)
recommends a seven-year phase-out for share offerings where there is more than one class of shares.<SUP>3</SUP> Since Monro&rsquo;s IPO
was nearly 30 years ago, we are well-past these organizations&rsquo; suggested timelines, yet the Board has failed to act.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>1</SUP> https://www.sec.gov/files/case-against-corporate-royalty-data-appendix.pdf</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>2</SUP> Price performance data from Bloomberg and calculated on a trailing basis
as of 7/15/2021</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>3</SUP> https://www.cii.org/dualclass_stock</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">This is not a solicitation of authority to vote your proxy. <U>Please
DO NOT send us your proxy card</U>; the Proponent is not able to vote your proxies, nor does this communication contemplate such an event.
The proponent urges shareholders to vote YES on item number 5 following the instruction provided on the Management&rsquo;s proxy mailing.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">Investors with questions may contact us at dmckeever@idescapital.com
or contact our information agent, Okapi Partners, via phone at (844) 343-2623 or via E-mail at info@okapipartners.com.</P>


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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>Monro&rsquo;s Own Board Will Not Defend the Class C Preferred Yet Seemingly
Remains Beholden to its Owner</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">It is telling that within the Proxy Statement, Monro&rsquo;s Board of Directors does
not oppose and instead <B>makes &ldquo;No Recommendation&rdquo; to shareholders with respect to voting on Ides&rsquo; Proposal (Item #5)</B>
that the Board adopt and initiate a recapitalization plan. One can read between the lines and speculate that Monro&rsquo;s own Board of
Directors is aware that the Class C Preferred structure is retrograde and likely harmful to shareholders.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">In spite of the Board&rsquo;s unwillingness to defend the Class C Preferred, Monro&rsquo;s
Proxy Statement goes on to disclose that the Board expects &ldquo;that the holders of the Class C Preferred Stock will approve, by unanimous
written consent, Proposal Nos.1&ndash;4 being put to a vote of our common shareholders at the Annual Meeting.&rdquo; There is a glaring
omission of expected support for Proposal 5 by the holders of the Class C Preferred. Implicit in this conspicuous omission is the likelihood
that the owner of the Class C Preferred &ndash; Monro, Inc. Director Peter J. Solomon &ndash;may exercise his veto power over the potential
affirmative vote of common shareholders on Proposal 5.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">There is perhaps no clearer sign of the immense threat to Monro&rsquo;s shareholders
encompassed by the rights associated with the Class C Preferred than the paradox at hand and on clear display within the Company&rsquo;s
own Proxy Statement - a Board that, at least on balance, declined to defend the indefensible Class C Preferred and stands by in silence
while a single Director may contemplate overriding the potential will of a majority of common shareholders.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The rights and most especially the singular veto power associated with Monro&rsquo;s
Class C Preferred are the embodiment of a conflict that Directors&rsquo; fiduciary duties are actually designed to thwart &ndash; the
agency problem. We remind Monro&rsquo;s entire Board that a corporate fiduciary&rsquo;s obligations to his principals are never subordinated
by an ownership interest in the Company, even one that is Preferred.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>Monro&rsquo;s Common Shareholders Deserve a Guaranteed Voice in Our Company&rsquo;s
Governance</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">An unassailable majority vote by Monro&rsquo;s common shareholders is the safeguard
of our ability to provide effective and democratic feedback to Management and the Board. Monro&rsquo;s dual-class share structure is one
where common shareholders have no guaranteed voting power, and without any guaranteed voting power we cannot hold Management and the Board
accountable. This is a perfect storm and one that enables Monro&rsquo;s fiduciaries to potentially entrench themselves.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Monro&rsquo;s current governance structures and shareholder rights are especially
weak, as judged by experts. For example, on a scale of 1 to 10 where 10 represents the worst possible score, Institutional Shareholder
Services (ISS) assigns Monro&rsquo;s Shareholder Rights a Pillar Score of 9. This score is appropriate, as there are many areas of Monro&rsquo;s
corporate governance that not only lag current best practices but are unchangeable by Monro&rsquo;s common shareholders without a 60%
approval by the Class C Preferred. Examples include the classified board structure, the inability for common shareholders to call special
meetings, the inability for common shareholders to amend the charter by a simple majority and the inability of common shareholders to
adopt proxy access, amongst others.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Monro&rsquo;s recent Annual Meeting voting results, moreover, make clear that common
shareholders are dissatisfied with the current structure as manifested in the low levels of support for certain Directors. As one example,
Director Donald Glickman (who has served as a Monro Director for approximately 37 years) garnered only 69.8% percent of votes cast at
last year&rsquo;s Annual Meeting. This low level of support puts him within the bottom 2% of all directors in the Russell 3000 with meetings
held during calendar year 2020.<SUP>4</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>4</SUP> ICS Voting Analytics</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">This is not a solicitation of authority to vote your proxy. <U>Please
DO NOT send us your proxy card</U>; the Proponent is not able to vote your proxies, nor does this communication contemplate such an event.
The proponent urges shareholders to vote YES on item number 5 following the instruction provided on the Management&rsquo;s proxy mailing.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">Investors with questions may contact us at dmckeever@idescapital.com
or contact our information agent, Okapi Partners, via phone at (844) 343-2623 or via E-mail at info@okapipartners.com.</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Monro&rsquo;s common shareholders should have a guaranteed vote on governance and
policy matters, which we believe will benefit not only shareholders but Monro&rsquo;s broader and similarly long-suffering stakeholder
base. We encourage common shareholders to send a strong signal to Monro by affirmatively voting that the Board take immediate action to
initiate and adopt a recapitalization plan to ensure that all outstanding classes of stock have one vote per share and no class has a
veto right over the votes of another class.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>We urge you to vote &ldquo;FOR&rdquo; proxy item #5.</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Should you have any proposal-specific questions, please feel free to contact us at
dmckeever@idescapital.com or reach out to our information agent, Okapi Partners, via phone at (844) 343-2623 or via E-mail at info@okapipartners.com.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Thank you for your support.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; width: 0.5in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 52%"><FONT STYLE="font-size: 10pt">/s/ Dianne K. McKeever</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Dianne K. McKeever</P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0">CIO, Co-Founder and Managing Member</P></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman; font-size: 10pt"><B>Ides Capital Management LP</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Ides Capital Management LP has filed the proposal on behalf of Ides Capital Partners
Master Fund, Ltd., which is a beneficial owner of shares of the Company&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B><U>This is not a solicitation of authority to vote your proxy.
Please DO NOT send us your proxy card.</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">This is not a solicitation of authority to vote your proxy. Please DO NOT send us
your proxy card; Ides Capital Management LP is not able to vote your proxies, nor does this communication contemplate such an event. We
urge shareholders to vote for Item No. 5 following the instructions provided on Management's proxy mailing.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">This is not a solicitation of authority to vote your proxy. <U>Please
DO NOT send us your proxy card</U>; the Proponent is not able to vote your proxies, nor does this communication contemplate such an event.
The proponent urges shareholders to vote YES on item number 5 following the instruction provided on the Management&rsquo;s proxy mailing.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">Investors with questions may contact us at dmckeever@idescapital.com
or contact our information agent, Okapi Partners, via phone at (844) 343-2623 or via E-mail at info@okapipartners.com.</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The views expressed are those of the authors and Ides Capital Management LP as of
the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be a forecast
of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information provided in
this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed that
investments in such securities have been or will be profitable. This piece is for informational purposes and should not be construed as
a research report.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">This is not a solicitation of authority to vote your proxy. <U>Please
DO NOT send us your proxy card</U>; the Proponent is not able to vote your proxies, nor does this communication contemplate such an event.
The proponent urges shareholders to vote YES on item number 5 following the instruction provided on the Management&rsquo;s proxy mailing.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">Investors with questions may contact us at dmckeever@idescapital.com
or contact our information agent, Okapi Partners, via phone at (844) 343-2623 or via E-mail at info@okapipartners.com.</P>


<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">6</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
