<SEC-DOCUMENT>0001214659-22-005438.txt : 20220420
<SEC-HEADER>0001214659-22-005438.hdr.sgml : 20220420
<ACCEPTANCE-DATETIME>20220419175016
ACCESSION NUMBER:		0001214659-22-005438
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220420
DATE AS OF CHANGE:		20220419
EFFECTIVENESS DATE:		20220420

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dine Brands Global, Inc.
		CENTRAL INDEX KEY:			0000049754
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				953038279
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15283
		FILM NUMBER:		22835826

	BUSINESS ADDRESS:	
		STREET 1:		450 N BRAND BLVD 3RD FLR
		CITY:			GLENDALE
		STATE:			CA
		ZIP:			91203-1903
		BUSINESS PHONE:		818-240-6055

	MAIL ADDRESS:	
		STREET 1:		450 N. BRAND BLVD, 7TH FLOOR
		CITY:			GLENDALE
		STATE:			CA
		ZIP:			91203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DineEquity, Inc
		DATE OF NAME CHANGE:	20080530

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IHOP CORP
		DATE OF NAME CHANGE:	19940204

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Seventh Generation Interfaith Inc.
		CENTRAL INDEX KEY:			0001773705
		IRS NUMBER:				475298655
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1015 N. NINTH ST.
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
		BUSINESS PHONE:		708-315-0571

	MAIL ADDRESS:	
		STREET 1:		1015 N. NINTH ST.
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>d419221px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT: </B>Dine Brands Global, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: </B>The Sisters of Charity
of the Blessed Virgin Mary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: </B>1100 Carmel Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dubuque, Iowa 52003</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">
<B>Subject:</B> Exempt Solicitation on Shareholder Proposal &ndash; Report on the Feasibility of Increasing Tipped Workers&rsquo; Wages
(Proposal Five)</P>

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

<DIV STYLE="padding: 1%; border: Black 1pt solid">



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RESOLVED: that shareholders of Dine Brands Global
(&ldquo;Dine&rdquo;) request that the board of directors analyze and publicly report on the feasibility of increasing tipped workers&rsquo;
starting wage to a full minimum wage, per state and federal levels, with tips on top to address worker retention issues and economic inequities.</P>

</DIV>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>RECOMMENDATION:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Sisters of Charity of the Blessed Virgin
Mary and co-filers<SUP>1</SUP> (the &ldquo;Proponents&rdquo;) seek your support to vote <B>FOR</B> Proposal Five on Dine&rsquo;s proxy
card -- &ldquo;Stockholder Proposal Requesting that the Corporation Produce a Report on the Feasibility of Increasing Tipped Workers&rsquo;
Wages&rdquo; (the &ldquo;Proposal&rdquo;) -- at the annual shareholder meeting for Dine Brands Global, Inc. (&ldquo;Dine&rdquo; or the
&ldquo;Company&rdquo;) on May 12, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The COVID-19 pandemic has highlighted the
difficulties facing restaurant workers, who are leaving the industry at record rates.<SUP>2</SUP> The industry now suffers from a staffing
crisis, with more than seven of 10 restaurant operators reporting that they do not have enough staff to meet demand and half characterizing
employee recruitment and retention as their most pressing challenge for 2022.<SUP>3</SUP> In its most recent 10-K filing, the Company
stated, &ldquo;<FONT STYLE="background-color: white">We believe that hiring, developing and retaining team members is critically important
to our operations and that our corporate responsibility begins with our team members.</FONT>&rdquo;<SUP>4</SUP></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> M<FONT STYLE="font-size: 10pt">ercy
Investment Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.nrn.com/workforce/more-restaurant-employees-are-quitting-any-other-industry-recent-data-shows</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.businessinsider.com/restaurant-worker-shortage-continuing-through-2022-survey-2022-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> Filing on Form 10-K, filed on Mar. 2, 2022, at 13.</P>

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

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">At the Company&rsquo;s annual shareholder
meeting, shareholders can ask Dine to consider raising wages for tipped staff in order to improve recruitment and retention, provide tipped
workers with greater economic security and address racial disparities. Proposal Five asks Dine&rsquo;s board of directors to &ldquo;analyze
and publicly report on the feasibility of increasing tipped workers&rsquo; starting wage to a full minimum wage, per state and federal
levels, with tips on top to address worker retention issues and economic inequities.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that the feasibility analysis and report requested in the
Proposal would:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Highlight potential benefits to Dine of going above and beyond legal minimum
wage requirements for tipped workers;&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Permit shareholders to assess oversight of human capital management by Dine&rsquo;s
board; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Provide a roadmap for franchisees to analyze shifting to a full minimum wage.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under federal law and the law of 43 states, restaurant operators are
permitted to pay tipped workers a subminimum wage, which under federal law is $2.13 an hour.<SUP>5</SUP> Although poverty rates for restaurant
workers in all states are high, the subminimum tipped wage is associated with higher poverty rates and greater economic inequity. In a
recent survey, only 41% of tipped workers who were paid the subminimum wage reported that their tips were sufficient to ensure they received
the regular minimum hourly wage,<SUP>6</SUP> which is legally required. Low wages and tips are cited as a primary reason for tipped workers
leaving the industry.<SUP>7</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">More than 66% of tipped restaurant workers are women and 40% are workers
of color.<SUP>8</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In states with a subminimum wage, economic disparities between white
and non-white workers, and between male and female workers, are higher than in states where restaurant employers must pay a regular minimum
wage.<SUP>9</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">By forcing workers to rely on
tips for most of their compensation, the subminimum wage creates an environment where tipped workers feel compelled to tolerate harassment
and are deterred from enforcing COVID-related mandates. A recent survey found that 73% of female tipped workers and 80% of tipped workers
who are women of color &ldquo;regularly experience sexual behaviors from customers that make them uncomfortable.&rdquo;<SUP>10</SUP> In
states with a subminimum wage, tipped workers report being sexually harassed at twice the rate of tipped workers in states where a regular
minimum wage applies.<SUP>11</SUP> Sexual harassment poses legal, financial and reputational risks for companies and their shareholders:
A 2020 study found that companies with the highest levels of sexual harassment in a given year, as reflected in accounts on websites Glassdoor
and Indeed, had lower shareholder returns the following year, which the authors attributed to &ldquo;toxic culture.&rdquo;<SUP>12</SUP></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://onefairwage.site/wp-content/uploads/2021/03/OFW_TheTippingPoint_3-1.pdf,
at 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> One Fair Wage and Food Labor Research Center, UC Berkeley,
&ldquo;Unlivable: Increased Sexual Harassment and Wage Theft Continue to Drive Women, Women of Color, and Single Mothers Out of the Service
Sector,&rdquo; at 3 (Apr. 2022) (forthcoming; on file with the proponent) (hereinafter, &ldquo;Unlivable&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> Unlivable, at 5-6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://drive.google.com/file/d/19zGyWlVUH0cP0JEcniwwzBoAnUuJVWPn/view</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://drive.google.com/file/d/19zGyWlVUH0cP0JEcniwwzBoAnUuJVWPn/view</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> Unlivable, at 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://onefairwage.site/wp-content/uploads/2021/03/OFW_TheTippingPoint_3-1.pdf,
at 2-4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.cfo.com/corporate-finance/2020/08/sexual-harassment-foreshadows-weak-stock-performance-study/</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Dine&rsquo;s
proxy statement.</P>

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

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dine franchises the majority of its Applebee&rsquo;s and IHOP restaurants,
but it owns and operates restaurants in North Carolina and South Carolina. Those company-owned restaurants pay tipped workers the tipped
minimum wage rather than the regular minimum wage.<SUP>13</SUP> In its statement in opposition to the Proposal, Dine asserts that it is
&ldquo;<FONT STYLE="background-color: white">concerned about the impact of increasing the base wages as this increase may place [company-owned]
restaurants at a competitive disadvantage.&rdquo; But raising wages could also confer an advantage in the form of improved employee recruitment
and retention resulting from greater economic security, reduced racial inequities, and lowered vulnerability to harassment. A study of
requirements associated with New York&rsquo;s subminimum wage for tipped workers suggests that compliance can impose significant burdens
on employers, increasing the risk of wage theft claims.<SUP>14</SUP> There is evidence that states without a tipped subminimum wage experience
higher tipped worker wages&mdash;especially for workers of color--growth in restaurant employment, and rates of restaurant establishment
than states with the tipped subminimum wage.<SUP>15</SUP> The feasibility analysis requested by the Proposal would involve consideration
of both advantages and drawbacks of moving to the regular minimum wage. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Dine touts the fact that its
tipped workers earned an average of $13.59 per hour in early 2022, but its comparison of that figure to the regular federal minimum wage
of $7.25 an hour is inapt because the Proposal asks Dine to analyze the feasibility of moving to the regular minimum wage <U>and</U> allowing
workers to keep tips. What&rsquo;s more, Dine&rsquo;s vaunted $13.59 hourly wage falls short of a living wage in the areas in which Dine
operates company-owned restaurants, far short for any worker who is not single and childless:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; 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><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">An hourly living wage for a single adult (employed
full-time) and one child in North Carolina ranges from $26.27 in Alleghany County to $34.12 in Wake County, according to the MIT Living
Wage Calculator.<SUP>16</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; 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><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Even for a single adult with no children in North
Carolina&rsquo;s least costly county, Dine&rsquo;s $13.59 hourly wage is shy of the $13.97 living wage.<SUP>17</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; 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><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">The MIT Living Wage Calculator pegs the lowest living
wage in South Carolina for an adult and one child at $26.40, in the Sumter metropolitan area, nearly double Dine&rsquo;s average hourly
wage for tipped workers; the highest, in Berkeley, Charleston and Dorchester Counties, is $30.94.<SUP>18</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; 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><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">A single adult with no children could not live on
Dine&rsquo;s $13.59 hourly wage, even in South Carolina&rsquo;s least costly county, where a single adult&rsquo;s living wage is $14.16.<SUP>19</SUP></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">_____________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>13</SUP></FONT> <U>See</U>
Definitive Proxy Statement of Dine Brands Global Inc. filed on Mar. 30, 2022, at 68 (hereinafter, &ldquo;Proxy Statement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>14</SUP></FONT> <U>See</U>
https://workercenterlibrary.org/wp-content/uploads/2021/08/2016_Tipped-Over-Employer-Liability-in-a-Two-Tiered-Wage-State.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>15</SUP></FONT> https://eofnetwork.org/wp-content/uploads/2019/10/Better-Wages-Better-Tips.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>16</SUP></FONT> https://livingwage.mit.edu/states/37/locations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>17</SUP></FONT> https://livingwage.mit.edu/counties/37005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>18</SUP></FONT> https://livingwage.mit.edu/states/45/locations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>19</SUP></FONT> https://livingwage.mit.edu/metros/44940</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Dine&rsquo;s
proxy statement.</P>

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

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">Shareholders
increasingly expect boards to take an active role in overseeing human capital management policies and practices. Given the importance
of staff recruitment and retention, robust oversight of human capital management by Dine&rsquo;s board is critical. The Proposal asks
that the requested feasibility analysis and report be overseen by Dine&rsquo;s board, which would help ensure that the board is devoting
sufficient attention to the issue and provide shareholders with insight into the board&rsquo;s approach to human capital management. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">Finally,
we acknowledge that most workers at Applebee&rsquo;s and IHOP restaurants are employed by franchisees, not Dine, and that Dine &ldquo;do[es]
not control the employment practices or wages paid by [its] franchisees to their employees.&rdquo;<SUP>20</SUP> Dine is not precluded,
however, from sharing with franchisees information relevant to human capital matters. A publicly-disclosed, thorough feasibility analysis
regarding a shift from the tipped subminimum to regular minimum wage plus tips at company-owned restaurants could serve as a roadmap for
franchisees to analyze the impacts of making such a shift at their restaurants. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">For the reasons discussed above, we urge you
to vote FOR Proposal Five on Dine&rsquo;s proxy card. If you have any questions, please contact Natalie Wasek via email at wasek.natalie@gmail.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Sr. Gwen Farry, B.V.M.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sisters of Charity of the Blessed Virgin Mary</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><SUP>&nbsp;</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><SUP>_____________________________</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><SUP>20</SUP> Proxy Statement, at 68.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Dine&rsquo;s
proxy statement.</P>

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

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

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

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