<SEC-DOCUMENT>0001214659-22-006092.txt : 20220502
<SEC-HEADER>0001214659-22-006092.hdr.sgml : 20220502
<ACCEPTANCE-DATETIME>20220502101955
ACCESSION NUMBER:		0001214659-22-006092
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220502
DATE AS OF CHANGE:		20220502
EFFECTIVENESS DATE:		20220502

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DENNY'S Corp
		CENTRAL INDEX KEY:			0000852772
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				133487402
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18051
		FILM NUMBER:		22879839

	BUSINESS ADDRESS:	
		STREET 1:		203 EAST MAIN STREET
		CITY:			SPARTANBURG
		STATE:			SC
		ZIP:			29319
		BUSINESS PHONE:		8645978000

	MAIL ADDRESS:	
		STREET 1:		203 EAST MAIN STREET
		CITY:			SPARTANBURG
		STATE:			SC
		ZIP:			29319

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DENNYS CORP
		DATE OF NAME CHANGE:	20020801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVANTICA RESTAURANT GROUP INC
		DATE OF NAME CHANGE:	19980107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLAGSTAR COMPANIES INC
		DATE OF NAME CHANGE:	19930722

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Interfaith Center on Corp Responsibility
		CENTRAL INDEX KEY:			0001909997
		IRS NUMBER:				133235906
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		475 RIVERSIDE DRIVE
		STREET 2:		STE 1842
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10115
		BUSINESS PHONE:		2128702293

	MAIL ADDRESS:	
		STREET 1:		475 RIVERSIDE DRIVE
		STREET 2:		STE 1842
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10115
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>o429221px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT: </B>Denny&rsquo;s Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: </B>The Benedictine Sisters
of Mount St. Scholastica, Atchison, Kansas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: </B>801 South 8th Street,
Atchison, Kansas 66002</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. [This legend should appear if proponent(s) do not own
over $5 million in company stock]</B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">April 29, 2022<BR>
<BR>
Dear Fellow Denny&rsquo;s Shareholder,</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-indent: 0.5in">The COVID-19 pandemic has highlighted the difficulties
facing restaurant workers, who are leaving the industry at record rates.<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> 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.<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT>
In its most recent 10-K filing, Denny&rsquo;s Corporation (&ldquo;Denny&rsquo;s&rdquo; or the &ldquo;Company&rdquo;) acknowledged the
importance of attracting and retaining high-quality staff to its ability to compete,<FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT>
and it <FONT STYLE="background-color: white">recently characterized &ldquo;persistent staffing shortages&rdquo; as the &ldquo;primary
barrier to achieving 24/7 operations.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT></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; text-indent: 0.5in">At the Company&rsquo;s annual shareholder meeting
on May 18, 2022, shareholders can ask Denny&rsquo;s 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 4 on Denny&rsquo;s proxy card, &ldquo;Stockholder
Proposal Regarding the Preparation of an Analysis of the Feasibility of Increasing Tipped Workers&rsquo; Starting Wage to a Full Minimum
Wage&rdquo; (the &ldquo;Proposal&rdquo;), asks Denny&rsquo;s board of directors to &ldquo;<FONT STYLE="background-color: white">oversee
the preparation of [an] analysis, made publicly available, of 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</FONT>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Denny&rsquo;s 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 Denny&rsquo;s
board; and</FONT></TD></TR></TABLE>

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

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

<P STYLE="margin-top: 0; margin-bottom: 0">____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> 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"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> 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"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT> Filing by Denny&rsquo;s
Corporation on Form 10-K, filed on Feb. 28, 2022, at 12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT> https://s29.q4cdn.com/169433746/files/doc_presentations/2022/02/Investor-Presentation-February-April-2022-FINAL.pdf</P>



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

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&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">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; text-indent: 0.5in">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.<FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT>
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,<FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT> which is legally
required. Low wages and tips are cited as a primary reason for tipped workers leaving the industry.<FONT STYLE="font-size: 10pt"><SUP>7</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; text-indent: 0.5in">More than 66% of tipped restaurant workers are
women and 40% are workers of color.<FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT></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.<FONT STYLE="font-size: 10pt"><SUP>9</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; text-indent: 0.5in"><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;<FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT>
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.<FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT> 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;<FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT></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; text-indent: 0.5in">Denny&rsquo;s franchises the majority of its restaurants,
but it owns and operates 65 restaurants. Those company-owned restaurants pay tipped workers the tipped minimum wage rather than the regular
minimum wage in states with a subminimum wage for tipped workers.<FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT> In its statement
in opposition to the Proposal, Denny&rsquo;s touts that its tipped workers&rsquo; total compensation (including tips), even in states
with a tipped subminimum wage, is &ldquo;approximately 165% of the full minimum wage, and considered at or above a Living Wage in each
state.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>14</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"><FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT> 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"><FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT> 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"><FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT> Unlivable, at 5-6.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT> 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"><FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT> 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"><FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT> <U>See</U> Definitive
Proxy Statement of Denny&rsquo;s Corporation. filed on Apr. 7, 2022, at 44 (hereinafter, &ldquo;Proxy Statement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT> <U>See</U> Proxy
Statement, at 44.</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 Denny&rsquo;s
proxy statement.</P>

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

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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Denny&rsquo;s does not provide the definition it
uses for &ldquo;living wage,&rdquo; but the data provided by the MIT Living Wage Calculator for the states with the largest number of
company-owned restaurants casts doubt on Denny&rsquo;s assertion.</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">According to Denny&rsquo;s most recent 10-K filing, 22 of its 65<FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT>company-owned
restaurants&mdash;or more than a third&mdash;are located in California.<FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT> California
does not have a subminimum wage for tipped workers, and its regular minimum wage for employers with 26 or more employees is $15.00 per
hour.<FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT> A worker who receives 165% of $15.00 an hour makes $24.75 per hour. According
to the MIT Living Wage Calculator, the statewide California living wage for a single adult working full time with one child is $44.71
per hour; even for a single adult without a child, the living wage is $22.13,<FONT STYLE="font-size: 10pt"><SUP>18</SUP></FONT> just
under the total hourly pay claimed by Denny&rsquo;s.</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">The state with the next highest number of company-owned restaurants, Texas,<FONT STYLE="font-size: 10pt"><SUP>19</SUP></FONT>
has a minimum wage of $7.25 per hour and a subminimum wage for tipped workers of $2.13 an hour. One hundred sixty-five percent of $7.25
an hour is $11.96 per hour. The living wage statewide for Texas for a single adult working full time with one child is $32.04, more than
twice as much as $11.96.<FONT STYLE="font-size: 10pt"><SUP>20</SUP></FONT> For a single adult without a child, 165% of Texas&rsquo;
minimum wage falls significantly short of the $16.65 living wage there.<FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT></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; text-indent: 0.5in">Denny&rsquo;s argues in its statement in opposition
to the Proposal that eliminating the tipped subminimum wage would result in fewer shifts and job loss.<FONT STYLE="font-size: 10pt"><SUP>22</SUP></FONT>
But states that do not have a subminimum wage for tipped workers experienced stronger restaurant sales growth, average full-service restaurant
employment growth, and full-service restaurant establishment growth than states with a subminimum wage.<FONT STYLE="font-size: 10pt"><SUP>23</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; text-indent: 0.5in">Denny&rsquo;s also claims that many servers prefer
the current structure because it gives them &ldquo;<FONT STYLE="background-color: white">immediate and greater direct control over their
income through positive guest service</FONT>.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>24</SUP></FONT> That argument assumes that tipping
would be eliminated, or reduced by at least the differential between the subminimum and regular minimum wage. The Proposal, however, asks
Denny&rsquo;s specifically to assess the feasibility of moving to a regular minimum wage with tips on top. Although Denny&rsquo;s cites
a study finding a small decline in tips with an increase in the tipped minimum wage, there is evidence in the other direction: According
to the Economic Policy Institute, tipped workers in states with a single minimum wage make 17% more per hour (tips plus wages) than those
in states with a subminimum wage.<FONT STYLE="font-size: 10pt"><SUP>25</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT> https://www.dir.ca.gov/dlse/faq_minimumwage.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT> Filing on Form
10-K filed on Feb. 28, 2022, at 19.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT> https://www.dir.ca.gov/dlse/faq_minimumwage.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>18</SUP></FONT> https://livingwage.mit.edu/states/06</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>19</SUP></FONT> https://www.dir.ca.gov/dlse/faq_minimumwage.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>20</SUP></FONT> https://livingwage.mit.edu/states/48</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT> https://livingwage.mit.edu/states/48</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>22</SUP></FONT> Proxy Statement,
at 44.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>23</SUP></FONT> https://onefairwage.site/wp-content/uploads/2021/04/OFW_MythsAndFacts_6.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>24</SUP></FONT> Proxy Statement,
at 44.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>25</SUP></FONT> https://www.epi.org/blog/seven-facts-about-tipped-workers-and-the-tipped-minimum-wage/</P>


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<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 Denny&rsquo;s
proxy statement.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><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 Denny&rsquo;s board is critical. The Proposal asks
that the requested feasibility analysis and report be overseen by Denny&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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">Finally,
we acknowledge that most workers at Denny&rsquo;s restaurants are employed by franchisees, not Denny&rsquo;s, and that Denny&rsquo;s &ldquo;direct
control over the compensation arrangements is limited to the team members employed in its 65 company-operated restaurants and corporate
support functions.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>26</SUP></FONT> Denny&rsquo;s 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">For the reasons discussed
above, we urge you to vote FOR Proposal 4 on Denny&rsquo;s proxy card. If you have any questions, please contact Sr. Susan Mika via email
at snmika2010@gmail.com.</P>



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<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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>26</SUP></FONT> Proxy Statement,
at 44.</P>



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<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 Denny&rsquo;s
proxy statement.</P>

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

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