Darden Restaurants, Inc. Notice of Non-Renewal of Management Continuity Agreement
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Summary
Darden Restaurants, Inc. is notifying the recipient that their Management Continuity Agreement (MCA) will not be renewed and will expire on October 1, 2016. The company plans to offer a new change in control agreement effective after the MCA expires. This notice does not affect any rights related to a change of control that occurred on October 10, 2014. The letter is formal notice as required by the MCA and provides a contact for further questions.
EX-10.1 2 ex101formofmcanon-renewall.htm EXHIBIT 10.1 Ex 10.1 Form of MCA Non-renewal Letter
Exhibit 10.1
July 23, 2015
[Name]
[Address]
Re: Notice of Non-Renewal of Management Continuity Agreement
Dear [Name]:
This letter constitutes notice to you pursuant to Section 3 of your [Amended and Restated] Management Continuity Agreement with Darden Restaurants, Inc. (the “Company”), dated as of [Date] (the “MCA”), that the “contract period” under the MCA will not be extended on the next “renewal date” (as each such term is defined in the MCA). Accordingly, the MCA will expire on October 1, 2016. The Company anticipates entering into a new change in control agreement with you that will become effective immediately following the expiration of the MCA. For the avoidance of doubt, nothing in this letter will affect your rights under the MCA with respect to the “change of control” (as such term is defined in the MCA) of the Company that occurred on October 10, 2014.
If you have any questions, please do not hesitate to contact Danielle Kirgan.
Sincerely,
Darden Restaurants, Inc.
By_____________________
[Name]
[Title]
