Breeden Capital represented on Applebee's board, agreement ends proxy contest

By Lisa Kerner

Charlotte, N.C., April 26 - Breeden Capital Management LLC entered into an agreement with Applebee's International, Inc. on April 25 to expand the company's board of directors to 14 from 12 members.

On April 26, Richard C. Breeden and Laurence E. Harris were appointed to the company's board and both will be included on the slate of nominees for election to the board at the 2007 annual meeting.

Breeden was also named to the board's strategy committee, executive compensation committee and corporate governance/nominating committee. Harris was named to the corporate governance/nominating committee and the audit committee.

Applebee's will decrease the size of the board from 14 to 12 members by no later than the 2008 annual meeting, according to a schedule 13D filing with the Securities and Exchange Commission.

The agreement also ends the pending proxy contest with respect to the election of directors at the 2007 annual meeting.

The reporting persons agreed to vote their shares favor of the slate of directors proposed by the board at the 2007 annual meeting.

Breeden Capital beneficially owns 4,025,000 shares or 5.4%, of the Overland Park, Kan., restaurant franchise development company.

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