American Outdoor Brands, Inc. announced that it has agreed to appoint a new independent director, Bradley T. Favreau, to the Company's Board of Directors (the "Board"), effective immediately, with a term expiring at the Company's 2023 Annual Meeting of Stockholders. With the addition of Mr. Favreau, the size of the Board will increase from six to seven directors, including six independent directors. This appointment is in connection with the Cooperation Agreement that American Outdoor Brands entered into with Engine Capital Management, LP (together with its affiliates, "Engine Capital") pursuant to which Engine Capital will withdraw its director nominations previously submitted to the Company and will support the Board's full slate of directors at the 2022 Annual Meeting of Stockholders.

Engine Capital also agreed to abide by customary standstill provisions and voting commitments.