Form 4: Chefs' Warehouse Director Joseph M. Cugine Receives Stock Grant

Director Joseph M. Cugine of Chefs' Warehouse, Inc. was granted 3,506 restricted stock units convertible into common stock.

Summary

• On May 10, 2024, Joseph M. Cugine, a director of Chefs' Warehouse, Inc., received a grant of 3,506 time-vested restricted stock units.
• Each restricted stock unit is convertible into one share of common stock.
• The grant was made pursuant to The Chefs' Warehouse, Inc. Amended and Restated 2019 Omnibus Equity Incentive Plan.
• The restricted stock units will generally vest at the earlier of the date of the Issuer's 2025 annual stockholders' meeting or the one-year anniversary of the date of grant.
• Following the transaction, Cugine directly owns 47,727 shares of common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects a standard compensation practice that aligns director interests with shareholders.

Positives

• The grant of restricted stock units aligns the director's interests with those of the shareholders.
• The vesting schedule encourages long-term commitment from the director.

Future Outlook

The document does not contain specific forward-looking statements, but the vesting of the restricted stock units is tied to future events (2025 annual stockholders' meeting or one-year anniversary of the grant date).

Industry Context

This is a standard practice for compensating and incentivizing directors in publicly traded companies. Stock grants are a common way to align management's interests with those of shareholders.

Comparison to Industry Standards

• Stock grants to directors are a common practice across the industry.
• Companies like Sysco, US Foods, and Performance Food Group also utilize equity-based compensation for their directors.
• The size of the grant (3,506 shares) would need to be compared to grants given to directors at comparable companies to assess its relative value.

Stakeholder Impact

• Shareholders: Aligns director's interests with shareholder value.
• Employees: May boost morale knowing leadership is invested in the company's success.

Key Dates