Form 4: Chefs' Warehouse Vice Chairman John Pappas Reports Stock Transactions
SEC Form 4 Filing
John Pappas, Vice Chairman and COO of Chefs' Warehouse, reports acquisition and disposal of company stock, including restricted stock grants and shares withheld for tax purposes.
Summary
- John Pappas, Vice Chairman and COO of Chefs' Warehouse, filed a Form 4 detailing changes in beneficial ownership of the company's stock.
- On February 25, 2025, Pappas acquired 17,418 shares of restricted common stock under the company's equity incentive plan.
- The forfeiture restrictions on 10,246 of these shares will lapse in one-third increments annually, while restrictions on 7,172 shares depend on the company's stock price performance.
- Additionally, 36,306 shares were acquired upon certification of performance conditions related to previously awarded performance-based restricted stock.
- Pappas also disposed of 4,066 shares representing cancellation of performance-based restricted common stock granted on February 24, 2022.
- 32,411 shares were withheld to cover taxes upon the vesting of restricted common stock at a price of $63.67 per share.
- Following these transactions, Pappas directly owns 860,156 shares of common stock and indirectly owns 400,000 shares through a grantor retained annuity trust.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing stock transactions, and therefore has a neutral sentiment.
Positives
- Acquisition of 36,306 shares upon certification of performance conditions applicable to performance-based restricted common stock awarded to the reporting person pursuant to the Plan.
Negatives
- 32,411 shares were withheld for taxes at $63.67 per share upon vesting of restricted common stock.
Industry Context
This filing is a routine disclosure of stock transactions by a company executive, which is common in publicly traded companies. It provides transparency into the executive's holdings and any recent changes.
Stakeholder Impact
- The transactions may have a minor impact on shareholders by slightly diluting or increasing the number of outstanding shares.
Key Dates
| Date | Description |
|---|---|
| 02/24/2022 | Date of grant of performance-based restricted common stock that was later cancelled. |
| 02/28/2022 | Date of Form 4 filing reporting the acquisition of performance-based restricted common stock. |
| 02/25/2025 | Date of the reported transactions, including acquisition of restricted stock and shares upon performance certification, disposal of cancelled stock, and shares withheld for taxes. |
| 02/27/2025 | Date of signature on the Form 4 filing. |
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