Company: CHEF
Filing Date: 2025-03-26
Form Type: DEF 14A
Source: 0001517175-25-000003
Chunk: 44

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-03-26
Form: DEF 14A
Chunk 44
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As of November 2023, the Company’s revenues and market capitalization were between the 25th percentile and the median of the peer companies.

The secondary peer group was used to test compensation design and performance metrics as these companies’ compensation practices are an important reference point due to their status as the Company’s key competition; however, due to the larger size of these companies, they were not considered appropriate to reference in determining fiscal 2024 pay levels of our named executive officers.

For fiscal 2024, FW Cook reviewed and approved the secondary peer group with the Compensation Committee.

| US Foods Holding Corp.         |     | United Natural Foods, Inc. |
| Performance Food Group Company |     | Sysco Corporation          |

We do not benchmark compensation in the traditional manner, as we do not directly tie individual components of compensation to particular benchmarks. In general, the Compensation Committee references the 25th and 75th percentiles and the median of the competitive compensation marketplace, as well as data regarding compensation design and performance metrics. Market data, however, is only one factor among many considered by the Compensation Committee when making determinations regarding executive compensation. Other factors considered include individual performance, scope of responsibilities, experience, criticality of the position, retention concerns and the need to recruit new officers.

Components of Named Executive Officer Compensation

Taking into account the above-described objectives and our peer group comparisons, when setting fiscal 2024 compensation, the Compensation Committee focused on designing a compensation package for our named executive officers that consisted of base salaries, performance-based annual cash incentive awards and long-term equity awards, as well as retirement and other welfare benefits and termination protection.

| Element     |     | Description & Objective                                                                                                                                                                                                                                                             |     | Form   |
| Base Salary |     | The guaranteed part of our executives’ pay. Base salary reflects the different levels of responsibility within the Company, the skills and experience required for the job, individual performance and labor market conditions. Provides a competitive level of fixed compensation. |     | • Cash |

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| Performance-Based Annual Cash Incentive |     | Performance-based payments to incentivize bottom-line growth as measured by fiscal 2024 AEBITDA. Opportunities for additional payouts for performance above target levels.                                                                                                                                                                                                                                                                                   |     | • Cash                                 |
| Long-Term Equity Incentives             |     | Equity-based incentives earned based on the attainment of performance objectives and/or continued service with the Company to align the interests of our executives with stockholders