Company: CHEF
Filing Date: 2025-05-23
Form Type: 8-K
Source: 0000947871-25-000563
Chunk: 2

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-05-23
Form: 8-K
Item: Item 5.02
Chunk 2
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 recommended
that shareholders of the Company withhold votes from Mr. Peretz’s reelection as a director of the Company for failing to attend
at least 75% of the aggregate meetings of the Board and of the committee on which he served.

It is the Committee and the Board’s understanding that the number
of “against” votes received by Mr. Peretz were substantially due to a report issued by ISS in which ISS recommended a vote
“against” the election of Mr. Peretz which cited, as the reason for such recommendation, Mr. Peretz’s attendance at
less than 75% of the aggregate meetings of the Board and of the committee on which he served. The recommendation by ISS was made in accordance
with its proxy voting guidelines, which are of general applicability and without regard to Mr. Peretz’s qualifications or performance
as a Board member. The Committee and the Board considered the influence that the ISS recommendation had on the election results, especially
since multiple U. S. institutional investors as a matter of policy or structure follow ISS recommendations without exercising independent
judgment on matters presented to stockholders. Additionally, the Committee and the Board noted that the meetings Mr. Peretz failed to
attend were prescheduled before Mr. Peretz was elected to the Board, which led to conflicts with matters he had scheduled before becoming
a Board member.

Ultimately, after consideration of all these factors, the Board, based
upon the recommendation of the Committee, determined unanimously that it would not be in the best interests of the Company and its stockholders
to accept Mr. Peretz’s resignation. Since Mr. Peretz’s conditional resignation, offered in accordance with the Majority Vote
Policy, was not accepted, Mr. Peretz will continue to serve as a member of the Board.