Company: CHEF
Filing Date: 2025-03-26
Form Type: DEF 14A
Source: 0001517175-25-000003
Chunk: 45

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-03-26
Form: DEF 14A
Chunk 45
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 375,375 |

Annual Cash Incentive Compensation

To closely align our named executive officers’ compensation to our business objectives, we believe that a significant portion of a named executive officer’s compensation should be performance-based. The Company sets ambitious performance

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targets and emphasizes a pay for performance culture. Accordingly, in fiscal 2024, we put in place an annual cash incentive compensation program, our 2024 Cash Incentive Plan (the “2024 Plan”), that provided our named executive officers with the opportunity to earn cash incentive compensation with a target amount set forth in the table below for the achievement of annual performance goals related to our busine ss. Targets were achieved at 100% for fiscal 2024, and payment was made in the first quarter of fiscal 2025.

| Name                 |     | Target Award as a Percentage of Base Salary |     | Target Award ($) |     | Actual Payout under 2024 Plan ($) |
| Christopher Pappas   |     | 100%                                        |     |        1,122,585 |     |                         1,122,585 |
| John Pappas          |     | 100%                                        |     |          616,919 |     |                           616,919 |
| James Leddy          |     | 75%                                         |     |          385,574 |     |                           385,574 |
| Alexandros Aldous    |     | 75%                                         |     |          359,869 |     |                           359,870 |
| Christina Polychroni |     | 75%                                         |     |          281,531 |     |                           281,531 |

The Compensation Committee selected AEBITDA as the performance measure for the 2024 Plan because it measures bottom-line growth of the Company, which the Compensation Committee views as being the key driver of long‑term growth in stockholder value. When selecting the performance measures for 2024, the Compensation Committee considered the annual incentive plan designs of members of our peer groups, as well as our specific corporate goals and budgetary considerations. In line with such considerations, the Compensation Committee removed revenue as a performance measure to increase focus on bottom-line growth of the Company in the post-COVID era. In setting the corporate performance targets under the 2024 Plan, the Compensation Committee considered historic levels of our performance for AEBITDA, taking into consideration our acquisitions in fiscal 2023,