Company: CHEF
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001517175-25-000021
Chunk: 25

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 25
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- and performance-based grants that generally vest over a range of periods up to five years. The Company recognized expense on its RSAs and RSUs totaling $4,345 and $3,813 during the thirteen weeks ended September 26, 2025 and September 27, 2024, respectively, and $12,689 and $11,349 during the thirty-nine weeks ended September 26, 2025 and September 27, 2024, respectively. No share-based compensation expense has been capitalized.

14

At September 26, 2025, the total unrecognized compensation cost for unvested RSAs and RSUs was $29,236 and the weighted-average remaining period was approximately 1.8 years. Of this total, $17,716 related to awards with time-based vesting provisions and $11,520 related to awards with performance- and market-based vesting provisions. At September 26, 2025, the weighted-average remaining period for time-based vesting and performance-based vesting RSAs and RSUs were approximately 1.7 years and 1.9 years, respectively.Performance-Based Restricted Share UnitsIn February 2025, the Company’s Board of Directors approved a grant of a total of 541,375 performance-based restricted share units (“PSUs”) to certain of the Company’s officers and employees under the Company’s 2019 Omnibus Equity Incentive Plan. The PSUs, which have a four-year term from the date of grant, are subject to service and performance conditions and will only become vested and payable to the extent that a qualifying change in control occurs during the four-year period. The fair value of these awards was $22,235, which was determined using a Monte Carlo simulation in order to model a range of possible future stock prices for the Company’s common stock. No share-based compensation expense has been recorded in fiscal 2025 for these PSUs.Share Repurchase ProgramIn November 2023, the Company announced a two-year share repurchase program in an amount up to $100,000. The remaining share purchase authorization was $67,617 at September 26, 2025. The Company is not obligated to repurchase any specific number of shares and may suspend or discontinue the program at any time.

Note 10 – Income Taxes

The Company’s effective tax rate was 32.6% and 30.0% for the thirteen weeks ended September 26, 2025 and September 27, 2024,