Company: CHEF
Filing Date: 2025-03-26
Form Type: DEF 14A
Source: 0001517175-25-000003
Chunk: 49

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-03-26
Form: DEF 14A
Chunk 49
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 determined the share price targets were challenging based on the then-current share price range and tracked the Company’s AEBITDA targets in terms of expected value creation within the Company’s historical AEBITDA multiple range. ROIC measures our ability to generate earnings or returns on our invested capital base. Our long-term goal is to generate returns on our invested capital in excess of our weighted average cost of capital on a consistent basis. AEBITDA and ROIC measure our operating performance and profitability, and the share price target measures our performance as evaluated by the market. AEBITDA and ROIC will be measured in the final year of the performance period determined on a sliding scale, ratably interpolated within the performance ranges. The share price goal will be achieved upon the highest 20-day trading average closing share price being attained at any point during the performance period and will be ratably interpolated between performance targets.

The relevant targets for the 2024 PRSA Grant are as follows:

| Metric      |     | Performance                        |     | Percentage of Target Earned |     |  Performance |     | Percentage of Target Earned |     | Performance                           |     | Percentage of Target Earned |
| AEBITDA     |     | Equal to or less than $210 million |     | 0%                          |     | $240 million |     | 100%                        |     | Equal to or greater than $260 million |     | 200%                        |
| Share Price |     | Equal to or less than $30          |     | 0%                          |     |          $40 |     | 100%                        |     | Equal to or greater than $45          |     | 200%                        |
| ROIC        |     | Equal to or less than 10%          |     | 0%                          |     |          14% |     | 100%                        |     | Equal to or greater than 15%          |     | 200%                        |

All equity incentive awards granted in fiscal 2024 contained “double trigger” change in control provisions, so that, in the event of a change in control, vesting of the award is accelerated only if the executive experiences an involuntary termination of employment without “cause” or resigns for “good reason.” If a change in control occurs during the performance period for performance-based restricted stock, the award would be converted to time-based restricted stock based on target.

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Retirement Plans and