Document:

exv10w15

Exhibit 10.15

THE CHEFS’ WAREHOUSE, INC.

NON-QUALIFIED STOCK OPTION AGREEMENT

(Directors)

     THIS NON-QUALIFIED STOCK OPTION AGREEMENT (this “Agreement”) is made and entered into as of
this ____ day of _____________, 20__ (the “Grant Date”), by and between The Chefs’ Warehouse, Inc.,
a Delaware corporation (together with its Subsidiaries and Affiliates, the “Company”), and
__________________ (the “Optionee”). Capitalized terms not otherwise defined herein shall have the
meaning ascribed to such terms in The Chefs’ Warehouse, Inc. 2011 Omnibus Equity Incentive Plan
(the “Plan”).

     WHEREAS, the Company has adopted the Plan, which permits the issuance of stock options for the
purchase of shares of the common stock, no par value per share, of the Company (the “Shares”); and

     WHEREAS, the Company desires to afford the Optionee an opportunity to purchase Shares as
hereinafter provided in accordance with the provisions of the Plan.

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound hereby, agree as follows:

     1. Grant of Option.

          (a) The Company grants as of the date of this Agreement the right and option (the “Option”) to
purchase __________ Shares, in whole or in part (the “Option Stock”), at an exercise price of
_________________________ and No/100 Dollars ($_________) per Share, on the terms and conditions
set forth in this Agreement and subject to all provisions of the Plan. The Optionee, holder or
beneficiary of the Option shall not have any of the rights of a stockholder with respect to the
Option Stock until such person has become a holder of such Shares by the due exercise of the Option
and payment of the Option Payment (as defined in Section 3 below) in accordance with this
Agreement.

          (b) The Option shall be a non-qualified stock option.

     2. Exercise of Option.

          (a) Except as otherwise provided herein, this Option shall become fully vested and exercisable
on the date of the first annual stockholders’ meeting following the Grant Date, if and only if the
Optionee has continuously provided services as a director of the Company from the date of this
Agreement through the date of the first annual stockholders’ meeting following the Grant Date.

          (b) Notwithstanding the foregoing, 100% of the Shares granted under this Option shall vest and
become exercisable immediately upon the occurrence of a Change in Control.

 

 

     3. Manner of Exercise. The Option may be exercised in whole or in part at any time
within the period permitted hereunder for the exercise of the Option, with respect to whole Shares
only, by serving written notice of intent to exercise the Option delivered to the Company at its
principal office (or to the Company’s designated agent), stating the number of Shares to be
purchased, the person or persons in whose name the Shares are to be registered and each such
person’s address and social security number. Such notice shall not be effective unless accompanied
by payment in full of the Option Price for the number of Shares with respect to which the Option is
then being exercised (the “Option Payment”) and, except as otherwise provided herein, cash equal to
the required withholding taxes as set forth by Internal Revenue Service and applicable state and
local tax guidelines for the employer’s minimum statutory withholding, if any. The Option Payment
shall be made in cash or cash equivalents or, at the discretion of the Committee, in whole Shares
previously acquired by the Optionee and valued at the Shares’ Fair Market Value on the date of
exercise (or next succeeding trading date if the date of exercise is not a trading date), or by a
combination of such cash (or cash equivalents) and Shares. Subject to applicable securities laws
and the consent of the Committee, the Optionee may also exercise the Option (a) by delivering a
notice of exercise of the Option and by simultaneously selling the Shares of Option Stock thereby
acquired pursuant to a brokerage or similar agreement approved in advance by proper officers of the
Company, using the proceeds of such sale as payment of the Option Payment, together with any
applicable withholding taxes, or (b) by directing the Company to withhold that number of whole
Shares otherwise deliverable to the Optionee pursuant to the Option having an aggregate Fair Market
Value at the time of exercise equal to the sum of the Option Payment and the amount necessary to
satisfy any applicable withholding obligations.

     4. Termination of Option. The Option will expire ten (10) years from the date of
grant of the Option (the “Term”) with respect to any then unexercised portion thereof, unless
terminated earlier as set forth below:

          (a) Termination for Cause. If the Optionee’s service as a director of the Company is
terminated for Cause, this Option shall terminate immediately and become void and of no effect.

          (b) Other Termination. If the Optionee’s service as a director of the Company is
terminated for any reason other than for Cause, this Option may be exercised, to the extent the
Option was exercisable at the time of such termination, by the Optionee for a period of one year
from the date of such termination of service or the expiration of the Term of the Option, whichever
period is the shorter.

     5. No Right to Continued Service. The grant of the Option shall not be construed as
giving the Optionee the right to be retained on the Board of the Company, and the Company may at
any time dismiss the Optionee from service as a director of the Company free from any liability or
any claim under the Plan.

     6. Adjustment to Option Stock. The Board may make equitable and appropriate
adjustments in the terms and conditions of, and the criteria included in, this Option in
recognition of unusual or nonrecurring events (and shall make the adjustments for the events
described in Section 4.2 of the Plan) affecting the Company or the financial statements of
the Company or of

 

 

changes in applicable laws, regulations, or accounting principles in accordance
with the Plan, whenever the Board determines that such event(s) affect the Shares. Any such
adjustments shall be effected in a manner that precludes the material enlargement of rights and benefits under
this Award.

     7. Amendments to Option. Subject to the restrictions contained in the Plan, the Board
may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue,
cancel or terminate, the Option, prospectively or retroactively; provided that any such waiver,
amendment, alteration, suspension, discontinuance, cancellation or termination that would
materially and adversely affect the rights of the Optionee or any holder or beneficiary of the
Option shall not to that extent be effective without the consent of the Optionee, holder or
beneficiary affected.

     8. Limited Transferability. Except as otherwise allowed by the Committee, during the
Optionee’s lifetime, this Option can be exercised only by the Optionee. This Option may not be
assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Optionee
other than by will or the laws of descent and distribution. Any attempt to otherwise transfer this
Option shall be void. No transfer of this Option by the Optionee by will or by laws of descent and
distribution shall be effective to bind the Company unless the Company shall have been furnished
with written notice thereof and an authenticated copy of the will and/or such other evidence as the
Board may deem necessary or appropriate to establish the validity of the transfer.

     9. Reservation of Shares. At all times during the term of this Option, the Company
shall use its best efforts to reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of this Agreement.

     10. Plan Governs. The Optionee hereby acknowledges receipt of a copy of (or
electronic link to) the Plan and agrees to be bound by all the terms and provisions thereof. The
terms of this Agreement are governed by the terms of the Plan, and in the case of any inconsistency
between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall govern.

     11. Severability. If any provision of this Agreement is, or becomes, or is deemed to
be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or the Award, or
would disqualify the Plan or Award under any laws deemed applicable by the Board, such provision
shall be construed or deemed amended to conform to the applicable laws, or if it cannot be
construed or deemed amended without, in the determination of the Board, materially altering the
intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person
or Award, and the remainder of the Plan and Award shall remain in full force and effect.

     12. Notices. All notices required to be given under this Award shall be deemed to be
received if delivered or mailed as provided for herein to the parties at the following addresses,
or to such other address as either party may provide in writing from time to time.

 

 

	 	 	 

	To the Company:

	 	The Chefs’ Warehouse, Inc.

100 East Ridge Road

Ridgefield, Connecticut 06877

	 
	 	 
	To the Optionee:

	 	The address then maintained with respect to the Optionee in the
Company’s records.

     13. Governing Law. The validity, construction and effect of this Agreement shall be
determined in accordance with the laws of the State of Delaware without giving effect to conflicts
of laws principles.

     14. Resolution of Disputes. Any dispute or disagreement which may arise under, or as
a result of, or in any way related to, the interpretation, construction or application of this
Agreement shall be determined by the Board. Any determination made hereunder shall be final,
binding and conclusive on the Optionee and the Company for all purposes.

     15. Successors in Interest. This Agreement shall inure to the benefit of and be
binding upon any successor to the Company. This Agreement shall inure to the benefit of the
Optionee’s legal representative and assignees. All obligations imposed upon the Optionee and all
rights granted to the Company under this Agreement shall be binding upon the Optionee’s heirs,
executors, administrators, successors and assignees.

[The next page is the signature page]

 

 

     IN WITNESS WHEREOF, the parties have caused this Non-Qualified Stock Option Agreement to be
duly executed effective as of the day and year first above written.

	 	 	 	 	 	 	 

	 	 	THE CHEFS’ WAREHOUSE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	OPTIONEE:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Signatureexv10w16

Exhibit 10.16

THE CHEFS’ WAREHOUSE, INC.

RESTRICTED SHARE UNIT AWARD AGREEMENT

(Directors)

     THIS RESTRICTED SHARE UNIT AGREEMENT (this “Agreement”) is made and entered into as of the
___ day of__________, 20__ (the “Grant Date”), between The Chefs’ Warehouse, Inc., a
Delaware corporation (the “Company”), and ________, (the “Grantee”). Capitalized terms not
otherwise defined herein shall have the meaning ascribed to such terms in The Chefs’ Warehouse,
Inc. 2011 Omnibus Equity Incentive Plan (the “Plan”).

     WHEREAS, the Company has adopted the Plan, which permits the issuance of restricted share
units, which is a grant of a right to receive one Share at a specified date (or dates) in the
future; and

     WHEREAS, pursuant to the Plan, the Committee responsible for administering the Plan has
granted an award of restricted share units to the Grantee as provided herein;

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound hereby, agree as follows:

     1. Grant of Restricted Share Unit Award.

          1.1 The Company hereby grants to the Grantee an award (“Award”) of ________ Restricted Share
Units (“RSUs”) on the terms and conditions set forth in this Agreement and as otherwise provided in
the Plan.

          1.2 The Grantee’s rights with respect to the Award shall remain forfeitable at all times
prior to the dates on which the RSUs shall vest in accordance with Section 2 hereof. This Award may
not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by
Grantee other than by will or the laws of descent and distribution.

     2. Vesting and Payment.

          2.1 Except as provided in Section 2.2, the Award shall vest in its entirety on the earlier
of the first anniversary of the Grant Date or the first annual meeting of the Company’s
stockholders following the Grant Date, so long as the Grantee continues to serve on the Board
through such date (such period sometimes referred to as the “Restricted Period”).

          2.2 Notwithstanding Section 2.1 above, all RSUs covered by the Award shall immediately
vest upon the occurrence of a Change in Control that occurs prior to the expiration of the
Restricted Period. If the Grantee’s service as a Director is terminated for any reason other than
death or Disability, the Grantee shall forfeit all rights with respect to all RSUs that are not
vested on such date; provided, however, if such termination is with Cause, all RSUs whether vested
or unvested shall immediately become void and of no effect. If the Grantee’s service as a Director
is terminated by death or Disability, the RSUs covered by the Award shall immediately

 

 

vest, but only in proportion to the length of the Director’s service as a director during such Restricted
Period.

          2.3 The Grantee shall be entitled to payment in respect of all RSUs covered by the Award
upon the vesting of such RSUs. Subject to the provisions of the Plan, such payment shall be made
through the issuance to the Grantee, as promptly as practicable thereafter (or to the executors or
administrators of Grantee’s estate, as promptly as practicable after the Company’s receipt of
notification of Grantee’s death, as the case may be), of a number of Shares equal to the number of
such vested RSUs. Notwithstanding the foregoing, if the Grantee shall have elected to defer
payment of such vested RSUs to such later date as may be permitted by the Company, in accordance
with the requirements of Section 409A of the Code, payment of such vested RSUs shall instead be
made on such later date (the “Deferral Election”).

     3. Dividend Equivalent Rights.

          In the event that the Grantee makes a Deferral Election with respect to the settlement of the
vested RSUs, the Grantee shall receive Dividend Equivalent Rights in respect of any vested RSUs
covered by this Award at the time of any payment of dividends to stockholders on Shares. The
amount of any such Dividend Equivalent Right shall equal the amount that would be payable to the
Grantee as a stockholder in respect of a number of Shares equal to the number of vested RSUs then
credited to the Grantee hereunder. Any such Dividend Equivalent Right shall be paid in accordance
with the Company’s payment practices as may be established from time to time and as of the date on
which such dividend would have been payable in respect of such number of Shares. No Dividend
Equivalent Rights shall be paid under any circumstances in respect of RSUs that are not vested.

     4. No Right to Continued Service.

          Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon the
Grantee any right to continue service as a member of the Board.

     5. Adjustments.

          Notwithstanding anything else contained in this Agreement, the RSUs granted hereunder and this
Agreement shall be subject to adjustment, substitution or cancellation in accordance with the
provisions of Section 4.2 of the Plan.

     6. Grantee Bound by the Plan.

          This Agreement shall be construed in accordance and consistent with, and subject to, the terms
of the Plan. The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound
by all the terms and provisions thereof.

     7. Plan Governs.

          The terms of this Agreement are governed by the terms of the Plan, and in the case of any
inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan
shall govern.

 

 

     8. Amendment to Award.

          Subject to the restrictions contained in the Plan, the Committee may waive any conditions or
rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate the Award and
the Restricted Period, prospectively or retroactively; provided that except as otherwise provided
in the Plan, any such waiver, amendment, alteration, suspension, discontinuance, cancellation or
termination that would adversely affect the rights of the Grantee with respect to the Award shall
not to that extent be effective without the consent of the Grantee.

     9. Severability.

          If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any Person or the Award, or would disqualify the Plan or
Award under any laws deemed applicable by the Committee, such provision shall be construed or
deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended
without, in the determination of the Committee, materially altering the intent of the Plan or the
Award, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder
of the Plan and Award shall remain in full force and effect.

     10. Taxes.

          The Grantee shall be responsible for all taxes due in connection with the grant or vesting or
any payment or transfer with respect to the RSUs and Shares payable hereunder.

     11. Notices.

          All notices required to be given under this Agreement shall be deemed to be received if
delivered or mailed as provided for herein, to the parties at the following addresses, or to such
other address as either party may provide in writing from time to time.

	 	 	 

	To the Company:

	 	The Chefs’ Warehouse, Inc.

100 East Ridge Road

Ridgefield, CT 06877

Attn: Corporate Secretary
	 
	 	 
	To the Grantee:

	 	The address then maintained with respect to the Grantee in the
Company’s records.

     12. Governing Law.

          The validity, interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of Delaware without giving effect to the conflicts of law principles
thereof, except to the extent that such laws are preempted by Federal law.

 

 

     13. Successors in Interest.

          This Agreement shall inure to the benefit of and be binding upon any successor to the Company.
This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations
imposed upon the Grantee and all rights granted to the Company under this Agreement shall be
binding upon the Grantee’s heirs, executors, administrators and successors.

     14. Resolution of Disputes.

          Any dispute or disagreement which may arise under, or as a result of, or in any way related
to, the interpretation, construction or application of this Agreement shall be determined by the
Board. Any determination made hereunder shall be final, binding and conclusive on the Grantee and
the Company for all purposes.

     15. Entire Agreement.

          This Agreement and the Plan contain the entire agreement and understanding of the parties
hereto with respect to the subject matter contained herein and supersede all prior communications,
representations and negotiations in respect thereto.

[The next page is the signature page]

 

 

     IN WITNESS WHEREOF, the parties have caused this Restricted Share Unit Award Agreement to be
duly executed effective as of the day and year first above written.

	 	 	 	 	 	 	 

	 	 	THE CHEFS’ WAREHOUSE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	GRANTEE:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Signature

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}]]