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☐ | Preliminary Proxy Statement | |||||||
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☐ | Definitive Additional Materials | |||||||
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
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2) | Form, Schedule or Registration Statement No.: | |||||||
3) | Filing Party: | |||||||
4) | Date Filed: |
By Order of the Board of Directors, | |||||||||||
/s/ Christopher Pappas | |||||||||||
Christopher Pappas | |||||||||||
March | Chairman of the Board |
Meeting Information | Voting Matters | |||||||||||||
Time and Date: | Voting Matter | Board Recommendation | Page | |||||||||||
10:00 a.m. EDT, on Friday, May | Proposal 1 - Election of Directors | FOR EACH NOMINEE | ||||||||||||
Attending the Meeting: | Proposal 2 - Ratification of Independent Registered Public Accounting Firm | FOR | ||||||||||||
The Annual Meeting will be held on the | Proposal 3 - Advisory Vote on Executive Compensation | FOR | ||||||||||||
Proposal 4 - Approval of The Chefs' Warehouse, Inc. Employee Stock Purchase Plan | FOR |
Annual Elections with Majority Vote Standard | Yes | Stock Ownership Guidelines for Executives | Yes | ||||||||||||||
Lead Independent Director | Yes | Anti-Hedging Policy | Yes | ||||||||||||||
Board Independence | 80% | Code of Conduct and Ethics | Yes | ||||||||||||||
Committee Independence | 100% | Board Member Recruiting Guidelines | Yes | ||||||||||||||
Number of Financial Experts | 2 | Executive Sessions of the Board | Yes | ||||||||||||||
Board Diversity (female) | 20% | Board Diversity (underrepresented groups) | 20% | ||||||||||||||
Board Diversity (LGBTQ+) | 10% | Board Committees Complete Annual Self-Evaluations | Yes | ||||||||||||||
Anonymous Reporting | Yes | Over-Boarding Policy | Yes | ||||||||||||||
Clawback Policy | Yes |
Committee Membership | Committee Membership | ||||||||||||||||||||||||||||||||
Name | Age | Director Since | Experience | Independent | Audit | Compensation | Nominating/ Governance | Name | Age | Director Since | Experience | Independent | Audit | Compensation & Human Capital | Nominating/ Governance | ESG | |||||||||||||||||
Christopher Pappas | 60 | 2011 | Founder, Chairman, President and CEO, The Chefs’ Warehouse, Inc. | No | Christopher Pappas | 63 | 2011 | Founder, Chairman, President and CEO, The Chefs’ Warehouse, Inc. | No | ||||||||||||||||||||||||
John Pappas | 56 | 2011 | Founder, Vice Chairman and Former COO, The Chefs’ Warehouse, Inc. | No | John Pappas | 59 | 2011 | Founder, Vice Chairman and COO, The Chefs’ Warehouse, Inc. | No | ||||||||||||||||||||||||
Ivy Brown | Ivy Brown | 60 | 2021 | Former President of United Parcel Service, Inc., Northeast District | Yes | • | • | ||||||||||||||||||||||||||
Dominick Cerbone | 75 | 2012 | Former Partner, Ernst & Young | Yes | Chair | • | Dominick Cerbone | 78 | 2012 | Former Partner, Ernst & Young | Yes | Chair | • | • | |||||||||||||||||||
Joseph Cugine | 59 | 2012 | President, BarFresh Food Group Inc. | Yes | • | Chair | Joseph Cugine | 62 | 2012 | Former President, BarFresh Food Group Inc. | Yes | • | Chair | ||||||||||||||||||||
Steven F. Goldstone | 74 | 2016 | Former Non-Executive Chairman, ConAgra Foods, Inc. | Yes | • | Steven F. Goldstone | 77 | 2016 | Former Non-Executive Chairman, ConAgra Foods, Inc. | Yes | • | ||||||||||||||||||||||
Alan Guarino | 60 | 2012 | Vice Chairman of Global Financial Markets, Korn/Ferry International | Yes | Chair | • | Alan Guarino | 63 | 2012 | Vice Chairman of CEO and Board Services, Korn Ferry International | Yes | Chair | • | ||||||||||||||||||||
Stephen Hanson | 70 | 2011 | Former President, B.R. Guest Restaurants | Yes | • | • | Stephen Hanson | 73 | 2011 | Former President, B.R. Guest Restaurants | Yes | • | • | ||||||||||||||||||||
Aylwin Lewis | Aylwin Lewis | 68 | 2021 | Former Chairman, Chief Executive Officer and President of Potbelly Corporation | Yes | • | • | ||||||||||||||||||||||||||
Katherine Oliver | 57 | 2015 | Principal, Bloomberg Associates | Yes | • | Katherine Oliver | 60 | 2015 | Principal, Bloomberg Associates | Yes | • | Chair |
What We Do | What We Don’t Do | ||||
Pay for Performance | No Repricing or Cash Buyouts of Underwater Options | ||||
Double Trigger Change in Control Provisions | No | ||||
No Supplemental Retirement Benefits for Executives | |||||
Clawback Policy and Stock Ownership Guidelines | No “Spring-Loaded” Equity Awards |
Element | Description, Objective & | Performance Metrics | Form | |||||||
Base Salary | The guaranteed part of our executives’ pay. Base salary reflects the different levels of responsibility within the Company, the skills and experience required for the job, individual performance and labor market conditions. Provides a competitive level of fixed compensation. | • Cash | ||||||||
Performance-Based Annual | Performance-based payments to incentivize | • Cash | ||||||||
Long-Term Equity Incentives | Equity-based incentives earned based on the attainment of performance objectives | A portion of the performance-based restricted stock component for named executed officers is earned based on attainment of AEBITDA and | • Performance-based restricted stock • Time-based restricted stock | |||||||
Retirement and Other Welfare Benefits | Health and welfare benefits and methods for individuals to save for retirement to align with market practice and provide for the wellness of our executives and their families. | • 401(k) savings plan • Health, dental, and vision insurance • Short-term disability coverage • Life insurance | ||||||||
Termination Benefits | Severance, termination benefits and accelerated vesting of equity upon qualifying terminations and in connection with changes in control of the Company in order to retain our executives and help enable them to focus on executing our business plans. | • Cash severance • Accelerated equity • In kind termination benefits | ||||||||
Limited Perquisites | Limited perquisites targeted to be market competitive. | • Transportation • Cash |
Other Matters | |||||
Name and Address of Beneficial Owner(1) | Number of Shares Beneficially Owned(2) | Percentage Ownership | ||||||||||||
Directors and Named Executive Officers: | ||||||||||||||
Christopher Pappas(3) | 2,650,792 | 6.7% | ||||||||||||
John Pappas(4) | 1,341,355 | 3.4% | ||||||||||||
Ivy Brown(5) | 9,163 | * | ||||||||||||
Dominick Cerbone | 34,825 | * | ||||||||||||
Joseph Cugine | 39,978 | * | ||||||||||||
Steven F. Goldstone | 26,280 | * | ||||||||||||
Alan Guarino(6) | 35,232 | * | ||||||||||||
Stephen Hanson | 76,092 | * | ||||||||||||
Aylwin Lewis | 9,163 | * | ||||||||||||
Katherine Oliver | 32,334 | * | ||||||||||||
James Leddy | 181,772 | * | ||||||||||||
Alexandros Aldous | 167,603 | * | ||||||||||||
Timothy McCauley | 96,055 | * | ||||||||||||
All directors and executive officers, as a group (14 persons)(7) | 4,721,832 | 11.9% | ||||||||||||
Principal Stockholders (> 5% of outstanding common stock) | ||||||||||||||
BlackRock, Inc.(8) | 5,493,065 | 13.9% | ||||||||||||
AllianceBernstein L.P.(9) | 2,672,315 | 6.8% | ||||||||||||
The Vanguard Group, Inc.(10) | 2,556,760 | 6.5% | ||||||||||||
Greenhouse Funds LLLP(11) | 2,181,795 | 5.5% | ||||||||||||
Greenhouse GP LLC(11) | 2,181,795 | 5.5% | ||||||||||||
Joseph Milano(11) | 2,181,795 | 5.5% | ||||||||||||
Name and Address of Beneficial Owner(1) | Number of Shares Beneficially Owned(2)(3) | Percentage Ownership | ||
Directors and Named Executive Officers: | ||||
Christopher Pappas(4) | 3,239,127 | 10.6% | ||
John Pappas(5) | 1,405,467 | 4.6% | ||
Dominick Cerbone | 20,760 | 0.1% | ||
Joseph Cugine | 24,311 | 0.1% | ||
Steven F. Goldstone | 12,215 | 0.0% | ||
Alan Guarino | 31,436 | 0.1% | ||
Stephen Hanson | 62,027 | 0.2% | ||
Katherine Oliver | 16,076 | 0.1% | ||
Alexandros Aldous | 103,675 | 0.3% | ||
Patricia Lecouras | 93,008 | 0.3% | ||
James Leddy | 72,639 | 0.2% | ||
All directors and executive officers, as a group (12 persons)(6) | 5,116,936 | 17.1% | ||
Principal Stockholders (> 5% of outstanding common stock) | ||||
Kayne Anderson Rudnick Investment Management, LLC(7) | 3,918,418 | 12.9% | ||
BlackRock, Inc.(8) | 3,927,598 | 12.9% | ||
Virtus Investment Advisers, Inc.(9) | 2,955,617 | 9.7% | ||
Conestoga Capital Advisors LLC(10) | 2,152,375 | 7.1% | ||
Virtus Equity Trust(11) | 2,808,023 | 9.2% | ||
AllianceBernstein L.P.(12) | 1,923,980 | 6.3% | ||
The Vanguard Group, Inc.(13) | 1,800,959 | 5.9% |
(1) The address for each listed director and executive officer is c/o The Chefs’ Warehouse, Inc., 100 East Ridge Road, Ridgefield, Connecticut 06877. The address of BlackRock, Inc. is 55 East 52nd Street, New York, New York 10055. The address of AllianceBernstein L.P. is 1345 Avenue of the Americas, New York, New York 10105. The address of The Vanguard Group is 100 Vanguard Boulevard, Malvern, Pennsylvania 19355. The address for Greenhouse Funds LLLP, Greenhouse GP LLC and Joseph Milano is 605 South Eden Street, Suite 250, Baltimore, Maryland 21231. (2) The number of shares of common stock beneficially owned by each stockholder is determined under SEC rules, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares as to which a person has sole or shared voting power or investment power and also any shares which a person has the right to acquire within 60 days after March 20, 2023 through the vesting or exercise of any equity award or other right. The inclusion herein of such shares, however, does not constitute an admission that the named stockholder is a direct or indirect beneficial owner of such shares. Unless otherwise indicated, each person named in the table has sole voting power and investment power (or shares such power with his or her spouse) with respect to all shares of common stock listed as owned by such person. The number of shares listed includes: (i) 364,083 shares of our common stock for which Mr. C. Pappas has all rights granted |
(3) Includes 300,121 shares of our common stock held by a grantor retained annuity trust established by Mr. C. Pappas and of which Mr. C. Pappas is the sole trustee and annuity beneficiary. Includes 95,908 shares subject to presently exercisable options. (4) Includes 400,000 shares of our common stock which are held by a single member LLC the sole member of which is a grantor retained annuity trust established by Mr. J. Pappas and of which Mr. J. Pappas is the sole trustee and sole annuity beneficiary. (5) Includes restricted stock unit awards deferred under our Non-Employee Director Deferral Plan. (6) Excludes 10,269 shares held by an irrevocable trust for the benefit of Mr. Guarino's children. (7) This group includes all of our current directors and executive officers as of the date of this table. (8) BlackRock, Inc. has the |
Board Diversity Matrix as of February 15, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Total Number of Directors | 10 | |||||||||||||||||||||||||||||||||||||||||||
Part I: Gender Identity | Female | Male | Non-Binary | Did Not Disclose Gender | ||||||||||||||||||||||||||||||||||||||||
Directors | 2 | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||
Part II: Demographic Background | ||||||||||||||||||||||||||||||||||||||||||||
African American or Black | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||
Alaskan Native or Native American | ||||||||||||||||||||||||||||||||||||||||||||
Asian | ||||||||||||||||||||||||||||||||||||||||||||
Hispanic or Latinx | ||||||||||||||||||||||||||||||||||||||||||||
White | 1 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Two or More Races or Ethnicities | ||||||||||||||||||||||||||||||||||||||||||||
Did Not Disclose Demographic Background | 4 | |||||||||||||||||||||||||||||||||||||||||||
LGBTQ+ | 1 |
1-800-FLOWERS.COM, Inc | Cal-Maine Foods, Inc. | John B. Sanfilippo & Son, Inc. | ||||||
The Andersons, Inc. | DXP Enterprises, Inc. | Lancaster Colony Corporation | ||||||
Applied Industrial Technologies, Inc. | SunOpta Inc. | NOW Inc. | ||||||
B&G Foods, Inc. | GMS Inc. | Pool Corporation | ||||||
BlueLinx Holdings Inc. | The Hain Celestial Group, Inc. | SiteOne Landscape Supply, Inc. | ||||||
Calavo Growers, Inc. | J&J Snack Foods Corp. |
SpartanNash Company | United Natural Foods, | |||||||
Performance Food Group Company | Sysco Corporation |
Element | Description & Objective | Form | ||||||||
Base Salary | The guaranteed part of our executives’ pay. Base salary reflects the different levels of responsibility within the Company, the skills and experience required for the job, individual performance and labor market conditions. Provides a competitive level of fixed compensation. | • Cash | ||||||||
Performance-Based Annual | Performance-based payments to incentivize | • Cash | ||||||||
Long-Term Equity Incentives | Equity-based incentives earned based on the attainment of performance objectives and/or continued service with the Company to align the interests of our executives with stockholders and reward performance that enhances long-term value. | A portion of the performance-based restricted stock component for named executed officers is earned based on attainment of AEBITDA and | • Performance-based restricted stock • Time-based restricted stock | |||||||
Retirement and Other Welfare Benefits | Health and welfare benefits and methods for individuals to save for retirement to align with market practice and provide for the wellness of our executives and their families. | • 401(k) savings plan • Health, dental, and vision insurance • Short-term disability coverage • Life insurance | |||||||
Termination Benefits | Severance, termination benefits, and accelerated vesting of equity upon qualifying terminations and in connection with changes in control of the Company in order to retain our executives and help enable them to focus on executing our business plans. | • Cash severance • Accelerated equity • In kind termination benefits | |||||||
Limited Perquisites | Limited perquisites targeted to be market competitive. | • Transportation • Cash |
2019 Base Salary | Increase from 2018 Base Salary | |
Name | ($) | |
Christopher Pappas | 843,415 | 3 % |
John Pappas | 463,500 | 3 % |
James Leddy | 386,250 | 3 % |
Alexandros Aldous | 360,500 | 3 % |
Patricia Lecouras | 281,190 | 3 % |
2022 Base Salary | ||||||||
Name | ($) | |||||||
Christopher Pappas | 1,020,532 | |||||||
John Pappas | 560,835 | |||||||
James Leddy | 467,363 | |||||||
Alexandros Aldous | 436,205 | |||||||
Timothy McCauley | 330,270 |
Name | Target Award as a Percentage of Base Salary | Target Award ($) | Actual Payout under 2022 Plan ($) | |||||||||||
Christopher Pappas | 100% | 1,020,532 | 1,020,532 | |||||||||||
John Pappas | 100% | 560,835 | 560,835 | |||||||||||
James Leddy | 75% | 350,522 | 350,522 | |||||||||||
Alexandros Aldous | 75% | 327,154 | 327,154 | |||||||||||
Timothy McCauley | 60% | 198,162 | 198,162 |
2019 AEBITDA Target | C. Pappas ($) | J. Pappas ($) | J. Leddy ($) | A. Aldous ($) | P. Lecouras ($) |
Equal to $94 million or greater | 843,415 | 463,500 | 289,688 | 270,375 | 210,893 |
Equal to $87 million or greater but less than $94 million | 421,708 | 231,750 | 144,844 | 135,188 | 105,447 |
Less than $83 million | — | — | — | — | — |
2019 Revenue Target | C. Pappas ($) | J. Pappas ($) | J. Leddy ($) | A. Aldous ($) | P. Lecouras ($) |
Equal to $1,600 million or greater | 843,415 | 463,500 | 289,688 | 270,375 | 210,893 |
Equal to $1,545 million or greater but less than $1,600 million | 421,708 | 231,750 | 144,844 | 135,188 | 105,447 |
Less than $1,500 million | — | — | — | — | — |
Name | Target Award ($) | Actual Payout under 2019 Plan(1) ($) |
Christopher Pappas | 843,415 | 413,274 |
John Pappas | 463,500 | 227,115 |
James Leddy | 289,688 | 141,947 |
Alexandros Aldous | 270,375 | 132,484 |
Patricia Lecouras | 210,893 | 103,337 |
Name | 2022 RSA Value ($) | 2022 RSA Shares (#) | 2022 PSA Target Value ($) | 2022 PSA Shares at Target (#) | 2022 PSA Shares at Max (#) | |||||||||||||||
Christopher Pappas | 918,479 | 28,313 | 2,143,117 | 66,064 | 132,128 | |||||||||||||||
John Pappas | 504,752 | 15,560 | 1,177,754 | 36,306 | 72,612 | |||||||||||||||
James Leddy | 350,522 | 10,805 | 350,522 | 10,805 | 21,610 | |||||||||||||||
Alexandros Aldous | 327,154 | 10,085 | 327,154 | 10,085 | 20,170 | |||||||||||||||
Timothy McCauley | 165,135 | 5,090 | 165,135 | 5,090 | 10,180 |
Name | RSA Value ($) | RSA Shares (#) | PSA Target Value ($) | PSA Shares at Target (#) | PSA Shares at Max (#) |
Christopher Pappas | 843,428 | 26,275 | 843,428 | 26,275 | 44,667 |
John Pappas | 463,492 | 14,439 | 463,492 | 14,439 | 24,547 |
James Leddy | 289,703 | 9,025 | 289,703 | 9,025 | 15,342 |
Alexandros Aldous | 270,378 | 8,423 | 270,378 | 8,423 | 14,319 |
Patricia Lecouras | 210,897 | 6,570 | 210,897 | 6,570 | 11,169 |
Metric | Performance | Percentage of Target Earned | Performance | Percentage of Target Earned | Performance | Percentage of Target Earned | ||||||||||||||
AEBITDA | $110 million | 0% | $120 million | 100% | $130 million | 200% | ||||||||||||||
Share Price | Equal to or less than $30 | 0% | Equal to or greater than $40 | 100% | Equal to or greater than $50 | 200% |
Metric | Performance | Percentage of Target Earned | Performance | Percentage of Target Earned | Performance | Percentage of Target Earned |
ROIC | 9% | 0% | 10% | 100% | 11% | 200% |
AEBITDA | $105 million | 0% | $120 million | 100% | $135 million | 200% |
Share Price | Equal to $36.91 or less | 0% | Equal to $36.92 or greater | 100% | N/A | N/A |
AEBITDA Threshold (in millions $) | Percentage of Performance Shares Attained | ROIC Threshold | Percentage of Performance Shares Attained |
105.00 or less | 0% | 9.00% or less | 0% |
108.75 | 25% | 9.25% | 25% |
112.50 | 50% | 9.5% | 50% |
116.25 | 75% | 9.75% | 75% |
120.00 | 100% | 10.00% | 100% |
123.75 | 125% | 10.25% | 125% |
127.50 | 150% | 10.50% | 150% |
131.25 | 175% | 10.75% | 175% |
135.00 or more | 200% | 11.00% or more | 200% |
Named Executive Officer | 2019 Base Salary ($) | 2019 Cash ($) | Number of Time-Based Restricted Stock Shares(1) |
Christopher Pappas | 927,757 | 573,476 | 98,411 |
John Pappas | 509,850 | 315,155 | 54,082 |
James Leddy | 424,875 | 262,269 | 45,068 |
Alexandros Aldous | 396,550 | 245,120 | 42,064 |
Patricia Lecouras | 309,309 | 191,194 | 32,810 |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards(1) ($) | Option Awards ($) | Non-Equity Incentive Plan Compensation(2) ($) | All Other Compensation(3) ($) | Total ($) | Name and Principal Position | Year | Salary(1) ($) | Bonus ($) | Stock Awards(2) ($) | Non-Equity Incentive Plan Compensation ($) | All Other Compensation(3) ($) | Total ($) | |||||||||||||||||||||||
Christopher Pappas | 2019 | 855,383 | — | 1,785,047 | — | 413,274 | 144,159 | 3,197,863 | Christopher Pappas | 2022 | 1,020,889 | — | 2,951,924 | 1,020,532 | 97,041 | 5,090,386 | |||||||||||||||||||||||
Chief Executive Officer | 2018 | 849,016 | — | 818,865 | — | 585,478 | 102,837 | 2,356,196 | Chief Executive Officer | 2021 | 918,836 | — | 4,526,343 | 927,757 | 64,169 | 6,437,105 | |||||||||||||||||||||||
2017 | 792,000 | — | — | 636,000 | 107,875 | 1,535,875 | 2020 | 941,428 | — | 2,319,943 | 463,878 | 79,743 | 3,804,992 | ||||||||||||||||||||||||||
John Pappas | 2019 | 470,077 | — | 980,941 | — | 227,115 | 60,258 | 1,738,391 | John Pappas | 2022 | 561,030 | — | 1,622,264 | 560,835 | 71,773 | 2,815,902 | |||||||||||||||||||||||
Vice Chairman | 2018 | 466,401 | — | 449,981 | — | 321,750 | 58,322 | 1,296,454 | Vice Chairman | 2021 | 504,947 | — | 2,487,517 | 509,850 | 103,646 | 3,605,960 | |||||||||||||||||||||||
2017 | 395,000 | — | — | 316,000 | 39,260 | 750,260 | 2020 | 517,362 | — | 1,274,910 | 254,925 | 40,098 | 2,087,295 | ||||||||||||||||||||||||||
James Leddy | 2019 | 391,731 | — | 613,134 | — | 141,947 | 5,413 | 1,152,225 | James Leddy | 2022 | 467,585 | — | 683,090 | 350,522 | 6,968 | 1,508,165 | |||||||||||||||||||||||
Chief Financial Officer | 2018 | 397,665 | — | 281,255 | — | 197,500 | 5,402 | 881,822 | Chief Financial Officer | 2021 | 420,790 | — | 1,554,734 | 318,656 | 28,580 | 2,322,760 | |||||||||||||||||||||||
2017 | 89,451 | 100 | 88,109 | — | 45,478 | 686 | 223,824 | 2020 | 431,136 | — | 796,798 | 159,328 | 18,055 | 1,405,317 | |||||||||||||||||||||||||
Alexandros Aldous | 2019 | 365,615 | — | 572,233 | — | 132,484 | 7,073 | 1,077,405 | Alexandros Aldous | 2022 | 436,356 | — | 637,571 | 327,154 | 5,745 | 1,406,826 | |||||||||||||||||||||||
General Counsel | 2018 | 366,663 | — | 262,493 | — | 187,688 | 6,872 | 823,716 | General Counsel | 2021 | 375,960 | — | 1,451,038 | 297,412 | 8,132 | 2,132,542 | |||||||||||||||||||||||
2017 | 325,000 | 20,000 | 243,759 | — | 215,000 | 5,916 | 809,675 | 2020 | 402,393 | — | 743,714 | 148,706 | 10,013 | 1,304,826 | |||||||||||||||||||||||||
Patricia Lecouras | 2019 | 285,180 | — | 446,346 | — | 103,337 | 7,978 | 842,841 | |||||||||||||||||||||||||||||||
Chief Human Resources Officer | 2018 | 288,606 | — | 204,763 | — | 146,396 | 8,358 | 648,123 | |||||||||||||||||||||||||||||||
Timothy McCauley | Timothy McCauley | 2022 | 330,384 | — | 321,790 | 198,162 | 5,085 | 855,421 | |||||||||||||||||||||||||||||||
Chief Accounting Officer | Chief Accounting Officer | 2021 | 295,048 | — | 732,504 | 150,122 | 9,924 | 1,187,598 | |||||||||||||||||||||||||||||||
2017 | 262,961 | — | 198,742 | — | 159,000 | 7,618 | 628,321 | 2020 | — | — | — |
(1)Reflects the amount of salary paid in each fiscal year. The difference between the salary paid to each named executive officer and the named executive officer's base salary results from the timing of the fiscal year and other administrative items, including vacation rollover. (2)Reflects the aggregate grant date fair value of our awards to our named executive officers of restricted shares of our common stock and performance-based vesting restricted stock consistent with FASB Accounting Standards Codification Topic 718 “Compensation-Stock Compensation” (“ASC Topic 718”). The grant date fair value for the awards of time-based restricted stock was determined by taking the closing market price of the Company’s common stock on the date of grant (or the last day on which there was a closing market price of our common stock when grants were made on days when there was no trading in our common stock) and multiplying it by the number of shares awarded. The assumptions made, if any, when calculating the amounts in this column are found in Note 10 to the Consolidated Financial Statements of the Company, as filed with the SEC on Form 10-K for 2022. The grant date fair value for awards of performance-based restricted stock reflects payouts at “target” levels of performance. The amounts reported in the Summary Compensation Table for the performance-based vesting restricted stock granted in 2022 are the values at the grant date under applicable accounting principles, which take into account the probable outcome of the performance conditions. Consequently, these values differ from the total amount of the awards made by the Compensation Committee, which is divided by the Company’s common stock price as determined on the grant date to yield a number of performance-based vesting restricted stock. Assuming that the highest levels of performance conditions are achieved, the values of the performance-based restricted stock granted in fiscal 2022 and measured as of the 2022 grant date were: Mr. C. Pappas, $4,066,900, Mr. J. Pappas, $2,234,997, Mr. Leddy, $665,152, Mr. Aldous, $620,829 and Mr. McCauley $313,340. |
Name | Medical, Dental and Vision Insurance Premiums(a) ($) | Life Insurance Premiums(b) ($) | Tax Reimbursement(c) ($) | Short-Term Disability Insurance Premiums(d) ($) | 401(k) Plan Match(e) ($) | Auto(f) ($) | Aircraft(g) ($) | Total ($) |
Christopher Pappas | 12,388 | 367 | 2,021 | 231 | 2,500 | 24,000 | 102,652 | 144,159 |
John Pappas | 12,388 | 367 | 1,317 | 231 | 2,500 | 24,000 | 19,455 | 60,258 |
James Leddy | 3,498 | 367 | 1,317 | 231 | — | — | — | 5,413 |
Alexandros Aldous | 3,699 | 367 | 276 | 231 | 2,500 | — | — | 7,073 |
Patricia Lecouras | 3,038 | 345 | 1,864 | 231 | 2,500 | — | — | 7,978 |
Name | Medical, Dental and Vision Insurance Premiums(a) ($) | Life Insurance Premiums(b) ($) | Tax Reimbursement(c) ($) | Short-Term Disability Insurance Premiums(d) ($) | 401(k) Plan Match(e) ($) | Auto(f) ($) | Aircraft(g) ($) | Phone(h) ($) | Total ($) | |||||||||||||||||||||||
Christopher Pappas | 7,240 | $446 | 1,980 | 249 | 2,500 | 24,000 | 60,626 | — | 97,041 | |||||||||||||||||||||||
John Pappas | 7,240 | $446 | 1,290 | 249 | 2,500 | 24,000 | 36,048 | — | 71,773 | |||||||||||||||||||||||
James Leddy | 4,983 | $446 | 1,290 | 249 | — | — | — | — | 6,968 | |||||||||||||||||||||||
Alexandros Aldous | 1,600 | $446 | 300 | 249 | 2,500 | — | — | 650 | 5,745 | |||||||||||||||||||||||
Timothy McCauley | — | $446 | 1,290 | 249 | 2,500 | — | — | 600 | 5,085 |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1)(2) | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards | |||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Threshold | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | Number of Shares of Stock or Units (#) | Grant Date Fair Value of Equity Awards(3) ($) | ||||||||||||||||||||||||||||||||
Christopher Pappas | — | 1,020,532 | 1,020,532 | ||||||||||||||||||||||||||||||||||||||
2/24/2022 | (4) | — | 33,032 | 66,064 | 1,071,558 | ||||||||||||||||||||||||||||||||||||
2/24/2022 | (5) | — | 33,032 | 66,064 | 961,892 | ||||||||||||||||||||||||||||||||||||
2/24/2022 | (6) | 28,313 | 918,474 | ||||||||||||||||||||||||||||||||||||||
John Pappas | — | 560,835 | 560,835 | ||||||||||||||||||||||||||||||||||||||
2/24/2022 | (4) | — | 18,153 | 36,306 | 588,883 | ||||||||||||||||||||||||||||||||||||
2/24/2022 | (5) | — | 18,153 | 36,306 | 528,615 | ||||||||||||||||||||||||||||||||||||
2/24/2022 | (6) | 15,560 | 504,766 | ||||||||||||||||||||||||||||||||||||||
James Leddy | — | 350,522 | 350,522 | ||||||||||||||||||||||||||||||||||||||
2/24/2022 | (4) | — | 5,402 | 10,804 | 175,241 | ||||||||||||||||||||||||||||||||||||
2/24/2022 | (5) | — | 5,403 | 10,806 | 157,335 | ||||||||||||||||||||||||||||||||||||
2/24/2022 | (6) | 10,805 | 350,514 | ||||||||||||||||||||||||||||||||||||||
Alexandros Aldous | — | 327,154 | 327,154 | ||||||||||||||||||||||||||||||||||||||
2/24/2022 | (4) | — | 5,042 | 10,084 | 163,562 | ||||||||||||||||||||||||||||||||||||
2/24/2022 | (5) | — | 5,043 | 10,086 | 146,852 | ||||||||||||||||||||||||||||||||||||
2/24/2022 | (6) | 10,085 | 327,157 | ||||||||||||||||||||||||||||||||||||||
Timothy McCauley | — | 198,162 | 198,162 | ||||||||||||||||||||||||||||||||||||||
2/24/2022 | (4) | — | 2,545 | 5090 | 82,560 | ||||||||||||||||||||||||||||||||||||
2/24/2022 | (5) | — | 2,545 | 5090 | 74,110 | ||||||||||||||||||||||||||||||||||||
2/24/2022 | (6) | 5,090 | 165,120 | ||||||||||||||||||||||||||||||||||||||
Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1)(2) | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards | |||||||||||
Name | Grant Date | Threshold | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | Number of Shares of Stock or Units(5) (#) | Grant Date Fair Value of Equity Awards(6) ($) | ||||
Christopher Pappas | — | 843,415 | 1,686,830 | ||||||||||
5/17/2019 | (3) | 2,299 | 18,393 | 36,786 | 637,501 | ||||||||
5/17/2019 | (4) | — | 7,882 | 7,882 | 236,854 | ||||||||
5/17/2019 | 26,275 | 910,692 | |||||||||||
John Pappas | — | 463,500 | 927,000 | ||||||||||
5/17/2019 | (3) | 1,263 | 10,107 | 20,214 | 350,309 | ||||||||
5/17/2019 | (4) | — | 4,332 | 4,332 | 130,177 | ||||||||
5/17/2019 | 14,439 | 500,456 | |||||||||||
James Leddy | — | 289,688 | 579,376 | ||||||||||
5/17/2019 | (3) | 790 | 6,318 | 12,636 | 218,982 | ||||||||
5/17/2019 | (4) | — | 2,707 | 2,707 | 81,345 | ||||||||
5/17/2019 | 9,025 | 312,807 | |||||||||||
Alexandros Aldous | — | 270,375 | 540,750 | ||||||||||
5/17/2019 | (3) | 737 | 5,896 | 11,792 | 204,355 | ||||||||
5/17/2019 | (4) | — | 2,527 | 2,527 | 75,936 | ||||||||
5/17/2019 | 8,423 | 291,941 | |||||||||||
Patricia Lecouras | — | 210,893 | 421,786 | ||||||||||
5/17/2019 | (3) | 575 | 4,599 | 9,198 | 159,401 | ||||||||
5/17/2019 | (4) | — | 1,971 | 1,971 | 59,229 | ||||||||
5/17/2019 | 6,570 | 227,716 |
(5)The amounts shown in these rows reflect threshold, target and maximum performance of the share price component of the 2022 Grants made |
OPTION AWARDS | STOCK AWARDS | |||||||||||||||||||||||||||||||||||||||||||
Name | Equity Incentive Plan Award: Number of Securities Underlying Unexercised Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares of Stock That Have Not Vested (#) | Market Value of Shares of Stock That Have Not Vested(1) ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(1) ($) | |||||||||||||||||||||||||||||||||||||
Christopher Pappas | 95,908 | (2) | 20.23 | 3/7/2026 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
28,313 | (3) | 942,257 | 132,128 | (9) | 4,397,220 | |||||||||||||||||||||||||||||||||||||||
56,893 | (4) | 1,893,399 | 100,273 | (10) | 3,337,085 | |||||||||||||||||||||||||||||||||||||||
John Pappas | — | — | 15,560 | (3) | 517,837 | 72,612 | (9) | 2,416,527 | ||||||||||||||||||||||||||||||||||||
31,268 | (5) | 1,040,599 | 55,106 | (10) | 1,833,928 | |||||||||||||||||||||||||||||||||||||||
James Leddy | — | — | 10,805 | (3) | 359,590 | 21,610 | (9) | 719,181 | ||||||||||||||||||||||||||||||||||||
19,542 | (6) | 650,358 | 34,442 | (10) | 1,146,230 | |||||||||||||||||||||||||||||||||||||||
Alexandros Aldous | — | — | 10,085 | (3) | 335,629 | 20,170 | (9) | 671,258 | ||||||||||||||||||||||||||||||||||||
18,239 | (7) | 606,994 | 32,145 | (10) | 1,069,786 | |||||||||||||||||||||||||||||||||||||||
Timothy McCauley | — | — | 5,090 | (3) | 169,395 | 10,180 | (9) | 338,790 | ||||||||||||||||||||||||||||||||||||
9,207 | (8) | 306,409 | 16,226 | (10) | 540,001 | |||||||||||||||||||||||||||||||||||||||
OPTION AWARDS | STOCK AWARDS(1) | ||||||||||||
Name | Equity Incentive Plan Award: Number of Securities Underlying Unexercised Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares of Stock That Have Not Vested (#) | Market Value of Shares of Stock That Have Not Vested(2) ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2) ($) | ||||||
Christopher Pappas | 95,908 | (3) | 20.23 | 3/7/2026 | — | — | — | — | |||||
26,275 | (4) | 997,662 | 26,275 | (10) | 997,662 | ||||||||
7,045 | (5) | 267,499 | 24,654 | (11) | 936,112 | ||||||||
John Pappas | 14,349 | (4) | 544,832 | 14,439 | (10) | 548,249 | |||||||
3,871 | (6) | 146,982 | 13,548 | (12) | 514,418 | ||||||||
James Leddy | — | — | 9,025 | (4) | 342,679 | 9,025 | (10) | 342,679 | |||||
4,101 | (7) | 155,715 | 9,721 | (13) | 369,106 | ||||||||
Alexandros Aldous | — | — | 8,423 | (4) | 319,821 | 8,423 | (10) | 319,821 | |||||
4,887 | (8) | 185,559 | 19,471 | (14) | 739,314 | ||||||||
Patricia Lecouras | — | — | 6,570 | (4) | 249,463 | 6,570 | (10) | 249,463 | |||||
3,921 | (9) | 148,880 | 15,597 | (15) | 592,218 |
OPTION AWARDS | STOCK AWARDS | ||||||||||||||||
Name | Number of shares acquired on exercise (#) | Value realized on exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | |||||||||||||
Christopher Pappas(1) | — | — | 55,833 | 1,780,089 | |||||||||||||
John Pappas(2) | — | — | 30,684 | 978,280 | |||||||||||||
James Leddy(3) | — | — | 19,177 | 611,408 | |||||||||||||
Alexandros Aldous(4) | — | — | 17,899 | 570,663 | |||||||||||||
Tim McCauley(5) | — | — | 9,035 | 288,057 |
Option Awards | STOCK AWARDS | ||||
Name | Number of shares acquired on exercise (#) | Value realized on exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | |
Christopher Pappas(1) | — | — | 3,521 | 112,566 | |
John Pappas(2) | 44,757 | 733,227 | 1,935 | 61,862 | |
James Leddy(3) | — | — | 2,137 | 74,559 | |
Alexandros Aldous(4) | 8,632 | 93,365 | 16,225 | 509,044 | |
Patricia Lecouras(5) | 7,193 | 101,260 | 4,234 | 129,843 |
Executive Benefits and Payments Upon Separation | Involuntary Not-For-Cause Termination on 12/27/2019 ($) | Disability on 12/27/2019 ($) | Death on 12/27/2019 ($) | Change in Control on 12/27/2019(1) ($) | Termination By Executive For Good Reason or By the Company Without Cause At or During the Two-Year Period Following a Change in Control on 12/27/2019(1)(2) ($) | Executive Benefits and Payments Upon Separation | Involuntary Not-For-Cause Termination on 12/25/2020 ($) | Disability on 12/25/2020(1) ($) | Death on 12/25/2020(1) ($) | Change in Control on 12/25/2020(1)(2) ($) | Termination By Executive For Good Reason or By the Company Without Cause At or During the Two-Year Period Following a Change in Control on 12/25/2020(1)(2)(3) ($) | |||||||||||||||||||
Christopher Pappas | Christopher Pappas | |||||||||||||||||||||||||||||
Acceleration of Vesting of Restricted Stock | — | 4,565,855 | 2,931,436 | 4,565,855 | (7) | Acceleration of Vesting of Restricted Stock | — | 7,406,497 | (6) | |||||||||||||||||||||
Cash Severance Payment | 843,415 | (3) | — | 4,416,119 | Cash Severance Payment | 2,121,064 | (4) | — | 6,228,192 | |||||||||||||||||||||
Total | 843,415 | 4,565,855 | 2,931,436 | 8,981,974 | Total | 2,121,064 | 7,406,497 | 13,634,689 | ||||||||||||||||||||||
John Pappas | John Pappas | |||||||||||||||||||||||||||||
Acceleration of Vesting of Restricted Stock | — | 2,509,172 | 1,610,915 | 2,509,172 | (7) | Acceleration of Vesting of Restricted Stock | — | 4,070,377 | (6) | |||||||||||||||||||||
Cash Severance Payment | 463,500 | (3) | — | 1,600,522 | Cash Severance Payment | 908,753 | (5) | — | 2,323,340 | |||||||||||||||||||||
Total | 463,500 | 2,509,172 | 1,610,915 | 4,109,694 | Total | 908,753 | 4,070,377 | 6,393,717 | ||||||||||||||||||||||
James Leddy | James Leddy | |||||||||||||||||||||||||||||
Acceleration of Vesting of Restricted Stock | — | 1,663,390 | 1,054,465 | 1,663,390 | (7) | Acceleration of Vesting of Restricted Stock | — | 2,184,355 | (6) | |||||||||||||||||||||
Cash Severance Payment | 386,250 | (4) | — | 1,051,250 | Cash Severance Payment | 768,545 | (5) | — | 1,715,770 | |||||||||||||||||||||
Total | 386,250 | 1,663,390 | 1,054,465 | 2,714,640 | Total | 768,545 | 2,184,355 | 3,900,125 | ||||||||||||||||||||||
Alexandros Aldous | Alexandros Aldous | |||||||||||||||||||||||||||||
Acceleration of Vesting of Restricted Stock | — | 2,342,141 | 1,378,956 | 2,342,141 | (7) | Acceleration of Vesting of Restricted Stock | — | 2,038,766 | (6) | |||||||||||||||||||||
Cash Severance Payment | 360,500 | (5) | — | 1,159,460 | Cash Severance Payment | 721,808 | (5) | — | 1,606,718 | |||||||||||||||||||||
Total | 360,500 | 2,342,141 | 1,378,956 | 3,501,601 | Total | 721,808 | 2,038,766 | 3,645,484 | ||||||||||||||||||||||
Patricia Lecouras | ||||||||||||||||||||||||||||||
Timothy McCauley | Timothy McCauley | |||||||||||||||||||||||||||||
Acceleration of Vesting of Restricted Stock | — | 1,857,948 | 1,091,144 | 1,857,948 | (7) | Acceleration of Vesting of Restricted Stock | — | 1,029,084 | ||||||||||||||||||||||
Cash Severance Payment | 281,190 | (6) | — | 903,548 | Cash Severance Payment | — | — | 1,082,826 | ||||||||||||||||||||||
Total | 281,190 | 1,857,948 | 1,091,144 | 2,761,496 | Total | — | 1,029,084 | 2,111,910 |
(1) Pursuant to our award agreements with the named executive officers, amounts in this column are based on awards of |
• | ||||||||
For fiscal | ||||||||
• | Based on this information, for fiscal | |||||||
Year (1) | Summary Compensation Table Total for PEO ($) | Compensation Actually Paid to PEO(2)(3) ($) | Average Summary Compensation Table Total for Non-PEO NEOs ($) | Average Compensation Actually Paid to Non-PEO NEOs(2)(3) ($) | Value of Initial Fixed $100 Investment Based on: | Net Income (GAAP)(5) ($) | Company Selected Metric: Adj. EBITDA(5)(6) ($) | |||||||||||||||||||
Total Shareholder Return ($) | Peer Group TSR(4) ($) | |||||||||||||||||||||||||
2022 | 5,090,386 | 6,108,675 | 1,646,438 | 1,897,137 | 88 | 190 | 27,750 | 157,868 | ||||||||||||||||||
2021 | 6,437,105 | 8,396,761 | 2,122,341 | 2,484,175 | 86 | 207 | (4,923) | 61,297 | ||||||||||||||||||
2020 | 3,804,992 | 3,205,383 | 1,456,213 | 1,337,608 | 63 | 107 | (82,903) | (42,880) |
2022 | 2021 | 2020 | ||||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||||
Non-PEO | Non-PEO | Non-PEO | ||||||||||||||||||||||||
PEO ($) | NEOs ($) | PEO ($) | NEOs ($) | PEO ($) | NEOs ($) | |||||||||||||||||||||
Summary Compensation Table Total | 5,090,386 | 1,646,438 | 6,437,105 | 2,122,341 | 3,804,992 | 1,456,213 | ||||||||||||||||||||
Less Stock Award Value Reported in SCT for the Covered Year(7) | 2,951,924 | 816,179 | 4,526,343 | 1,470,811 | 3,087,498 | 1,156,726 | ||||||||||||||||||||
Plus Year End Fair Value of Equity Awards Granted During the Covered Year that Remain Outstanding and Unvested as of Last Day of the Covered Year | 3,900,272 | 1,042,827 | 5,095,110 | 1,401,605 | 3,876,750 | 1,597,638 | ||||||||||||||||||||
Plus Year over Year Change in Fair Value as of the Last Day of the Covered Year of Outstanding and Unvested Equity Awards Granted in Prior Years | 107,468 | 36,955 | 393,872 | 108,358 | (357,618) | (133,507) | ||||||||||||||||||||
Plus Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Covered Year | — | — | — | — | 499,093 | 182,614 | ||||||||||||||||||||
Plus Year over Year Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Years that Vested During the Covered Year | (37,527) | (12,904) | 997,017 | 386,323 | (129,903) | (96,194) | ||||||||||||||||||||
Less Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Covered Year | — | — | — | 63,641 | 1,400,433 | 512,430 | ||||||||||||||||||||
Compensation Actually Paid | 6,108,675 | 1,897,137 | 8,396,761 | 2,484,175 | 3,205,383 | 1,337,608 | ||||||||||||||||||||
Name | Fees Earned or Paid in Cash ($) | Stock Awards(3) ($) | All Other Compensation ($) | Total ($) | |||||||||||||
Christopher Pappas(1) | — | — | — | — | |||||||||||||
John Pappas(1) | — | — | — | — | |||||||||||||
Ivy Brown(2) | 79,114 | 114,996 | — | 194,110 | |||||||||||||
Dominick Cerbone | 146,971 | 114,996 | — | 261,967 | |||||||||||||
Joseph Cugine | 118,393 | 114,996 | — | 233,389 | |||||||||||||
Steven F. Goldstone | 67,500 | 114,996 | — | 182,496 | |||||||||||||
Alan Guarino | 113,043 | 114,996 | — | 228,039 | |||||||||||||
Stephen Hanson | 84,464 | 114,996 | — | 199,460 | |||||||||||||
Aylwin Lewis(2) | 75,721 | 114,996 | — | 190,717 | |||||||||||||
Katherine Oliver | 95,557 | 114,996 | — | 210,553 |
Name | Fees Earned or Paid in Cash ($) | Stock Awards(2) ($) | All Other Compensation ($) | Total ($) | |
Christopher Pappas(1) | — | — | — | — | |
John Pappas(1) | — | — | — | — | |
Christina Carroll | 16,154 | — | — | 16,154 | |
Dominick Cerbone | 68,000 | 70,013 | — | 138,013 | |
John A. Couri | 17,885 | — | — | 17,885 | |
Joseph Cugine | 51,625 | 70,013 | — | 121,638 | |
Steven Goldstone | 34,000 | 70,013 | — | 104,013 | |
Alan Guarino | 49,000 | 70,013 | — | 119,013 | |
Stephen Hanson | 42,000 | 70,013 | — | 112,013 | |
Katherine Oliver | 39,000 | 70,013 | — | 109,013 | |
David E. Schreibman | 14,809 | — | — | 14,809 |
Fiscal 2019 | Fiscal 2018 | Fiscal 2022 | Fiscal 2021 | |||||||||||||||||
Fee Category | ($) | ($) | Fee Category | ($) | ($) | |||||||||||||||
Audit Fees | 1,388,992 | 1,429,921 | Audit Fees | 1,421,980 | 1,463,992 | |||||||||||||||
Audit-Related Fees | — | — | Audit-Related Fees | — | — | |||||||||||||||
Tax Fees | — | — | Tax Fees | — | — | |||||||||||||||
All Other Fees | — | — | All Other Fees | — | — | |||||||||||||||
1,388,992 | 1,429,921 | |||||||||||||||||||
Total | Total | 1,421,980 | 1,463,992 |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans | |||||||||||||||||
Plans approved by stockholders | 112,232 | $20.23 | 1,934,020 | |||||||||||||||||
Plans not approved by stockholders | — | — | ||||||||||||||||||
Total | 112,232 | $20.23 | 1,934,020 |
By Order of the Board of Directors, | ||||||||
/s/ Christopher Pappas | ||||||||
Christopher Pappas | ||||||||
Chairman of the Board | ||||||||
March |