Pappas John 4

What Happened

• John Pappas, Vice Chairman, COO and a director of Chefs' Warehouse (CHEF), received awards/vesting of restricted common stock and had shares withheld to cover tax liabilities. On Feb 24, 2026 he was credited with two issuances totaling 41,740 shares (24,967 and 16,773). To satisfy tax withholding, 20,421 shares were withheld on Feb 24 at $72.42 (proceeds $1,478,889) and 1,292 shares were withheld on Feb 25 at $72.12 (proceeds $93,179). Net shares acquired from these events = 20,027.

Key Details

• Transaction dates and prices:
  • 2026-02-24: +24,967 shares (award/acquisition; footnote F1)
  • 2026-02-24: -20,421 shares withheld @ $72.42 for taxes (payment of tax liability; proceeds $1,478,889; footnote F2)
  • 2026-02-24: +16,773 shares (award/grant; footnote F3)
  • 2026-02-25: -1,292 shares withheld @ $72.12 for taxes (payment of tax liability; proceeds $93,179; footnote F4)
• Total shares credited: 41,740. Total shares withheld: 21,713. Net shares added: 20,027. Total withholding proceeds ≈ $1,572,068.
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Relevant footnotes:
  • F1: shares acquired upon certification of performance conditions (performance-based vesting).
  • F2/F4: shares withheld to pay tax liabilities upon vesting.
  • F3: the 16,773-share grant includes time-based and performance-based components (9,866 lapse in thirds over 3 years; 6,907 tied to performance).
  • F5: some shares are held via a single-member LLC/grantor retained annuity trust related to the reporting person.
• Filing: Report filed 2026-02-26 covering transactions on Feb 24–25; no indication in the provided data that the filing was late.

Context

• These transactions are vesting/award-related, not open-market purchases or discretionary sales. The disposals were tax-withholding "sales" (common when restricted stock vests), not necessarily an indication of insider selling for investment reasons.
• Performance- and time-based restricted stock means some shares vested because performance targets were certified (F1), while other shares remain subject to future time or performance conditions (F3).