Item 5.02 Departure of Directors or Certain Officers: Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
In its discretion the Company may credit one or more additional contributions to Participant accounts. Plan Participants who are not accruing benefits under the UniFirst Corporation Unfunded Supplemental Executive Retirement Plan are eligible to have discretionary employer annual contributions credited to their Plan accounts. All participants are also eligible to have employer supplemental contributions and employer discretionary contributions credited to their Plan accounts. The amounts of such contributions may differ from year to year and from Participant to Participant.
Participants will be fully vested at all times in their elective deferrals and their employer supplemental contributions. Participants will vest in their employer annual contributions annually over a three-year period and will vest in their employer discretionary contributions at the end of a fifteen-year period. Employer annual contributions and employer discretionary contributions for a Participant will also vest upon the Participant's attaining his or her retirement date, disability, death or upon a change in control. The retirement date is the date the Participant's age and years of service equal 79, provided the Participant has attained age 64. The Committee has the discretion to accelerate the vesting of employer annual contributions and employer discretionary contributions.
Amounts credited to a Participant's account will be notionally invested in one or more investment funds chosen by the Participant, which are generally expected to be the same funds offered under the Company's 401(k) plan.
Distributions under the Plan will generally be paid in a lump sum or up to ten annual installments, as elected by the Participant, upon the Participant's separation from service on or after attaining his or her retirement date, or in a lump sum upon separation from service prior to attaining his or her retirement date. Participants may also elect in-service distributions to occur on a fixed date, either in a lump sum or in up to five annual installments; however, if a Participant separates from service prior to attaining his or her retirement date, the distribution is payable in a lump sum. All distributions are paid in cash.
Eligibility for the Plan is determined by the Committee and is currently limited to employees with the title of Vice President or above. The Plan will be administered by the Committee.
Compensation deferred under the Plan and other amounts credited to Participant accounts represent unsecured obligations of the Company. The Company may establish a trust as a reserve for the benefits payable under the Plan.
The foregoing summary of the Plan does not purport to be complete and is qualified in its entirety by reference to the Plan, which is attached hereto as Exhibit 10.1 and incorporated by reference herein.
In addition,
Item 5.07 Submission of Matters to a Vote of Security Holders.
At the Annual Meeting of Shareholders of the Company held on
-------------------------------------------------------------------------------- Proposal 1: Election of two Class III Directors, nominated by the Board of Directors, each to serve for a term of three years until the 2025 Annual Meeting of Shareholders and until their respective successors are duly elected and qualified. Common Stock Class B Common Stock Broker Broker For Withheld Non-Votes For Withheld Non-Votes
Based on the votes set forth above, each of the nominees listed above was duly elected as a Class III Director to serve for a term of three years until the 2025 Annual Meeting of Shareholders and until their respective successors are duly elected and qualified.
Proposal 2: Ratification of appointment of
Common Stock Class B Common Stock Broker Broker
For Against Abstain Non-Votes For Against Abstain Non-Votes 14,335,048 58,894 1,434 - 35,150,320 - 770,040 -
Based on the votes set forth above, the appointment of
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits EXHIBIT NO. DESCRIPTION 10.1 UniFirst Corporation Deferred Compensation Plan 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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