{
  "docId": "019dd923-622c-750b-8b95-9e99ba94b1e5",
  "docSlug": "4b3afc5033c9",
  "documentTitle": "UniFirst Corporation (UNF)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-11-25 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 3,
  "pageCount": 5,
  "prevPage": 2,
  "nextPage": 4,
  "slideType": "appendix_disclosure",
  "function": "front_matter",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "This page contains the conclusion of a shareholder letter and the mandatory disclosure regarding proxy participants.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-9e99ba94b1e5/3",
  "deckHref": "/decks/019dd923-622c-750b-8b95-9e99ba94b1e5",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-9e99ba94b1e5.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-9e99ba94b1e5#slide-3",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Directors who approve such tactics should be barred from serving on public company boards.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0395-748f-955c-4043b39fb2fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.78,
        "x": 0.11,
        "y": 0.64
      },
      "kind": "disclaimer",
      "text": "Engine Capital LP... has filed a preliminary proxy statement... ENGINE STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS... AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "29f3297f-2b40-4787-b1fa-547b98a45ca9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.08
      },
      "kind": "paragraph",
      "text": "from Cintas earlier this year. We question whether you have been manipulating the independent directors to act in a manner that could be violative of their fiduciary duties under Massachusetts law.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "025f47ff-8b5d-4dbc-8362-b1142873ea3f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.78,
        "x": 0.11,
        "y": 0.29
      },
      "kind": "paragraph",
      "text": "These choices go against the most basic tenets of good governance, transparency, and shareholder democracy. Regardless of how one views the ongoing proxy contest, no credible governance framework supports shrinking the shareholder franchise through timing maneuvers and virtual-only access in the middle of a disputed election. Directors who approve such tactics should be barred from serving on public company boards.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13af3b7d-2f3f-4423-a00e-8df023bc5a00",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.39
      },
      "kind": "paragraph",
      "text": "We reiterate our request to meet with you as soon as possible. Rather than engaging in a multi-year public battle... we believe it would be far more constructive to work together, add a shareholder representative immediately, and focus on maximizing the value of the Croatti family’s life’s work.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "58a91b18-83ed-48cb-b54e-f004dac6e421",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.2,
        "x": 0.11,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "Sincerely, Arnaud Ajdler, Managing Member, Engine Capital LP",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64adea3f-4350-4adf-9034-19eb815fc4c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "It is difficult to reconcile this decision with the professional profiles of the directors who approved it. Incoming Chair Joseph M. Nowicki... [list of directors]... Yet this group endorsed (i.) an unusually accelerated meeting date, (ii.) a virtual-only format, and (iii.) a process that leaves shareholders with minimal time between the filing of the definitive proxy and the vote.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e02cf1f-117c-43f1-b439-42058b39adc1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.54,
        "x": 0.23,
        "y": 0.6
      },
      "kind": "title",
      "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c1cb231d-4f68-45e3-804c-2d8e04757686",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 3,
      "from": 3,
      "beatId": "f1932bb1-d238-45c7-b997-19b5a1bb2025",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The letter includes an appendix with disclosure information",
      "position": 1,
      "confidence": 0.6,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}