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  "documentTitle": "UniFirst Corporation (UNF)",
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  "authorName": "Arnaud Ajdler",
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  "presentationDate": "2025-12-01 00:00:00",
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  "notes": "The slide uses a combination of a performance table and two line charts to contrast performance under the previous CEO versus the current CEO.",
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      "text": "And that control has become a barrier to accountability, strategic clarity, and value creation.",
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      "text": "TSR: Since Steve Became CEO (July 2017 – Current)",
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      "text": "TSR: Last 10-years Under Ron (May 2007 – May 2017)",
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      "kind": "list",
      "text": "Stay on the current trajectory – and remain complicit in decisions that shareholders and analysts overwhelmingly agree are destroying value; or Exercise the responsibility that comes with your role, act in the best interests of all shareholders, and insist on a process that evaluates a sale of the Company.",
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      "kind": "metric",
      "text": "Total Shareholder Return: (501.4%)",
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      "kind": "paragraph",
      "text": "In other words, you are not powerless. You have agency, and right now your agency is the most important variable in determining whether value continues to erode or UniFirst finally pursues a path that maximizes value for every shareholder.",
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      "kind": "paragraph",
      "text": "Fundamentally, UniFirst’s governance structure is broken. While the dual-class share structure may have been defensible under Ron Croatti’s exceptional leadership, it can no longer be justified. The reality today is that UniFirst is no longer a family-run business. It is a regular publicly traded corporation overseen by a professional management team. We have heard repeatedly from former employees that the “family culture” that once characterized UniFirst effectively ended with Ron’s passing. In other words, the dual-class structure is no longer preserving family values – it is simply preserving control. And that control has become a barrier to accountability, strategic clarity, and value creation. The results speak for themselves. As the below charts demonstrate, the dual-class structure has not protected value – it has destroyed it. If UniFirst operated under a modern governance structure, the Board and management would have been refreshed years ago – or, more likely, the Company would have been sold at a significant premium.",
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      "text": "Total shareholder returns calculated as of the close on October 22, 2025.",
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      "text": "Total shareholder returns table comparing UNF, CTAS, and Russell 2000 across various timeframes.",
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