GEN Restaurant Group signs 3-year master services agreement with Sysco; commits $40M minimum annual purchases

GEN Restaurant Group, Inc.

Agreement with Sysco Los Angeles Inc. for food products distribution to GENK restaurants.
Minimum annual purchase volume of $40,000,000; 3-year initial term with automatic renewal for two one-year terms.
Pricing based on cost-plus margin or market pricing; GENK commits to buy at least 80% of dollar volume from Sysco.
Agreement includes delivery limits (2/week), proprietary product cap (60 items), and 45/30-day payment terms.
Effective August 1, 2023; filed as Exhibit 10.1 with confidential portions redacted.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

GEN Restaurant Group, Inc. entered into Master Services Agreement with Sysco Los Angeles Inc. valued at Minimum annual purchase volume of $40,000,000 (effective 2023-08-01).

Action: entry
Agreement: supply
Counterparty: Sysco Los Angeles Inc.
Value: Minimum annual purchase volume of $40,000,000
Effective: 2023-08-01

Exact text from the filing

On August 1, 2023, GEN Restaurant Group, Inc. (the “ Company ”) entered into a Master Services Agreement (the “ Services Agreement ”) with Sysco Los Angeles Inc. (the “ Supplier ”). Pursuant to the Services Agreement, the Company has agreed to purchase certain food products from the Supplier or its affiliates for use in the Company’s restaurants. The price of such products is calculated in accordance with the Services Agreement, with a minimum annual purchase volume of $40,000,000.

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Source: SEC EDGAR

accession 0001193125-23-205036

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