Equity

12 Months Ended

Jun. 03, 2023

Equity [Abstract]

Equity

Note 11 - Equity

The Company has

two

 classes of capital stock: Common Stock and Class A Common Stock. Except as otherwise required by law

or the Company's Second Restated Certificate of Incorporation (“Restated Charter”), holders of shares of the Company’s capital

stock vote as a single class on all matters submitted to a vote of the stockholders, with each share of Common Stock entitled to

one

 vote and each share of Class A Common Stock entitled to

ten

 votes. Holders of capital stock have the right of cumulative

voting in the election of directors. The Common Stock and Class A Common Stock have equal liquidation rights and the same

dividend rights. In the case of any dividend payable in stock, holders of Common Stock are entitled to receive the same percentage

dividend (payable only in shares of Common Stock) as the holders of Class A Common Stock receive (payable only in shares of

Class A Common Stock). Upon liquidation, dissolution, or winding-up of the Company, the holders of Common Stock are entitled

to share ratably with the holders of Class A Common Stock in all assets available for distribution after payment in full of creditors.

The holders of Common Stock and Class A Common Stock are not entitled to preemptive or subscription rights. No class of

capital stock may be combined or subdivided unless the other classes of capital stock are combined or subdivided in the same

proportion. No dividend may be declared and paid on Class A Common Stock unless the dividend is payable only to the holders

of Class A Common Stock and a dividend is declared and paid to Common Stock concurrently.

Each share of Class A Common Stock is convertible, at the option of its holder, into

one

 share of Common Stock at any time.

The Company’s Restated Charter identifies family members of Mr. Adams (“Immediate Family Members”) and arrangements

and entities that are permitted to receive and hold shares of Class A Common Stock, with

ten

 votes per share, without such shares

converting into shares of Common Stock, with one vote per share (“Permitted Transferees”). The Permitted Transferees include

arrangements and entities such as revocable trusts and limited liability companies that could hold Class A Common Stock for the

benefit of Immediate Family Members. Each Permitted Transferee must have a relationship, specifically defined in the Restated

Charter, with another Permitted Transferee or an Immediate Family Member. A share of Class A Common Stock transferred to

a person other than a Permitted Transferee would automatically convert into Common Stock with one vote per share. Additionally,

the Restated Charter includes a sunset provision pursuant to which all of the outstanding Class A Common Stock will

automatically convert to Common Stock if: (a) less than

4,300,000

 shares of Class A Common Stock, in the aggregate, are

beneficially owned by Immediate Family Members and/or Permitted Transferees, or (b) if less than

4,600,000

 shares of Class A

Common Stock and Common Stock, in the aggregate, are beneficially owned by Immediate Family Members and/or Permitted

Transferees.