Company: CRWS
Filing Date: 2025-06-27
Form Type: DEF 14A
Source: 0001437749-25-021381
Chunk: 34

Company: CROWN CRAFTS INC
Filing Date: 2025-06-27
Form: DEF 14A
Chunk 34
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 on the Company’s achievement of performance criteria established by its Board, as well as other benefits under programs adopted by the Company from time to time.

Ms. Elliott’s agreement contains certain restrictive covenants that limit Ms. Elliott’s ability to: (i) compete with the Company through the period of her employment and, in certain circumstances, for up to two years after the termination of the agreement; or (ii) solicit any employee or customer of the Company through the period of Ms. Elliott’s employment and continuing until two years after the termination of the agreement. Additionally, the agreement also includes covenants that, during her employment and thereafter, limit Ms. Elliott’s ability to divulge certain confidential information concerning the Company. The agreement also provides Ms. Elliott with certain benefits upon the termination of her employment. These benefits are discussed under “ — Potential Payments Upon Termination or Change in Control.”

Craig J. Demarest

The Company entered into an employment agreement with Mr. Demarest effective as of February 22, 2021, pursuant to which Mr. Demarest has served as the Company’s Vice President and Chief Financial Officer. Mr. Demarest will retire as the Company’s Chief Financial Officer and Secretary, effective June 30, 2025, and will cease employment with the Company on July 1, 2025.

In connection with Mr. Demarest’s retirement, the Compensation Committee accelerated the vesting of the restricted stock award, consisting of 25,000 shares of Common Stock, granted to Mr. Demarest on March 26, 2024, pursuant to the 2021 Plan. The award was originally scheduled to vest in its entirety on March 26, 2027 (from March 26, 2024, through March 26, 2027, the “Vesting Period”). The award now will vest, on the last day of Mr. Demarest’s employment with the Company, as to a number of shares of Comon Stock equal to the product of (i) 25,000, multiplied by (ii) a fraction, the numerator of which is the number of days Mr. Demarest was employed by the Company during the Vesting Period and the denominator of which is the number of calendar days in the Vesting Period. The unvested portion of the award, as of the last day of Mr. Demarest’s employment with the Company, will be forfeited.

The initial term of Mr. Demarest’s agreement expired on February 28, 2022;