Company: CRCT
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001828962-25-000065
Chunk: 51

Company: Cricut, Inc.
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 51
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393 |     |                          951,699 |
| Donald B. Olsen |     |                                   59,248 |     |                          361,626 |

(1) Reflects the number of shares that vested, multiplied by the closing market price of our Class A common stock as reported on the Nasdaq on the vesting date.

Pension Benefits and Nonqualified Deferred Compensation

We do not provide a pension plan for our employees, and none of our named executive officers participated in a nonqualified deferred compensation plan during fiscal 2024.

Potential Payments upon Termination or Change in Control

Equity Awards

The time-based incentive unit awards held by our named executive officers, which converted into restricted stock in connection with the corporate reorganization occurring in connection with our IPO, will fully vest if the named executive officer’s employment is terminated due to his death or by us due to his disability. In addition, the Post-Corporate Reorganization Unvested Shares that Mr. Arora received with respect to his performance incentive unit awards granted in August 2020 are subject to certain treatment upon a change in control as set forth in the section titled “—CEO’s Cricut Holdings Performance Equity Awards.”

Employment Agreement with Ashish Arora

We entered into an amended employment agreement with Mr. Arora in 2021. The amended employment agreement provides that if a “change in control” (as defined in our 2021 Equity Incentive Plan) occurs before the termination of Mr. Arora’s employment with us, then immediately prior to such change in control, his equity awards that are subject only to time-based vesting conditions will become fully vested and exercisable (if applicable) and with respect to his equity awards that are subject to performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at 100% of target levels and all other terms and conditions met, in each case unless specifically provided otherwise under the applicable equity award agreement or other written agreement between Mr. Arora and us or any of our subsidiaries or parents, as applicable.

Executive Change in Control and Severance Plan

We have adopted an Executive Change in Control and Severance Plan (the “Executive Severance Plan”) under which our executive officers and certain other key employees will be eligible to receive severance benefits, as specified in and subject to the employee signing a participation agreement under our Executive Severance Plan. The severance payments and benefits under the Executive Severance Plan generally are in lieu of any

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