Company: CRWS
Filing Date: 2025-06-16
Form Type: 8-K
Source: 0001437749-25-020526
Chunk: 2

Company: CROWN CRAFTS INC
Filing Date: 2025-06-16
Form: 8-K
Item: Item 5.02
Chunk 2
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 prior fiscal year but not yet paid, as of the date of termination. In all other instances of termination of Ms. Spencer’s employment, including by the Company for “cause,” by Ms. Spencer without “good reason” or by reason of Ms. Spencer’s retirement, death or incapacity, the Company will pay to Ms. Spencer all salary accrued through the date of the termination, plus credit for any vacation earned but not taken or paid through the date of termination. All Severance Payments and additional rights provided to Ms. Spencer under the Employment Agreement (beyond Ms. Spencer’s compensation due through Ms. Spencer’s last day of employment) are subject to Ms. Spencer providing a general release of claims in favor of the Company and its subsidiaries (the “ Crown Crafts Companies”) and not revoking same, as contemplated by the Employment Agreement.

The Employment Agreement also includes certain restrictive covenants that limit Ms. Spencer’s ability to compete with the Crown Crafts Companies, solicit any employee of the Crown Crafts Companies, solicit the customers of the Crown Crafts Companies or interfere with the relationships of the Crown Crafts Companies with their vendors and suppliers. Additionally, the Employment Agreement includes restrictive covenants that limit Ms. Spencer’s ability to divulge certain confidential information concerning the Crown Crafts Companies.

The forgoing summary description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is filed herewith as Exhibit 99.1 and incorporated herein by reference.

On June 16, 2025, the Company issued a press release announcing the appointment of Ms. Spencer as the Company’s Chief Financial Officer. A copy of that press release is filed herewith as Exhibit 99.2 and incorporated herein by reference.