Company: CRWS
Filing Date: 2025-06-27
Form Type: DEF 14A
Source: 0001437749-25-021381
Chunk: 35

Company: CROWN CRAFTS INC
Filing Date: 2025-06-27
Form: DEF 14A
Chunk 35
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 however, beginning on March 1, 2021, and continuing on the first day of each calendar month thereafter, such term was extended automatically for one additional calendar month so that the term of Mr. Demarest’s agreement would always be for one full year, unless either party provided notice to the other at any time that the term shall not be further extended and shall terminate at the end of the one-year period following such notice. Under Mr. Demarest’s agreement, he: (i) received a minimum base salary of $237,500, subject to annual review and upward adjustment (which base salary was $280,000 per year effective fiscal year 2025); (ii) commencing with the fiscal year ended April 3, 2022, was eligible to receive a target bonus of up to 40% of his base salary amount and as much as 60% of his base salary amount if certain earnings goals were met; and (iii) was entitled to receive other benefits under programs adopted by the Company from time to time.

Mr. Demarest’s agreement contains one-year post-employment non-competition provisions, one-year post-employment customer non-solicitation provisions and one-year post-employment employee non-solicitation provisions. The agreement also provides Mr. Demarest with certain benefits upon the termination of his employment. These benefits are discussed under “ — Potential Payments Upon Termination or Change in Control.”

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Donna E. Sheridan

NoJo entered into an employment agreement with Ms. Sheridan effective as of January 18, 2019, pursuant to which Ms. Sheridan serves as President and Chief Executive Officer of NoJo. The initial term of Ms. Sheridan’s agreement expired on December 31, 2019; however, beginning on February 1, 2019, and continuing on the first day of each calendar month thereafter, the term of the agreement will be extended automatically for one additional calendar month so that such term will always be for one full year, unless either party provides notice to the other at any time that the term shall not be further extended and shall terminate at the end of the one-year period following such notice.

Ms. Sheridan’s agreement provides for an annual salary, subject to annual review and upward adjustment, and cash bonuses based on the Company’s achievement of performance criteria established by the Compensation Committee, as well as other benefits under programs adopted by the Company from time to time. It also contains one-year post-employment non-competition, customer non