Company: KITTW
Filing Date: 2025-04-18
Form Type: PRE 14A
Source: 0001849820-25-000115
Chunk: 53

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-18
Form: PRE 14A
Chunk 53
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, the Company’s management and the Audit Committee concluded that our previously issued financial statements for the 2024 Restated Periods should no longer be relied upon.

The 2024 Restatement does not affect any of the Company’s key business metrics or compliance with any financial covenants. The 2024 Restatement does not have any impact on management's or other employees' compensation, as incentive compensation plans were based on the attainment of metrics and operational goals unaffected by the adjustments. Accordingly, the Company concluded that recovery of erroneously awarded compensation was not required pursuant to the Clawback Policy.

#### Equity Grant Practices
Due to the transitional nature of the Company and the executive team at the Company during 2023 and 2024, the Company did not establish goals and parameters for short-term and long-term incentives during 2024. The Company expects to re-establish appropriate programs and incentives for the new executive team during the second quarter of 2025.

No equity awards were made to our named executive officers during 2024 except for long-term incentive awards made to Mr. Gibson pursuant to his employment contract dated February 21, 2024, and an award to Mr. Bigney, each of which are described in the Summary Compensation Table below.

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In fiscal year 2024, we did not grant awards of stock options, stock appreciation rights, or similar option-like instruments to our named executive officers or our employees.

We do not grant equity awards in anticipation of the release of material nonpublic information and we do not timethe release of material nonpublic information for the purpose of affecting the value of executive compensation.

#### Tax Gross-Ups on Severance
There are no tax gross-ups on any payments to executives, including severance payments.

#### Accounting for Stock-Based Compensation
The Company accounts for stock-based payments in accordance with the requirements of Accounting Standards Codification (ASC) Topic 718, “Stock Compensation.” Equity-based compensation is expensed over the requisite service period pursuant to the grant award terms. The Company considers the expense associated with stock-based incentive awards when granting such awards.

#### Section 409A
To the extent we permit executives to defer compensation, or we commit to deliver compensation at a later date than when earned and vested, we make every attempt to meet the requirements of Section 409A of the Internal Revenue Code (the “Code”). Failure to satisfy the Section 409A requirements could subject the executives receiving deferred compensation to a 20% excise tax.

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