# EDGAR Filing Document

**Accession Number:** 0001957132
**File Stem:** 0001957132-26-000015
**Filing Date:** 2026-3
**Character Count:** 963838
**Document Hash:** e4fd334158b462df89ea1083f9c6694c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001957132-26-000015.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001957132-26-000015

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 142

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SharkNinja, Inc.
- **CENTRAL INDEX KEY:** 0001957132
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOUSEHOLD APPLIANCES [3630]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 981377734
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41754
- **FILM NUMBER:** 26707521

**BUSINESS ADDRESS:**
- **STREET 1:** 89 A STREET, #100
- **CITY:** NEEDHAM
- **STATE:** MA
- **ZIP:** 02494
- **BUSINESS PHONE:** (617) 243-0235

**MAIL ADDRESS:**
- **STREET 1:** 89 A STREET, #100
- **CITY:** NEEDHAM
- **STATE:** MA
- **ZIP:** 02494

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SharkNinja Global SPV, Ltd.
- **DATE OF NAME CHANGE:** 20221205

?xml version='1.0' encoding='ASCII'? sharkninja-20251231

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549** 

**FORM 10-K**

**(Mark One)**

⌧**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended** December 31, 2025

**OR**

◻**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ___ to ___**

**Commission File Number: 001-41754**

**SHARKNINJA, INC.**

(Exact name of Registrant as specified in its charter)

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| | |
|:---|:---|
| **Cayman Islands**<br> (State or other jurisdiction of incorporation or organization) | 98-1738011<br>(I.R.S. Employer Identification No.) |

---

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| | |
|:---|:---|
| **89 A Street<br>Needham, MA**<br> (Address of principal executive offices) | **02494**<br> (Zip Code) |

---

**(617) 243-0235**

(Registrant's telephone number, including area code)

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Ordinary Shares, $0.0001 par value per share | SN | New York Stock Exchange |

---

**Securities registered pursuant to Section 12(g) of the Act:**

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

⌧ Yes ◻ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

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◻ Yes ⌧ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

⌧ Yes ◻ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

⌧ Yes ◻ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;⌧ Large accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◻ Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;◻ Non-accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◻ Smaller reporting company&nbsp;&nbsp;&nbsp;&nbsp;◻ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. &nbsp;&nbsp;&nbsp;&nbsp;⌧

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. &nbsp;&nbsp;&nbsp;&nbsp;◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).&nbsp;&nbsp;&nbsp;&nbsp;◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

◻ Yes ⌧ No

The aggregate market value of our ordinary shares held by non-affiliates of the registrant, as of June 30, 2025, the last business day of the registrant's most recently completed second fiscal quarter, based on the closing price of $98.99 as reported by the New York Stock Exchange, was approximately $13,962,651,458. For the purposes of this disclosure only, the registrant has assumed that its directors, executive officers (as defined in Rule 3b-7 under the Exchange Act) and the beneficial owners of 5% or more of the registrant's outstanding ordinary shares are the affiliates of the registrant.

The registrant had outstanding 141,242,859 ordinary shares as of February 19, 2026.

------

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's Definitive Proxy Statement relating to the 2026 Annual General Meeting are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant's fiscal year ended December 31, 2025.

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page** |
| <u>[Introduction](#ic5007b466f0e4eaf9efe8b86be287bb1_10)</u> | <u>[ii](#ic5007b466f0e4eaf9efe8b86be287bb1_10)</u> |
| <u>[Cautionary Note Regarding Forward-Looking Statements](#ic5007b466f0e4eaf9efe8b86be287bb1_13)</u> | <u>[iv](#ic5007b466f0e4eaf9efe8b86be287bb1_13)</u> |
| <u>[PART I](#ic5007b466f0e4eaf9efe8b86be287bb1_16)</u> | <u>[1](#ic5007b466f0e4eaf9efe8b86be287bb1_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1. Business](#ic5007b466f0e4eaf9efe8b86be287bb1_19)</u> | <u>[1](#ic5007b466f0e4eaf9efe8b86be287bb1_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1A. Risk Factors](#ic5007b466f0e4eaf9efe8b86be287bb1_25)</u> | <u>[14](#ic5007b466f0e4eaf9efe8b86be287bb1_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1B. Unresolved Staff Comments](#ic5007b466f0e4eaf9efe8b86be287bb1_22)</u> | <u>[61](#ic5007b466f0e4eaf9efe8b86be287bb1_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1C. Cybersecurity](#ic5007b466f0e4eaf9efe8b86be287bb1_130)</u> | <u>[62](#ic5007b466f0e4eaf9efe8b86be287bb1_130)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2. Properties](#ic5007b466f0e4eaf9efe8b86be287bb1_31)</u> | <u>[63](#ic5007b466f0e4eaf9efe8b86be287bb1_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 3. Legal Proceedings](#ic5007b466f0e4eaf9efe8b86be287bb1_629)</u> | <u>[64](#ic5007b466f0e4eaf9efe8b86be287bb1_629)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 4. Mine Safety Disclosures](#ic5007b466f0e4eaf9efe8b86be287bb1_635)</u> | <u>[64](#ic5007b466f0e4eaf9efe8b86be287bb1_635)</u> |
| <u>[PART II](#ic5007b466f0e4eaf9efe8b86be287bb1_85)</u> | <u>[64](#ic5007b466f0e4eaf9efe8b86be287bb1_85)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 5. Market for Registrant's Common Equity, Related Stockholder Matters](#ic5007b466f0e4eaf9efe8b86be287bb1_70)[and Issuer Purchases of Equity Securities](#ic5007b466f0e4eaf9efe8b86be287bb1_70)</u> | <u>[64](#ic5007b466f0e4eaf9efe8b86be287bb1_70)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 6. \[Reserved\]](#ic5007b466f0e4eaf9efe8b86be287bb1_97)</u> | <u>[66](#ic5007b466f0e4eaf9efe8b86be287bb1_97)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic5007b466f0e4eaf9efe8b86be287bb1_34)</u> | <u>[66](#ic5007b466f0e4eaf9efe8b86be287bb1_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 7A. Quantitative and Qualitative Disclosures About Market Risk](#ic5007b466f0e4eaf9efe8b86be287bb1_79)</u> | <u>[82](#ic5007b466f0e4eaf9efe8b86be287bb1_79)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 8. Financial Statements and Supplementary Data](#ic5007b466f0e4eaf9efe8b86be287bb1_139)</u> | <u>[84](#ic5007b466f0e4eaf9efe8b86be287bb1_139)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#ic5007b466f0e4eaf9efe8b86be287bb1_115)</u> | <u>[84](#ic5007b466f0e4eaf9efe8b86be287bb1_115)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 9A. Controls and Procedures](#ic5007b466f0e4eaf9efe8b86be287bb1_94)</u> | <u>[84](#ic5007b466f0e4eaf9efe8b86be287bb1_94)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 9B. Other Information](#ic5007b466f0e4eaf9efe8b86be287bb1_670)</u> | <u>[89](#ic5007b466f0e4eaf9efe8b86be287bb1_670)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 9C. Disclosure](#ic5007b466f0e4eaf9efe8b86be287bb1_676)[Regarding Foreign Jurisdictions that Prevent Inspections](#ic5007b466f0e4eaf9efe8b86be287bb1_676)</u> | <u>[90](#ic5007b466f0e4eaf9efe8b86be287bb1_676)</u> |
| <u>[PART III](#ic5007b466f0e4eaf9efe8b86be287bb1_133)</u> | <u>[91](#ic5007b466f0e4eaf9efe8b86be287bb1_133)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 10. Directors, Executive Officers and Corporate Governance](#ic5007b466f0e4eaf9efe8b86be287bb1_64)</u> | <u>[91](#ic5007b466f0e4eaf9efe8b86be287bb1_64)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 11. Executive Compensation](#ic5007b466f0e4eaf9efe8b86be287bb1_687)</u> | <u>[91](#ic5007b466f0e4eaf9efe8b86be287bb1_687)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ic5007b466f0e4eaf9efe8b86be287bb1_67)</u> | <u>[91](#ic5007b466f0e4eaf9efe8b86be287bb1_67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 13. Certain Relationships and Related Transactions, and Director Independence](#ic5007b466f0e4eaf9efe8b86be287bb1_549755814582)</u> | <u>[91](#ic5007b466f0e4eaf9efe8b86be287bb1_549755814582)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 14. Principal Accountant Fees and Services](#ic5007b466f0e4eaf9efe8b86be287bb1_106)</u> | <u>[91](#ic5007b466f0e4eaf9efe8b86be287bb1_106)</u> |
| <u>[PART IV](#ic5007b466f0e4eaf9efe8b86be287bb1_702)</u> | <u>[92](#ic5007b466f0e4eaf9efe8b86be287bb1_702)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 15. Exhibits and Financial Statement Schedules](#ic5007b466f0e4eaf9efe8b86be287bb1_142)</u> | <u>[92](#ic5007b466f0e4eaf9efe8b86be287bb1_142)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 16. Form 10-K Summary](#ic5007b466f0e4eaf9efe8b86be287bb1_136)</u> | <u>[92](#ic5007b466f0e4eaf9efe8b86be287bb1_136)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Exhibit Index](#ic5007b466f0e4eaf9efe8b86be287bb1_779)</u> | <u>[93](#ic5007b466f0e4eaf9efe8b86be287bb1_779)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Signatures](#ic5007b466f0e4eaf9efe8b86be287bb1_145)</u> | <u>[95](#ic5007b466f0e4eaf9efe8b86be287bb1_145)</u> |
| <u>[INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#ic5007b466f0e4eaf9efe8b86be287bb1_148)</u> | <u>[F-1](#ic5007b466f0e4eaf9efe8b86be287bb1_148)</u> |

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i

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**INTRODUCTION**

Unless the context requires otherwise, (i) references to "SharkNinja," the "Company," "we," "us" and "our" refer to (a) SharkNinja Global SPV, Ltd. ("SharkNinja SPV") and its consolidated subsidiaries prior to the separation (as defined below) and (b) SharkNinja, Inc. and its consolidated subsidiaries after the completion of the separation, (ii) references to "JS Global" refer to JS Global Lifestyle Company Limited, SharkNinja's parent prior to the completion of the separation and distribution, and its consolidated subsidiaries other than SharkNinja and SharkNinja's subsidiaries and (iii) references to "Joyoung" refer to Joyoung Co., Ltd., a subsidiary of JS Global.

All references in this Annual Report on Form 10-K ("Annual Report") to "$," "US$," "U.S.$," "U.S. dollars," "dollars" and "USD" mean U.S. dollars. The terms "United States" and the "U.S." refer to the United States of America.

We report our financial statements in U.S. dollars and prepare our Consolidated Financial Statements in accordance with generally accepted accounting principles in the United States ("GAAP"). We also report certain non-GAAP financial measures, which are derived from the amounts presented in the financial statements prepared under GAAP.

Certain amounts, percentages and other figures presented in this Annual Report have been subject to rounding adjustments. Accordingly, figures shown as totals, dollars or percentage amounts of changes may not represent the arithmetic summation or calculation of the figures that precede them.

**MARKET AND INDUSTRY DATA**

This Annual Report includes estimates regarding market and industry data. Unless otherwise indicated, information concerning our industry and the markets in which we operate, including our general expectations, market position, market opportunity and market size, are based on our management's knowledge and experience in the markets in which we operate, together with currently available information obtained from various sources, including publicly available information, industry reports and publications, surveys, our retailers and consumers, trade and business organizations and other contacts in the markets in which we operate. Certain information is based on management estimates, which have been derived from third-party sources, as well as data from our internal research. For certain market share and brand ranking data, we rely upon the Circana Retail Tracking Service ("Circana") data, which is based on brand-level dollar sales for the 52-week period ended January 3, 2026, unless expressed otherwise, and references to consecutive periods reflect the preceding 52-week time periods.

In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While we believe the estimated market and industry data included in this Annual Report is reliable, such information is inherently uncertain and imprecise. Market and industry data is subject to change and may be limited by the availability of raw data, the voluntary nature of the data gathering process and other limitations inherent in any statistical survey of such data. In addition, projections, assumptions and estimates of the future performance of the markets in which we operate are necessarily subject to uncertainty and risk due to a variety of factors, including those described in "Item 1A. Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements." These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and by us. Accordingly, you are cautioned not to place undue reliance on such market and industry data or any other such estimates.

ii

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**TRADEMARKS, SERVICE MARKS, COPYRIGHTS AND TRADENAMES**

We own or otherwise have rights to the trademarks, service marks and copyrights, including those mentioned in this Annual Report, used in conjunction with the operation of our business. This Annual Report includes our own trademarks, which are protected under applicable intellectual property laws, as well as trademarks, service marks, copyrights and tradenames of other companies, which are the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, copyrights or tradenames to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Solely for convenience, trademarks, tradenames and service marks referred to in this Annual Report may appear without the®,™ or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, tradenames and service marks.

iii

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

**AND RISK FACTORS SUMMARY**

This Annual Report contains forward-looking statements that reflect our current views with respect to, among other things, future events and our future business, financial condition, results of operations and prospects. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates and projections about our business and industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, which you should consider and read carefully, including but not limited to:

**Risks Related to Our Business, Operations and Industry**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business depends on maintaining and strengthening our brands to generate and maintain ongoing demand for our products, and a significant reduction in such demand, or misuse by licensees of our brands, could harm our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be unable to manage our future growth effectively, which could make it difficult to execute our business strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our net sales and profits depend on the level of consumer spending on our products, which is sensitive to general economic conditions and other factors; during a downturn in the economy, consumer purchases of discretionary items may be adversely affected, which could materially harm our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We participate in highly competitive markets, and we may not be able to compete successfully, causing us to lose market share and sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely principally on suppliers, and problems with, or loss of, our suppliers or an inability to obtain raw materials could harm our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to timely and effectively obtain shipments of products from our suppliers and deliver products to our retailers, consumers and distributors, our business, financial condition and results of operations could be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have significant international operations and are exposed to risks associated with doing business globally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our results of operations have been and may continue to be adversely affected by inflation, changes in the cost or availability of raw materials, energy, transportation and other necessary supplies and services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely substantially on our retailers and distributors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use of social media and influencers may materially and adversely affect our reputation, business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We depend on highly skilled personnel, and if we are unable to recruit, hire, integrate, train and retain our personnel, we may not be able to address competitive challenges.

**Risks Related to Intellectual Property, Information Technology and Data Privacy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A cybersecurity breach or failure of one or more key information technology systems could have a material adverse effect on our business or reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to enforce our intellectual property rights throughout the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are unable to protect the confidentiality of our proprietary information and know-how, the value of our technology and products could be harmed significantly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we cannot license rights to use technologies on reasonable terms, we may not be able to commercialize new products in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use of artificial intelligence in our operations and product offerings could result in reputational or competitive harm, legal or regulatory liability and adverse impacts on our results of operations.

iv

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**Risks Related to Our Legal, Tax and Regulatory Environment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From time to time, we may be subject to legal proceedings, regulatory disputes and governmental inquiries that could cause us to incur significant expenses, divert our management's attention and materially harm our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with various public health, consumer protection and other regulations applicable to our products and facilities could increase our cost of doing business and expose us to additional requirements with which we may be unable to comply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant changes to U.S. trade policies and related uncertainties that restrict imports or increase import tariffs and the responses of other countries have had, and we expect will continue to have, a material adverse effect on our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chinese government may intervene in or influence our operations or the operations of our third party suppliers at any time, which could result in a material change in our business, financial condition and results of operations as well as the value of our ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Focus by governmental and non-governmental organizations, consumers and shareholders on sustainability issues, including those related to climate change, may increase our costs and litigation risks, which may have an adverse effect on our business, financial condition and results of operations and damage our reputation.

**Risks Related to Our Financial Condition**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our indebtedness could materially adversely affect our financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our net sales could decline due to changes in credit markets and decisions made by credit providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We depend on cash generated from our operations to support our growth, and we may need to raise additional capital, which may not be available on terms acceptable to us or at all.

**Risks Related to the Separation and Distribution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be unable to achieve some or all of the anticipated benefits of the separation, and the separation may adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conflicts of interest may arise because the Chairperson of our Board holds a management and board position with JS Global.

**Risks Related to Ownership of Our Ordinary Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An active trading market for our ordinary shares may not be sustained and our share price may be volatile such that you may not be able to resell your shares at or above the public offering price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have limited history as a stand-alone public company, and our historical financial data is not necessarily representative of the results we would have achieved as a stand-alone public company and may not be a reliable indicator of our future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are obligated to maintain internal control over financial reporting and to evaluate and determine its effectiveness. We have identified material weaknesses in our internal control over financial reporting that remain unremediated at this time. The identification of material weaknesses in the future or any failure of our internal systems, controls, and procedures could have an adverse effect on our business, financial condition, results of operations, and investor confidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our transition to being a U.S. domestic reporting company may cause us to incur significant legal, accounting and other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Wang is a significant shareholder and has influence over matters outside the ordinary course of our business requiring a shareholder vote, which may limit your ability to influence our actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Members of our management team have limited experience managing a U.S. public company.

v

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This list of factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Annual Report. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Annual Report, and our future levels of activity and performance, may not occur and actual results could differ materially and adversely from those described or implied in the forward-looking statements. As a result, you should not regard any of these forward-looking statements as a representation or warranty by us or any other person or place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

In addition, statements that contain "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Annual Report. While we believe that this information provides a reasonable basis for these statements, this information may be limited or incomplete. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. We qualify all of our forward-looking statements by the cautionary statements contained in this section and elsewhere in this Annual Report.

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**PART I**

**Item 1. Business**

At SharkNinja, our mission is to ***positively impact people's lives every day in every home in our global markets***.

The Company has identified two operating segments, Domestic and International, which are aggregated into one reportable segment that derives revenues from customers through the sale of the Company's small household appliances, which are sold under two brands, Shark and Ninja.

***SharkNinja: World-Class Household Appliance Brands Built on Continuous, Disruptive Innovation***

SharkNinja is a global product design and technology company that creates 5-star rated lifestyle solutions through innovative products for consumers around the world. We seek to leverage our global, agile and cross-functional engineering know-how, product development and manufacturing expertise along with our solutions-driven marketing to increase the efficiency, convenience and enjoyment of consumers' daily tasks and improve everyday lives. We have built two billion-dollar brands, Shark and Ninja, and have a proven track record of establishing leadership positions by disrupting numerous household product categories, including Cleaning Appliances, Cooking and Beverage Appliances, Food Preparation Appliances and Beauty and Home Environment Appliances. We have successfully gained market share across geographies, taking share from competitors priced both above and below our offerings. We believe our success is centered around our advanced engineering and innovation capabilities coupled with our deep understanding of consumer needs, enabling us to solve consumer problems that others either do not see or are unable to solve.

We are driven by our relentless pursuit of perfection to deliver innovative products at compelling value to delight consumers. We regularly analyze consumers' interactions with small home appliances and leverage consumer reviews across multiple platforms, which we refer to as our "always-on" approach. Our global product design and engineering team applies these always-on consumer insights to create new technologies and intellectual property that differentiates our products. Further, we strive to enhance our products through rapid iteration and refinement with the goal of increasing the value of our legacy products while decreasing costs. We believe this pursuit of perfection through innovation extends our product life cycles and differentiates us from competitors with longer innovation cycles. Our approach aims to enable us to rapidly bring new products to market, grow share of shelf and market share and thus quickly establish leadership positions in both existing and new categories.

***Trusted Global Brands with Large and Growing Market Share***

Our trusted global brands have established a reputation for industry-leading innovation and 5-star consumer reviews. Our unwavering consumer focus has manifested in our leading market positions. Shark is the #1 floorcare brand in the United States, and Ninja is the best-selling small kitchen appliances in the United States, according to Circana (unless otherwise noted, all market share claims are based on dollars sold for the period ending January 3, 2026).

Our proven track record of bringing disruptive products to market and developing one consumer solution after another has allowed us to enter into multiple product categories, driving significant growth and market share gains. As we continue to innovate, typically our legacy products continue to be sold at more accessible price points, which diversifies our product offering across price points within a category and creates increasing market share positions. We believe our products have broad appeal across income brackets as we aim to deliver industry-leading innovation, design and product quality at compelling value. As a result, we aim to acquire market share from higher and lower priced competitors. We believe our products are aspirational, offering the performance of more expensive competitor products, and attainable, representing a compelling value.

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***Scaled Engineering Powerhouse Focused on Disruptive Innovation and Continuous Optimization***

SharkNinja aims to continuously innovate products that exceed consumer expectations.

To win in the market, we leverage the diverse expertise of our cross-functional design and engineering teams to capitalize on our deep knowledge of consumer needs. We have a dynamic, in-house global product design team located across the United States, the United Kingdom and China that collaborates seamlessly to integrate unique local market insights into the design and functionality of our products. Our engineering prowess drives our new product innovation, including design, construction, material performance requirements, manufacturing protocols, supplier selection, packaging specifications and quality assurance. Our scaled engineering organization possesses wide-ranging skillsets across mechanical design, mechatronics, electronics engineering, robotics, firmware, app and cloud, deep learning, algorithmic engineering and industrial design. Our team of over 700 cross-functional engineering and design associates is integrated across Shark and Ninja solutions, introducing disruptive technologies within our portfolio to new market segments, in addition to accessing the latest technologies from across the globe. The breadth of our engineering team's competencies allows us to develop innovative products, while our global collaboration produces a rapid and iterative development cycle.

Our always-on consumer input fuels our world-class innovation. We deploy a wide variety of tools to understand what consumers need today and what will delight them tomorrow. In addition, through our development of local insights, we are able to design and develop products that are tailored for specific regions, and then leverage applicable insights across our global offering.

Our dynamic testing model tests our products to the extreme. We test across various environments, from our laboratories and simulated home facilities to restaurants, beauty salons and homes. This approach enables us to collect valuable input from category experts, professional users and everyday consumers. We use in-person consumer testing to gather direct observations and insights. We leverage internal software that scours product reviews to learn consumer likes and dislikes with existing solutions. Our qualitative and quantitative testing informs every stage of our design, engineering, manufacturing and marketing processes, during late-stage development and also through further refinements after product release.

***Delivering Critical Consumer Value Points with Every Product***

We believe that SharkNinja is differentiated by our ability to innovate while identifying and solving consumer pain points that others either do not see or are unable to solve. SharkNinja strives to deliver on all four of the following critical consumer value points in every innovative product we bring to market:

*Speed: Deliver first-to-market disruptive innovations*

Our global consumer insights and product development approach enables us to discover some of the most pressing consumer problems and develop innovative solutions to solve them. Our global product development team collaborates around the world, producing an ongoing cycle of development and increasing our speed of innovation and ultimately our speed to market. Whether it is a first-to-market innovation in an emerging category or our disruption of a mature category with new technologies, we redefine what is possible. Our differentiated pace of innovation enables us to be first-to-market in many product sub-categories. We have rapidly grown our market share and launched new products, often faster than our competitors, creating competitive advantages that are designed to deliver strong and sustainable growth.

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*Performance: Deliver innovative high-performing products that exceed expectations and improve consumers' quality of life*

Our scaled global team of designers and engineers is passionate about delivering a high level of performance that increases consumers' quality of life. Our products are designed to solve existing problems, often problems consumers do not even know they have. We rigorously test our products against our high-performance expectations under extreme use cases. Our product development process allows us to deliver innovative, high-performance technologies that are designed to meet or exceed consumers' expectations. This is product performance in the pursuit of unwavering consumer trust.

*Quality: Deliver a 5-star quality product experience, winning over consumers one review at a time*

We know a discerning and educated consumer never gives you a second chance. Therefore, we focus on quality in designing our products and test repeatedly, recreating extreme cases of use and misuse to deliver high-quality products with long-lasting reliability in the real world. We have rigorous sourcing and manufacturing standards, and we maintain high-quality standards to which our manufacturing partners must adhere, including through frequent quality checks and manufacturing score cards. We are quick to react to negative feedback that we receive through our call centers, online reviews or on social media. We strive to deliver a seamless consumer experience with our products to ensure our consumers have a 5-star experience across the entirety of their journey with our products, starting from the very first use out of the box. We believe our pursuit of excellence in overall quality not only leads to more highly satisfied consumers, but also produces an army of global brand ambassadors.

*Value: Deliver products at accessible prices for incredible value*

We are obsessed with delivering world-class, innovative products to every consumer in every home in our global markets at great value. With our consumers always in mind, we have built hyper-efficient, global product design and supply chain organizations designed to deliver the perfect product at a compelling price. We believe that, in purchasing our products, our consumers receive the greatest value and a high level of performance for every hard-earned dollar they spend. We accomplish this through our design and manufacturing engineering team and our on-the-ground sourcing organization in Asia, which facilitates a competitive bidding process across numerous manufacturers to secure favorable pricing terms. Furthermore, we are a crucial partner to many of our manufacturers given the scale of our brands. This allows us to enter new categories that are dominated by a few big players, disrupt them through innovation and compelling value and grow the overall market while gaining market share.

***Open and Agile Manufacturing and Supply Chain***

Our open and highly scalable manufacturing base and supply chain achieve competitive costs as well as high quality and performance. While competitors are limited by a traditional linear manufacturing model, our iterative method gives us multiple opportunities to optimize our products. We have developed and invested in this approach for years, to help ensure maximum control and flexibility over production. This approach drives our goal of delivering 5-star products the first time off the line and at high global volumes.

***Omni-channel Strategy Driven by Consumer-focused Storytelling***

We have secured a leading position in most of our product sub-categories in the United States, in part, by establishing differentiated channel strategies and a robust omni-channel sales, marketing and distribution network. We adopt distribution channel strategies tailored to specific regions and deliver innovative products specific to local needs. Our products are available, often with disproportionate share of shelf, across retailers in each channel and online. Innovation across our product offerings further drives our share of shelf and our category growth. Shark and Ninja serve as the category captains, the market leaders, in a majority of our most important sub-categories.

Our goal is to be the most relevant and prominent brand wherever consumers shop. Our always-on media strategy leverages the power of storytelling to educate consumers about our technologies and performance. We leverage many forms of media, including television, digital advertising, print and social.

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***Category-leading trusted brands with a diverse product portfolio across the home***

Our diverse product portfolio spans 36 household sub-categories, across Cleaning, Cooking and Beverage, Food Preparation and Other, which includes Home Environment and Beauty.

Ninja has been an innovative and trusted kitchen brand for well over a decade. In 2009, we launched the Ninja Master Prep blender, which enabled consumers to produce restaurant-quality, at-home frozen drinks. We rapidly emerged as a leading player in the mature blender category, and we have maintained our leading position by evolving our products: Ninja is America's #1 blending and processing kitchen system brand in the last four consecutive years, according to Circana. We have expanded Ninja into a portfolio of food preparation and cooking appliances (electric and non-electric). Today, we believe we are becoming the brand of choice for consumers: Ninja is the best-selling small kitchen appliances in the United States, according to Circana.

Our Shark brand, which we believe is synonymous with power and versatility, has transcended across small household appliance sub-categories, leveraging the credibility of its award-winning brand. Shark is the #1 vacuum brand in the United States in dollar sales, according to Circana. Additionally, Shark is the top growing hair styling brand in the United States, according to Circana.

**Our Growth Strategies**

We believe we are well-positioned for continued growth driven by the following strategies:

***Grow Share in Existing Categories***

*Innovation by using consumer insights to identify and develop solutions enables us to maintain and grow share in our existing product categories*

We build products to delight discerning, educated global consumers who only trust brands that have proven their worth. We aim to offer our consumers the technologies of tomorrow, today. Our global consumer insights and product development approach enable us to deliver innovative solutions for pressing consumer problems that others either do not see or are unable to solve. Combining our speed of innovation and engineering expertise with our ability to translate consumer insights into tangible outputs helps us gain a significant share of the market, which propels and sustains our growth and profitability.

Our model of innovation and optimization enables us to consistently launch new technologically-advanced products in order to satisfy our consumers' evolving needs and preferences. Once we have entered a category, we consistently launch new products with additional high-quality features and functionality while we simultaneously identify ways to optimize the cost of the existing products that we are selling. This approach allows us to reach additional price points, create a diversified lineup of products and expand our presence on retailers' shelves.

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*Leveraging our always-on media marketing drives awareness and educates consumers on product technologies and innovative solutions across both new and existing categories*

Our global marketing organization is designed to deploy 360-degree marketing strategies that capture the hearts and minds of consumers worldwide. By leveraging solution-based storytelling across omni-channel media, we educate and create awareness of our technology solutions and new products, ultimately driving high volumes of traffic and interest across all channels. When a consumer arrives at the shelf, in store or online, we want them to find SharkNinja products across a wide range of price points offering various solutions with clear benefit-oriented messaging. We believe in communicating for impact because consumer-relevant storytelling has the ability to make products go viral, enabling us to reach more consumers and drive our continued growth.

***Expand Our Brands in New Categories***

We believe SharkNinja is uniquely equipped to disrupt massive and fragmented markets through our proprietary consumer insights and innovative product development approach. We have a proven track record of launching game-changing innovations and rapidly capturing market share across sub-categories. We believe we are not limited by our current categories, because our cross-functional design and engineering capabilities allow us to enter adjacent and altogether new categories. We intend to continue to enter new categories around the home by:

*Leveraging our proprietary innovation process to identify new opportunities*

Our proprietary innovation process enables us to proactively identify and develop consumer solutions. We incorporate frequent and detailed consumer feedback in our dynamic product development process, allowing us to iterate on and improve our products throughout development and identify new adjacent opportunities. We scour ratings and reviews using proprietary software to find and understand opportunities to improve the consumer experience. This always-on dialogue with the consumer leads to our identification of unsolved consumer pain points in multiple new categories.

*Adapting technologies and engineering new solutions to solve consumer problems in new areas*

Our global, cross-functional product development and engineering teams are aiming to improve our consumer solutions. Leveraging these teams' expertise, we solve consumer problems that we have uncovered, adapt our technologies to new uses or solve new problems from scratch.

*Expanding the product assortment and retailer placements of our new categories*

Within the new categories we enter, we expand our product assortment, further disrupting these markets and growing retailer placements of our new products.

We consistently launch into new categories to bring original consumer-centric innovations to market. Year after year, SharkNinja has accelerated its pace of growth by entering and capturing share in 38 sub-categories, swiftly disrupting and gaining leading market share in many of them. In the past three years alone, we have entered and disrupted the following product sub-categories: outdoor ovens, carbonation, drinkware, wet/dry cleaning floor products, carpet extraction, fans, coolers, frozen drink appliances, skincare, propane grills and fire pits. These new product sub-categories not only increase our household penetration but also expand use occasions, the number of products per home and our brand presence across households.

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***Globalize Our Brand***

We operate in 38 markets and our international expansion remains a key area of strategic focus. In 2014, we transformed our United Kingdom model from a distributor model to a direct SharkNinja operation and unleashed a new phase of category expansion and market share gains. Since shifting to a direct SharkNinja operation, we scaled the United Kingdom business to net sales of $964 million in 2025. With the success of our direct model in the United Kingdom, SharkNinja has captured significant share across all major categories in which we operate, and in 2020, we began leveraging our success in the United Kingdom to drive further expansion across Europe, particularly in Germany and France. We have been able to consistently leverage this model to successfully enter and meaningfully grow in new markets.

Our international presence enables us to develop local consumer insights to create new consumer-driven innovations that we are able to offer globally. We are confident that globalizing our brand will help drive synergistic growth.

***Drive Operating Margins and Efficiencies***

At SharkNinja, we are rarely satisfied. That tenacious spirit extends beyond producing some of the world's most innovative and technologically advanced household appliances, to our production processes and the way we operate. We have built an agile and quality-oriented supply chain with ample capacity to support future growth. We intend to grow our margins by enhancing our product mix through innovation and by pursuing additional cost-saving opportunities. We achieved a gross margin of 49.0% for the year ended December 31, 2025; we view our gross margin as a competitive advantage providing us with significant flexibility over how much we invest in our R&D, selling and marketing and other growth-oriented investments.

***Our Culture and People***

At SharkNinja, we are intensely dedicated to delivering on our mission of positively impacting people's lives, every day in every home. We succeed because when others say "it's good enough" we keep going; we strive to do everything possible to make our products as good as they can possibly be. When we do this right, we have the opportunity to create something great: as a company, as a team and as individuals. Five success drivers permeate everything we do at SharkNinja:

**We are rarely satisfied.** We "dream big" and set ambitious aspirations because we have high expectations for our own success. When we achieve a goal, we set the next "beacon" and align our entire team around it. We use our grit and resiliency to drive us to the next milestone and achieve success in the marketplace.

**We believe in progress over perfection.** We believe that it is more important to make a decision, start executing and course-correct as needed and encourage a highly proactive mindset. Our engineers and designers embrace change and evaluate feedback from consumers and professionals as part of our agile development process and iteration, helping ensure that when our products go to market we are confident that they are high-quality, will resonate with consumers and will deliver superior performance at great value relative to our competitors' products.

**We believe details make the difference.** We invest to understand how things really work, seek out new perspectives and inputs and feel compelled to challenge assumptions and ask the second- and third-order questions to find the best possible way of doing something. We question and challenge the status quo, assessing whether we can do things faster or better.

**We believe winning is a team sport.** We make better decisions when we bring our collective minds to the table. We align ourselves around clear expectations and own the big-picture outcomes, actively holding ourselves and others accountable for delivering exceptional results.

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**We believe that success comes when we communicate for impact.** We share information and bring our broad teams together to iterate and align on our thinking. We challenge assumptions and are open to challenge without taking it personally.

As of December 31, 2025, approximately 4,143 employees located in approximately 13 countries and 31 offices drive our success. We were voted one of the "100 Best Large Companies to Work For" in 2025 by Built In. We believe that our award-winning culture ultimately drives our success across our brands and with our consumers.

**Manufacturing, Supply Chain & Logistics**

Our manufacturing, supply chain and logistics reflect our intensive focus on quality and performance. We distinguish ourselves not only through our products and our brands but also through our commitment to refining every detail across our manufacturing, supply chain and logistics. Our supply chain infrastructure harnesses three differentiating factors: factory partnerships, factory flexibility and inbound freight. Our partnerships enable us to move rapidly from an idea on a whiteboard to full production, collaborating to drive quality and reduce cost. Whenever possible, we require our factory partners to possess the flexibility to make changes to purchase orders if production has not yet occurred and typically only require purchase orders 30 days in advance of the cargo ready date for shipping. Lastly, our volumes and long-term strategic partnerships with key shippers allow us to attain competitive inbound freight rates, even when the market is constrained.

We manage the design of our products and oversee the quality assurance programs and manufacturing standards applied across our supply chain. Although we do not manufacture any of our own products, we have relationships with various third-party suppliers to manufacture our products. These suppliers are responsible for the assembly of our products and are primarily based in China. We also work with certain suppliers in various regions across Southeast Asia, including Vietnam, Malaysia, Thailand, Indonesia and Cambodia. Our suppliers are often responsible for the sourcing of components used to manufacture our products but in certain instances, we directly source these components from sub-suppliers and pay for and own certain tooling and equipment used by our suppliers in assembly. Further, we have made significant investments in local talent to manage production as well as ensure quality and competitive costs with employees on the ground in Asia who work directly with many of our suppliers. These employees work closely with owner-operated factories to ensure that our products meet our strenuous quality standards and to enable maximum flexibility and input in the manufacturing process.

There are no existing long-term manufacturing contracts on which we are substantially dependent. While we have selected suppliers for commercial and operational reasons, we believe that there are alternative firms that we can engage to supply products of the same or similar quality, in similar quantities and on substantially similar terms as our current suppliers. Further, most of our products are dual-sourced, enabling us to maintain a competitive sourcing environment among our suppliers, and we deploy a rigorous bidding process to secure favorable pricing across our entire supply chain. We have leveraged pre-existing supplier relationships to scale our supply chain and enter new categories more quickly. Today, we have established direct and strong relationships with our suppliers. We annually require and assist in processes to remove costs from production, allowing our legacy innovations to compete against less capable, lower-priced competitors.

Our global commitment to quality flows through every stage of the design, development, production and post-production process. This quality assurance program requires that inspection and testing are completed by SharkNinja employees prior to a product leaving the factory and feeds into ongoing product design and production improvement reviews.

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To further manage our supply chain, we have developed a dedicated Supply Planning team that compares demand forecasts to inventory on hand and production and inbound forecasts. We regularly track our inventory with retailers to assess how each product is performing on the shelf. Through our proprietary data and tracking process, we understand when it is time to shift shelf space towards more in-demand models. This approach allows us to deliver a wide variety of solutions in a category and maintain our average price point across each brand by phasing out older models as we introduce newer ones. However, several of our legacy products, which we refine and optimize over time, continue to see strong demand, and remain prominently on shelves, including the Ninja Mega Kitchen System which was introduced in 2012 and the Shark Navigator Lift-Away which was introduced in 2010. By producing leading-edge innovations and leveraging our proprietary data and processes, we have been able to reduce our obsolete inventory rates. In addition, we have numerous retail and direct-to-consumer ("DTC") third-party logistics ("3PL") distribution centers across North America and Europe: eight 3PL distribution centers in the United States, three in Canada, two in Mexico and eleven in Europe.

**Marketing & Consumer Engagement**

Our global marketing organization deploys a variety of marketing strategies across outlets that capture the hearts and minds of our consumers. Today, our global marketing organization consists of over 283 employees in offices across North America, Europe and Asia, with functions spanning brand marketing, digital marketing and retail product marketing.

Our marketing strategy is focused on growing our army of ambassadors by leveraging large-scale, omni-channel media strategies, powerful consumer data and dynamic product storytelling to educate and create awareness of our solutions. Our differentiated storytelling complements our innovative products and has the ability to make our products go viral and attract new consumers to our brands. Just like our products, our marketing strategy is solutions-driven, focused on educating the consumer about a consumer problem and highlighting our innovative solution. We bring the consumer along in the story of the technology we have developed. This approach engages the consumer and fuels demand for our solutions, which span across our product offerings.

We leverage diverse and cost-effective means to educate consumers and inspire conversion across all our marketing channels. We run our always-on marketing campaign for both Shark and Ninja products. We run campaigns ranging from 28-minute long-form infomercials to 15 and 30 second short-form commercials. We additionally utilize social media on a variety of apps, display advertisements and engage in search engine optimization media and public relations. Further, we drive engagement on social / over-the-top platforms like YouTube, Pinterest, Instagram, Facebook and TikTok. Our marketing methods ensure that we support both our core categories and new product launches, rather than focusing on only the latest drop. Overall, we believe our media focus on solutions successfully creates a halo effect across Shark and Ninja, promoting both brands rather than a single product.

We possess a strong data-driven, fluid media planning and marketing strategy that is tailored to our various product offerings. When a consumer arrives at the shelf looking for a vacuum with a self-cleaning brushroll, or a blender with the ability to produce restaurant-quality drinks, we want the consumer to discover that solution in SharkNinja products at a variety of price points. The consumer can choose the right combination of attributes at the right price for their needs. This makes our marketing efforts exceptionally efficient, with advertising representing 9.9%, 10.6% and 9.6% of net sales in 2025, 2024 and 2023, respectively.

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**Our Customers & Sales Organization**

*Our Customers*

We believe we create category demand across our categories, which effectively positions us to sell our products at most major retailers, never practicing retail exclusivity. Our innovation, performance, quality and value make our products desirable to carry, and we can drive significant traffic into stores. We have low retailer concentration, with our largest customer representing 23.8% of net sales for the year ended December 31, 2025. As of December 31, 2025, we partnered with 36 retailers across the United States and over 180 retailers globally. Our largest retailers include Amazon, Costco and Walmart, each of which accounted for more than 10% of our net sales, and together made up 45.7% of our net sales for the year ended December 31, 2025. We are one of fewer than 30 vendors selected to be part of the Amazon Global Vendor Management ("GVM") program. Amazon's GVM strategy intends to accelerate Amazon's worldwide growth through prioritizing top-tier, globally important vendors via C-level engagement and formalized business planning, and we are capitalizing on market opportunities presented by our participation in this program.

*Seasonality*

We believe that our sales and results of operations are subject to seasonal fluctuations. We expect our net sales to be highest in our third and fourth quarters as a result of holiday shipments. Our sales are subject to fluctuations in retailer buying patterns as they manage their own inventory levels based on evolving strategies and trends. In addition, due to our more recent, and therefore more limited, experience with beauty and outdoor cooking products and accessories, we are continuing to analyze the seasonality of these products. We expect that this seasonality will continue to be a factor in our results of operations and sales.

*Our Sales Organization*

Today, our sales organization is made up of over 300 employees. Within our global sales organization we have dedicated team members working across e-commerce and retail marketing as well as strategic sales. E-commerce and retail marketing focus on e-commerce channels, retail digital strategy, e-commerce experience and co-op and trade marketing. Our strategic sales team members focus on pricing, channel and marketplace and sales, which focuses on replenishment, national accounts, sales operations, key accounts and account planning. We have developed a presence adjacent to many of our major retailers and growth regions, in Bentonville, Minneapolis, Toronto, Leeds, London, Munich and Paris in order to be in close contact with our key retailers.

**Competition**

We operate across numerous highly competitive product categories within the small appliance market. These categories are characterized by frequent product introductions and rapid technological advances. Our competitors vary by product category, and we operate across a diverse and growing range of product categories. We generally compete with other household appliances companies, which may also offer a wide variety of products, including vacuums, air purifiers, blenders, pressure cookers and other products. Given the breadth of our offerings across numerous categories, we compete with several established, well-known brands; however, there is no single competitor across all of the categories in which we compete.

Most of our competitors typically sell at a lower price point with some exceptions, such as Dyson and Vitamix. We have succeeded in the marketplace by capitalizing on the sale of product offerings situated in the mid-price range, taking market share from competitors who sell products at price points above and below our own. Shark competes with brands including Dyson, Hoover and Bissell. These competitors offer a broad array of vacuums and other floorcare appliances at different price points. Dyson also operates in Beauty, a category which we recently entered and within which we have rapidly grown our presence. Ninja competes with brands including Vitamix, De'Longhi, Breville, Hamilton Beach, Cuisinart and others. These competitors sell kitchen appliances such as blenders, food processors, pressure cookers, air fryers and other products at different price points.

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Competition in the various product categories in which we operate is based on a number of factors, including product quality, performance, technology, ease of use, reliability, durability, styling, brand image and recognition, safety and price.

**Sustainability**

Our mission is to positively impact people's lives every day in every home around the world, and this includes our pursuit of a future-positive world. We are deeply committed to applying our strength in innovative thinking for the greater good through our commitment to being Product Positive, Planet Positive and People Positive, including through our Positive Impact Plan.

**Product Positive:** We aspire to continue designing innovative, smart and safe products that make a meaningful and measurable difference to the environment, society and our consumers' lives.

**Planet Positive:** We pledge to use our deep knowledge to lead the way in remanufacturing and developing innovative and sustainable products that reduce landfill waste, minimize our carbon footprint and decrease our environmental impact.

**People Positive:** We commit to fostering a culture of inclusion that empowers our people to achieve their personal and professional aspirations, while making a societal impact in all the communities and geographies we serve.

**Our Positive Impact Plan:** As an organization, we are rarely satisfied. Progress for us is more important than perfection, which is why we believe that every small victory will make a big difference in bringing us closer to a future-positive world for all. Some of the ways in which we have implemented our Positive Impact Plan include product manufacturing to help keep our products out of landfills through refurbishing and remanufacturing, carbon offsetting by supporting high-quality, and Verified Carbon Standard projects.

**Government Regulations**

We are subject to many varying laws and regulations in the United States, the European Union, the United Kingdom and throughout the world, including those related to privacy, data protection, intellectual property, consumer protection, e-commerce, marketing, advertising, messaging, rights of publicity, health and safety, employment and labor, product liability, accessibility, competition and taxation. These laws and regulations are often evolving and may be interpreted, applied, created or amended in a manner that could harm our business, financial condition and results of operations. In addition, it is possible that certain governments may seek to block or limit our product features or products or otherwise impose other restrictions that may affect the accessibility or usability of any or all of our product features or products for an extended period of time or indefinitely.

We are also subject to U.S. and foreign laws and regulations that govern or restrict our business and activities in certain countries and with certain persons, including the U.S. Commerce Department's Export Administration Regulations and economic and trade sanctions regulations maintained by OFAC, as well as anti-bribery and anti-corruption laws and regulations, including the FCPA and the U.K. Bribery Act 2010.

*Data Privacy Laws and Regulations*

Our business uses, collects, handles, stores, receives, transmits and otherwise processes consumer and other data. As a result, we are or will be subject to federal, state, local and international laws and regulations related to the privacy and protection of such data, such as the GDPR, the U.K. GDPR, the CCPA and the Data Protection Act (As Revised) of the Cayman Islands.

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The GDPR and U.K. GDPR regulate the processing of personal data within the European Economic Area and the United Kingdom, respectively, that relates to a directly or indirectly identifiable individual and impose stringent data protection requirements on organizations with significant penalties for noncompliance. Continuing to maintain compliance with the requirements of the GDPR and the U.K. GDPR, including monitoring and adjusting to any divergence between the European Union and United Kingdom data protection regimes following the exit of the United Kingdom from the European Union, may require changes to our products, policies, procedures, notices and business practices and may increase operating costs or limit our ability to operate or expand our business.

We are also subject to evolving European Union and U.K. privacy laws on cookies and e-marketing. In the European Union and the United Kingdom, regulators are increasingly focusing on compliance with requirements in the online behavioral advertising ecosystem.

In the United States, while there is not a single generally applicable federal law governing the processing of personal data, there are federal laws that apply to the processing of certain types of personal data, or the processing of personal data by certain types of entities, and the FTC and other enforcement agencies may bring enforcement actions against companies that engage in processing of personal data in a manner that constitutes an unfair or deceptive trade practice. In addition, all fifty states have enacted laws related to data privacy.

The CCPA grants California consumers robust data privacy rights and control over their personal information, including the right to notice, the right to disclosure, the right to delete, the right to opt-out of the sale or sharing of personal information that businesses collect, the right not to be discriminated against for exercise of CCPA rights, the right to request correction and the right to limit use and disclosure of sensitive personal information, as well as additional protections for minors. The CCPA applies to any enterprise that does business in California and has annual gross revenues in excess of $25 million (and meets certain other criteria), as well as certain other enterprises.

Regulators and legislators in jurisdictions around the world continue to propose and enact more stringent data protection and privacy laws. New laws as well as any significant changes to applicable laws, regulations, interpretations of laws or regulations, or market practices, regarding privacy and data protection, or regarding the manner in which we seek to comply with applicable laws and regulations, could require us to make modifications to our products, policies, procedures, notices and business practices, all of which may increase operating costs or limit our ability to operate or expand our business.

Any actual, alleged or perceived failure to comply with the laws of each jurisdiction or adequately protect personal data could result in damage to our reputation, negative publicity, loss of consumers and sales, loss of competitive advantages over our competitors, increased costs to remedy any problems, costs to provide any required notifications and consents (including to regulators and/or individuals) and otherwise respond to any incident, claims, regulatory investigations and enforcement actions, costly litigation, administrative fines and other liabilities.

*Environmental, Health and Safety Matters*

Our facilities and operations are subject to a limited number of environmental, health and safety laws and regulations in each of the jurisdictions in which we operate. Given that we rely on suppliers to manufacture our products, the principal environmental, health and safety laws that apply to our facilities and operations relate to safe use, storage and management of the few hazardous chemicals used in our operations, reporting inventories of certain hazardous chemicals stored at our facilities to state and local emergency responders and proper storage and management of batteries.

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*Consumer Protection and Product Safety*

We are subject to laws regulating consumer products in the jurisdictions in which our products are sold. In the United States for instance, certain of our products are subject to the U.S. Consumer Product Safety Act, under which the CPSC may exclude products from the market that are found to be unsafe or hazardous, require repair, replacement or refunds of products, impose fines for noncompliance with requirements and impose fines for failure to timely notify them of potential safety hazards. In addition, certain of our packaging materials and products sold through, and/or facilities operated under, each of our business segments are regulated by the Federal Communications Commission, the U.S. Environmental Protection Agency, the Occupational Safety and Health Administration, the U.S. Food and Drug Administration, the FTC and other federal or state consumer protection and product safety agencies and are subject to the regulations such agencies enforce, as well as by similar state, foreign and multinational agencies and regulations.

**Intellectual Property**

The protection of our brands, technology and intellectual property is an important aspect of our business. In particular, we believe the Shark and Ninja brands are significant to the success of our business. We protect our intellectual property, including our brands, through a combination of trademarks, patents, copyrights, trade secrets, contractual provisions, confidentiality procedures and non-disclosure agreements. For example, we generally enter into confidentiality agreements and invention or work product assignment agreements with our employees and consultants to control access to, and clarify ownership of, our proprietary information. We protect our intellectual property rights in the United States and certain international jurisdictions. We believe these intellectual property rights, combined with our innovation and distinctive product design, performance, brand names and reputation, contribute to our competitive position and success of our business.

As of December 31, 2025, we had approximately 2,752 issued trademark registrations and pending applications and 7,517 issued patents and pending patent applications in the United States and other jurisdictions. As of December 31, 2025, we had approximately 1,087 issued U.S. patents and 574 U.S. patent applications pending. Our U.S. patents for our current products generally expire between 2026 and 2045, and cover rights related to the configuration, operation and design of many of our products, related subsystems and/or features. As of December 31, 2025, we also had approximately 4,509 issued foreign patents and 1,347 foreign patent applications pending.

We have a proactive online marketplace monitoring and seller/listing termination program to disrupt online counterfeit offerings. In addition, we work to shut down counterfeit stand-alone sites through litigation and administrative procedures.

We aggressively pursue and defend our intellectual property rights to protect our brands, designs and inventions. We have processes and procedures in place to identify, protect and optimize our intellectual property assets on a global basis. In the future, we intend to continue to seek intellectual property protection for our new products, technologies and processes that we believe are innovative and material, and we intend to take appropriate action to protect our intellectual property from those who infringe on these valuable assets.

**Available Information**

Our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, filed or furnished pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available, free of charge, on our website as soon as reasonably practicable after such reports are electronically filed with, or furnished to, the Securities and Exchange Commission (the "SEC"). These reports may be accessed through our website's investor relations page at ir.sharkninja.com. Further, the SEC's website, www.sec.gov, contains reports and other information regarding our filings. The information contained on the websites referenced in this Annual Report is not incorporated by reference into this filing.

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Investors, the media, and others should note that we announce material information to the public through filings with the SEC, the investor relations page on our website, press releases and public conference calls and webcasts. The information disclosed by the foregoing channels could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

**Corporate Information**

SharkNinja, Inc. was incorporated in the Cayman Islands on May 17, 2023 as a wholly-owned subsidiary of JS Global. The Company was incorporated for the purpose of completing the listing of the Company on the New York Stock Exchange ("NYSE") and related transactions to carry on the business of SharkNinja Global SPV, Ltd., and its subsidiaries.

SharkNinja Global SPV, Ltd. was incorporated in 2017 as a wholly-owned subsidiary of JS Global. Prior to July 28, 2023, SharkNinja Global SPV, Ltd. operated as a combination of wholly-owned businesses of JS Global, which is a listed entity on the Hong Kong Stock Exchange.

On July 30, 2023, in connection with (1) the separation of the Company from JS Global (the "separation") and (2) the distribution to the holders of JS Global ordinary shares of all of JS Global's equity interest in SharkNinja Global SPV, Ltd. in the form of a dividend of the Company's ordinary shares (the "distribution"), JS Global contributed all outstanding shares of SharkNinja Global SPV, Ltd. to SharkNinja, Inc. in exchange for shares of SharkNinja, Inc.

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**Item 1A. Risk Factors**

*You should consider carefully the following risks, together with the financial and other information contained in this Annual Report, which we believe are the principal risks that we face. If any of the following risks or uncertainties actually occurs, our business, financial condition and results of operations could be materially and adversely affected. In that case, the market price of our ordinary shares could decline. The risks discussed below are not the only risks we face. Additional risks or uncertainties not currently known to us, or that we currently deem immaterial, may also have a material adverse effect on our business, financial condition and results of operations. We cannot assure you that any of the events discussed below will not occur.*

**Risks Related to Our Business, Operations and Industry**

***Our business depends on maintaining and strengthening our brands to generate and maintain ongoing demand for our products, and a significant reduction in such demand, or misuse by licensees of our brands, could harm our business, financial condition and results of operations.***

The "Shark" and "Ninja" names and related brand images are integral to the growth of our business, as well as to the implementation of our strategies for expanding our business into new categories and markets. Our success depends on the value and reputation of our brands, which, in turn, depends on factors such as the quality, design, performance, functionality and durability of our products, the image of our DTC sales channels and retailer floor spaces, our communication activities, including advertising, social media and public relations, and our management of the consumer experience, including direct interfaces through support services. Maintaining, promoting and positioning our brands is important to expanding our consumer base and will depend largely on the success of our marketing and merchandising efforts and our ability to provide consistent, high-quality consumer experiences. We intend to continue making substantial investments in these areas in order to maintain and enhance our brands, and such investments may not be successful.

Ineffective marketing, negative publicity, product diversion to unauthorized distribution channels, product or manufacturing defects, product recalls, counterfeit products, unfair labor practices, failure to protect the intellectual property rights in our brands and detrimental acts by third parties are potential threats to the strength of our brands, and those and other factors could rapidly and severely diminish consumer confidence in us, which may materially and adversely affect our business, financial condition or results of operations. Additionally, the growing use of social media increases the speed with which information and opinions can be shared and the speed with which a company's reputation can be affected. If we fail to correct or mitigate misinformation or negative information, including information spread through social media or traditional media channels, about us, the products we offer, our consumer experience or any aspect of our brands, our business, financial condition and results of operations could be adversely impacted. Maintaining and enhancing the image of our brands in our current key markets, including North America, Europe and other select international markets, and in new markets where we currently may have limited brand recognition, is important to expanding our consumer base. If we are unable to maintain or enhance our brands in current or new markets, or if we fail to continue to successfully market and sell our products to our existing consumers or expand our consumer base, growth strategy, business, financial condition and results of operations could be harmed.

We also license certain of our brands and other product-related intellectual property to JS Global and certain affiliates of JS Global for use in certain markets, as well as the right for JS Global and certain affiliates of JS Global to independently manufacture and distribute products under those brands in such markets, and such licenses and other grants of rights may create additional exposure for those brands to issues related to product safety, quality and sustainability, among other concerns, including risks to our intellectual property and our reputation. If JS Global or its affiliates fail to comply with our quality standards and other controls, or otherwise breach the terms of an agreement with us, such failure or breach could materially and adversely affect our brands, business, financial condition and results of operations. Any dispute with JS Global or its affiliates could be complex, expensive and time-consuming.

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Additionally, independent third parties and consumers often review our products as well as those of our competitors. Perceptions of our product offerings in the marketplace may be significantly influenced by these reviews, which are disseminated via various media, including the internet. If reviews of our products or our brands are negative or less positive as compared to those of our competitors, our brands may be adversely affected and our business, financial condition and results of operations may be materially harmed.

***If we are unable to commercialize a continuing stream of new products and line extensions that create demand, our ability to compete in the marketplace may be materially and adversely impacted.***

Our strategy includes investment in new product development and a focus on innovation to enhance our product offerings. Our long-term success in the competitive retail environment depends on our ability to develop and commercialize a continuing stream of innovative new products and line extensions that create consumer demand. Our ability to quickly innovate in order to adapt our products to meet changing consumer demands is essential, especially in light of e-commerce significantly reducing the barriers for even small competitors to quickly introduce new brands and products directly to consumers, which may increase competition in our industry and has the potential to divert demand for our products to competitors. New product development and commercialization efforts, including efforts to enter markets or product categories in which we have limited or no prior experience, have inherent risks. These risks include the costs involved, such as development and commercialization, product development or launch delays and the failure of new products and line extensions to achieve anticipated levels of market acceptance or growth in sales or operating income. We also face the risk that our competitors will introduce innovative new products that compete with our products and thereby divert demand for our products to such competitors' products. In addition, sales generated by new products or line extensions could cause a decline in sales of our existing products. If new product development and commercialization efforts are not successful, our business, financial condition and results of operations could be adversely affected.

***Past growth may not be indicative of future growth.***

Historically, we have experienced sales growth mainly through organic market share gains, geographic expansion, technological innovation, new product offerings and increased consumer demand for our product lines. Our various business strategies and initiatives, including our growth initiatives, are subject to business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In the future, we may not be able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire new consumers, retain existing consumers or grow or maintain our share of our current key markets, including North America, Europe and other select international markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• penetrate new markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify and develop new products that meet the demand of rapidly evolving consumer expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generate sufficient cash flows to support expansion plans and general operating activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain financing for our growth initiatives, including acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify suitable acquisition candidates and successfully integrate acquired businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain favorable supplier, retailer and distributor arrangements and relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• manage an effective pricing strategy to meet changing consumer demands or preferences;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain our intellectual property to promote and sustain our growth in existing and new categories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain our omni-channel presence through our relationships with various online and retailers and distributors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain consumer satisfaction and retention; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify and divest assets that do not continue to create value consistent with our strategic or financial objectives.

If we are not able to manage these potential difficulties successfully in order to continue to compete in our markets and grow our business, financial condition and results of operations could be adversely affected.

***We may be unable to manage our future growth effectively, which could make it difficult to execute our business strategy.***

We have experienced rapid and consistent growth in our business operations and the scope and complexity of our business has increased substantially over the past several years. As a result, the number of our full-time employees increased from approximately 2,619 as of December 31, 2021, to approximately 4,143 as of December 31, 2025, and we have expanded our operations to include new supplier engagements. We have made, and expect to continue to make, significant investments in our research and development efforts and in our sales and marketing organizations, including with respect to future product offerings and accessories and to expand our operations and infrastructure both domestically and internationally. This growth has placed, and may continue to place, significant demands on our management, our personnel and our operational and financial infrastructure. For example, our consumers may increasingly rely on our support services to resolve any issues related to the use of our products and smart features. Providing a high-quality consumer experience is vital to our success in generating word-of-mouth and social media referrals to drive sales, maintain and expand our brand recognition and retain existing consumers. The importance of high-quality support services will increase as we continue to expand our business and introduce new and/or enhanced product offerings, especially if we face limited brand recognition in certain markets that leads to non-acceptance or delayed acceptance of our products by consumers. Our ability to manage our growth effectively and to integrate new employees, technologies and acquisitions into our existing business will require us to continue to expand our operational and financial infrastructure and to continue to retain, attract, train, motivate and manage employees. Continued growth could strain our ability to develop and improve our operational, financial and management controls, enhance our reporting systems and procedures, recruit, train and retain highly skilled personnel and maintain consumer satisfaction. Additionally, if we do not effectively manage the growth of our business and operations, the quality of our products could suffer, which could negatively affect our reputation, business, financial condition and results of operations, and our corporate culture may be harmed.

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***Our net sales and profits depend on the level of consumer spending on our products, which is sensitive to general economic conditions and other factors; during a downturn in the economy, consumer purchases of discretionary items may be adversely affected, which could materially harm our business, financial condition and results of operations.***

Our products are discretionary items for consumers. Therefore, the success of our business depends significantly on economic factors and trends in consumer spending. There are a number of factors that influence consumer spending, including actual and perceived economic conditions, consumer confidence, inflation levels, disposable consumer income, consumer credit availability, unemployment and tax rates in the markets where we sell our products. Consumers also have discretion as to where to spend their disposable income and may choose to purchase other products if we do not continue to provide authentic, compelling and high-quality products at appropriate price points. As global economic conditions continue to be volatile and economic uncertainty remains, trends in consumer discretionary spending also remain unpredictable and consumer spending levels may be subject to declines. Any of these factors could harm discretionary consumer spending, resulting in a reduction in demand for our products, decreased prices and harm to our business, financial condition and results of operations. Moreover, consumer purchases of discretionary items, such as our products, tend to decline during recessionary periods when disposable income is lower or during other periods of economic instability or uncertainty, which may adversely affect our net sales and profits and slow our growth. A downturn in the economies in markets in which we sell our products, particularly in the United States, may materially harm our sales, profitability and financial condition.

***Our growth depends, in part, on our continued penetration and expansion into new markets, and we may not be successful in doing so.***

We believe that our future growth depends not only on continuing to reach our current core demographic, but also continuing to penetrate and broaden our retailer, consumer and distribution bases, including through retail brick-and-mortar and online sales channels and our websites, in the United States and international markets. In these markets, we have faced, and may continue to face, challenges that are different from those we currently encounter, including competitive, merchandising, pricing, distribution, hiring, legal and regulatory and other difficulties, such as understanding and accurately predicting the demographics, preferences and purchasing habits of consumers in these new markets. We have encountered, and may continue to encounter, problems in our logistical operations, including our fulfillment and shipping functions, related to increased consumer demand for our products from online sales channels. We have also encountered, and may continue to encounter, difficulties in attracting consumers due to a lack of familiarity with, or acceptance of, our brands or a resistance to paying for our products, particularly in international markets. We continue to evaluate our marketing efforts and other strategies to expand our retailer, consumer and distribution bases in the United States and international markets. Our efforts to invest in sales and marketing activities to further penetrate newer geographies and product categories may not be successful. If we are not successful with such investments, our business, financial condition and results of operations may be harmed.

***Our business could be adversely affected if we fail to maintain product safety, quality and performance at an acceptable cost.***

In order to maintain and increase net sales, we must produce safe, high quality products at acceptable costs. If we are unable to maintain the safety, quality and performance of our products at acceptable costs, our brands, the market acceptance of our products and our results of operations may suffer. As we periodically update our products and incorporate new materials and technologies, we may encounter unanticipated issues with product safety, quality and performance or production and supply delays. Our product testing may not in all cases identify and address any product safety, quality or performance issues before we introduce products to market and unanticipated product safety, quality or performance issues may be identified after a product has been introduced and sold. As we continue to introduce new products and enhancements, we expect the costs associated with such products and enhancements will continue to increase.

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***We participate in highly competitive markets, and we may not be able to compete successfully, causing us to lose market share and sales.***

We compete for consumer acceptance and limited shelf space based upon brand recognition, perceived product quality, price, performance, product features and enhancements, product packaging and design innovation, as well as creative marketing, promotion and distribution strategies and new product introductions. Our ability to compete in these highly competitive markets may be adversely affected by a number of factors, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we compete against many well-established companies that may have substantially greater financial and other resources, including personnel and research and development, and greater overall market share than us, as well as established supplier, retailer and distributor relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in some key product categories, our competitors may have lower production costs and higher profit margins than us, which may enable them to compete more aggressively in offering retail discounts, rebates and other promotional incentives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our competitors have obtained, and may in the future be able to obtain, exclusivity or sole source at particular retailers and distributors or favorable in-store placement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technological advancements, product improvements or effective advertising campaigns by competitors may weaken consumer demand for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consumer preferences may change to lower or higher margin products or products other than those we market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may not be successful in the introduction, marketing and manufacturing of any new products, product innovations or line extensions or be able to develop and introduce, in a timely manner, innovations to our existing products that satisfy consumer needs or achieve market acceptance.

Some competitors may be willing to reduce prices and accept lower profit margins to compete with us. As a result of this competition, we could lose market share and sales or be forced to reduce our prices to meet competition. If our product offerings are unable to compete successfully, our business, financial condition and results of operations could be materially and adversely affected. In addition, we may be unable to implement changes to our products or otherwise adapt to changing consumer trends. If we are unable to respond to changing consumer trends, our business, financial condition and results of operations could be adversely affected.

***The pace of technological change continues to accelerate and our ability to react effectively to such change may present significant competitive risks.***

The pace of technological change is increasing at an exponential rate. To remain competitive, we must invest in developing tools and processes to improve the speed at which we are able to develop competitive products, including significant investment in the development and advancement of new technologies, such as artificial intelligence, data analytics, robotics, sensor technology, data storage, among others, as well as other technologies in the future that are not foreseen today. Failure to adapt or react effectively to such changes could adversely affect our business, financial condition and results of operations.

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***We rely principally on suppliers, and problems with, or loss of, our suppliers or an inability to obtain raw materials could harm our business, financial condition and results of operations.***

Our operation is highly dependent on our relationships with suppliers. We face the risk that these suppliers may not produce or deliver our products on a timely basis. We have experienced, and expect that we will continue to experience, operational difficulties and risk within our supply chain. These difficulties include reductions in the availability of production capacity, delays due to compliance with product specifications and regulatory and consumer requirements, failures to meet production deadlines, failure to meet our product quality standards, increases in costs of materials and manufacturing, operational impacts due to regional shutdowns, shipping and port disruptions, environmental impacts or other business interruptions. The ability of our suppliers to effectively satisfy our production requirements could also be impacted by financial difficulty or damage to their operations caused by fires, floods and other natural disasters, terrorist attacks, riots, geopolitical events, public health issues such as pandemics or epidemics or other events. The failure of any supplier to perform to our expectations could result in supply shortages or delays for certain products and harm our business, financial condition and results of operations. If we experience significantly increased demand, or if we need to replace an existing supplier due to lack of performance, we may be unable to supplement or replace our manufacturing capacity on a timely basis or on terms that are acceptable to us, which may increase our costs, reduce our margins and harm our ability to deliver our products on time or at a cost that is acceptable to retailers and consumers. For certain of our products, it may take a significant amount of time to identify and qualify a supplier that has the capability and resources to produce our products to our specifications in sufficient volume and satisfy our service and quality control standards.

The capacity of our suppliers to produce our products is also dependent upon the availability of raw materials. Our suppliers may not be able to obtain sufficient supply of raw materials, which could result in delays in deliveries of our products by our suppliers or increased costs. Any shortage of raw materials or inability of a supplier to produce or ship our products in a timely manner, or at all, could impair our ability to ship orders of our products in a cost-efficient, timely manner and could cause us to miss the delivery requirements of our retailers. As a result, we could experience cancellations of orders, refusals to accept deliveries or reductions in our prices and margins, any of which could harm our business, financial condition and results of operations.

Further, our new products may utilize customized components available from limited sources. When a component or product uses new technologies, initial capacity constraints may exist until the suppliers' yields have matured or manufacturing capacity has increased. Continued availability of these components or products at acceptable prices, or at all, may be affected for various reasons, including if those suppliers decide to concentrate on the production of common components and products instead of components and products customized to meet our requirements.

We have also entered into various supply agreements with JS Global and certain affiliates of JS Global. Our operational flexibility to modify or implement changes with respect to such services or the amounts we pay for them may be limited. If JS Global or its affiliates fails to provide the supply and sourcing services contemplated by such agreements, or otherwise breach the terms of such agreements, such failure or breach could materially and adversely affect our brands, business, financial condition and results of operations. Any dispute with JS Global or its affiliates could be complex, expensive and time-consuming.

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***We rely on a series of purchase orders with our suppliers. Some of these relationships are not exclusive, which means that these suppliers could produce similar products for our competitors.***

Although we typically have contractual agreements with our suppliers, we primarily rely on a series of purchase orders. Our suppliers have, and may in the future, raise prices, which would increase our costs and harm our margins. Our suppliers may breach these agreements, and we may not be able to enforce our rights under these agreements or may incur significant costs attempting to do so. As a result, we cannot predict with certainty our ability to obtain finished products in adequate quantities, of required quality and at acceptable prices from our suppliers in the future. Any one of these risks could harm our ability to deliver our products on time, or at all, damage our reputation and our relationships with our retailers, consumers and distributors and increase our product costs thereby reducing our margins.

In addition, not all of our arrangements with our suppliers are exclusive. As a result, our suppliers could produce similar products for our competitors, some of which could potentially purchase products in significantly greater volume. Further, suppliers subject to contractual exclusivity with us could choose to breach our agreements and work with our competitors. Our competitors could also enter into restrictive or exclusive arrangements with our suppliers that could impair or eliminate our access to manufacturing capacity or supplies, which could adversely affect our business, financial condition and results of operations.

***If we fail to timely and effectively obtain shipments of products from our suppliers and deliver products to our retailers, consumers and distributors, our business, financial condition and results of operations could be harmed.***

Our business depends on our ability to source and distribute products in a timely manner. We import most of our products and have been, and are, vulnerable to risks associated with products manufactured abroad, including, among other things, transportation and other delays in shipments, including as a result of labor disputes or shortages, heightened security screening, port congestion, container shortages and inspection processes or other port-of-entry limitations or restrictions in the countries in which we operate.

In addition, we rely upon independent land-based, ocean freight and air freight carriers for product shipments to our retailers and distributors, as well as consumers who purchase through our DTC sales channels. We may not be able to obtain sufficient freight capacity on a timely basis or at favorable shipping rates and, therefore, may not be able to receive products from suppliers or deliver products to retailers, consumers or distributors in a timely and cost-effective manner. Failure to procure our products from our suppliers and deliver our products to our retailers, consumers and distributors in a timely and cost-effective manner could damage our brands and harm our business, financial condition and results of operations.

***If we fail to maintain existing consumers and attract new consumers, or fail to do so in a cost-effective manner, we may not be able to increase sales.***

Our success depends, in part, on our ability to cost-effectively attract consumers to our products, retain our existing consumers and encourage these consumers to continue to utilize our products. We have made, and we expect that we will continue to make, significant investments in attracting new consumers, including through the use of corporate partnerships, product ambassadors, traditional, digital and social media, original infomercials and engagement in sponsorship initiatives. Marketing campaigns can be expensive and may not result in the cost-effective acquisition of consumers. We cannot guarantee that any increase in our consumer acquisition costs will result in any new consumer acquisitions or net sales growth. Inflation and rising product costs may also affect our ability to provide products in a cost-effective manner and hinder us from attracting new consumers.

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We spend significant amounts on advertising and other marketing campaigns, as well as increased promotional activities, to acquire new consumers, and we expect our marketing expenses to increase in the future as we continue to spend significant amounts to increase awareness of our brands and our products. For the years ended December 31, 2025, 2024 and 2023, our advertising expenses were $632.9 million, $585.3 million and $409.2 million, respectively, representing approximately 9.9%, 10.6% and 9.6% of our net sales, respectively. Our paid marketing initiatives include television and other advertising, search engine marketing, email, displays and dedicated in-store arrangements and social media marketing. For example, we actively market our products through television and buy search advertising through search engines, such as Google and Bing, major mobile application stores and social media platforms, such as Facebook, TikTok and Instagram, and use internal analytics and external vendors for bid optimization and channel strategy. Our non-paid advertising efforts include search engine optimization, non-paid social media and email marketing. Search engines frequently modify their search algorithms and these changes can cause our websites to receive less favorable placements, which could reduce the number of consumers who visit our websites or are directed to information about our products. The costs associated with advertising through search engines can also vary significantly from period to period and have generally increased over time. We may be unable to modify our strategies in response to any future search algorithm changes made by the search engines, which could require a change in the strategy we use to generate consumer traffic and drive consumer interactions. In addition, our websites must comply with search engine guidelines and policies, which are complex and may change at any time. If we fail to follow such guidelines and policies properly, search engines may rank our content lower in search results, penalize us or could remove our content altogether from their indices. Further, changes to third-party policies that limit our ability to deliver, target or measure the effectiveness of advertising, including changes by mobile operating system and browser providers such as Apple and Google, could reduce the effectiveness of our marketing, which may reduce consumer demand for our products and adversely affect our business, financial condition and results of operations.

We may fail to identify advertising opportunities that satisfy our anticipated return on advertising spend as we scale our investments in marketing or to fully understand or estimate the conditions and behaviors that drive consumer behavior. If any of our advertising campaigns prove less successful than anticipated in attracting consumers, we may not be able to recover our advertising spend and our net sales may fail to meet market expectations, either of which could have an adverse effect on our business, financial condition and results of operations. There can be no assurance that our advertising and other marketing efforts will result in increased sales of our products. If we are unable to attract new consumers, or fail to do so in a cost-effective manner, our growth could be slower than we expect, and our business, financial condition and results of operations may be harmed.

***If we are not successful in expanding our DTC sales channel by driving consumer traffic and consumer purchases through our infomercials and websites, our business, financial condition and results of operations could be harmed.***

We are currently investing in our DTC sales channels, primarily through our infomercials and websites, and our future growth relies, in part, on our ability to attract consumers through these channels, which requires significant expenditures in marketing and infrastructure. If we are unable to drive traffic to, and increase sales through, our infomercials and websites, our business, financial condition and results of operations could be harmed. The success of our DTC sales is subject to risks associated with the e-commerce marketplace, many of which are outside of our control. Our inability to adequately respond to these risks and uncertainties or to successfully maintain and expand our DTC business via our infomercials and websites may have an adverse impact on our business, financial condition and results of operations.

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***We have significant international operations and are exposed to risks associated with doing business globally.***

We sell and distribute our products in many key international markets in North America, Europe and elsewhere around the world. These activities have resulted, and will continue to result, in investments in inventory, accounts receivable, employees, corporate infrastructure and facilities. In addition, we rely on suppliers located outside of the United States. The operation of foreign distribution in our international markets, as well as the management of relationships with suppliers, will continue to require the dedication of management, our workforce and other resources.

As a result of this international business, we are exposed to increased risks inherent in conducting business outside of the United States. These risks include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse changes in foreign currency exchange rates can have a significant and adverse effect upon our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased difficulty in protecting our intellectual property rights and trade secrets, including litigation costs and the outcome of such litigation in jurisdictions outside the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased exposure to events that could impair our ability to operate internationally with third parties such as problems with such third parties' operations, finances, insolvency, labor relations, manufacturing capabilities, costs, insurance, natural disasters, public health emergencies or other catastrophic events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected legal or government action or changes in legal or regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in managing, growing and staffing international operations, including in countries in which foreign employees may become part of labor unions, employee representative bodies or collective bargaining agreements, and challenges relating to work stoppages or slowdowns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• social, economic or political instability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential negative consequences from changes to taxation or tariff policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased difficulty in ensuring compliance by employees, agents and contractors with our policies as well as with the laws of multiple jurisdictions, including, but not limited to, the U.S. Foreign Corrupt Practices Act (the "FCPA") and the U.K. Bribery Act 2010 (the "U.K. Bribery Act"), international environmental, health and safety laws and increasingly complex regulations relating to the conduct of international commerce, including import/export laws and regulations, economic sanctions laws and regulations and trade controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased exposure to cybersecurity risks in foreign jurisdictions that may materially and adversely affect our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased difficulty in controlling and monitoring foreign operations from the United States, including increased difficulty in identifying and recruiting qualified personnel for our foreign operations and maintaining appropriate protocols and guidelines for managing our foreign operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased exposure to interruptions in land, air carrier or vessel shipping services.

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We may not be able to penetrate or successfully operate in any foreign markets we have entered or may choose to enter. In addition, we may incur significant expenses as a result of our continued international expansion, and we may not be successful in converting those expenditures into increased consumer demand and sales. We may face limited brand recognition in certain parts of the world that could lead to non-acceptance or delayed acceptance of our products by consumers in new markets. We may also face challenges to acceptance of our products in new markets. Our failure to successfully manage these risks could harm our international operations and have an adverse effect on our business, financial condition and results of operations.

***Our results of operations could be materially harmed if we are unable to accurately forecast demand for our products and manage product inventory in an effective and efficient manner.***

To ensure adequate inventory supply for our various products, we must forecast inventory needs and place orders with our suppliers before firm orders are placed by our retailers, consumers and distributors. If we fail to accurately forecast consumer demand, we may experience excess inventory levels or a shortage of product to deliver to our retailers, consumers and distributors. Factors that could affect our ability to accurately forecast demand for our products include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase or decrease in consumer demand for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a failure to accurately forecast consumer acceptance for our new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product introductions by competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated changes in general market conditions or other factors, which may result in cancellations of advance orders or a reduction or increase in the rate of reorders or at-once orders placed by retailers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weakening of economic conditions or reduced consumer confidence in future economic conditions, which could reduce demand for discretionary items, such as our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainties and logistical challenges that accompany operations on a global scale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terrorist attacks or acts of war, or the threat thereof, riots, political or labor instability, civil unrest, geopolitical events, public health issues such as pandemics or epidemics, including the severity and transmission rates of new variants, which could adversely affect consumer confidence and spending or interrupt production and distribution of product and raw materials.

Inventory levels in excess of consumer demand may result in inventory write-downs or write-offs, and the sale of excess inventory at discounted prices or in less preferred distribution channels could impair the image of our brands and harm our gross margin. In addition, if we underestimate the demand for our products, our suppliers may not be able to produce products to meet our retailer requirements, and this could result in delays in the shipment of our products, thereby impacting our ability to recognize net sales, generate lost sales and cause damage to our reputation and relationships with our retailers, consumers and distributors.

Challenges in forecasting demand due to changes in the market can also make it difficult to estimate future results of operations and financial conditions from period to period. A failure to accurately predict the level of demand for our products or manage product inventory in an effective and efficient manner could adversely impact our business, financial condition and results of operations.

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***Our results of operations have been and may continue to be adversely affected by inflation, changes in the cost or availability of raw materials, energy, transportation and other necessary supplies and services.***

We are currently experiencing inflationary pressures on our operating costs. Among other things, competition for labor is becoming more acute, and we have experienced, and may continue to experience, increased labor costs as a result. In addition, we have experienced, and may continue to experience, increased costs from suppliers and for the transportation of our products, including shipping supplies. We also have experienced, and may continue to experience, increased costs for, and limited availability of, warehouse space. There is no assurance that we will be able to fully offset any cost increases through cost reduction programs or price increases of our products, especially given the competitive environment. If we are not able to sufficiently increase our pricing to offset these increased costs or if increased costs and prolonged inflation continue, it could materially and adversely affect our business, financial condition and results of operations. Sustained price increases may lead to declines in demand volume as competitors may not adjust their prices or consumers may decide not to pay the higher prices, which could lead to sales declines and loss of market share. While we seek to project tradeoffs between price increases and volume, our projections may not accurately predict the volume impact of price increases. In addition, volatility in certain commodity markets could significantly affect our manufacturing costs, which may result in reduced profitability.

In addition, our success is dependent, in part, on our continued ability to reduce our exposure to, or mitigate the impact of, increases in the cost of raw materials, finished goods, energy, transportation and other necessary supplies and services through a variety of programs, including future delivery purchases, long-term contracts and sales price adjustments, while maintaining and improving margins and market share. Also, we rely on suppliers to manufacture our products. These suppliers are also subject to price volatility, labor costs and other inflationary pressures, which may, in turn, result in an increase in the amount we pay for sourced products. During periods of rising prices of raw materials, there can be no assurance that we will be able to pass any portion of such increases onto consumers. Conversely, when raw material prices decline, consumer demands for lower prices could result in lower sale prices and, to the extent we have existing inventory, lower margins. As a result, fluctuations in raw material prices could have a material adverse effect on our business, financial condition and results of operations.

Some of the products we manufacture require particular types of glass, metal, paper, plastic, resin, wood, electronics or other materials. Lead times for these items vary significantly and are increasing in light of global shortages of critical components, including semi-conductors. Supply shortages for a particular type of material can delay production or cause increases in the cost of manufacturing our products. Pricing and availability of finished goods, raw materials, energy, transportation and other necessary supplies and services can be volatile due to numerous factors beyond our control, including general, domestic and international economic conditions, supply chain issues, natural disasters, labor costs, production levels, competition, consumer demand, import duties and tariffs, currency exchange rates, international treaties and changes in laws, regulations and related interpretations.

***We rely substantially on our retailers and distributors.***

We have established comprehensive and integrated global retail and distribution networks. In many cases, we sell our products to our retailers or distributors who then in turn sell our products, directly or indirectly, to our consumers. As of December 31, 2025, we had relationships with over 180 retailers and distributors globally. Purchases are normally made through the use of individual purchase orders by our retailers and distributors. Any significant reduction in purchases, failure to obtain anticipated orders or delays or cancellations of orders by any of these major retailers or distributors, or significant pressure to reduce prices from any of these major retailers or distributors, could have a material adverse effect on our business, financial condition and results of operations. Factors that could affect our ability to maintain or expand our sales to these third parties include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to accurately identify the needs of our consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a lack of consumer acceptance of new products or enhancements to existing products;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unwillingness of our key retailers and consumers to attribute value to our new or existing products relative to competing products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to obtain shelf space from our retailers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new, well-received product introductions by competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage to our relationships with key retailers and distributors due to brand or reputational harm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays or defaults on our retailers' or distributors' payment obligations to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• store closures, decreased foot traffic, recessionary pressures, adverse economic or market conditions or other adverse effects, including public health crises such as pandemics or epidemics.

We cannot ensure that our current retailers and distributors will continue to carry our current products, carry any new products that we develop, display our products in attractive spaces in their stores and e-commerce platforms, train their sales personnel to sell our products, or continue to operate. If we lose any of our key retailers or distributors or any key retailer reduces its purchases of our existing or new products or promotes products of our competitors over ours, our sales would be harmed. Additionally, a significant deterioration in the financial condition of the retail industry in general could have a material adverse effect on our business, financial condition and results of operations.

Additionally, as a result of the consolidation of retailers that has occurred during the past several years, particularly in the United States and Europe, and consumer trends toward national mass retailers, we have seen and may continue to see an increase in the concentration of our sales that are attributable to a limited group of retailers. As these retailers grow larger and become more sophisticated, they may demand lower pricing, special packaging or impose other requirements on us, our distributors and suppliers. Because of the importance of these key retailers, demands for price reductions or promotions, reductions in their purchases, changes in their financial condition or loss of their accounts could have a material adverse effect on our business, financial condition and results of operations. Our success is dependent, in part, on our ability to effectively manage our retailer relationships, including offering mutually acceptable trade terms.

***Use of social media and influencers may materially and adversely affect our reputation, business, financial condition and results of operations.***

We use third-party social media platforms as marketing tools, among other things. For example, we maintain Instagram, TikTok, Facebook, Twitter, YouTube and Pinterest accounts, as well as our own content on our websites. We maintain relationships with many influencers and engage in sponsorship initiatives. As existing e-commerce and social media platforms continue to rapidly evolve, new platforms develop and new influencers emerge, we must continue to maintain a presence on these platforms and establish presences on new or emerging popular social media platforms and with new or emerging influencers. If we are unable to cost-effectively use social media platforms and influencers as marketing tools, if the social media platforms we use do not evolve quickly enough for us to fully optimize such platforms or if the influencers we use lose their following, our ability to acquire new consumers and our business, financial condition and results of operations may suffer as a result.

Negative commentary regarding us, our products or influencers and other third parties who are affiliated with us may also be posted on social media platforms and may be adverse to our reputation or business. Influencers with whom we maintain relationships could engage in behavior or use their platforms to communicate directly with our consumers in a manner that reflects poorly on our brands and may be attributed to us or otherwise adversely

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affect us. It is not possible to prevent such behavior, and the precautions we take to detect this activity may not be effective in all cases.

In addition, an increase in the use of social media for marketing may increase our burden to monitor compliance of such materials and increase the risk that such materials could contain problematic product or marketing claims in violation of applicable regulations. For example, the Federal Trade Commission (the "FTC") can seek enforcement action where an endorsement has failed to clearly and conspicuously disclose a material relationship between an influencer and an advertiser. We generally require influencers to comply with the FTC regulations and regularly monitor what our influencers post. Nevertheless, if they fail to comply with these regulations and we are held responsible for the content of their posts, we could be forced to alter our practices, among other things, which could have a material adverse effect on our business, financial condition and results of operations.

Furthermore, as laws and regulations rapidly evolve to govern the use of these social media platforms, the failure by us, our employees, our network of influencers or third parties acting at our direction (including retailers and distributors) to abide by the evolving applicable laws and regulations in the use of these platforms or otherwise could subject us to regulatory investigations, class action lawsuits, liability, fines or other penalties and have a material adverse effect on our business, financial condition and results of operations.

***Insolvency, credit problems or other financial difficulties that could confront our retailers and distributors could expose us to financial risk.***

We are exposed to credit risk primarily on our accounts receivable. We provide credit to our retailers and distributors in the ordinary course of our business and perform ongoing credit evaluations. The majority of our accounts receivable with our retailers and distributors are unsecured and we run the risk of our retailers and distributors not being able to meet their payment obligations, particularly in a future economic downturn. Insolvency, credit problems or other financial difficulties confronting our retailers or distributors could expose us to financial risk. These actions could expose us to risks if our retailers or distributors are unable to pay for the products they purchase from us. Financial difficulties of our retailers could also cause them to reduce their sales staff, use of attractive displays, number or size of stores and the amount of shelf space dedicated to our products. Any reduction in sales by, or loss of, our current retailers or distributors, or consumer demand or credit risks associated with our retailers or distributors could harm our business, financial condition and results of operations.

***If our suppliers, retailers and distributors do not comply with ethical business practices or with applicable laws and regulations, our reputation, business, financial condition and results of operations could be harmed.***

Our reputation and our consumers' willingness to purchase our products depend in part on the compliance of our suppliers, retailers and distributors with ethical employment practices, such as with respect to child labor, wages and benefits, forced labor, discrimination, safe and healthy working conditions and with all legal and regulatory requirements relating to the conduct of their businesses. We cannot control our suppliers, retailers and distributors and cannot guarantee their compliance with ethical and lawful business practices. If our suppliers, retailers or distributors fail to comply with applicable laws, regulations, safety codes, employment practices, human rights standards, quality standards, environmental standards, production practices or other obligations, norms or ethical standards, our reputation and brand image could be harmed, and we could be exposed to litigation, regulatory proceedings, liability or additional costs that may harm our reputation, business, financial condition and results of operations.

The United States and various foreign governments recently have adopted measures to oppose the use of forced labor. Governments, including the U.S. government, also have imposed sanctions and export control restrictions with respect to entities that are deemed to have engaged in, or supported the use of, forced labor. We have strong policies against the use of forced labor and do not tolerate this practice within our company or by our suppliers. While we do not expect that our operations will be directly impacted by any government measures

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targeting forced labor, it is possible that customs authorities could detain shipments of goods based on concerns over the possible use of forced labor, resulting in delays, litigation, damages and reputational harm. Likewise, we cannot rule out the possibility that in the future one of our suppliers could be named to a sanctions or restricted party list, such as the U.S. Department of Commerce's Bureau of Industry and Security Entity List, based on concerns over forced labor, with similar negative effects on our reputation, business, financial condition and results of operations.

***Changes in consumer shopping trends and changes in distribution channels could significantly harm our business.***

We sell our products through a variety of trade channels with a significant portion dependent upon retail partnerships, through both traditional brick-and-mortar retail channels and e-commerce channels. We are seeing the emergence of strong e-commerce channels generating more online competition and declining in-store traffic in brick-and-mortar retailers. Consumer shopping preferences have shifted, and may continue to shift in the future, to distribution channels other than traditional retail, such as e-commerce channels. If we are not successful in adopting and utilizing e-commerce channels that future consumers may prefer, we may experience lower than expected net sales.

We are also seeing more traditional brick-and-mortar retailers closing physical stores and filing for bankruptcy, which could negatively impact our distribution strategies and/or sales if such retailers decide to significantly reduce their inventory levels for our products or to designate more shelf space to our competitors. Further consolidation, store closures and bankruptcies of retailers could have a material adverse effect on our business, financial condition and results of operations.

***We are subject to many hazards and operational risks that can disrupt our business, some of which may not be insured or fully covered by insurance.***

Our operations are subject to many hazards and operational risks inherent to our business, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product recall; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage to third parties (e.g., our suppliers, retailers, distributors and fulfillment and shipping providers), our infrastructure or our properties caused by fires, floods and other natural disasters, power losses, telecommunications failures, terrorist attacks, riots, cyberattacks, geopolitical events, public health issues such as pandemics or epidemics, human errors and similar events.

Our insurance coverage may be inadequate to cover our liabilities related to such hazards or operational risks. In addition, we may not be able to maintain adequate insurance in the future at rates we consider reasonable and commercially justifiable, and insurance may not continue to be available on terms as favorable as our current arrangements. The occurrence of a significant uninsured claim or a claim in excess of the insurance coverage limits maintained by us could harm our business, financial condition and results of operations.

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***Our reputation and profitability have been and may continue to be adversely affected if our products are counterfeited or imitated in the market.***

Our products have been and may continue to be counterfeited in the market, such as through unauthorized imitation, replication of our design, infringement of trademarks or labeling by third parties, which have affected and may continue to affect our reputation and profitability. We are not currently aware of any substantial counterfeiting of our products. We monitor any unauthorized use of our registered designs and trademarks, counterfeiting or imitation of our products to help ensure that our intellectual property rights are protected. However, we cannot assure you that counterfeiting and imitation will not continue to occur, or if it does continue to occur, that we would be able to detect and address the problem effectively. A significant presence of counterfeit products in the market could have a negative impact on the value and image of our brands, lead to loss of consumer confidence in our brands and materially and adversely affect our business, financial condition and results of operations.

***We are subject to payment-related risks that may result in higher operating costs or the inability to process payments, either of which could harm our business, financial condition and results of operations.***

For our DTC sales, as well as for sales to certain retailers, we accept a variety of payment methods, including credit cards, buy-now-pay-later and certain other financing services, electronic funds transfers and electronic payment systems. Accordingly, we are, and will continue to be, subject to significant and evolving regulations and compliance requirements, including obligations to implement enhanced authentication processes that could result in increased costs and liability and reduce the ease of use of certain payment methods. For certain payment methods, including credit and debit cards, as well as electronic payment systems, we pay interchange and other fees, which may increase over time. We rely on independent service providers for payment processing, including credit and debit cards. If these independent service providers become unwilling or unable to provide these services to us, or if the cost of using these providers increases, our business could be harmed. We and our payment processing providers are also subject to payment card association operating rules and agreements, including data security rules and agreements, certification requirements and rules governing electronic funds transfers, which could change or be reinterpreted to make it difficult or impossible for us to comply. If we fail to comply with these rules or requirements, or if our data security systems are breached or compromised, we may be liable for losses incurred by card issuing banks or consumers, subject to fines and higher transaction fees, lose our ability to accept credit or debit card payments from our consumers or process electronic fund transfers or facilitate other types of payments. Any failure to comply could significantly harm our business, financial condition and results of operations.

***The failure of any bank in which we deposit our funds could have an adverse effect on our business, financial condition and results of operations.***

We currently have cash and cash equivalents deposited in several financial institutions in the United States significantly in excess of federally insured levels. If any of the financial institutions in which we have deposited funds ultimately fails, we may lose our deposits over $250,000 at such financial institutions, and/or we may be required to move our accounts to another financial institution, which could cause operational difficulties, such as delays in making payments to third parties, which could have an adverse effect on our business, financial condition and results of operations.

***Our sales and results of operations are subject to seasonal and quarterly variations.***

We believe that our sales and results of operations are subject to seasonal fluctuations. We expect our net sales to be highest in our third and fourth quarters as a result of holiday shipments. Our sales are subject to fluctuations in retailer buying patterns as they manage their own inventory levels based on evolving strategies and trends. In addition, due to our more recent, and therefore more limited, experience with beauty and outdoor cooking products and accessories, we are continuing to analyze the seasonality of these products. We expect that this seasonality will continue to be a factor in our results of operations and sales.

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Our annual and quarterly results of operations may also fluctuate significantly as a result of a variety of other factors, including, among other things, the timing of the introduction of, and advertising for, our new products and those of our competitors, changes in our product mix and the shifting dynamics of retailer and distributor trade inventories in products viewed as seasonal in nature.

As a result of these seasonal and quarterly fluctuations, we believe that comparisons of our operational results between different quarters within a single fiscal year or across different fiscal years are not necessarily meaningful and that these comparisons cannot be relied upon as indicators of our future performance. In the event that any seasonal or quarterly fluctuations in our net sales and results of operations result in our failure to meet our forecasts or the forecasts of the research analysts that may cover us in the future, the market price of our ordinary shares could fluctuate or decline.

***Conflicts with our retailers could harm our business and operating results.***

The expansion of our DTC sales channels could alienate some of our retailers and cause a reduction in product sales from these retailers. Retailers may perceive themselves to be at a disadvantage based on the DTC sales offered through our websites and infomercials. Due to these and other factors, conflicts in our sales channels could arise and cause retailers to divert resources away from the promotion and sale of our products. Any of these situations could adversely impact our business, financial condition and results of operations.

***We may be unable to generate anticipated cost savings, successfully implement our strategies or efficiently manage our supply chain and manufacturing processes, and our business, financial condition and results of operations could suffer as a result.***

We continue to work with our suppliers to implement plans to improve our competitive position by reducing material costs and manufacturing inefficiencies and realizing productivity gains and distribution and supply chain efficiencies. If we cannot successfully implement our cost savings plans or offset the cost of making these changes, we may not realize all anticipated benefits, which could adversely affect our business, financial condition and results of operations or our long-term strategies. We also continue to penetrate new markets and introduce new products and line extensions. We may fail to implement these goals and strategies or to achieve the desired results and we may fail to achieve one or more of our financial goals.

We expect to continue to restructure our operations as necessary to improve operational efficiency, including occasionally opening or closing offices or facilities. Gaining additional efficiencies may become increasingly difficult over time. There may be one-time and other costs and negative impacts on sales growth relating to facility closures or other restructurings and anticipated cost savings. Our strategies may not be implemented or may fail to achieve desired results. If we are unable to generate anticipated cost savings, successfully implement our strategies or efficiently manage our supply chain and manufacturing processes, our results of operations could suffer. These plans and strategies could also have a negative impact on our relationships with suppliers, retailers, employees or consumers, which could also adversely affect our business, financial condition and results of operations.

***We may acquire or invest in other companies, which could divert our management's attention, result in dilution to our shareholders and otherwise disrupt our operations and harm our business, financial condition and results of operations.***

We may acquire or invest in businesses, products or technologies that we believe could complement or expand our business, enhance our capabilities or otherwise offer growth opportunities. The pursuit of potential acquisitions may divert the attention of management and cause us to incur various costs and expenses in identifying, investigating and pursuing suitable acquisitions, whether or not they are consummated.

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In any such acquisitions, we may not be able to successfully integrate acquired personnel, operations and technologies or effectively manage the combined business following the acquisition. We also may not achieve the anticipated benefits from future acquisitions due to a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an inability to integrate or benefit from acquisitions in a profitable manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated costs or liabilities associated with the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the incurrence of acquisition-related costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the diversion of management's attention from other business concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of our or the acquired business' key employees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuance of dilutive equity securities, the incurrence of debt or the use of cash to fund such acquisitions.

In addition, a significant portion of the purchase price of companies we acquire may be allocated to acquired goodwill and other intangible assets, which must be assessed for impairment at least annually. In the future, if our acquisitions do not yield expected returns, we may be required to take charges to our results of operations based on this impairment assessment process, which could harm our results of operations.

Further, in connection with business acquisitions, we may assume certain potential liabilities. To the extent such liabilities are not identified by us or to the extent the indemnifications obtained from third parties are insufficient to cover such liabilities, these liabilities could have a material adverse effect on our business, financial condition and results of operations.

***As a result of retailers maintaining tighter inventory control, we face risks related to meeting demand and storing inventory.***

As a result of the desire of retailers to more closely manage inventory levels, there is a growing trend among them to purchase products on a "just-in-time" basis, which will put greater demands on warehouse labor and carrier compliance as we compress shipping windows. Due to a number of factors, including manufacturing lead-times, seasonal purchasing patterns and the potential for material price increases, we may be required to shorten our lead-time for production and more closely anticipate our retailers' and consumers' demands, which could in the future require us to carry additional inventories and increase our working capital and related financing requirements. This may increase the cost of warehousing inventory, result in excess inventory becoming difficult to manage, unusable or obsolete or require inventory deviations or substitutions. In addition, if our retailers significantly change their inventory management strategies, we may encounter difficulties in filling consumer orders resulting in chargebacks or liquidating excess inventories or we may find that retailers and consumers are cancelling orders or returning products, which may have a material adverse effect on our business, financial condition and results of operations.

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***We depend on highly skilled personnel, and if we are unable to recruit, hire, integrate, train and retain our personnel, we may not be able to address competitive challenges.***

Our future success will depend upon our continued ability to recruit, hire, integrate, train and retain highly skilled personnel, including senior management, engineers, product designers, finance and legal personnel and support service professionals. Our workplace is fast-paced and intensely dedicated to delivering on our mission of positively impacting people's lives, every day in every home. This focus and obsession to win requires a unique mindset. Competition for highly skilled personnel is intense. We compete with many other companies for engineers and product designers with meaningful experience in designing, developing and managing products and software, as well as for skilled marketing, operations and support service professionals, and we may not be successful in attracting and retaining the professionals we need. We may need to invest significant amounts of cash and equity to attract and retain new and highly skilled employees, and may never realize returns on these investments. If we are not able to effectively recruit, hire, train, integrate and retain employees, our ability to achieve our strategic objectives may be adversely impacted and our business, financial condition and results of operations may be harmed.

In addition to hiring and integrating new employees, we must continue to focus on retaining our key employees who foster and promote our innovative corporate culture. Our future performance depends on the continued services and contributions of our Chief Executive Officer, Mr. Barrocas, who is critical to the development of our business and growth strategy, in addition to other key employees to execute on our business plan and to identify and pursue new opportunities and solutions. The failure to properly develop or manage succession plans or develop leadership talent or the loss of services of key employees could significantly delay or prevent the achievement of our strategic objectives. From time to time, there have been and may continue be changes in our senior management team resulting from the hiring or departure of executives, which could disrupt our business. We do not have employment agreements with our executive officers or other key personnel that require them to continue to work for us for any specified period; therefore, they could terminate their employment with us at any time. We also do not have key person insurance on the life of any of our executive officers or other key personnel. The loss of one or more of our key employees (including any limitation on the performance of their duties or short-term or long-term absences as a result of illness or other factors) could adversely affect our business, financial condition and results of operations.

**Risks Related to Intellectual Property, Information Technology and Data Privacy**

***Claims by third parties that we are infringing their intellectual property and other litigation could adversely affect our business.***

From time to time we have been, and expect we will continue to be, subject to claims that we are infringing the patents and other intellectual property of others, and it is possible that third parties will assert infringement, misappropriation, unfair competition or similar claims against us in the future. An adverse finding against us in these or similar patent or other intellectual property litigation or disputes may have a material adverse effect on our business, financial condition and results of operations. Any such claims, with or without merit, could be time consuming and expensive and may require us to incur substantial costs, including the diversion of the resources of management and technical personnel, cause product delays or require us to redesign our products or enter into licensing or other agreements in order to secure continued access to necessary or desirable intellectual property. If we are deemed to be infringing or otherwise violating a third party's intellectual property and are unable to continue using that intellectual property as we had been, our business and results of operations could be harmed if we are unable to successfully develop non-infringing alternative products or features on a timely basis or license non-infringing alternatives or substitutes, if any exist, on commercially reasonable terms. In addition, an unfavorable ruling in intellectual property litigation could subject us to significant liability, as well as require us to cease developing, manufacturing or selling the affected products or using the affected processes or product feature. Any significant restriction on our proprietary or licensed intellectual property or operations that impedes our ability to

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develop and commercialize our products could have a material adverse effect on our business, financial condition and results of operations.

***If we fail to adequately protect our intellectual property rights, competitors may manufacture and market similar products, which could adversely affect our market share and results of operations.***

Our success with our proprietary products depends, in part, on our ability to protect our current and future technologies and products and to defend our intellectual property rights, including our patent, trade secret, copyright and trademark rights. If we fail to adequately protect our intellectual property rights, competitors may manufacture and market similar products, which may reduce consumer demand for our products and adversely affect our business, financial condition and results of operations.

We hold numerous design and utility patents, in numerous jurisdictions, that cover a wide variety of products and processes. We cannot be certain that we will receive patents for any of our patent applications or that any existing or future patents that we receive or license will provide competitive advantages for our products. We also cannot be sure that competitors will not challenge and potentially invalidate any existing or future patents that we receive or license. In addition, patent rights may not prevent competitors from developing, using or selling products that are similar or functionally equivalent to our products.

***A cybersecurity breach or failure of one or more key information technology systems could have a material adverse effect on our business or reputation.***

We rely extensively on information technology ("IT") systems, networks and services, including internet sites, data hosting and processing facilities and tools and other hardware, software and technical applications and platforms, some of which are managed, hosted, provided and/or used by third parties or their vendors, to assist in conducting our business. Disruption or failures of our IT systems could have a material adverse effect on our business.

Our IT systems have been, and will likely continue to be, subject to security breaches, operational data loss, general disruptions in functionality, computer viruses or other malicious codes, unauthorized access attempts, phishing and other cyberattacks. We continue to assess potential threats and make investments seeking to address and prevent these threats, including monitoring of our networks and systems using an artificial intelligence-based detection and automated response platform, and upgrading skills, employee training and security policies for us and our third-party providers. However, because the techniques used in these cyberattacks change frequently (including the used of artificial intelligence to execute sophisticated attacks) and may be difficult to detect for periods of time, we may face difficulties in anticipating and implementing adequate preventative measures. To date, we have seen no material impact on our business or operations from these attacks; however, we cannot guarantee that our security efforts will prevent breaches or breakdowns to our or our third-party providers' databases or systems or that such breaches or breakdowns will not have a material adverse impact on our business, financial condition and results of operations. If the IT systems, networks or service providers we rely upon fail to function properly or if we or one of our third-party providers suffer a loss, significant unavailability of or disclosure of our business or stakeholder information and our business continuity plans do not effectively address these failures on a timely basis, we may be exposed to reputational, competitive and business harm as well as litigation and regulatory action, including administrative fines. The costs and operational consequences of responding to breaches and implementing remediation measures could be significant.

***We may not be able to enforce our intellectual property rights throughout the world.***

We may be required to protect our proprietary technology in an increasing number of jurisdictions, a process that is expensive and may not be successful or which we may not pursue in every location due to costs, complexities or other reasons. Filing, prosecuting, maintaining, defending and enforcing patents and other intellectual property rights on our products and technologies in all countries throughout the world would be

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prohibitively expensive and our intellectual property rights in some countries outside the United States can be less extensive than those in the United States. Competitors may use our technologies in jurisdictions where we have not obtained patent protection or other intellectual property rights to develop their own products and technologies and, further, may export otherwise infringing, misappropriating or violating products and technologies to territories where we do not have patent or other intellectual property protection or we do have such protection but enforcement is not as strong as that in the United States. These products and technologies may compete with our products and technologies, and our intellectual property rights may not be effective or sufficient to prevent them from competing.

In addition, the laws of some foreign countries do not protect proprietary rights to the same extent as the laws of the United States, and many companies have encountered significant challenges in establishing and enforcing their proprietary rights outside of the United States. For example, we maintain operations in China, where third parties manufacture a majority of our products, and we currently sell our products and manage operations in multiple additional jurisdictions outside of the United States. Subject to contractual confidentiality obligations, we are required to share significant product design and manufacturing information and materials with third parties necessary for the design and manufacture of our products. We cannot be sure that our data or intellectual property will not be compromised through cyber-intrusion, theft or other means, particularly when the data or intellectual property is held by partners in foreign jurisdictions. Should our intellectual property be compromised, it may be difficult to enforce our rights in China and other foreign jurisdictions in which we operate, which could harm our business, financial condition and results of operations.

These challenges can be caused by the absence or inconsistency of the application of rules and methods for the establishment and enforcement of intellectual property rights outside of the United States. In addition, the legal systems of some countries, particularly developing countries, may not favor or facilitate the enforcement of intellectual property protection. This could make it difficult for us to stop the infringement, misappropriation or other violation of our intellectual property rights. Accordingly, we may choose not to seek protection in certain countries, and we will not have the benefit of protection in such countries. Proceedings to enforce our intellectual property rights in foreign jurisdictions could result in substantial costs and divert our efforts and the attention of our management from other aspects of our business. Accordingly, our efforts to protect our intellectual property rights in such countries may be inadequate. In addition, changes in the law and legal decisions by courts in the United States and foreign countries may affect our ability to obtain adequate protection for our products and technologies and the enforcement of intellectual property rights. Any of the foregoing could have a material adverse effect on our competitive position, business, financial condition and results of operations.

***If we are unable to protect the confidentiality of our proprietary information and know-how, the value of our technology and products could be harmed significantly.***

We rely on trade secrets, know-how and other proprietary information in operating our business. If this information is not adequately protected, then it may be disclosed or used in an unauthorized manner. To the extent that consultants, key employees or other third parties apply technological information independently developed by them or by others to our proposed products, disputes may arise as to the proprietary rights to such information, which may not be resolved in our favor. Litigation may be necessary to defend against these claims. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to our management. In addition, while it is our policy to require certain of our employees, suppliers, consultants, advisors and independent contractors who may be involved in the conception or development of intellectual property rights for us to execute agreements assigning such intellectual property rights to us, we cannot guarantee that we have entered into such agreements with each party that may have developed intellectual property rights for us. Individuals involved in the development of intellectual property rights for us may make adverse ownership claims to our current and future intellectual property rights, which may compromise our ability to pursue commercial objectives that utilize our intellectual property assets. The assignment of intellectual property rights in agreements entered into by individuals involved in the development of intellectual property rights for us may not be self-executing, or the assignment agreements otherwise may be insufficient or breached, and we may not be able to

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obtain adequate remedies for such breaches. We may be forced to bring claims against third parties or defend claims that they may bring against us, to determine the ownership of what we regard as our intellectual property rights. Additionally, to the extent that our employees, independent contractors or other third parties with whom we do business use intellectual property rights owned by others in their work for us, disputes may arise as to the rights in related or resulting know-how and inventions. Any of the foregoing could have a material adverse effect on our competitive position, business, financial condition and results of operations.

The risk that other parties may breach confidentiality agreements or that our trade secrets become known or independently discovered by competitors could harm us by enabling our competitors, who may have greater experience and financial resources, to copy or use our trade secrets and other proprietary information in the advancement of their products, methods or technologies. The unauthorized use or disclosure of our trade secrets would impair our competitive position, thereby weakening demand for our products and harming our ability to maintain or increase our consumer base.

***We are subject to data security and privacy risks that could negatively affect our reputation, business, financial condition and results of operations.***

In addition to our own sensitive and proprietary business information, we handle transactional and personal information about our employees, consumers, suppliers and retailers. Hackers and data thieves are increasingly sophisticated and operate social engineering, such as phishing and large-scale, complex automated attacks that can evade detection for long periods of time. Our systems also may depend, directly or indirectly, on networks or systems developed by third parties (such as open source libraries, web hosting facilities or vendor software) and we may have limited visibility into the robustness of the security practices followed during design, development or remediation of third party networks or systems. Any breach of our or our service providers' network or other vendor systems, may result in the loss of confidential business and financial data, misappropriation of our consumers', users' or employees' personal information or a disruption of our business. Any of these outcomes could have a material adverse effect on our business, including unwanted media attention, impairment of our consumer and retailer relationships and damage to our reputation, resulting in lost sales and consumers, fines, lawsuits or significant legal and remediation expenses. We also may need to expend significant resources to protect against, respond to and/or redress problems caused by any breach. Moreover, we have outsourced certain technology services and administrative functions to third-party service providers and may outsource additional functions in the future. If these service providers do not perform effectively or experience failures, we may experience similar issues depending on the function involved.

In addition, as a global company, we are subject to global privacy and data security laws, regulations and codes of conduct that apply to our various business units. These laws and regulations may be inconsistent across jurisdictions and are subject to evolving and differing interpretations. Government regulators, privacy advocates and class action attorneys are increasingly scrutinizing how companies collect, process, use, store, share and transmit personal data. This increased scrutiny may result in new interpretations of existing laws, thereby further impacting our business.

New and emerging global and local laws on privacy, data and related technologies, as well as industry self-regulatory codes, are creating new compliance obligations and expanding the scope of potential liability, either jointly or severally with our retailers and suppliers. These new and emerging laws, regulations and codes may affect our ability to reach current and prospective consumers, to respond to consumer requests under the laws (such as individual rights of access, correction and deletion of their personal information) and to implement our business models effectively. The costs of compliance or failure to comply with such laws, regulations, codes of conduct and expectations could have a material adverse effect on our business, financial condition and results of operations. Misuse of or failure to secure personal information could also result in violation of data privacy laws and regulations, investigations or proceedings against us by governmental entities or others, damage to our reputation and credibility and could have a negative impact on net sales and profits.

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For example, the European Union adopted the General Data Protection Regulation (the "GDPR"), which became effective on May 25, 2018, and has been transposed into the national laws of the United Kingdom (the "U.K. GDPR") following the exit of the United Kingdom from the European Union in a currently substantially unvaried form which is likely to be subject to divergence from the GDPR over time. While the United States does not have a federal privacy law yet, California passed the California Consumer Privacy Act, which took effect in 2020 and was amended by the California Privacy Rights Act, which became effective on January 1, 2023 (the "CCPA"). Many other states have also passed state privacy laws imposing new regulatory requirements, some of which have become effective and others we expect to become effective in the near term. These laws impose additional obligations on companies such as ours regarding the handling of personal data and provide certain individual privacy rights to persons whose data is processed or stored. Compliance with existing, proposed and recently enacted laws (including implementation of the privacy and process enhancements called for under GDPR, U.K. GDPR and U.S. state privacy laws like the CCPA) and regulations can be costly. In particular, GDPR and U.K. GDPR can each trigger similar and separate administrative fines for noncompliance up to €20 million (£17.5 million) or 4% of annual global revenue, whichever is higher.

We are also subject to evolving European Union and U.K. privacy laws on cookies and e-marketing. In the European Union and the United Kingdom, regulators are increasingly focusing on compliance with requirements in the online behavioral advertising ecosystem. The European Commission announced its intention to withdraw the proposed ePrivacy Regulation in February 2025. As a result, existing requirements under the EU ePrivacy Directive (as implemented by EU Member States), the U.K.'s PECR, and related guidance and enforcement activity remain applicable, and may continue to evolve. More recently, the European Commission has proposed reforms (including as part of its "Digital Omnibus" proposals) that would, among other things, seek to modify the EU cookie and tracking-technology framework, but these proposals remain subject to the EU legislative process. Recent guidance and case law in the European Union and the United Kingdom require opt-in, informed consent for the placement of a cookie or similar tracking technologies on a consumer's device and for direct electronic marketing. The GDPR and U.K. GDPR also impose conditions on obtaining valid consent, such as a prohibition on pre-checked consents and a requirement to ensure consents are sought for cookie or tracking technology. Ongoing developments in the European Union could lead to substantial costs, require significant systems changes, limit the effectiveness of our marketing activities, divert the attention of our technology personnel, adversely affect our margins, increase costs and subject us to additional liabilities. Regulation of cookies and similar technologies and e-marketing may lead to broader restrictions and impairments on our marketing and personalization activities and may negatively impact our efforts to understand consumers and measure and optimize advertising performance.

A variety of state, national, foreign and international laws and regulations in addition to those discussed above apply to the collection, use, retention, protection, disclosure, transfer and other processing of personal data. These privacy and data protection-related laws and regulations are evolving, with new or modified laws and regulations proposed and implemented frequently and existing laws and regulations subject to new or different interpretations. Compliance with these laws and regulations can be costly and can delay or impede the development of new products.

Our actual or alleged failure to comply with applicable laws, regulations or policies or to protect personal data could result in enforcement actions and significant penalties against us, which could result in negative publicity, reputational risks, increase our operating costs, subject us to claims or other remedies and have a material adverse effect on our business, financial condition and results of operations.

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***Recent changes to patent laws in the United States and in foreign jurisdictions may limit our ability to obtain, defend and/or enforce our patents.***

The U.S. Supreme Court has ruled on several patent cases in recent years, either narrowing the scope of patent protection available in certain circumstances or weakening the rights of patent owners in certain situations. In addition to increasing uncertainty with regard to our ability to obtain patents in the future, this combination of events has created uncertainty with respect to the value of patents, once obtained. Depending on actions by the U.S. Congress, the U.S. federal courts and the U.S. Patent and Trademark Office, the laws and regulations governing patents could change in unpredictable ways that could weaken our ability to obtain new patents or to enforce patents that we have licensed or that we might obtain in the future. Similarly, changes in patent laws or regulations in other countries or jurisdictions, changes in the governmental bodies that enact them or changes in how the relevant governmental authority enforces patent laws or regulations may weaken our ability to obtain new patents or to enforce patents that we have licensed or that we may obtain in the future.

***If we fail to comply with our obligations under license, technology or intellectual property agreements with third parties, we may be required to pay damages and we could lose license, technology or intellectual property rights that are critical to our business.***

We license certain intellectual property rights, including technologies, data, content and software from third parties, that are important to our business, and in the future we may enter into additional agreements that provide us with licenses to valuable intellectual property rights or technology, including under our agreements with JS Global and certain affiliates of JS Global. If we fail to comply with any of the obligations under our license agreements, we may be subject to liability or required to pay damages, and the licensor may have the right to terminate the license. Termination by the licensor may cause us to lose valuable rights and could prevent us from selling our products or inhibit our ability to commercialize future products. Our business could suffer if any current or future licenses terminate, if the licensors fail to abide by the terms of the license, if the licensors fail to enforce licensed patents against infringing third parties, if the licensed intellectual property rights are found to be invalid or unenforceable or infringe or otherwise violate third-party rights or if we are unable to enter into necessary licenses on acceptable terms. In addition, our rights to certain technologies are licensed to us on a non-exclusive basis. The owners of these non-exclusively licensed technologies are therefore free to license them to third parties, including our competitors, on terms that may be superior to those offered to us, which could place us at a competitive disadvantage. Moreover, our licensors or other third parties may own or control intellectual property rights that have not been licensed to us and, as a result, we may be subject to claims, regardless of their merit, that we are infringing, misappropriating or otherwise violating the licensor's or other third party's rights. In addition, the agreements under which we license intellectual property rights or technology from third parties are generally complex and certain provisions in such agreements may be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement that may arise could narrow what we believe to be the scope of our rights to the relevant intellectual property rights or technology or increase what we believe to be our financial or other obligations under the relevant agreement. Any of the foregoing could have a material adverse effect on our competitive position, business, financial condition and results of operations.

***Some of our products and technologies contain open source software, which may pose particular risks to our proprietary software, products and technologies in a manner that could have a material and adverse effect on our business, financial condition and results of operations.***

We use open source software in connection with our products and technologies and anticipate using open source software in the future. Some open source software licenses require users who distribute open source software as part of their own software product to publicly disclose all or part of the source code to such software product or to make available any derivative works of the open source code on unfavorable terms or at no cost, and we may be subject to such terms. The terms of certain open source licenses to which we are subject have not been interpreted by U.S. or foreign courts, and there is a risk that open source software licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to provide or distribute the products or technologies

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related to, the open source software subject to those licenses. Our open source software could be used in a manner that would require us to disclose our proprietary source code or that would otherwise breach the terms of an open source agreement, or claims could be made that such use had occurred, in part because open source license terms are often ambiguous. Additionally, we could face claims from third parties claiming ownership of, or demanding release of, any open source software or derivative works that we have developed using such software, which could include proprietary source code, or otherwise seeking to enforce the terms of the applicable open source license. These claims could result in litigation and could require us to make our software source code freely available, purchase a costly license or cease offering the implicated products or technologies unless and until we can recode or reengineer such source code in a manner that avoids infringement. This reengineering process could require us to expend significant additional research and development resources, and we may not be able to complete the reengineering process successfully. In addition to risks related to license requirements, use of certain open source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide support, warranties, indemnification or other contractual protection regarding infringement claims or the quality of the code. There is little legal precedent in this area and any actual or claimed requirement to disclose our proprietary source code or pay damages for breach of contract could harm our business and could help third parties, including our competitors, develop products and technologies that are similar to or better than ours. Any of the foregoing could have a material adverse effect on our competitive position, business, financial condition and results of operations.

***If we cannot license rights to use technologies on reasonable terms, we may not be able to commercialize new products in the future.***

In the future, we may identify additional third-party intellectual property rights we may need to license in order to engage in our business, including to develop or commercialize new products or technologies. However, such licenses may not be available on acceptable terms or at all. The licensing or acquisition of third-party intellectual property rights is a competitive area, and other well-established companies may pursue strategies to license or acquire third-party intellectual property rights that we may consider attractive or necessary. These established companies may have a competitive advantage over us due to their size, capital resources or greater development or commercialization capabilities. In addition, companies that perceive us to be a competitor may be unwilling to assign or license rights to us. Even if such licenses are available, we may be required to pay the licensor substantial royalties based on sales or anticipated sales of our products. Such royalties are a component of the cost of our products and may affect the margins on our products. In addition, such licenses may be non-exclusive, which could give our competitors access to the same intellectual property rights licensed to us. If we are unable to enter into the necessary licenses on acceptable terms or at all, if any necessary licenses are subsequently terminated, if our licensors fail to abide by the terms of the licenses, if our licensors fail to prevent infringement by third parties or if the licensed intellectual property rights are found to be invalid or unenforceable, our business, financial condition and results of operations could be materially and adversely affected. Moreover, we could encounter delays in the introduction of products while we attempt to develop alternatives. Defense of any lawsuit or failure to obtain any of these licenses on favorable terms could prevent us from commercializing products, which could have a material adverse effect on our competitive position, business, financial condition and results of operations.

***We rely on operating system providers and app stores to support some of our products and technologies, including our app, and any disruption, deterioration or change in their services, policies, practices, guidelines and/or terms of service could have a material adverse effect on our reputation, business, financial condition and results of operations.***

The success of some of our products and technologies depends upon the effective operation of certain mobile operating systems, networks and standards that are run by operating system providers and app stores ("Providers"). We do not control these Providers and as a result, we are subject to risks and uncertainties related to the actions taken, or not taken, by these Providers. We largely utilize Android-based and iOS-based technology for our SharkClean app.

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The Providers that control these operating systems frequently introduce new technology, and from time to time, they may introduce new operating systems or modify existing ones. Further, we are also subject to the policies, practices, guidelines, certifications and terms of service of Providers' platforms on which we publish our SharkClean app and content. These policies, guidelines and terms of service govern the promotion, distribution, content and operation generally of applications and content available through such Providers. Each Provider has broad discretion to change and interpret its terms of service, guidelines and policies and those changes may have an adverse effect on our or our consumers' ability to use our products and technologies. A Provider may also change its fee structure, add fees associated with access to and use of its platform or app store, limit the use of personal information and other data for advertising purposes or restrict how users can share information on their platform or across other platforms. If we or our consumers were to violate a Provider's terms of service, guidelines, certifications or policies or if a Provider believes that we or our consumers have violated, its terms of service, guidelines, certifications or policies, then that Provider could limit or discontinue our or our consumers' access to its platform or app store. In some cases, these requirements may not be clear and our interpretation of the requirements may not align with the interpretation of the Provider, which could lead to inconsistent enforcement of these terms of service or policies against us or our consumers and could also result in the Provider limiting or discontinuing access to its platform or app store. If our products and technologies are unable to work effectively on or with these operating systems, either because of technological or operational constraints or because the Provider impairs our ability to operate on their platform, this could have a material adverse effect on our business, financial condition and results of operations.

If any Providers, including either Google (for Android) or Apple (for iOS) stop providing us with access to their platform or infrastructure, fail to provide reliable access, cease operations, modify or introduce new systems or otherwise terminate services, the delay caused by qualifying and switching to other operating systems could be time consuming and costly and could materially and adversely affect our business, financial condition and results of operations. Any limitation on or discontinuation of our or our consumers' access to any Provider's platform or app store could materially and adversely affect our business, financial condition, results of operations or otherwise require us to change the way we conduct our business.

***Use of artificial intelligence in our operations and product offerings could result in reputational or competitive harm, legal or regulatory liability and adverse impacts on our results of operations.***

We have incorporated, and expect to continue to incorporate in the future, artificial intelligence ("AI") solutions into our operations and product offerings, and the use of AI involves various risks and challenges that could adversely affect our business, financial condition or results of operations. We currently use AI to help improve our customer service, advance our data analytics engine new product developments and increase efficiency in our internal operations. For example, the Company recently launched an eCommerce AI-powered contact center platform that autonomously handles routine consumer inquiries. The use, development and deployment of AI systems or the AI systems of third-party AI vendors involve inherent technical complexities and uncertainties, and these. AI systems may encounter unexpected technical difficulties, limitations or errors, including inaccuracies in data processing or flawed algorithms, which could compromise the reliability and effectiveness of our products and services based on AI. In addition, our competitors or other third parties may incorporate AI into their products more quickly or more successfully than us, which could impair our ability to compete effectively.

The use of AI applications, including large language models, has resulted in, and may in the future result in, cybersecurity vulnerabilities or incidents that implicate the personal information, intellectual property, proprietary data or other sensitive information of end users of such applications. Any such cybersecurity incidents related to our use of AI applications could adversely affect our reputation and results of operations. AI also presents emerging ethical issues (including risks of bias, inaccurate or misleading outputs, and intellectual property, confidentiality, or consumer protection concerns), and if our use of AI becomes controversial, we may experience brand or reputational harm, competitive harm, regulatory scrutiny or legal liability.

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The increased adoption of AI technologies in our products and services may result in new or enhanced governmental or regulatory scrutiny, litigation, confidentiality or security risks or other complications that could adversely affect our business, reputation or financial results. The regulatory landscape governing AI technologies is evolving rapidly, and various jurisdictions, including Europe (including the EU Artificial Intelligence Act (the "EU AI Act"), which entered into force on August 1, 2024 and is being phased in) and certain U.S. states and localities (including Colorado's AI Act, effective February 1, 2026, and laws regulating automated employment decision tools), have proposed or already adopted laws governing the use, development and deployment of AI technologies. Changes in laws, regulations or enforcement practices may impose new compliance requirements, restrict certain AI applications or increase our regulatory obligations, which could negatively impact our business and results of operations.

***IoT connected product offerings could result in reputational or competitive harm, legal or regulatory liability and adverse impacts on our results of operations.***

We are subject to risks associated with compliance obligations and security requirements for our connected products. We manufacture and sell connected consumer products, including robot vacuum and outdoor grill models, that incorporate wireless technologies and communicate through mobile applications or cloud services. These products are subject to evolving domestic and international regulatory requirements applicable to connected devices, including the European Union's Radio Equipment Directive ("RED") and the United Kingdom's Product Security and Telecommunications Infrastructure Act ("PSTI"). These and similar regulations impose obligations relating to device cybersecurity, data protection, vulnerability management, secure update processes and transparency regarding security support periods. Compliance with these requirements may increase our development, testing and documentation costs, and any delays or failures in achieving or demonstrating compliance could impact product availability or result in enforcement actions.

As we expand our portfolio of connected products, we expect to face increasing regulatory complexity and scrutiny. Failure to comply with applicable Internet of Things ("IoT") security, safety or privacy requirements may result in product shipment delays in regulated markets, remediation costs, civil penalties or other regulatory actions. In addition, vulnerabilities in device firmware, software, wireless interfaces, mobile applications or cloud services could expose us to cybersecurity incidents affecting product performance, confidentiality of consumer data or device integrity. Any such incidents, whether actual or perceived, could result in negative publicity, damage to consumer trust, product returns, regulatory investigations or claims, any of which could have a material adverse effect on our business, financial condition and results of operations.

Regulation of connected devices continues to evolve globally, including emerging requirements such as the proposed European Cyber Resilience Act and various U.S. federal and state IoT security initiatives. Changes in regulatory expectations, inconsistent requirements across jurisdictions or increased obligations related to supply chain security could further increase compliance costs or impede our ability to design, manufacture or sell connected products in certain markets.

Failures or security vulnerabilities in the cloud-based platforms, mobile applications, and other backend systems that support our connected products could expose us to significant operational, legal and reputational risks.

Our connected products rely on backend infrastructure—including cloud hosting environments, device management platforms, authentication services, data processing pipelines and mobile application interfaces—to enable core product functionality, such as device setup, remote control, performance monitoring and over-the-air updates. These backend systems may be developed, operated or maintained by us or by third-party service providers over whom we may have limited control or visibility. If these systems experience a cybersecurity incident, vulnerability, outage, misconfiguration or other operational failure, the functionality of our connected products may be impaired, disabled or otherwise degraded, which could adversely affect the consumer experience and confidence in our brand.

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A compromise of our IoT backend systems could also result in unauthorized access to consumer accounts, device telemetry or other information associated with product use, even if such data is not sensitive in nature. Any perceived or actual misuse, exposure or unavailability of this information could lead to negative publicity, increased customer support costs, product returns, loss of consumer trust, regulatory scrutiny or potential liability. Additionally, an inability to securely deliver firmware or software updates may hinder our capacity to remediate vulnerabilities in connected devices already in the market, potentially compounding the impact of a security incident.

**Risks Related to Our Legal, Tax and Regulatory Environment**

***From time to time, we may be subject to legal proceedings, regulatory disputes and governmental inquiries that could cause us to incur significant expenses, divert our management's attention and materially harm our business, financial condition and results of operations.***

From time to time, we have been, and may continue to be, subject to claims, lawsuits, including class actions, government investigations and other proceedings involving products liability, competition and antitrust, intellectual property, privacy, consumer protection, securities, tax, labor and employment, commercial disputes and other matters that could adversely affect our business, financial condition and results of operations. See "Item 3. Legal Proceedings." As we have grown, we generally have seen a rise in the number and significance of such disputes and inquiries, and we may face increased exposure to securities litigation as a public company. Litigation and regulatory proceedings that we are currently facing, or could face, may be protracted and expensive and the results are difficult to predict. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages and include claims for injunctive relief. Additionally, regardless of their subject matter or merits, any claims, lawsuits, including class actions, government investigations and other proceedings may result in significant cost to us, which may not be covered by insurance, may divert the attention of management or may otherwise have an adverse effect on our business, financial condition and results of operations. Adverse outcomes with respect to litigation or any of these legal proceedings may result in significant settlement costs or judgments, penalties and fines or require us to modify our products or technologies, make products unavailable or require us to stop offering certain features, all of which could negatively affect our business, financial condition and results of operations.

The results of litigation, investigations, claims and regulatory proceedings cannot be predicted with certainty, and determining reserves for pending litigation and other legal and regulatory matters requires significant judgment. There can be no assurance that our expectations will prove correct, and even if these matters are resolved in our favor or without significant cash settlements, these matters and the time and resources necessary to litigate or resolve them, could harm our business, financial condition and results of operations. In addition, we have agreed to provide indemnification in connection with prior acquisitions or dispositions for certain of these matters, and we cannot provide assurances that material indemnification claims will not be brought against us in the future.

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***Our business involves the potential for product delays, product recalls, product liability and other claims against it, which could affect our business, financial condition and results of operations.***

We manufacture products exclusively through our suppliers. As a designer, marketer and distributor of consumer products, we are subject to the United States Consumer Products Safety Act of 1972, as amended by the Consumer Product Safety Improvement Act of 2008, which empowers the Consumer Product Safety Commission (the "CPSC") to exclude from the market products that are found to be unsafe or hazardous, and similar laws under foreign jurisdictions. Our products may contain defects and errors, and may in the future contain defects and errors, when first introduced, when new versions or enhancements are released or even after these products have been on the market for some time. There can be no assurance we will be able to detect, prevent or fix all defects or errors, and the presence of any such defects or errors in our products may result in expensive and time-consuming design modifications or warranty charges, delays in the introduction of new products or enhancements, reputational harm, product recalls and liability exposure, all of which may adversely affect our business, financial condition and results of operations.

We are regularly subject to inquiries from regulators about product safety in the United States and in other jurisdictions. Under certain circumstances, the CPSC or comparable foreign agency could require us to repair, recall, replace or refund the purchase price of one or more of our products or potentially even discontinue entire product lines. We also may voluntarily take such action within strictures recommended by the CPSC or other regulators. The CPSC and other regulators also can impose fines or penalties on a supplier for noncompliance with its requirements. Furthermore, failure to timely notify the CPSC or other regulators of a potential safety hazard can result in significant fines being assessed. Additionally, laws regulating consumer products exist in certain states and some cities in the United States, as well as other countries in which our products are sold, and more restrictive laws and regulations may be adopted in the future. Any repurchase or recall of our products, monetary judgment, fine or other penalty could be costly and damaging to our brands and our reputation. If we were required to remove, or we voluntarily removed, any of our products from the market, our reputation could be impaired and we may have large quantities of finished products that we may not be able to sell. We also face exposure to product liability claims and litigation in the event that one or more of our products is alleged to have resulted in bodily injury, property damage or other adverse effects. Furthermore, the occurrence of any material defects in our products could expose us to product liability claims in excess of our insurance coverage or current reserves, and if our insurance coverage or current reserves are inadequate to cover future product liability claims on our products, our business, financial condition and results of operations may be harmed.

In addition to the risk of monetary judgments or other penalties that may result from product liability claims, such claims could result in negative publicity that could harm our reputation, adversely impact our brands or result in an increase in the cost of producing our products. As a result, these types of claims could have a material adverse effect on our business, financial condition and results of operations. We also face exposure to class action lawsuits related to the performance, safety or advertising of our products. Such class action suits could result in substantial monetary judgments and injunctions related to the sale of products and could potentially damage our reputation, business, financial condition and results of operations.

***Public perceptions that some of the products we produce and market are not safe could adversely affect us.***

On occasion, consumers have alleged that some of our products failed to perform up to expectations or have caused damage or injury to individuals or property. Public perception that any of our products are not safe, whether justified or not, could impair our reputation, damage our brands and have a material adverse effect on our business, financial condition and results of operations. In addition, we rely on certain third-party trademarks, brand names and logos of which we do not have exclusive use. Public perception that any such third-party trademarks, brand names and logos used by us are not safe or otherwise have negative reputations or associations, whether justified or not, could have a material adverse effect on our business, financial condition and results of operations.

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***Compliance with various public health, consumer protection and other regulations applicable to our products and facilities could increase our cost of doing business and expose us to additional requirements with which we may be unable to comply.***

Certain of our packaging materials and products sold through, and/or facilities operated under, each of our business segments are regulated by the CPSC, the Federal Communications Commission, the U.S. Environmental Protection Agency, the Occupational Safety and Health Administration, the U.S. Food and Drug Administration (the "FDA"), the FTC and other federal or state consumer protection and product safety agencies and are subject to the regulations such agencies enforce, as well as by similar state, foreign and multinational agencies and regulations. Failure to comply with such regulatory requirements could result in government-imposed fines, stop sale orders or other penalties, as well as consumer litigation. Our inability to obtain, or the cancellation of, any registration or approval required by such agencies could have an adverse effect on our business, financial condition and results of operations. The severity of the effect could depend, among other things, on factors such as which products were involved, whether another product could be substituted and whether our competitors were similarly affected. We attempt to anticipate regulatory developments and maintain registrations of, and access to, substitute chemicals and other ingredients, but we may not always be able to avoid or minimize these risks.

Certain of our products may be regulated under programs within the United States, Canada, the United Kingdom, the European Union or in other countries that may require that those products and the associated product packaging be recycled or managed for disposal through a designated recycling program. Some programs are funded through assessment of a fee on the suppliers, including us. We do not expect that such programs will cause us to incur expenditures that are material to our business, financial condition or results of operations; however, it is possible that our future liability could be material. Furthermore, where we make claims about our products' recyclability, recycled content or other environmental attributes, we are subject to enforcement by the FTC that any such claims are not false or misleading.

In addition, certain of our personal care products are subject to various laws and regulations that regulate medical devices and cosmetic products and set forth regulations that, among other things, determine how a product is classified and can be marketed. The FDA has broad regulatory powers in the areas of clinical testing, manufacturing and labeling of medical devices. Medical devices must be labeled in accordance with the FDA's general device labeling requirements and whatever particular label requirements the FDA may designate for that type of device. We may in the future develop and sell other products that are considered medical devices with cosmetic benefit by the FDA or foreign jurisdictions.

Any failure to comply with U.S. or foreign consumer safety, food and/or environmental laws or regulations could result in us incurring substantial costs, including fines, penalties and other civil and criminal sanctions, civil damages or the prohibition of sales of our products. Such legal and regulatory requirements and the enforcement thereof change frequently, have tended to become more stringent over time and could require us to incur significant expenses. Our retailers routinely require certification by independent third-party laboratories, such as UL Solutions, Inc., which are engaged in the testing of our products for compliance with certain nationally accredited standards in the markets in which we operate. Failure to obtain retailer-required certifications could result in the inability to sell our products.

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Given the increasing number of foreign laws to which we are subject and the high level of complexity of these laws, there is a risk that some provisions may be inadvertently violated by us, for example, through fraudulent or negligent behavior of individual employees, our failure to comply with certain formal documentation requirements or otherwise. If we incur liability for noncompliance under these laws or regulations, we may be forced to implement new measures to reduce our exposure to this liability. This may require us to expend substantial resources or to discontinue certain products, which would negatively affect our business, financial condition and results of operations. In addition, any negative publicity directed to us as a result of lawsuits, regulatory proceedings and legislative proposals could harm our brands or otherwise impact the growth of our business. Any costs incurred as a result of compliance efforts or other liabilities under these laws or regulations could harm our business, financial condition and results of operations.

***Significant changes to U.S. trade policies that restrict imports or increase import tariffs and the responses of other countries have had, and we will expect will continue to have, a material adverse effect on our business.***

There is currently significant uncertainty about the future relationship between the United States and various other countries, including China, the European Union, Canada and Mexico, with respect to trade policies, treaties, tariffs and customs duties. In particular, the U.S. government has imposed or announced new or additional tariffs on products imported from certain countries, and some countries have responded with new or increased tariffs of their own. The amount of the import tariff and the number of products subject to tariffs have changed multiple times based on actions by the U.S. government. For example, on February 20, 2026, the United States Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act ("IEEPA"). Following the Supreme Court's decision, the U.S. presidential administration announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from all countries, in addition to any existing non-IEEPA tariffs. There remains substantial uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on our business. These imposed and announced tariffs have impacted, or have the potential to impact, our imports from other countries. In particular, the U.S. and Chinese governments implemented, and subsequently paused, modified, and/or increased, tariffs on goods being imported into either country. The situation remains fluid, and there can be no assurance that further actions by the U.S. or another country will not have an adverse impact on our business, operations and access to products manufactured in China or elsewhere outside the U.S.

A significant proportion of our products are manufactured in China, Vietnam and other regions outside of the United States. Accordingly, such U.S. policy changes have made it, and may continue to make it, difficult or more expensive for us to obtain certain products manufactured outside the United States, which have affected and could continue to affect our net sales and profitability. At this time, it remains unclear what additional actions, if any, will be taken by the U.S. or other governments with respect to international trade agreements, the imposition of tariffs on goods imported into the U.S., tax policies related to international commerce, export controls, sanctions and investment restrictions, import or use of foreign communications equipment, or other trade matters. Retaliatory tariff and trade measures imposed by other countries could affect our ability to export products and therefore adversely affect our net sales. Any of these factors could depress economic activity and restrict our access to suppliers, retailers or consumers and could have a material adverse effect on our business, financial condition and results of operations as well as affect our strategy in China, Vietnam and elsewhere around the world. There can be no assurance that any tariff exposure mitigation efforts we take will be successful.

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***We are subject to governmental export and import controls, customs and economic sanction laws that could subject us to liability and impair our ability to compete in international markets.***

The United States and various foreign governments have imposed controls, export license requirements and restrictions on the import or export of certain products, as well as customs and other import regulatory requirements. Our products may be subject to U.S. export controls. Compliance with applicable regulatory requirements regarding the import and export of our products may create delays in the introduction of our products in international markets and, in some cases, prevent the export of our products to some countries altogether. Over the past year, several countries have imposed far-reaching export controls with respect to geopolitical conflicts in addition to export control measures targeting certain industries. We do not believe our products are directly impacted by these recent measures, but we cannot rule out the possibility that these measures could have an indirect negative impact on our business and our ability to source certain products from key jurisdictions.

Furthermore, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") and other relevant agencies of the U.S. government administer certain laws and regulations that restrict U.S. persons and, in some instances, non-U.S. persons, from conducting activities, transacting business with or making investments in certain countries or with governments, entities and individuals subject to U.S. economic sanctions. Similar economic sanctions are imposed by the European Union and other jurisdictions. Sanctions may evolve rapidly and with far-reaching impact on global business—for example, over the past year, the United States, the United Kingdom, the European Union, as well as certain other countries have imposed multiple rounds of significant sanctions in response to geopolitical conflicts. Our international operations subject us to these laws and regulations, which are complex, restrict our business dealings with certain countries, governments, entities and individuals and are constantly changing. Penalties for noncompliance with these complex laws and regulations can be significant and include substantial fines, sanctions or civil and/or criminal penalties and violations can result in adverse publicity, which could harm our business, financial condition and results of operations. Business could be conducted with targets of U.S. sanctions or conducted by our retailers. Any such business could have negative consequences, including government investigations, penalties and reputational harm. Our failure to obtain required import or export approval for our products or to comply with applicable laws and regulations with regard to our import and export activity, could harm our international and domestic sales and adversely affect our net sales.

We could be subject to future enforcement action with respect to compliance with governmental export and import controls, customs laws and economic sanctions laws that result in penalties, costs and restrictions on export privileges that could have an adverse effect on our business, financial condition and results of operations.

***Failure to comply with anti-corruption and anti-money laundering laws, including the FCPA and similar laws associated with our activities outside of the United States, could subject us to penalties and other adverse consequences.***

We operate a global business and may have direct or indirect interactions with officials and employees of government agencies or state-owned or government controlled entities. We are subject to the FCPA, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S. Travel Act, the USA PATRIOT Act, the U.K. Bribery Act and possibly other anti-bribery and anti-money laundering laws in countries in which we conduct activities. These laws generally prohibit companies, their employees and third-party intermediaries from corruptly promising, authorizing, offering or providing, directly or indirectly, improper payments of anything of value to government officials, political parties and private-sector recipients for the purpose of obtaining or retaining business, directing business to any person or securing any improper advantage. Certain laws, including the U.K. Bribery Act, also prohibit soliciting or receiving bribes or improper payments. In addition, U.S. public companies are required to maintain records that accurately and fairly represent their transactions and have an adequate system of internal accounting controls.

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Some of the countries where we operate or where our products are sold may not have as strong a commitment to anti-corruption and ethical behavior as is required by U.S. laws or by our corporate policies. Noncompliance with anti-corruption, anti-bribery, anti-money laundering or similar laws and regulations could subject us to substantial fines, whistleblower complaints, adverse media coverage, investigations and severe administrative, civil and criminal sanctions and penalties, collateral consequences, including restrictions on the marketing of our products in certain countries, remedial measures and legal expenses, all of which could have a material adverse effect on our reputation, business, financial condition and results of operations. Further, detecting, investigating and resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management.

In addition, if any person in the Cayman Islands knows or suspects, or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering, or is involved with terrorism or terrorist financing and property or proliferation financing or is the business combination partner of a financial sanction, and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands (the "FRA"), pursuant to the Proceeds of Crime Act (As Revised) of the Cayman Islands, if the disclosure relates to criminal conduct, money laundering or proliferation financing or is the business combination partner of a financial sanction, or (ii) a police officer of the rank of constable or higher, or the FRA, pursuant to the Terrorism Act (As Revised) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise. We reserve the right to refuse to make any payment to a shareholder if our directors or officers suspect or are advised that the payment to such shareholder might result in a breach of applicable anti-money laundering, counter-terrorist financing, prevention of proliferation financing and financial sanctions or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

Should a shareholder or its duly authorized delegates or agents be, or become (or is believed by the company or its affiliates ("Agents") to be or become) at any time while it owns or holds an interest in the company, (a) an individual or entity named on any sanctions list maintained by the United Kingdom (including as extended to the Cayman Islands by Orders in Council) or the Cayman Islands or any similar list maintained under applicable law or is otherwise subject to applicable sanctions in the Cayman Islands (a "Sanctions Subject") or (b) an entity owned or controlled directly or indirectly by a Sanctions Subject, as determined by the company in its sole discretion, then (i) the company or its Agents may immediately and without notice to the shareholder cease any further dealings with the shareholder or freeze any dealings with the interests or accounts of the shareholder (e.g., by prohibiting payments by or to the shareholder or restricting or suspending dealings with the interests or accounts) or freeze the assets of the company (including interests or accounts of other shareholders who are not Sanctions Subjects), until the relevant person ceases to be a Sanctions Subject or a license is obtained under applicable law to continue such dealings (a "Sanctioned Persons Event"), (ii) the company and its Agents may be required to report such action or failure to comply with information requests and to disclose the shareholder's identity (and/or the identity of the shareholder's beneficial owners and control persons) to the Cayman Islands Monetary Authority, the Cayman Islands Financial Reporting Authority, or other applicable governmental or regulatory authorities (without notifying the Subscriber that such information has been so provided) and (iii) the company and its Agents have no liability whatsoever for any liabilities, costs, expenses, damages and/or losses (including but not limited to any direct, indirect or consequential losses, loss of profit, loss of revenue, loss of reputation and all interest, penalties and legal costs and all other professional costs and expenses) incurred by the shareholder as a result of a Sanctioned Persons Event.

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***Changes in tax laws or unanticipated tax liabilities could adversely affect our effective income tax rate and profitability.***

We are subject to income taxes in various jurisdictions around the world. Our effective income tax rate could be adversely affected in the future by a number of factors, including changes in the valuation of deferred tax assets and liabilities, changes in tax laws and regulations or their interpretations and application and the outcome of income tax audits in any of the jurisdictions in which we operate or are otherwise subject to tax. Our effective tax rate may also be impacted by changes in the geographic mix of our earnings.

A significant change in U.S. tax law, or that of other countries where we operate or have a presence, may materially and adversely impact our income tax liability, provision for income taxes and effective tax rate. We regularly assess all of these matters to determine the adequacy of our income tax provision, which is subject to significant judgment.

In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is uncertain. Although we believe our tax estimates are reasonable, the final outcome of tax audits and related litigation could be materially different than that reflected in our historical income tax provisions and accruals. There can be no assurance that the resolution of any audits or litigation will not have an adverse effect on future operating results.

The Organisation for Economic Cooperation and Development (the "OECD") is conducting a project focused on base erosion and profit shifting in international structures, which seeks to establish certain international standards for taxing the worldwide income of multinational companies. In addition, the OECD is working on a "BEPS 2.0" initiative, which is aimed at (i) shifting taxing rights to the jurisdiction of the consumer and (ii) ensuring all companies pay a global minimum tax. In December 2022, the member states of the European Union unanimously voted to adopt the OECD's minimum tax rules and phase them into national law, and in February 2023 the OECD released technical guidance on the global minimum tax which was agreed by consensus of the BEPS 2.0 Pillar Two signatory jurisdictions. Under the European Union's minimum tax directive, member states are to adopt domestic legislation implementing the minimum tax rules effective for periods beginning on or after December 31, 2023, with the "under-taxed profit rule" to take effect for periods beginning on or after December 31, 2024. Legislatures in multiple countries outside of the European Union have also drafted legislation to implement the OECD's minimum tax proposal. As a result of these developments, the tax laws of certain countries in which we and our affiliates do business could change on a prospective or retroactive basis, and any such changes could increase our liabilities for taxes, interest and penalties, and therefore could harm our business, cash flows, results of operations and financial position.

***We may be subject to the Economic Substance Regime in the Cayman Islands.***

The Cayman Islands, together with several other non-European Union jurisdictions, have introduced legislation aimed at addressing concerns raised by the Council of the European Union and the OECD as to offshore structures engaged in certain activities which attract profits without real economic activity. The International Tax Co-operation (Economic Substance) Act (As Revised) (the "Cayman Economic Substance Act") came into force in the Cayman Islands in January 2019, introducing certain economic substance requirements for in-scope Cayman Islands entities which are engaged in certain geographically mobile business activities ("relevant activities."). As we are a Cayman Islands company, compliance obligations include filing annual notifications, which need to state whether we are carrying out any relevant activities and, if so, whether we have satisfied economic substance tests to the extent required under the Cayman Economic Substance Act. Failure to satisfy these requirements may subject us to penalties under the Cayman Economic Substance Act.

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***The Chinese government may intervene in or influence our operations or the operations of our third party suppliers at any time, which could result in a material change in our business, financial condition and results of operations as well as the value of our ordinary shares.***

Currently, we maintain operations in China where various third party suppliers manufacture a majority of our products. The Chinese government has significant oversight and discretion over the conduct of these suppliers in China and may intervene or influence their operations as the government deems appropriate to further regulatory, political and societal goals. The Chinese government has published policies that significantly affect certain industries and we cannot rule out the possibility that it will, in the future, implement regulations or policies that impact our suppliers, which may adversely affect our business, financial condition and results of operations. In addition, the Chinese government may, in the future, seek to affect operations of any company with any level of operations in China. If we were to become subject to the direct intervention or influence of the Chinese government at any time due to changes in policies, regulations, laws or otherwise, our business, financial condition and results of operations as well as the value of our ordinary shares could be adversely impacted.

***Focus by governmental and non-governmental organizations, consumers and shareholders on sustainability issues, including those related to climate change, may increase our costs and litigation risks, which may have an adverse effect on our business, financial condition and results of operations and damage our reputation.***

Expectations of our company relating to environmental, social and governance ("ESG") factors may impose additional costs and expose us to new risks. Certain investors, consumers and other key stakeholders continue to focus on corporate responsibility, specifically related to ESG factors. Some investors, special interest groups, public and consumer interest groups and third-party service providers may also emphasize corporate responsibility ratings and a number of third parties provide reports on companies to measure and assess corporate responsibility performance. We have announced greenhouse gas emissions reduction goals and other climate-related commitments, and we may further communicate certain initiatives and goals regarding ESG matters. These targets could prove more costly or difficult to achieve than we expect, and we may be unable to achieve these targets or any other sustainability goal or commitment at acceptable cost or at all. Increasingly, different stakeholder groups have divergent views on sustainability and ESG matters, which increases the risk that any action or lack thereof with respect to sustainability or ESG matters will be perceived negatively by at least some stakeholders and adversely impact our reputation and business. So-called "anti-ESG" sentiment has gained some momentum across the U.S., with several states having enacted or proposed anti-ESG policies or legislation. We risk damage to our brands and our reputation in the event that our corporate responsibility procedures or standards do not meet the expectations or standards set by various constituencies. Any failure in our decision-making or related investments in this regard could affect consumer perception of our brands.

Additionally, as climate change, materials use, land use, water use, deforestation, plastic waste, repairability, durability, recyclability or recoverability of packaging, including single-use and other plastic packaging and other sustainability concerns become more prevalent, governmental and non-governmental organizations, some consumers and investors are focusing on these issues. In particular, changing consumer preferences may result in increased consumer concerns and demands regarding plastics and packaging materials, including single-use and non-recyclable plastic packaging and their environmental impact on sustainability, a growing demand for products that support a circular economy, or increased consumer concerns or perceptions (whether accurate or inaccurate) regarding the effects of ingredients or substances present in certain consumer products. This focus on environmental issues and sustainability may result in new or increased regulations and consumer and investor demands that could cause us to incur additional costs or to make changes to our products to comply with any such regulations and address demands. If we are unable to respond or perceived to be inadequately responding to sustainability concerns, consumers may choose to purchase products from a competitor.

Concern over climate change may result in new or increased legal and regulatory requirements to reduce or mitigate the effects of climate change on the environment. For example, California recently enacted climate disclosure laws that may require companies such as ours to report on greenhouse gas emissions, climate-related

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financial risks, and the use of carbon offsets and emissions reduction claims. Similarly, we are subject to the requirements of the EU Corporate Sustainability Reporting Directive (and its implementing laws and regulations) and other EU and EU member state regulations, or disclosure requirements on various sustainability topics. These requirements vary across jurisdictions, and may result in increased complexity and cost, for compliance. Increased costs of energy or compliance with emissions standards due to increased legal or regulatory requirements may cause disruptions in or increased costs associated with manufacturing our products. Any failure to achieve our goals with respect to reducing our impact on the environment or a perception (whether or not valid) of our failure to act responsibly with respect to the environment or to effectively respond to new, or changes in, legal or regulatory requirements concerning climate change or other sustainability concerns could adversely affect our business, financial condition, results of operations and reputation.

In addition, certain shareholders may be sensitive to the climate change impacts and mitigation efforts of companies and may demand that companies take a proactive approach to disclosing and/or addressing perceived environmental risks, including risks associated with climate change, relating to their operations. Adverse publicity or climate-related litigation that may result from enhanced disclosure or shareholder perception could have a negative impact on our business, financial condition and results of operations.

***We are subject to environmental and health and safety laws and regulations, which could subject us to liabilities, increase our costs or restrict our operations in the future.***

Our facilities and operations are subject to a limited number of environmental, health and safety laws and regulations in each of the jurisdictions in which we operate. Given that we rely on suppliers to manufacture our products, the principal environmental, health and safety laws that apply to our facilities and operations relate to safe use, storage and management of the few hazardous chemicals used in our operations, reporting inventories of certain hazardous chemicals stored at our facilities to state and local emergency responders and proper storage and management of batteries.

We expect to continue to incur costs to comply with these laws and regulations. If we fail to comply with these laws and regulations, we could incur civil or criminal fines or penalties or enforcement actions, including regulatory or judicial orders enjoining or curtailing our operations or requiring us to conduct or fund remedial or corrective measures or perform other actions.

In addition, future developments such as new and more restrictive or changes to existing, environmental, health or safety laws and regulations, more aggressive enforcement of existing laws and regulations or the discovery of presently unknown environmental conditions may require expenditures that could have an adverse effect on our business, financial condition and results of operations.

**Risks Related to Our Financial Condition**

***Our indebtedness could materially adversely affect our financial condition.***

At December 31, 2025, we had $739.1 million in outstanding debt. Our indebtedness could have important consequences to the holders of our ordinary shares, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making it more difficult for us to satisfy our obligations with respect to our other debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability to refinance any of our other debt or to obtain additional financing to fund future working capital, capital expenditures, acquisitions or other general corporate purposes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring us to dedicate a substantial portion of our cash flows to debt service payments instead of other purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our vulnerability to general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility in planning for and reacting to changes in the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• placing us at a disadvantage compared to other, less leveraged competitors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our cost of future borrowings.

In addition, if we are unable to timely reduce our level of indebtedness, we will be subject to increased demands on our cash resources, which could increase our total debt-to-capitalization ratios, decrease our interest coverage ratios, lower our credit ratings, result in a breach of covenants or otherwise adversely affect our business and financial results going forward.

***Restrictive covenants in our debt agreements may restrict our ability to pursue our business strategies.***

Our credit facilities include certain restrictive covenants, which limit our ability to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur additional debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends or repurchase shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• create liens on our assets or provide guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter certain transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make certain investments or loans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dispose of or sell assets, make acquisitions or enter into a merger or similar transaction.

Compliance with such restrictive covenants in our credit facilities may limit our ability to engage in acts that may be in our best long-term interests. Additionally, a breach of any of the restrictive covenants in our credit facilities could result in a default under these facilities. If a default occurs, the lenders under our credit facilities may elect to declare all outstanding borrowings, together with accrued interest, to be immediately due and payable, to terminate any commitments they have to provide further borrowings and to exercise any other rights and remedies they have under the facilities or applicable law, including foreclosing on any collateral securing the facilities.

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***Our net sales could decline due to changes in credit markets and decisions made by credit providers.***

Certain of our retailers and consumers finance their purchase of our products through third-party credit providers with whom we have existing relationships. If we are unable to maintain our relationships with our financing partners, there is no guarantee that we will be able to find replacement partners who will provide our retailers and consumers with financing on similar terms and our ability to sell our products may be adversely affected. Further, reductions in consumer lending and the availability of consumer credit could limit the number of consumers with the financial means to purchase our products. Higher interest rates could increase our costs or the monthly payments for products financed through other sources of consumer financing. In the future, we cannot be assured that third-party financing providers will continue to provide retailers and consumers with access to credit or that available credit limits will not be reduced. Such restrictions or reductions in the availability of consumer credit or the loss of our relationship with our current financing partners, could have an adverse effect on our business, financial condition and results of operations.

***Our financial results and future growth could be harmed by currency exchange rate fluctuations.***

As our international business grows, our results of operations have been and could continue be adversely impacted by changes in foreign currency exchange rates. Net sales and certain expenses in markets outside of the United States are recognized in local foreign currencies, and we are exposed to potential gains or losses from the translation of those amounts into U.S. dollars for consolidation into our financial statements. Similarly, we are exposed to gains and losses resulting from currency exchange rate fluctuations on transactions generated by our foreign subsidiaries in currencies other than their local currencies. We cannot guarantee that our risk management strategies, including financial hedging instruments, will be effective, and our business, financial condition and results of operations could be adversely impacted.

In addition, the business of our suppliers may also be disrupted by currency exchange rate fluctuations by making their purchases of raw materials more expensive and more difficult to finance. Further, under most of our supply agreements, the purchase price payable by us for finished goods is tied to movements in local foreign currency rates. As a result, foreign currency exchange rate fluctuations may adversely impact our business, financial condition and results of operations.

***We depend on cash generated from our operations to support our growth, and we may need to raise additional capital, which may not be available on terms acceptable to us or at all.***

We primarily rely on cash flow generated from our sales to fund our current operations and our growth initiatives. As we expand our business, we will need significant cash from operations to purchase inventory, increase our product development, expand our supplier relationships, pay personnel, pay for the increased costs associated with operating as a public company, expand internationally and further invest in our sales and marketing efforts. If our business does not generate sufficient cash flow from operations to fund these activities and sufficient funds are not otherwise available from our current or future credit facility, we may need to obtain additional equity or debt financing. If such financing is not available to us on satisfactory terms or in a timely manner, our ability to operate and expand our business or to respond to competitive pressures could be harmed. Moreover, if we raise additional capital by issuing equity securities or securities convertible into equity securities, the ownership of our existing shareholders may be diluted. The holders of new securities may also have rights, preferences or privileges which are senior to those of existing holders of ordinary shares. In addition, any indebtedness we incur may subject us to covenants that restrict our operations and our ability to effectuate certain corporate decisions for our business and will require interest and principal payments that could create additional cash demands and financial risk for us.

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***Future financing activities may adversely affect our leverage and financial condition.***

Subject to the limitations set forth in our debt agreements, we may incur additional indebtedness and issue dividend-bearing redeemable equity interests. We may incur substantial additional financial obligations to enable us to execute our business objectives. These obligations could result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default and foreclosure on our assets if our gross profit after an investment or acquisition are insufficient to repay our financial obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acceleration of our obligations to repay the financial obligations even if we make all required payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our immediate payments of all amounts owed, if any, if such financial obligations are payable on demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to obtain additional financing if such financial obligations contain covenants restricting our ability to obtain such financing while the financial obligations remain outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to pay dividends on our share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• using a substantial portion of our cash flow to pay principal and interest or dividends on our financial obligations, which will reduce the funds available for dividends on our ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on our flexibility in planning for and reacting to changes in our business and in the industries in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an event of default that triggers a cross default with respect to other financial obligations, including our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased vulnerability to adverse changes in general economic, industry, financial, competitive, legislative, regulatory and other conditions and adverse changes in government regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors.

***If our estimates or judgments relating to our critical accounting policies prove to be incorrect or change significantly, our business, financial condition and results of operations could be harmed.***

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of sales and expenses that are not readily apparent from other sources. Our results of operations may be harmed if our assumptions change or if actual circumstances differ from those in our assumptions, which could cause our results of operations to fall below the expectations of securities analysts and investors and could result in a decline in our share price.

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***If our goodwill, other intangible assets or fixed assets become impaired, we may be required to record a charge to our earnings.***

We may be required to record future impairments of goodwill, other intangible assets or fixed assets to the extent the fair value of these assets falls below their book value. Our estimates of fair value are based on assumptions regarding future cash flows, gross margins, expenses, discount rates applied to these cash flows and current market estimates of value. Estimates used for future sales growth rates, gross profit performance and other assumptions used to estimate fair value could cause us to record material non-cash impairment charges, which could harm our business, financial condition and results of operations.

***Circumstances associated with divestitures and product category exits could adversely affect our business, financial condition and results of operations.***

We may decide to sell or discontinue certain brands or product categories in the future based on an evaluation of performance and strategic fit. Divestitures or discontinuations of businesses or products may result in asset impairments, including those related to goodwill and other intangible assets and losses upon disposition, both of which could have an adverse effect on our business, financial condition and results of operations. In addition, we may encounter difficulty in finding buyers or executing alternative exit strategies at acceptable prices and terms and in a timely manner and prospective buyers may have difficulty obtaining financing. Past and future divestitures and business discontinuations also involve additional risks, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in the separation of operations, services, products and personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the retention of certain current or future liabilities in order to induce a buyer to complete a divestiture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the disruption of our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential loss of key employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disputes or litigation with the buyers.

We may not be successful in managing these or any other significant risks that we may encounter in divesting or discontinuing a business or exiting product categories, which could have a material adverse effect on our business, financial condition and results of operations.

***We are a holding company and depend on our subsidiaries to meet our obligations and pay any dividends.***

We are a holding company. Accordingly, our ability to conduct our operations, service any debt that we may incur and pay dividends, if any, is dependent upon the earnings from the business conducted by our subsidiaries. The distribution of those earnings or advances or other distributions of funds by our subsidiaries to us, as well as our receipt of such funds, are contingent upon the earnings of our subsidiaries and are subject to various business considerations and applicable law, including the laws of the Cayman Islands ("Cayman Law"). If our subsidiaries are unable to make sufficient distributions or advances to us, or if there are limitations on our ability to receive such distributions or advances, we may not have the cash resources necessary to conduct our corporate operations, which could adversely affect our business, financial condition and results of operations.

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**Risks Related to the Separation and Distribution**

***We may be unable to achieve some or all of the anticipated benefits of the separation, and the separation may adversely affect our business, financial condition and results of operations.***

We may not realize some or all of the anticipated strategic, financial, operational or other benefits of the separation for a variety of reasons, including, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as a standalone public company, we may be more susceptible to macroeconomic factors, have less leverage with suppliers, retailers and distributors and may experience other adverse events compared to if we were still a part of JS Global; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business is less diversified than prior to the separation.

If we fail to achieve some or all of the benefits expected to result from the separation, or if such benefits are delayed, our business, financial condition and results of operations could be adversely affected.

***Conflicts of interest may arise because the Chairperson of our Board holds a management and board position with JS Global.***

Mr. Wang, the Chairperson of our Board, is also the Chairman, Executive Director and Chief Executive Officer of JS Global. Mr. Hui and Mr. Warner, who joined our Board in connection with the separation and distribution, previously served as members of the JS Global Board. The interests of these directors in JS Global and us could create, or appear to create, conflicts of interest with respect to decisions involving both us and JS Global that could have different implications for JS Global and us. These decisions could, for example, relate to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disagreement over corporate opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition between us and JS Global;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employee retention or recruiting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dividend policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the services and arrangements from which we benefit as a result of our relationship with JS Global.

Conflicts of interest could also arise if we enter into any new commercial arrangements with JS Global in the future, or if JS Global decides to compete with us in any of our markets. The presence of directors or officers of entities affiliated with JS Global on our Board could create, or appear to create, conflicts of interest and conflicts in allocating their time with respect to matters involving both us and any one of them, or involving us and JS Global, that could have different implications for any of these entities than they do for us. We cannot assure you that our memorandum and articles of association (the "Memorandum and Articles of Association"), policies and procedures will adequately address potential conflicts of interest or that potential conflicts of interest will be resolved in our favor or that we will be able to take advantage of corporate opportunities presented to individuals who are directors of both us and entities affiliated with JS Global. As a result, we may be precluded from pursuing certain advantageous transactions or growth initiatives.

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***We or JS Global may fail to perform under various transaction agreements that were executed as part of the separation or we may fail to have necessary systems and services in place when certain of the transaction agreements expire.***

In connection with the separation, we entered into the Separation and Distribution Agreement and several other ancillary agreements with JS Global and its subsidiaries (as applicable), including the Employee Matters Agreement, the Brand License Agreement, and the Product Development Agreement. Certain of these agreements provide for the performance of key business services by us and JS Global for each other's benefit. The services provided by JS Global to us may cease to meet our needs and the terms of such services may not be equal to or better than the terms we might receive, or have previously received, from unaffiliated third parties, including our ability to obtain redress. These agreements also provide for, among other things, indemnification obligations. If we are required to indemnify JS Global under the circumstances set forth in these agreements, we may be subject to substantial liabilities. In addition, third parties could also seek to hold us responsible for any of the liabilities that JS Global has agreed to retain, and we cannot assure you that the indemnity from JS Global will be sufficient to protect us against the full amount of such liabilities, or that JS Global will be able to fully satisfy its indemnification obligations.

In addition, we currently rely, and will continue to rely, on JS Global to satisfy its performance and payment obligations under these agreements. If JS Global is unable to satisfy its obligations under these agreements, including its indemnification obligations, we could incur operational difficulties or losses. If we do not have our own systems and services in place, or if we do not have agreements with other providers of these services once certain transitional agreements expire, we may not be able to operate our business effectively and this may have an adverse effect on our business, financial condition and results of operations. In addition, after our agreements with JS Global expire, we may not be able to obtain these services at as favorable prices or on as favorable terms. As a result of any the above factors, we may be precluded from pursuing growth opportunities or other opportunities that we would otherwise pursue, which in turn may adversely affect our business, financial condition and results of operations.

***A court could require that we assume responsibility for obligations allocated to JS Global under the Separation and Distribution Agreement.***

Under the Separation and Distribution Agreement and related ancillary agreements, we and JS Global are generally responsible for the debts, liabilities and other obligations related to the businesses which we own and operate following the separation. Although we do not expect to be liable for any obligations that are not allocated to us under the Separation and Distribution Agreement, a court could disregard the allocation agreed to between the parties, and require that we assume responsibility for obligations allocated to JS Global (for example, tax liabilities), particularly if JS Global were to refuse or to be unable to pay or perform the allocated obligations.

**Risks Related to Ownership of Our Ordinary Shares**

***An active trading market for our ordinary shares may not be sustained and our share price may be volatile such that you may not be able to resell your shares at or above the public offering price.***

It is possible that an active trading market for our ordinary shares will not be sustained. If an active trading market for our ordinary shares is not sustained, the liquidity of our ordinary shares, your ability to sell your ordinary shares when desired and the prices you may obtain for your ordinary shares may be adversely affected. The market price of our ordinary shares could vary significantly as a result of a number of factors, some of which are beyond our control. If the market price of our ordinary shares declines significantly, you may be unable to resell your ordinary shares at or above your purchase price, if at all, and you could lose a substantial part or all of your investment in our ordinary shares.

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The following factors could affect our share price:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quarterly variations in the rate of growth of our financial indicators, such as net sales and profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public reaction to our press releases, our other public announcements and our filings with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strategic actions by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in net sales or earnings estimates, or changes in recommendations or withdrawal of research coverage, by equity research analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speculation in the press or investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• publication of research reports about us or the investment management industry, or the failure of securities analysts to cover our ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of our ordinary shares by us or other shareholders, or the perception that such sales may occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting principles, policies, guidance, interpretations or standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions by our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general market and economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse publicity about the investment management industry generally, or particular scandals, specifically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• domestic and international economic, legal and regulatory factors unrelated to our performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the realization of any risks described under this "Risk Factors" section.

Broad market and industry fluctuations, as well as general economic, political, regulatory and market conditions, may negatively impact the market price of our ordinary shares. In the past, companies that have experienced volatility in the market price of their securities have been subject to securities class action litigation. This litigation, if instituted against us, could result in substantial costs and a diversion of our management's attention and resources.

***Substantial sales of our ordinary shares by our shareholders could cause the market price of our ordinary shares to decline.***

Sales of a substantial number of our ordinary shares into the public market, or the perception that these sales might occur, could cause the market price of our ordinary shares to decline. We are unable to predict the timing or effect of such sales on the market price of our ordinary shares.

At December 31, 2025, we have a total of 141,158,026 ordinary shares outstanding. All of the ordinary shares held by our existing shareholders may also be sold in the public market in the future, subject to the restrictions under Rule 144 of the Securities Act and applicable lock-up agreements.

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Furthermore, we may also issue additional ordinary shares or convertible securities in future public offerings or as consideration for future acquisitions. We also expect to continue to grant equity awards under our equity incentive plans. We cannot predict the size of future issuances of our ordinary shares or securities convertible into ordinary shares or the effect, if any, that future issuances and sales of our ordinary shares will have on the market price of our ordinary shares. The issuance by us of additional ordinary shares or securities convertible into our ordinary shares would dilute your ownership of us and sales of substantial amounts of our ordinary shares (including shares issued in connection with an acquisition), or the perception that such sales could occur, may adversely affect prevailing market prices of our ordinary shares.

***We have limited history as a stand-alone public company, and our historical financial data is not necessarily representative of the results we would have achieved as a stand-alone public company and may not be a reliable indicator of our future results.***

Prior to the separation and distribution, we operated as part of JS Global's broader corporate organization and not as a stand-alone entity. We have limited operating history as a separate publicly traded company following the separation and distribution.

Therefore, our historical financial data reflecting periods prior to the separation may not necessarily be indicative of our future financial position, results of operations or cash flows, and the occurrence of any of the risks discussed in this "Risk Factors" section, or any other event, could cause our future financial position, results of operations or cash flows to materially differ from our historical financial data. We cannot assure you that our profits will continue at a similar level going forward.

***The requirements of being a public company may strain our resources and distract our management, which could make it difficult to manage our business.***

As a public company, we are required to comply with various regulatory and reporting requirements, including those required by the SEC. Complying with these reporting and other regulatory requirements is time-consuming and results in increased costs to us, which may have a negative effect on our business, financial condition and results of operations.

We are subject to the reporting requirements of the Exchange Act and the requirements of the Sarbanes-Oxley Act. These requirements may place a strain on our systems, personnel and resources. The Exchange Act requires, among other things, that we file annual and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting. To maintain and improve the effectiveness of our disclosure controls and procedures, we are committing significant resources, hiring additional staff and providing additional management oversight. We are implementing additional procedures and processes for the purpose of addressing the standards and requirements applicable to public companies. Sustaining our growth will also require us to commit additional management, operational and financial resources to identify new professionals to join our company and to maintain appropriate operational and financial systems to adequately support expansion. These activities may divert management's attention from other business concerns, which could have a material adverse effect on our business, financial condition and results of operations.

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***We are obligated to maintain internal control over financial reporting and to evaluate and determine its effectiveness. We have identified material weaknesses in our internal control over financial reporting that remain unremediated at this time. The identification of material weaknesses in the future or any failure of our internal systems, controls, and procedures could have an adverse effect on our business, financial condition, results of operations, and investor confidence.***

We have identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that a reasonable possibility exists that a material misstatement of our annual or interim financial statements would not be prevented or detected on a timely basis. We assess the effectiveness of our internal control over financial reporting based upon the framework in "Internal Control — Integrated Framework (2013)" issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). The material weaknesses identified related to deficiencies in certain components of the COSO framework, as well as deficiencies in information technology ("IT") general controls, accounting for revenue and accounts receivables, inventory and cost of goods sold, and the financial statement close process. While these material weaknesses did not result in a material misstatement of our consolidated financial statements, they could result in misstatement(s) impacting financial statement accounts and disclosures, resulting in a material misstatement of our annual or interim financial statements that we would have failed to prevent or detect. As a result of these material weaknesses, our management concluded that our disclosure controls and procedures were not effective as of December 31, 2025.

With the oversight of the Audit Committee of our Board of Directors, we have continued throughout fiscal year 2025 to take steps to remediate the material weaknesses by implementing changes to our internal control over financial reporting, and will continue these remediation efforts in 2026. Full remediation of the material weaknesses will require our internal controls, including IT general controls, to operate effectively for a sufficient period of time. We may also continue to incur significant costs in executing various aspects of our remediation plan but cannot provide a reasonable estimate of such costs at this time.

Furthermore, we cannot assure you that we have identified all material weaknesses. In the future, it is possible that additional material weaknesses or significant deficiencies may be identified that we may be unable to remediate timely. If we fail to maintain effective systems, controls and procedures, including disclosure controls and procedures and internal controls over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations and prevent fraud could be adversely impacted. We are upgrading and standardizing our information systems and related controls, but failure to achieve these goals effectively or in a timely manner could adversely impact our ability to maintain an effective internal control environment and our financial results. We may also experience higher than anticipated operating expenses during and after the implementation of any of these changes to our systems, controls or procedures, or become subject to investigations by the SEC or other regulatory authorities.

Further, if we are unable to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404, our independent registered public accounting firm may not issue an unqualified opinion as to the effectiveness of our internal control over financial reporting. If we are unable to conclude that we have effective internal control over financial reporting, investors could lose confidence in our reported financial information, which could have a material adverse effect on the trading price of our ordinary shares. Failure to remedy any material weaknesses in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies, could also restrict our future access to the capital markets.

Irrespective of compliance with Section 404, as we mature, we will need to further develop our internal control systems and procedures to keep pace with our rapid growth and we are currently working to enhance our controls. Our current controls and any new controls that we develop may become inadequate because, among other reasons, they may not keep pace with our growth or the conditions in our business may change.

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***Our transition to being a U.S. domestic reporting company may cause us to incur significant legal, accounting and other expenses.***

Effective January 1, 2026, we are no longer a "foreign private issuer," as such term is defined in Rule 405 under the Securities Act. Accordingly, we are required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We also have to comply with mandatory U.S. federal proxy requirements, and our officers, directors and principal shareholders are subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we no longer are able to rely upon exemptions from certain corporate governance requirements under the listing rules of NYSE. As a U.S. listed public company that is not a foreign private issuer, we may incur significant additional legal, accounting and other expenses that we may not otherwise have incurred as a foreign private issuer, which could harm our business, financial condition and results of operations.

***Mr. Wang is a significant shareholder and has influence over matters outside the ordinary course of our business requiring a shareholder vote, which may limit your ability to influence our actions.***

As of February 19, 2026, Mr. Wang, the Chairperson of our Board, controls approximately 38.6% of the voting power of our outstanding share capital. As long as Mr. Wang continues to control a significant portion of the voting power of our outstanding shares, he will generally be able to exert significant influence on corporate activities, subject to applicable laws, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the composition of our Board and through our Board, decision-making with respect to our policies and the appointment and removal of corporate officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determinations with respect to mergers, business combinations or dispositions of assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adoption of amendments to our Memorandum and Articles of Association.

In addition, the concentration of Mr. Wang's ownership could discourage others from making tender offers, which could prevent holders from receiving a premium for their ordinary shares.

Furthermore, our Memorandum and Articles of Association provide that Mr. Wang, so long as he and/or his affiliates (as defined in our Memorandum and Articles of Association) continue to remain beneficial owners (as such term is defined in the Exchange Act) of at least 30.0% of our share capital, shall have the right to appoint a director and that director will serve as the Chairperson of our Board. Should no such director be appointed, the Chairperson of our Board shall be decided by a majority of the directors then in office.

Because Mr. Wang's interests may differ from, or conflict with, ours or from those of our other shareholders, actions that Mr. Wang takes with respect to us, as our significant shareholder, may not be favorable to us or our other shareholders.

***Members of our management team have limited experience managing a U.S. public company.***

Some members of our management team have limited experience managing a publicly traded company in the United States, interacting with U.S. public company investors and complying with the increasingly complex laws pertaining to public companies in the United States. As a U.S. public company, we are subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These new obligations and constituents require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could harm our business, financial condition and results of operations.

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***Our Memorandum and Articles of Association, as well as Cayman Law, contain provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our ordinary shares.***

Our Memorandum and Articles of Association authorize our Board to issue one or more classes or series of preferred shares, the terms of which may be established and the shares of which may be issued without shareholder approval, and which may include super voting, special approval, dividend, repurchase rights, liquidation preferences or other rights or preferences superior to the rights of the holders of ordinary shares. The terms of one or more classes or series of preferred shares could adversely impact the value of our ordinary shares. Furthermore, if our Board elects to issue preferred shares it could be more difficult for a third party to acquire us. For example, our Board may grant holders of preferred shares the right to elect some number of our directors in all events or upon the occurrence of specified events or the right to veto specified transactions. Under Cayman Islands law, our Board may only exercise the rights and powers granted to them under the Memorandum and Articles of Association for what they believe in good faith to be in the best interests of our company and for a proper purpose.

In addition, some provisions of our Memorandum and Articles of Association could make it more difficult for a third party to acquire control of us, even if the change of control would be beneficial to our shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing advance notice provisions with regard to shareholder proposals relating to the nomination of candidates for appointment as directors or new business to be brought before meetings of our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing that the authorized number of directors may be changed only by resolution of our Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing that all vacancies in our Board may, except as otherwise be required, be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing that our Memorandum and Articles of Association may be amended by the affirmative vote of the holders of at least two-thirds of our then outstanding voting shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on the ability of shareholders to call extraordinary general meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on the ability of shareholders to act by written consent.

***Our Memorandum and Articles of Association designate the courts of the Cayman Islands as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders, which could limit our shareholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.***

Our Memorandum and Articles of Association provide that, unless we consent in writing to the selection of an alternative forum, the courts of the Cayman Islands ("Cayman Courts") will, to the fullest extent permitted by applicable law, be the sole and exclusive forum for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any derivative action or proceeding brought on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action asserting a claim of breach of a fiduciary or other duty owed by any of our current or former directors, officers or other employees or our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action asserting a claim arising pursuant to any provision of the Companies Act or our Memorandum and Articles of Association; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action asserting a claim against us or any director or officer or other employee of ours that is governed by the internal affairs doctrine (as such concept is recognized under the laws of the United States).

Unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the federal district courts of the United States will be the exclusive forum for resolving any complaint asserting a cause of action arising under the federal securities laws of the United States, including those arising under the Securities Act or Exchange Act. Any person or entity purchasing or otherwise acquiring any interest in our share capital will be deemed to have notice of, and consented to, the provisions of our Memorandum and Articles of Association described in the preceding sentence. This choice of forum provision may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, employees or agents, which may discourage such lawsuits against us and such persons. Alternatively, if a court were to find these provisions of our Memorandum and Articles of Association inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business, financial condition and results of operations.

***Because we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. federal courts may be limited.***

We are an exempted company incorporated under the Companies Act. As a result, it may be difficult for investors to effect service of process within the United States upon our directors or officers, or enforce judgments obtained in the U.S. courts against our directors or officers.

Our corporate affairs are governed by our Memorandum and Articles of Association, the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Law are different from what they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of securities laws as compared to the United States, and certain states, such as Delaware, may have more fully developed and judicially interpreted bodies of corporate law. In addition, Cayman Islands companies may not have standing to initiate a shareholders derivative action in a federal court of the United States.

We have been advised by Maples and Calder (Cayman) LLP, our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments of U.S. courts predicated upon the civil liability provisions of the federal securities laws of the U.S. or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the U.S. or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

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As a result of all of the above, shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of our Board or controlling shareholders than they would as public shareholders of a U.S. company.

***Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.***

Our Memorandum and Articles of Association provide that we will indemnify our directors and officers to the fullest extent permitted by Cayman Law. Our Memorandum and Articles of Association also permit us to purchase insurance on behalf of any officer, director, employee or other agent for any liability arising out of that person's actions as our officer, director, employee or agent, regardless of whether Cayman Law would permit indemnification. We have entered into indemnification agreements with each of our current and future directors and officers. These agreements require us to indemnify these individuals to the fullest extent permitted under Cayman Law against liability that may arise by reason of their service to us and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified.

Our Memorandum and Articles of Association also provide, to the fullest extent permissible under Cayman Law, that our directors and officers shall be indemnified against any liability, action, proceeding, claim, demand, costs damages or expenses, including legal expenses, incurred in their capacities as such unless such liability (if any) arises from actual fraud, willful neglect or willful default, as determined by a court of competent jurisdiction in a final non-appealable order. Cayman Law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

The above limitations on liability and our indemnification obligations limit the personal liability of our directors and officers for monetary damages for breach of their duties as directors by shifting the burden of such losses and expenses to us. Certain liabilities or expenses covered by our indemnification obligations may not be covered by our directors' and officers' liability insurance or the coverage limitation amounts may be exceeded. As a result, any claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.

***We do not currently anticipate paying regular dividends on our ordinary shares. Consequently, your only opportunity to achieve a return on your investment may be if the price of our ordinary shares appreciates.***

Any declaration and payment of future dividends to holders of our ordinary shares will be at the discretion of our Board and will depend on many factors, including our financial condition, earnings, capital requirements, level of indebtedness, statutory and contractual restrictions applying to the payment of dividends, the provisions of Cayman Law affecting the payment of dividends and distributions to shareholders and other considerations that our Board deems relevant. Consequently, your only opportunity to achieve a return on your investment in us may be if the price of our ordinary shares appreciates. See "Part II—Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Dividend Policy."

**Item 1B. Unresolved Staff Comments**

Not applicable.

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**Item 1C. Cybersecurity**

**Cybersecurity Risk Management and Strategy**

SharkNinja utilizes the National Institute of Standards and Technology ("NIST") Cybersecurity Framework ("CSF") as the foundation of the Company's commitment to effective cybersecurity risk management, which is integrated into our overall risk management processes. The NIST CSF is implemented across the organization to embed risk management processes that address critical information technology risk by applying its key functions for assessing, managing and mitigating cyber risks over time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Identify: The Enterprise Risk Committee of the Company, including the Chief Financial Officer, Chief Legal Officer, Chief Information Officer, Chief People Officer and Chief Operating Officer, identifies and prioritizes information assets, business processes, and systems critical to its operations and performs risk assessments to identify potential threats and vulnerabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Protect: Measures are in place designed to safeguard information assets, including access controls, encryption, secure configurations and leading cybersecurity software and tools. Employee training programs promote awareness of real-world cyber-threats and adherence to cybersecurity policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Detect: The Company utilizes current technologies in an effort to detect and respond to cybersecurity events promptly. Monitoring and incident response plans are integral components of our cybersecurity posture and are supported by a third-party managed security services provider (MSSP) in addition to an internal security operations team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Respond: In the event of a cybersecurity incident, the Company follows a defined incident response plan designed to contain, mitigate, evaluate and recover from the impact of cybersecurity incidents. The MSSP platform enables AI-based automated incident response capabilities that reduce time to contain cybersecurity events. Communication protocols are established to notify relevant stakeholders promptly. Third-party forensic investigation and legal firms augment the Incident Response Team to provide specialized services if needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Recover: The Company maintains comprehensive backup and recovery procedures to help ensure the timely restoration of information assets in the event of a cybersecurity incident. Lessons learned from incidents are used to enhance future resilience.

We rely extensively on information technology ("IT") systems, networks and services, including internet sites, data hosting and processing facilities and tools and other hardware, software and technical applications and platforms, some of which are managed, hosted, provided and/or used by third parties or their vendors, to assist in conducting our business.

Our IT systems have been, and will likely continue to be, subject to computer viruses or other malicious codes, unauthorized access attempts, phishing and other cyberattacks. We continue to assess potential threats and make investments seeking to address and prevent these threats, including monitoring of our networks and systems and upgrading skills, employee training and security policies for us and our third-party providers. However, because the techniques used in these cyberattacks change frequently and may be difficult to detect for periods of time, we may face difficulties in anticipating and implementing adequate preventative measures. To date, risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected and we do not believe are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial condition. Additional information about cybersecurity risks we face is discussed in "Item 1A. Risk Factors," which should be read in conjunction with the information in this Item 1C.

SharkNinja performs third-party cybersecurity program risk assessments to evaluate key vendors' abilities to maintain ongoing operations that support the Company and to protect confidential information from unauthorized access. The Company evaluates risks and implements mitigation strategies with vendors when applicable. Contracts with vendors include provisions that govern effective cybersecurity program management and privacy requirements.

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**Cybersecurity Governance**

The Audit Committee of the Board of Directors provides oversight of the Company's cybersecurity program and receives regular updates on cyber-risks and risk mitigation strategies. This oversight includes understanding our business needs and associated risks and reviewing management's strategy and recommendations for managing cybersecurity and privacy risks. In line with this oversight responsibility, the Audit Committee receives regular updates on cyber-risks and risk mitigation strategies from management. Outside counsel and cybersecurity consultants support the Audit Committee in its oversight of the SharkNinja cybersecurity program.

The VP, Global Security and Privacy, along with the Senior Director of Security Operations, Security Architect, and Director of Governance, Risk and Compliance, oversees program planning, operations, training and continuous improvement including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Cyber-risks are reported and monitored through the Enterprise Risk Management program with oversight by the Enterprise Risk Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Periodic third-party cybersecurity threat modeling and maturity assessment designed to identify likely threat actors and attack techniques and the Company's ability that mitigate likely threats.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Annual Cybersecurity Strategic Plan and roadmap designed to align cybersecurity budget investments and program enhancements with corporate initiatives and growth goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Policies and standards that govern the cybersecurity program and the use of technology assets by SharkNinja associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Cybersecurity awareness training at time of onboarding and annually for all associates, email phishing simulations and ongoing communications to inform associates of current threats and attack techniques.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Frequent vulnerability scanning, cloud configuration monitoring and security tests to identify and reduce risk exposure of critical assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Annual incident response plan preparedness assessment led by outside consultants to evaluate the Company's ability to effectively respond to a cybersecurity incident.

Collectively, the team has 50 plus years of experience and holds industry certifications including ISACA Certified Information Security Manager. Additionally, a Cybersecurity & Privacy Steering Committee consisting of our Chief Information Officer, Chief Legal Officer and Chief Financial Officer meets periodically and is apprised of key risks.

**Item 2. Properties**

Our corporate headquarters is located in Needham, Massachusetts. It covers approximately 248,000 square feet pursuant to an operating lease that expires in 2030. Our headquarters is primarily used for accounting, finance, information technology, legal, human resources, sales and marketing, customer support, product development and supply chain management functions. As of December 31, 2025, we leased additional facilities totaling approximately 1,414,000 square feet in multiple locations in the United States and internationally. Our facilities in the United States and Canada, which account for approximately 1,123,000 of the 1,414,000 square feet of additional facilities, are primarily used for sales and marketing, product quality assurance, distribution, supply chain management, finance and human resources. Our offices in Europe and the United Kingdom, which account for approximately 98,000 of the 1,414,000 square feet of additional facilities, are primarily used for accounting, finance, human resources, sales and marketing, customer support, product development and supply chain management. Our facilities in Asia, which account for approximately 193,000 of the 1,414,000 square feet of additional facilities, are primarily used for sales and marketing, product testing, product development, supply chain management, product quality assurance, distribution, finance, information technology and human resources. We believe that our facilities are adequate to meet our needs for the immediate future, and that, should it be needed, suitable additional space will be available to accommodate any such expansion of our operations.

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**Item 3. Legal Proceedings**

From time to time we are involved in legal proceedings that arise in the ordinary course of business. We believe that the outcome of these proceedings, if determined adversely, will not have a material adverse effect on our financial position. We have not been a party to or paid any damages in connection with any other litigation that has had a material adverse effect on our financial position. Any future litigation may result in substantial costs and be a distraction to management and our employees. No assurance can be given that future litigation will not have a material adverse effect on our financial position. For an additional discussion of certain risks associated with legal proceedings, see "Item 1A. Risk Factors" and "Note 11 - Commitments and Contingencies" to our audited consolidated financial statements found within "Item 8. Financial Statements and Supplementary Data" in this Annual Report.

**Item 4. Mine Safety Disclosures**

Not applicable.

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

***Market Information for Ordinary Shares***

Our ordinary shares have been listed on the New York Stock Exchange under the symbol "SN" since July 31, 2023. Prior to that date, there was no public trading market for our ordinary shares.

***Holders of Record***

As of February 19, 2026, there were 13 holders of record of our ordinary shares. The actual number of shareholders is greater than this number of record holders and includes an indeterminate number of shareholders who are beneficial owners but whose shares are held in street name by brokers and other nominees.

***Dividend Policy***

Under our dividend policy, any declaration and payment of future dividends to holders of our ordinary shares will be at the discretion of our Board and will depend on many factors, including our financial condition, earnings, capital requirements, level of indebtedness, statutory and contractual restrictions applying to the payment of dividends, the provisions of Cayman Law affecting the payment of dividends and distributions to shareholders and other considerations that our Board deems relevant. We do not currently anticipate paying regular dividends on our ordinary shares. See "Item 1A. Risk Factors—Risks Related to Ownership of Our Ordinary Shares—We do not currently anticipate paying dividends on our ordinary shares. Consequently, your only opportunity to achieve a return on your investment may be if the price of our ordinary shares appreciates."

On May 26, 2022, we declared and paid a special cash dividend of $83.5 million to JS Global. On February 15, 2023, we declared and paid a special cash dividend of $15.5 million to JS Global. On February 27, 2023, we declared and paid a special dividend of $94.9 million to JS Global, which consisted of a cash dividend of $44.5 million and amounts receivable of $50.4 million under an intercompany note in satisfaction of such note. In connection with the separation, we declared and paid a special cash dividend of $375.0 million to JS Global for the repayment of JS Global's outstanding debt under the Facilities Agreement (as defined below).

In the fourth quarter of 2023, we declared and paid a special cash dividend of $1.08 per ordinary share, or approximately $150.2 million in the aggregate, to our shareholders of record as of December 1, 2023.

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***Securities Authorized for Issuance Under Equity Compensation Plans***

The information required under this item is incorporated herein by reference to our 2026 Proxy Statement, which proxy statement will be filed with the SEC not later than 120 days after the close of our fiscal year ended December 31, 2025.

***Performance Graph***

This performance graph shall not be deemed "soliciting material" or to be "filed" with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act or the Exchange Act.

The following graph compares the cumulative total return to shareholders on our ordinary shares with the cumulative total returns of the Standard & Poor's 500 Index ("S&P 500") and the S&P 500 Consumer Discretionary Sector. An investment of $100 is assumed to have been made in our ordinary shares and in each index on July 31, 2023, the date our ordinary shares began trading on the New York Stock Exchange, and its relative performance is tracked through December 31, 2025. Data for the S&P 500 and the S&P 500 Consumer Discretionary Sector assume reinvestment of dividends.

The returns shown are based on historical results and are not intended to suggest future performance.

![3848290707135](sharkninja-20251231_g1.jpg)

***Recent Sales of Unregistered Securities***

None.

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***Issuer Purchases of Equity Securities***

None.

**Item 6. [Reserved]**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis provide information that management believes is relevant to an assessment and understanding of our results of operations and financial condition. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the related notes appearing elsewhere in this Annual Report. Some of the information contained in this discussion and analysis includes forward-looking statements that involve risks, uncertainties and assumptions. You should read the "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" sections of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.*

Information pertaining to the year ended December 31, 2025 and discussions related to year-over-year comparisons between 2024 and 2023 are included in "Item 5. Operating and Financial Review and Prospects" of our Annual Report on Form 20-F for the year ended December 31, 2024, as filed with the SEC on March 31, 2025, and incorporated herein by reference.

**Overview**

SharkNinja is a global product design and technology company that creates innovative 5-star rated lifestyle solutions for consumers around the world. We have built two billion-dollar brands that drive strong growth and innovation across the 38 sub-categories in which we compete today. We have a proven track record of entering and establishing leadership positions by disrupting the market across household product categories, including Cleaning, Cooking and Beverage, Food Preparation, and Beauty and Home Environment. The Company has identified two operating segments, Domestic and International, based on geographic sales regions for which discrete financial information is available. Domestic consists of the United States and Canada, and International consists of markets outside the United States and Canada. The Company has determined that these two operating segments meet the aggregation criteria in ASC 280-10-50-11 and therefore are aggregated into one reportable segment. See "Note 3 - Segment Reporting" to our audited consolidated financial statements found within "Item 8. Financial Statements and Supplementary Data" in this Annual Report for additional information.

Our success is centered around our advanced engineering and innovation capabilities coupled with our deep understanding of consumer needs. We relentlessly seek to deliver innovative home appliances at compelling value in order to delight consumers. Our continued growth in sales and increasing market share demonstrate that our products deliver lifestyle solutions that meet our consumers' evolving needs and desires.

We drive high brand engagement through our dynamic approach to solutions-driven storytelling in categories that we believe have not been historically known for high engagement. This solutions-driven approach focuses on educating the consumer on our innovative solution to a consumer problem that makes their experience more efficient and more enjoyable. Our differentiated storytelling complements our innovative products across a variety of channels, including in-store, online, across social media and on television. This approach engages current and new consumers, fueling demand for our solutions across a variety of categories. Utilizing this strategy, we have built a global community of passionate brand ambassadors who we believe value our innovation, quality and performance.

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We sell our products using an omnichannel distribution strategy that consists primarily of retail and direct-to-consumer ("DTC") channels. Our retail channel covers brick-and-mortar retailers, e-commerce platforms and multichannel retailers, which, in turn, sell our products to the end consumers. Some of the largest retailers we sell to include Amazon, Costco, Walmart, Target and Best Buy, as well as a significant number of independent retailers. Our DTC channel covers sales directly to consumers through our websites. The goal of our omnichannel distribution strategy is to be the most prominent and relevant brand wherever our consumers choose to shop.

We have built an agile and efficient supply chain over time and have made significant investments to optimize manufacturing and sourcing. Our supply chain infrastructure harnesses three differentiating factors: (i) long-standing factory partnerships that allow us to rapidly develop and produce our products, (ii) factory flexibility that allows us to incorporate insights and adapt at any stage of the production process and (iii) our volumes and long-term strategic partnerships with key shippers allow us to attain competitive inbound freight rates, even when the market is constrained. We have also made significant investments in local talent to help oversee the production process and ensure that our manufacturers' products meet our strenuous quality standards.

**Key Components of Results of Operations**

**Net Sales**

We offer a broad range of products that span 38 sub-categories primarily within small household appliances. We generate net sales from product sales to retailers, both brick-and-mortar and online, as well as through DTC sales and distributors. We recognize sales upon transfer of control of products to retailers, consumers and distributors, net of returns, discounts and allowances provided to retailers and funding provided to retailers for promotions and advertising of our products. Control is generally transferred upon shipment or delivery of the products, depending on shipping terms. Net sales are impacted by the effect of foreign exchange rates, competition, consumer spending habits and general economic conditions.

We disaggregate the net sales of our products across four categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cleaning Appliances, which includes corded and cordless vacuums, including handheld and robotic vacuums, as well as other floorcare products including steam mops, wet/dry cleaning floor products and carpet extraction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cooking and Beverage Appliances, which includes air fryers, multi-cookers, outdoor and countertop grills and ovens, propane grills, fire pits, coffee systems, carbonation, cookware, cutlery, kettles, toasters and bakeware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Food Preparation Appliances, which includes blenders, food processors, ice cream makers, juicers, frozen drink appliances and coolers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Beauty and Home Environment Appliances, which includes beauty appliances in both haircare and skincare, as well as home environment products such as air purifiers and fans.

**Gross Profit and Gross Margin**

Gross profit reflects net sales less the cost of sales. Cost of sales primarily consists of the purchase cost of our products from third-party manufacturers, inbound freight costs, tariffs, product quality testing and inspection costs, the costs associated with receiving inventory into our warehouses, depreciation on molds and tooling that we own, warranty costs, damages, obsolescence and shrinkage costs and allocated overhead, including the service fee paid to JS Global for supply chain services.

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We calculate gross margin as gross profit divided by net sales. Gross margin is generally impacted by changes in channel mix since our DTC sales usually generate a higher gross margin than sales to retailers and distributors. Additionally, gross margin is also impacted by product category mix, changes in foreign currency fluctuations, changes in tariff policies, fluctuations in inbound freight costs and fluctuations in commodity and component costs.

**Operating Expenses**

Our operating expenses consist of research and development, sales and marketing and general and administrative expenses. Advertising expenses are the most significant component of our operating expenses and consist of digital advertising, social media and other advertising. Personnel-related expenses are the second most significant component of operating expenses and consist of salaries and bonuses, share-based compensation and employee benefit costs. Our operating expenses also include allocated overhead. Overhead costs that are not substantially dedicated for use by a specific functional group are allocated based on headcount. Allocated overhead costs include shared costs associated with facilities, including rent and utilities and depreciation of property and equipment. We expect our operating expenses to increase on an absolute dollar basis for the foreseeable future as we continue to increase investments to support our growth including through increasing staff levels, expanding research and development and greater marketing activities.

***Research and Development***

Research and development costs primarily consist of personnel-related costs for our engineering and product development personnel responsible for the design, development and testing of our products, contractors and consulting expenses, the cost of components and test equipment used for product, tooling and prototype development, prototype expenses, overhead costs and amortization of intangible assets related to patents and amortization expenses related to capitalized development software.

***Sales and Marketing***

Sales and marketing expenses primarily consist of advertising, marketing and other brand-building costs, salaries and associated expenses for sales and marketing teams, shipping and fulfillment costs, including costs for third-party delivery services and shipping materials, overhead costs, amortization expenses of intangible assets related to customer relationships and depreciation expenses.

***General and Administrative***

General and administrative expenses primarily consist of personnel-related costs for finance, legal, human resources, information technology and administrative functions, third-party professional service fees for external legal, accounting and other consulting services, depreciation expenses, overhead costs and expenses associated with operating as a public company, including expenses to comply with the rules and regulations of the SEC and the listing rules of NYSE, as well as expenses for corporate insurance, director and officer insurance, and investor relations.

**Interest Expense, Net**

Interest expense, net of any interest earned on our cash and cash equivalents, primarily consists of interest on our borrowings, including our term loan facility. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Indebtedness."

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**Other Income (Expense), Net**

Other income (expense), net primarily consists of gains and losses on foreign currency transactions, foreign currency forward contracts and other income and expenses that are not part of our normal operating activities. See "Item 7A. Quantitative and Qualitative Disclosures About Market Risk—Foreign Currency Exchange Risk."

**Provision for Income Taxes**

Provision for income taxes consists primarily of income taxes in the United States and other foreign jurisdictions in which we conduct our business.

**Results of Operations**

The following table sets forth our selected consolidated statements of income information for each of the periods indicated:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| **($ in thousands)** | **2025** | **2024** |
| Net sales | $6399188  | $5528639  |
| Cost of sales | 3262698  | 2866648  |
| Gross profit | 3136490  | 2661991  |
| Operating expenses: |  |  |
| &nbsp;&nbsp;Research and development<sup>(1)</sup> | 368073  | 341289  |
| &nbsp;&nbsp;Sales and marketing<sup>(1)</sup> | 1458027  | 1243145  |
| &nbsp;&nbsp;General and administrative<sup>(1)</sup> | 390109  | 433395  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2216209  | 2017829  |
| Operating income | 920281  | 644162  |
| Interest expense, net | (48600) | (63715) |
| Other income (expense), net | 28597  | (7980) |
| Income before income taxes  | 900278  | 572467  |
| Provision for income taxes | 198904  | 133762  |
| Net income | $701374  | $438705  |

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(1) Includes share-based compensation as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| **($ in thousands)** | **2025** | **2024** |
| Research and development | $11725  | $10411  |
| Sales and marketing | 14694  | 13576  |
| General and administrative | 17453  | 60544  |
| Total share-based compensation | $43872  | $84531  |

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The following table sets forth our selected consolidated statements of income information as a percentage of our total net sales for each of the periods indicated:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in percentages)** | **2025** | **2024** |
| Net sales | 100.0% | 100.0% |
| Cost of sales | 51.0  | 51.9  |
| Gross profit | 49.0  | 48.1  |
| Operating expenses: |  |  |
| &nbsp;&nbsp;Research and development | 5.8  | 6.2  |
| &nbsp;&nbsp;Sales and marketing | 22.8  | 22.5  |
| &nbsp;&nbsp;General and administrative | 6.1  | 7.8  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 34.7  | 36.5  |
| Operating income | 14.3  | 11.6  |
| Interest expense, net | (0.8) | (1.2) |
| Other income (expense), net | 0.5  | (0.1) |
| Income before income taxes  | 14.0  | 10.3  |
| Provision for income taxes | 3.0  | 2.4  |
| Net income | 11.0% | 7.9% |

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**Comparison of the Years Ended December 31, 2025 and 2024**

**Net Sales**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **% Change** |
| **($ in thousands, except %)** | **2025** | **2024** | **2024 to 2025** |
| Net sales | $6399188  | $5528639  | 15.7% |

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Our net sales increased by $870.5 million, or 15.7%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase in net sales resulted from growth in each of our four major product categories of Food Preparation Appliances, Beauty and Home Environment Appliances, Cleaning Appliances and Cooking and Beverage Appliances.

Net sales in our product categories were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **($ in thousands, except %)** | **2025** | **2024** | **$ Change** | **% Change** |
| Cleaning Appliances  | $2205757  | $2063514  | $142243  | 6.9% |
| Cooking and Beverage Appliances | 1816349  | 1717654  | 98695  | 5.7  |
| Food Preparation Appliances  | 1550744  | 1178735  | 372009  | 31.6  |
| Beauty and Home Environment Appliances | 826338  | 568736  | 257602  | 45.3  |
| Total net sales | $6399188  | $5528639  | $870549  | 15.7% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cleaning Appliances net sales increased by $142.2 million, or 6.9%, to $2,205.8 million in the year ended December 31, 2025, compared to $2,063.5 million for the year ended December 31, 2024. This increase was driven by the carpet extraction and cordless vacuums sub-categories.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cooking and Beverage Appliances net sales increased by $98.7 million, or 5.7%, to $1,816.3 million in the year ended December 31, 2025, compared to $1,717.7 million for the year ended December 31, 2024. This increase was driven by sales of our Ninja Luxe Café espresso machine and the strength of Ninja Crispi, offset by declines in the core air fryer and outdoor grill sub-categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Food Preparation Appliances net sales increased by $372.0 million, or 31.6%, to $1,550.7 million in the year ended December 31, 2025, compared to $1,178.7 million for the year ended December 31, 2024, driven by strong sales of our frozen drinks sub-category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Beauty and Home Environment Appliances net sales increased by $257.6 million, or 45.3%, to $826.3 million in the year ended December 31, 2025, compared to $568.7 million for the year ended December 31, 2024. This increase was driven by the strength of fans and air purifiers, as well as strong performance from the launch of face masks in 2025.

Geographically, Domestic net sales increased by $510.9 million, or 13.5%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase was driven by growth within existing categories and the success of new product categories. International net sales increased by $359.6 million, or 20.8%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase was driven by continued global expansion and the successful introduction of new product categories across the international markets.

**Gross Profit and Gross Margin**

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **% Change** |
| **($ in thousands, except %)** | **2025** | **2024** | **2024 to 2025** |
| Gross profit | $3136490  | $2661991  | 17.8% |
| Gross margin | 49.0% | 48.1% |  |

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Our gross profit increased by $474.5 million, or 17.8%, for the year ended December 31, 2025, compared to the year ended December 31, 2024.

Our gross margin increased by 90 basis points for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase in gross margin was primarily driven by cost optimization efforts, as well as a decline in the amounts owed under a contractual sourcing service fee paid to JS Global for supply chain services that ended July 31, 2025, partially offset by the impact of tariffs.

**Operating Expenses**

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **% Change** |
| **($ in thousands, except %)** | **2025** | **2024** | **2024 to 2025** |
| Research and development | $368073  | $341289  | 7.8% |
| &nbsp;&nbsp;Percentage of net sales | 5.8% | 6.2% |  |
| Selling and marketing | $1458027  | $1243145  | 17.3% |
| &nbsp;&nbsp;Percentage of net sales | 22.8% | 22.5% |  |
| General and administration | $390109  | $433395  | (10.0)% |
| &nbsp;&nbsp;Percentage of net sales | 6.1% | 7.8% |  |
| Total operating expenses | $2216209  | $2017829  | 9.8% |
| &nbsp;&nbsp;Percentage of net sales | 34.7% | 36.5% |  |

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**Research and Development**

Research and development expenses increased by $26.8 million, or 7.8%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. This increase was primarily driven by incremental personnel-related expenses of $38.8 million resulting from increased headcount to support new product categories and market expansion, as well as an increase of $4.4 million in prototypes and testing expenses related to these initiatives. The overall increase was partially offset by a decrease of $12.2 million in professional and consulting fees and a decrease of $3.3 million in consumer insight initiatives.

**Sales and Marketing**

Sales and marketing expenses increased by $214.9 million, or 17.3%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. This increase was primarily attributable to increases of $66.1 million in delivery and distribution costs driven by higher volumes, $64.5 million in personnel-related expenses to support new product launches and new markets, $47.6 million in advertising-related expenses, $16.5 million in professional and consulting fees and $9.5 million in depreciation and amortization expense.

**General and Administrative**

General and administrative expenses decreased by $43.3 million, or 10.0%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. This decrease was primarily driven by a decrease of $36.8 million in personnel-related expenses, including a $43.1 million decrease in share-based compensation, a decrease of $32.3 million in legal fees, including a decrease of $36.0 million in litigation-related costs, and a decrease of $3.5 million in professional and consulting fees, offset by an increase of $13.2 million in credit card processing and merchant fees, an increase of $12.3 million in technology support costs associated with cloud computing solutions, and an increase of $5.9 million in transaction-related costs.

**Interest Expense, Net**

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **% Change** |
| **($ in thousands, except %)** | **2025** | **2024** | **2024 to 2025** |
| Interest expense, net | $48600  | $63715  | (23.7)% |
| &nbsp;&nbsp;Percentage of net sales | 0.8% | 1.2% |  |

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Interest expense, net decreased by $15.1 million, or 23.7%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. This decrease was primarily due to a $9.7 million decrease in interest expense on our term loan, which was driven by principal payments made throughout the year and a decrease in the average interest rate, and a $4.1 million decrease in interest expense on our revolving credit facility, primarily due to lower average outstanding borrowings compared to the prior year.

**Other Income (Expense), Net**

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **% Change** |
| **($ in thousands, except %)** | **2025** | **2024** | **2024 to 2025** |
| Other income (expense), net | $28597  | $(7980) | 458.4% |
| &nbsp;&nbsp;Percentage of net sales | 0.5% | (0.1)% |  |

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Other income (expense), net increased by $36.6 million, or 458.4%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase was primarily attributable to changes in foreign currency year over year, partially offset by a $5.0 million gain upon a settlement that was reached with a supplier in the prior year that did not exist in the current year.

**Provision for Income Taxes**

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **% Change** |
| **($ in thousands, except %)** | **2025** | **2024** | **2024 to 2025** |
| Provision for income taxes | $198904  | $133762  | 48.7% |
| &nbsp;&nbsp;Percentage of income before income taxes | 22.1% | 23.4% |  |

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Provision for income taxes increased by $65.1 million, or 48.7%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. Our effective tax rate ("ETR") was 22.1% and 23.4% of our income before income taxes for the years ended December 31, 2025 and 2024, respectively. This decrease in the ETR was primarily related to one-time benefits recorded in the fourth quarter of 2025.

**Non-GAAP Financial Measures**

In addition to the measures presented in our consolidated financial statements, we regularly review other financial measures, defined as non-GAAP financial measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions.

The key non-GAAP financial measures we consider are Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Net Income, Adjusted Net Income Per Share, EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin. These non-GAAP financial measures are used by both management and our Board, together with comparable GAAP information, in evaluating our current performance and planning our future business activities. These non-GAAP financial measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or which occur relatively infrequently and/or which management considers to be unrelated to our core operations, as well as the cost of sales from (i) inventory markups that are being eliminated as a result of the transition of certain product procurement functions from a subsidiary of JS Global to SharkNinja concurrently with the separation and (ii) costs related to the transitional Sourcing Services Agreement with JS Global that was entered into in connection with the separation (collectively, the "Product Procurement Adjustment"). Management believes that tracking and presenting these non-GAAP financial measures provides management and the investment community with valuable insight into our ongoing core operations, our ability to generate cash and the underlying business trends that are affecting our performance. We believe that these non-GAAP measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry and to better understand and interpret the results of the ongoing business following the separation and distribution. These non-GAAP financial measures should not be viewed as a substitute for our financial results calculated in accordance with GAAP and you are cautioned that other companies may define these non-GAAP financial measures differently.

We define Adjusted Gross Profit as gross profit as adjusted to exclude (i) certain items that we do not consider indicative of our ongoing operating performance following the separation, including the cost of sales from the Product Procurement Adjustment and (ii) the impact of a voluntary product recall. We define Adjusted Gross Margin as Adjusted Gross Profit divided by net sales. We believe that Adjusted Gross Profit and Adjusted Gross Margin are appropriate measures of our operating performance because each eliminates certain other adjustments that do not relate to the ongoing performance of our business.

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The following table reconciles Adjusted Gross Profit and Adjusted Gross Margin to the most comparable GAAP measure, gross profit and gross margin, respectively, for the periods presented:

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| **($ in thousands, except %)** | **2025** | **2024** |
| Net sales | $6399188 | $5528639 |
| Cost of sales | (3262698) | (2866648) |
| Gross profit | 3136490 | 2661991 |
| Gross margin | 49.0% | 48.1% |
| Product Procurement Adjustment<sup>(1)</sup> | 18725 | 53071 |
| Product recall<sup>(2)</sup> | 4616 |  |
| **Adjusted Gross Profit** | $3159831 | $2715062 |
| Net sales | $6399188 | $5528639 |
| **Adjusted Gross Margin** | 49.4% | 49.1% |

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(1)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SharkNinja (Hong Kong) Company Limited ("SNHK"), and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. As a result of the separation, we pay JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement.

(2)Adjusted for gross profit impact from a voluntary product recall that was recognized during the year ended December 31, 2025.

We define Adjusted Operating Income as operating income excluding (i) share-based compensation, (ii) certain litigation costs, (iii) amortization of certain acquired intangible assets, (iv) certain transaction-related costs, (v) certain items that we do not consider indicative of our ongoing operating performance following the separation, including cost of sales from our Product Procurement Adjustment, and (vi) the impact of a voluntary product recall.

The following table reconciles Adjusted Operating Income to the most comparable GAAP measure, operating income, for the periods presented:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| **($ in thousands)** | **2025** | **2024** |
| **Operating income** | $920281  | $644162  |
| Share-based compensation<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 43872  | 84531  |
| Litigation costs<sup>(2)</sup> | 827  | 36807  |
| Amortization of acquired intangible assets<sup>(3)</sup> | 19587  | 19587  |
| Transaction-related costs<sup>(4)</sup> | 8458  | 1342  |
| Product Procurement Adjustment<sup>(5)</sup> | 18725  | 53071  |
| Product recall<sup>(6)</sup> | 11188 |  |
| **Adjusted Operating Income** | $1022938  | $839500  |

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(1)Represents non-cash expense related to awards issued from the SharkNinja equity incentive plan.

(2)Represents litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims, and any related settlement costs and recoveries, which were recorded in general and administrative expenses.

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(3)Represents amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global's acquisition of our business. We exclude amortization charges for these acquisition-related intangible assets for purposes of calculating Adjusted Operating Income, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are significantly impacted by the timing and valuation of JS Global's acquisition of our business, as well as the inherent subjective nature of purchase price allocations. Of the amortization of acquired intangible assets, $3.7 million for the years ended December 31, 2025, 2024 and 2023 was recorded to research and development expenses, and $15.9 million for the years ended December 31, 2025, 2024 and 2023 was recorded to sales and marketing expenses.

(4)Represents certain costs incurred related to secondary offering transactions and transaction-related due diligence initiatives.

(5)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. As a result of the separation, we pay JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement.

(6)Adjusted for operating income impact from a voluntary product recall that was recognized during the year ended December 31, 2025.

We define Adjusted Net Income as net income excluding (i) share-based compensation, (ii) certain litigation costs, (iii) foreign currency gains and losses, net, (iv) amortization of certain acquired intangible assets, (v) certain transaction-related costs, (vi) certain items that we do not consider indicative of our ongoing operating performance following the separation, including cost of sales from our Product Procurement Adjustment, (vii) the impact of a voluntary product recall, and (viii) the tax impact of the adjusted items.

Adjusted Net Income Per Share is defined as Adjusted Net Income divided by the diluted weighted average number of ordinary shares.

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The following table reconciles Adjusted Net Income and Adjusted Net Income Per Share to the most comparable GAAP measures, net income and net income per share, diluted, respectively, for the periods presented:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| **($ in thousands, except share and per share amounts)** | **2025** | **2024** |
| **Net income** | $701374  | $438705  |
| Share-based compensation<sup>(1)</sup> | 43872  | 84531  |
| Litigation costs<sup>(2)</sup> | 827  | 36807  |
| Foreign currency (gains) losses, net<sup>(3)</sup> | (36059) | 16063  |
| Amortization of acquired intangible assets<sup>(4)</sup> | 19587  | 19587  |
| Transaction-related costs<sup>(5)</sup> | 8458  | 1342  |
| Product Procurement Adjustment<sup>(6)</sup> | 18725  | 53071  |
| Product recall<sup>(7)</sup> | 11188  | —  |
| Tax impact of adjusting items<sup>(8)</sup> | (18398) | (33862) |
| **Adjusted Net Income** | $749574  | $616244  |
| **Net income per share, diluted** | $4.94  | $3.11  |
| **Adjusted Net Income Per Share** | $5.28  | $4.37  |
| Diluted weighted-average number of shares used in computing net income per share and Adjusted Net Income Per Share | 142089766  | 141083853  |

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(1)Represents non-cash expense related to awards issued from the SharkNinja equity incentive plan.

(2)Represents litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims, and any related settlement costs and recoveries, which were recorded in general and administrative expenses.

(3)Represents foreign currency transaction gains and losses recognized from the remeasurement of transactions that were not denominated in the local functional currency, including gains and losses related to foreign currency derivatives not designated as hedging instruments.

(4)Represents amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global's acquisition of our business. We exclude amortization charges for these acquisition-related intangible assets for purposes of calculated Adjusted Net Income, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are significantly impacted by the timing and valuation of JS Global's acquisition of our business, as well as the inherent subjective nature of purchase price allocations. Of the amortization of acquired intangible assets, $3.7 million for the years ended December 31, 2025, 2024 and 2023 was recorded to research and development expenses, and $15.9 million for the years ended December 31, 2025, 2024 and 2023 was recorded to sales and marketing expenses.

(5)Represents certain costs incurred related to secondary offering transactions and transaction-related due diligence initiatives.

(6)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. As a result of the separation, we pay JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement.

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(7)Adjusted for net income impact from a voluntary product recall that was recognized during the year ended December 31, 2025.

(8)Represents the income tax effects of the adjustments included in the reconciliation of net income to Adjusted Net Income, determined using the tax rate of 23.5% for the year ended December 31, 2025 and 22.0% for the year ended December 31, 2024, which approximates our ETR, excluding certain share-based compensation costs and separation and distribution-related costs that are not tax deductible.

We define EBITDA as net income excluding: (i) interest expense, net, (ii) provision for income taxes and (iii) depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding (i) share-based compensation cost, (ii) certain litigation costs, (iii) foreign currency gains and losses, net, (iv) certain transaction-related costs, (v) certain items that we do not consider indicative of our ongoing operating performance following the separation, including cost of sales from our Product Procurement Adjustment, and (vi) the impact of a voluntary product recall. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales. We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are appropriate measures because they facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results according to GAAP, we believe provide a more complete understanding of the factors and trends affecting our business than GAAP measures alone.

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to the most comparable GAAP measure, net income, for the periods presented:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| **($ in thousands, except %)** | **2025** | **2024** |
| **Net income** | $701374  | $438705  |
| Interest expense, net | 48600  | 63715  |
| Provision for income taxes | 198904  | 133762  |
| Depreciation and amortization | 139631  | 123109  |
| **EBITDA** | 1088509  | 759291  |
| Share-based compensation <sup>(1)</sup> | 43872  | 84531  |
| Litigation costs <sup>(2)</sup> | 827  | 36807  |
| Foreign currency (gains) losses, net<sup>(3)</sup> | (36059) | 16063  |
| Transaction-related costs<sup>(4)</sup> | 8458  | 1342  |
| Product Procurement Adjustment<sup>(5)</sup> | 18725  | 53071  |
| Product recall<sup>(6)</sup> | 11188  | —  |
| **Adjusted EBITDA** | $1135520  | $951105  |
| Net sales | $6399188  | $5528639  |
| **Adjusted EBITDA Margin** | 17.7% | 17.2% |

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(1)Represents non-cash expense related to awards issued from the SharkNinja equity incentive plan.

(2)Represents litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims, and any related settlement costs and recoveries, which were recorded in general and administrative expenses.

(3)Represents foreign currency transaction gains and losses recognized from the remeasurement of transactions that were not denominated in the local functional currency, including gains and losses related to foreign currency derivatives not designated as hedging instruments.

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(4)Represents certain costs incurred related to secondary offering transactions and transaction-related due diligence initiatives.

(5)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. As a result of the separation, we pay JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement.

(6)Adjusted for the Adjusted EBITDA impact from a voluntary product recall that was recognized during the year ended December 31, 2025.

**Liquidity and Capital Resources**

Our principal sources of liquidity are our cash and cash equivalents, cash generated from operations and our revolving credit facility ("2023 Revolving Facility"). Our principal uses of cash have been investing in international expansion, new product development, working capital, distributions to JS Global prior to the separation and distribution, and repayment of debt. As of December 31, 2025, our principal sources of liquidity were cash and cash equivalents of $777.3 million and our available balance of $489.1 million under our 2023 Revolving Facility. Our cash and cash equivalents consist primarily of cash on deposits with banks.

We believe that our existing cash and cash equivalents together with cash provided by operations and the availability under our 2023 Revolving Facility will be sufficient to meet our needs for at least the next 12 months from the date of the filing of this Annual Report. We plan to use our current cash on hand, cash generated by operations and our 2023 Revolving Facility to support our core business operations and strategic plan to accelerate our go-to-market strategy, invest in new product development and enhance our global distribution. We may be required to seek additional equity or debt financing to fund our activities. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, the results of operations and financial conditions of the business would be materially and adversely affected.

We have lease obligations and other contractual obligations and commitments as part of our ordinary course of business. See "Note 9 - Operating Leases," "Note 10 - Debt" and "Note 11 - Commitments and Contingencies" to our audited consolidated financial statements found within "Item 8. Financial Statements and Supplementary Data" in this Annual Report for information about our lease obligations and other contractual obligations. We did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements involving commitments or obligations, including contingent obligations, arising from arrangements with unconsolidated entities or persons that have or are reasonably likely to have a material current or future effect on our business, financial condition, results of operations, liquidity, cash requirements or capital resources.

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***Indebtedness***

In July 2023, we entered into a credit agreement ("2023 Credit Agreement") with Bank of America, N.A., as administrative agent, and certain banks and financial institutions party thereto as lenders and issuing banks. The 2023 Credit Agreement provides for an $810.0 million term loan facility (the "2023 Term Loan") and a $500.0 million 2023 Revolving Facility. The 2023 Term Loan and 2023 Revolving Facility mature in July 2028, and both facilities bear interest at the Secured Overnight Financing Rate ("SOFR") plus 1.75%. All SOFR borrowings under the 2023 Credit Agreement also incur a 0.1% credit adjustment. We may request increases to the 2023 Term Loan or 2023 Revolving Facility in a maximum aggregate amount not to exceed the greater of $520.0 million or 100% of adjusted earnings before interest, taxes, depreciation, and amortization, as defined in the 2023 Credit Agreement, for the most recently completed fiscal year. As of December 31, 2025, we had $739.1 million debt outstanding under the 2023 Credit Agreement.

During the year ended December 31, 2024, there were $285.0 million in draw downs on the 2023 Revolving Facility, which were all repaid during 2024. No amounts were outstanding on the 2023 Revolving Facility as of December 31, 2024. During the year ended December 31, 2025, there were $350.0 million in draw downs on the 2023 Revolving Facility, which were all repaid during 2025. No amounts were outstanding on the 2023 Revolving Facility as of December 31, 2025. As of December 31, 2025, $10.9 million of letters of credit were outstanding, resulting in an available balance of $489.1 million under the 2023 Revolving Facility.

***Cash Flows***

The following table summarizes our cash flows for the periods presented:

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| **($ in thousands)** | **2025** | **2024** |
| Net cash provided by operating activities | $634132 | $446620 |
| Net cash used in investing activities | (159779) | (151181) |
| Net cash used in financing activities | (77081) | (81221) |

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*Operating Activities*

Net cash provided by operating activities for the year ended December 31, 2025 of $634.1 million was primarily related to our net income of $701.4 million, adjusted for non-cash charges of $267.2 million and net cash outflows of $334.5 million from changes in our operating assets and liabilities. Non-cash charges primarily consisted of depreciation and amortization of $139.6 million, share-based compensation of $43.9 million, deferred income tax of $38.7 million, non-cash lease expenses of $20.4 million, provision for excess and obsolete inventory of $10.5 million, other non-cash adjustments of $9.4 million and provision for credit losses of $4.7 million. The main drivers of the net cash outflows derived from the changes in operating assets and liabilities were related to an increase in accounts receivable of $350.5 million, an increase in inventories of $87.3 million, an increase in prepaid expenses and other assets of $84.0 million and a decrease in operating lease liabilities of $15.1 million, partially offset by an increase in accrued expenses and other liabilities of $162.8 million and an increase in accounts payable of $38.1 million.

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Net cash provided by operating activities for the year ended December 31, 2024 of $446.6 million was primarily related to our net income of $438.7 million, adjusted for non-cash charges of $185.3 million and net cash outflows of $177.4 million from changes in our operating assets and liabilities. Non-cash charges primarily consisted of depreciation and amortization of $123.1 million, share-based compensation of $84.5 million, non-cash lease expenses of $19.5 million, provision for credit losses of $4.7 million and other non-cash adjustments of $0.9 million, offset by deferred income tax of $47.4 million. The main drivers of the net cash outflows derived from the changes in operating assets and liabilities were related to an increase in accounts receivable of $299.2 million, an increase in inventories of $204.9 million, an increase in prepaid expenses and other assets of $57.9 million and a decrease in operating lease liabilities of $10.2 million, partially offset by an increase in accrued expenses and other liabilities of $222.0 million, an increase in accounts payable of $157.3 million and an increase in tax payable of $15.5 million.

*Investing Activities*

Investing activities consist primarily of purchases of property and equipment and intangible assets.

Cash used in investing activities for the year ended December 31, 2025 of $159.8 million consisted of purchases of property and equipment of $146.1 million, purchases of intangible assets of $12.4 million and capitalized software development costs of $1.3 million.

Cash used in investing activities for the year ended December 31, 2024 of $151.2 million consisted of purchases of property and equipment of $137.7 million, purchases of intangible assets for $9.9 million and capitalized software development costs of $3.6 million.

*Financing Activities*

Financing activities consist primarily of proceeds we receive from the issuance of debt and debt repayments, as well as dividend payments, and contributions and distributions to and from JS Global prior to the separation and distribution.

Cash used in financing activities for the year ended December 31, 2025 of $77.1 million consisted of net ordinary shares withheld for taxes of $51.4 million and principal payments on the 2023 Term Loan of $40.5 million, which was partially offset by proceeds from employee share purchase plan contributions of $14.8 million.

Cash used in financing activities for the year ended December 31, 2024 of $81.2 million consisted of net ordinary shares withheld for taxes of $61.4 million and principal payments on the 2023 Term Loan of $25.3 million, which was partially offset by proceeds from employee share purchase plan contributions of $5.5 million.

***Contractual Obligations and Commitments***

As of December 31, 2025, our contractual obligations consisted of: (i) operating lease commitments of $201.7 million, of which $32.5 million is due in 2026 and $169.3 million is due thereafter, and (ii) purchase commitments of $109.0 million, of which $23.3 million is due in 2026 and $85.7 million is due thereafter. Please refer to "Note 9 - Operating Leases" and "Note 11 - Commitments and Contingencies" to the Consolidated Financial Statements included in "Item 8. Financial Statements and Supplementary Data" in this Annual Report on Form 10-K for a discussion on our lease and purchase commitments.

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**Critical Accounting Policies and Estimates**

Our discussion and analysis of results of operations, financial condition, and liquidity are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires us to make estimates and judgements that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We based our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may materially differ from these estimates under different assumptions or conditions. On an ongoing basis, we review our estimates to ensure that they appropriately reflect changes in our business or new information as it becomes available. For additional information on our significant accounting policies, please refer to "Note 2 - Summary of Significant Accounting Policies" to our consolidated financial statements included in this Annual Report. We believe that the following critical accounting policies and estimates have the greatest potential impact on our financial statements.

***Net Sales Recognition***

We recognize net sales when control of our products is transferred to retailers, consumers and distributors. Generally, control transfers when products are shipped or delivered to the customer, depending on the terms of the contract. Net sales related to service-type warranties recognized ratably over the contract period is immaterial.

Sales are made primarily under agreements allowing for rights of return in limited circumstances and various incentive rebates. We have an established history for these arrangements, and we record the estimated reserves as a reduction to net sales at the time the related net sales are recognized. Depending on whether we have the right to offset, the allowance for sales returns and the allowance for rebates are recorded on the balance sheet as either contra accounts receivable or accrued liabilities. Sales returns and rebates are estimated based on relevant historical and current data. Any significant changes in experience as compared to historical returns and rebates will impact the estimate.

We recognized $59.8 million, $86.6 million and $58.8 million in accrued returns and $409.7 million, $291.4 million and $207.6 million in accrued customer incentives as of December 31, 2025, 2024 and 2023, respectively. A hypothetical 10% change in the estimated ending liability balance would have resulted in a $6.0 million, $8.7 million and $5.9 million change in the estimated accrued return liability and a $41.0 million, $29.1 million and $20.8 million change in the estimated accrued rebate liability for the years ended December 31, 2025, 2024 and 2023, respectively, which would have been recognized as an increase or decrease to net sales.

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***Goodwill and Intangible Assets***

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. During 2025, the Company identified two reporting units for goodwill impairment testing, Domestic and International, and reallocated the carrying amount of goodwill to each reporting unit using a relative fair value framework, determined using a market approach based on revenue multiples. Although the Company presents one reportable segment for ASC 280 purposes due to aggregation, goodwill is evaluated for impairment at the reporting unit level, prior to aggregation. Our annual goodwill impairment test date is October 1. Indefinite-lived intangible assets consist of trade name and trademarks acquired through business acquisitions and separate purchases. Goodwill and indefinite-lived intangible assets are not amortized but rather tested for impairment at least annually, or more frequently if events or changes in circumstances indicate that they may be impaired. Evaluating goodwill for impairment involves determining the fair value of our reporting units in which goodwill is recorded using a qualitative or quantitative analysis. If the fair value of a reporting unit exceeds its carrying value, impairment is not indicated. If the carrying amount of a reporting unit is higher than its estimated fair value, the excess is recorded as an impairment expense. Evaluating indefinite-lived intangible assets for impairment involves determining the fair value of the related indefinite-lived intangible asset using a qualitative or quantitative analysis. If the fair value of an indefinite-lived intangible asset exceeds its carrying value, impairment is not indicated, and if the carrying value exceeds fair value, an impairment charge is recognized.

For the year ended December 31, 2025, we performed a qualitative (Step 0) goodwill impairment assessment for each of our two reporting units, Domestic and International, and concluded that it was more likely than not that the fair value of each reporting unit exceeded its carrying value. For the year ended December 31, 2024, when we concluded we had one reporting unit, we performed a qualitative (Step 0) assessment for that reporting unit and concluded it was more likely than not that its fair value exceeded its carrying value. Therefore, we did not recognize any goodwill impairment during the years ended December 31, 2025 and 2024. In addition, we did not recognize any impairment of our indefinite-lived intangible assets during the years ended December 31, 2025 and 2024.

Acquired intangible assets consist of identifiable intangible assets, primarily developed software technology, customer relationships and trade name and trademarks, resulting from business acquisitions. Other intangible assets consist of purchased patents. Intangible assets are initially recorded at fair value on the date of acquisition and are amortized over their estimated useful lives, with the exception of trade name and trademarks which were deemed to have an indefinite life and are tested for impairment as described above. We evaluate our intangible assets for indicators of possible impairment when events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable. This includes but is not limited to significant adverse changes in business climate, market conditions or other events that indicate an asset's carrying amount may not be recoverable. When measuring the recoverability of these assets, we will make assumptions regarding our estimated future cash flows expected to be generated by the assets. If our estimates or related assumptions change in the future, we may be required to impair these assets. An asset is considered impaired if the carrying amount exceeds the undiscounted future net cash flows that the asset or asset group is expected to generate.

**Recent Accounting Pronouncements**

Refer to the sections titled "Basis of Presentation," "Adoption of New Accounting Pronouncements" and "Recently Issued Accounting Pronouncements" in Note 2 of the Notes to our Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K for more information.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

We are exposed to market risk in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is principally the result of fluctuations in interest rates and foreign currency exchange rates.

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***Interest Rate Risk***

Our exposure to interest rate risk relates to the interest income generated by cash and cash equivalents and interest expense on our debt. Our interest rate sensitivity is affected by changes in the general level of U.S. interest rates, particularly because our cash equivalents are in the form of checking accounts, government money market funds and money market deposit accounts in the United States. Interest income is sensitive to changes in the general level of interest rates. However, due to the short-term maturities of our cash equivalents, we believe a hypothetical 100 basis point increase or decrease in interest rates during any of the periods presented would not have had a material impact on our consolidated financial statements.

During the years ended December 31, 2025, 2024 and 2023, average debt borrowings, excluding the impact of debt issuance costs, totaled $800.0 million, $888.8 million and $601.8 million, respectively, with interest rates tied to LIBOR through July 20, 2023 and to SOFR thereafter. A hypothetical 100 basis point fluctuation to interest rates would have increased or decreased interest expense by $8.0 million, $8.9 million and $6.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

***Foreign Currency Exchange Risk***

Our international net sales, cost of sales and operating expenses are denominated in multiple currencies, including British Pounds ("GBP"), Canadian Dollars, Chinese Yuan ("CNY"), and Euros. As such, we have exposure to adverse changes in exchange rates associated with the net sales and operating expenses of our foreign operations. Any fluctuations in other currencies will have minimal direct impact on our international net sales.

The functional currency of our non-U.S. subsidiaries is generally the respective local currency, although there are some subsidiaries whose functional currency is not their respective local currency. Asset and liability balances denominated in non-U.S. Dollar currencies are translated into U.S. Dollars using period-end exchange rates, while translation of net sales, cost of sales and operating expenses is based on average monthly rates. Translation adjustments are recorded as a component of accumulated other comprehensive income (loss) and transaction gains and losses are recorded in other income (expense), net in our consolidated statements of income.

Our primary foreign currency exchange risk relates to the purchase of inventory from manufacturers located in China. Although our inventory purchases are denominated in U.S. Dollars, as the foreign exchange rate between the CNY and the U.S. Dollar fluctuates, the amount paid to suppliers for our inventory will generally fluctuate accordingly based on our contractual terms. Our subsidiaries in Europe conduct business in their local currencies but are exposed to fluctuations between their functional currency and the U.S. Dollar, in particular due to their inventory purchases being denominated in U.S. Dollars. We regularly monitor the forecast of non-U.S. Dollar expense and the level of non-U.S. Dollar monetary asset and liability balances to determine if any actions, including possibly entering into foreign currency contracts, should be taken to minimize the impact of fluctuating exchange rates on our results of operations.

We previously utilized foreign currency forward contracts, with financial institutions to protect against a portion of foreign exchange risks, mainly the exposure to changes in the exchange rate of the GBP against the U.S. Dollar that are associated with future cash flows denominated in GBP. These contracts did not subject us to material balance sheet risk due to exchange rate movements because gains and losses on these derivatives are intended to offset gains and losses on the related GBP denominated cash flows. The fair value of outstanding derivative instruments and associated disclosure are presented within "Note 2 - Summary of Significant Accounting Policies" and "Note 6 - Fair Value Measurements" to our consolidated financial statements included in the "Index to Consolidated Financial Statements" under Part II, Item 8 of this Annual Report on Form 10-K. We may in the future enter into other derivative financial instruments if it is determined that such hedging activities are appropriate to further reduce our foreign currency exchange risk.

------

The estimated translation impact to our consolidated financial statements of a hypothetical 1,000 basis points change in foreign currency exchange rates would amount to $26.4 million, $16.5 million and $13.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. During the years ended December 31, 2025, 2024 and 2023, approximately 31.4%, 29.7% and 26.3%, respectively, of our net sales and approximately 37.5%, 33.4% and 28.3%, respectively, of our operating expenses were denominated in non-U.S. Dollar currencies.

**Item 8. Financial Statements and Supplementary Data**

Please see Financial Statements and Financial Statement Schedule beginning on page F-1 of this Annual Report.

**Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure**

None.

**Item 9A. Controls and Procedures**

**Disclosure Controls and Procedures**

Under the supervision, and with the participation of, our management, including our Chief Executive Officer and Chief Financial Officer, we performed an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of December 31, 2025.

Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of December 31, 2025 to provide reasonable assurance that the information we are required to disclose in the reports we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (2) accumulated and communicated to our management to allow timely decisions regarding required disclosures due to the material weaknesses in internal control over financial reporting, as further described below.

Notwithstanding the material weaknesses noted below, our management, including our Principal Executive Officer and Principal Financial Officer, has concluded that our financial statements included in this Annual Report present fairly, in all material respects, our financial position, results of operations, and cash flows for the periods presented in accordance with U.S. GAAP.

**Previously Disclosed Material Weaknesses**

In the section titled "Part II, Item 15. Controls and Procedures" of our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, as filed with the SEC on March 31, 2025, we identified material weaknesses in our internal control over financial reporting relating to the design and operating effectiveness of internal controls associated with: (i) the control environment, risk assessment, control activities, and information and communication components of the COSO framework, (ii) information technology general controls for information systems relevant to the preparation of our financial statements, (iii) accounting for revenue and accounts receivable, (iv) accounting for inventory and cost of goods sold, (v) accounting for the purchase of goods and services, and (vi) our financial statement close process.

------

During fiscal year 2025, with the oversight of the Audit Committee of the Board of Directors, the Company took a number of actions designed to improve our internal control over financial reporting and implemented a remediation plan to address these material weaknesses, including the expansion of formal accounting and IT policies and procedures, as well as the implementation of appropriate timely review and oversight responsibilities within the accounting and financial reporting functions. The Company also engaged third-party advisors to assist in the design and implementation of process level controls, enhanced internal controls surrounding our financial statement close process, revenue and accounts receivable, inventory and cost of goods sold, and purchases of goods and services, and continued upgrading and standardizing our information systems through the final stages of a global enterprise planning ("ERP") system implementation.

As a result of the remediation actions outlined above and the testing of the design and operating effectiveness of the newly designed and enhanced controls, management concluded that the controls related to accounting for purchases of goods and services have been in place and operated effectively for a sufficient period of time to demonstrate the corresponding material weakness was remediated as of December 31, 2025.

While we believe that our efforts have significantly improved our internal control over financial reporting, we have concluded in management's report on internal control over financial reporting below that the Company continues to have certain material weaknesses in its internal control.

**Management's Report on Internal Control over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.

Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, management conducted an assessment of the effectiveness of our internal control over financial reporting based upon the framework in "Internal Control - Integrated Framework (2013)" issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on this evaluation, management has concluded that our internal control over financial reporting was not effective as of December 31, 2025, due to the material weaknesses described below.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that a reasonable possibility exists that a material misstatement of our annual or interim financial statements would not be prevented or detected on a timely basis.

The material weaknesses as of December 31, 2025, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We identified deficiencies in the design and operating effectiveness of internal controls associated with the control environment and control activities components of the COSO framework that constitute a material weakness. The deficiencies related to (i) policies and procedures around accountability for defined internal control responsibilities, (ii) developing general controls over technology, and (iii) identifying and performing control activities in accordance with established policies.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We did not design and maintain effective controls over information technology ("IT") general controls for information systems that are relevant to the preparation of our financial statements. Specifically, we did not design and maintain (i) program change management controls to ensure that information technology program and data changes affecting financial IT applications and underlying accounting records are identified, tested, authorized, and implemented appropriately, (ii) user access controls to ensure appropriate segregation of duties and that adequately restrict user and privileged access to financial applications, programs, and data to appropriate Company personnel, and (iii) computer operations controls to ensure that critical batch jobs are monitored. As a result, our IT application and business process controls that are dependent on information and data produced by systems affected by the deficiencies in IT general controls were deemed ineffective because they could have been adversely impacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We did not design and/or operate effective controls over the accounting for (i) revenue and accounts receivables, (ii) inventory and cost of goods sold and (iii) the financial statement close process to address all material risks of misstatement as of December 31, 2025. Controls were not designed or operating effectively to support the sufficiency of review, including retention of evidence and consistency of execution.

While management has made progress towards the remediation plan, as evidenced through the remediation of the prior year material weakness in the accounting for purchases of goods and services, the remaining material weaknesses will not be considered remediated until the enhanced controls have been fully implemented and operating for a sufficient period of time and management has concluded, through testing, that the related controls are effective. We will continue to monitor the effectiveness of this remediation plan and refine it as appropriate.

These material weaknesses did not result in any material misstatements to the consolidated financial statements and there were no changes to previously issued financial statements. Notwithstanding our material weaknesses, we have concluded that the financial statements and other financial information included in this Annual Report present fairly, in all material respects, our financial condition, results of operations, and cash flows for the periods presented in conformity with U.S. GAAP.

Ernst & Young, our independent registered public accounting firm, has audited the effectiveness of our internal control over financial reporting as of December 31, 2025.

**Remediation Plan for Material Weaknesses**

With the oversight of the Audit Committee of our Board of Directors, we have continued throughout fiscal year 2025 to take steps to remediate the material weaknesses identified above by implementing changes to our internal control over financial reporting and will continue these remediation efforts in 2026. Our remediation efforts will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Re-designing and implementing IT general controls related to financial accounting and reporting systems, including implementing robust monitoring controls as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Building a standard internal controls framework for System Development Life Cycle that will be used prior to go-live for all IT applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Designing and implementing additional control activities and evaluating the operating effectiveness of control activities that operate at a level of precision to identify all potentially material errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhancing training awareness programs to address IT general controls and business process controls that enforce policies for the retention of sufficient evidence of the performance of control activities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developing and enhancing policies for current employees, new hires, and external consultants to ensure they are held accountable for design, implementation, and execution of our internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing in the development of internal capabilities by insourcing the Internal Audit function to perform the majority of SOX testing to promote continuity, embed institutional knowledge of the business, and enable more proactive identification of operational and control improvement opportunities.

While we believe that the foregoing efforts will effectively remediate the remaining material weaknesses, until these remedial actions have been completed and the required internal controls have been fully implemented and operating for a sufficient period of time to be able to conclude that material weaknesses described above have been successfully remediated, our internal control over financial reporting will remain ineffective.

We cannot provide any assurance that these remediation efforts will be successful or that our internal control over financial reporting will be effective as a result of these efforts and there is no assurance as to when such remediation will be completed. In addition, as we continue to evaluate and work to improve internal control over financial reporting, management may determine to take additional measures to address control deficiencies or determine to modify the remediation plan described above.

**Changes in internal control over financial reporting**

Except as described above there have been no changes during the year ended December 31, 2025, in the Company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors of SharkNinja, Inc.

**Opinion on Internal Control Over Financial Reporting**

We have audited SharkNinja, Inc.'s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, because of the effect of the material weaknesses described below on the achievement of the objectives of the control criteria, SharkNinja, Inc. (the Company) has not maintained effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. The following material weaknesses have been identified and included in management's assessment. Management has identified pervasive material weaknesses throughout the Company's internal control processes that involve the control environment and control activities components of the COSO framework and additional material weaknesses in information technology general controls, the Company's accounting for revenue and accounts receivable and inventory and cost of goods sold, and the financial statement close process.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the 2025 consolidated financial statements of the Company. These material weaknesses were considered in determining the nature, timing and extent of audit tests applied in our audit of the 2025 consolidated financial statements, and this report does not affect our report dated March 2, 2026, which expressed an unqualified opinion thereon.

**Basis for Opinion**

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

------

**Definition and Limitations of Internal Control Over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Boston, Massachusetts

March 2, 2026

**Item 9B. Other Information**

**Rule 10b5-1 Trading Arrangements**

During the fourth quarter of 2025, none of the Company's directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408(c) of Regulation S-K).

**Second A&R CEO Employment Agreement**

The Company entered into a second amended and restated employment agreement with Mark Barrocas, its Chief Executive Officer, effective as of February 27, 2026 (the "Second A&R CEO Employment Agreement"), to increase his annual base salary and annual cash incentive compensation opportunity, in each case, commencing as of January 1, 2026. The Second A&R CEO Employment Agreement supersedes and replaces Mr. Barrocas's prior amended and restated employment agreement with the Company.

Pursuant to the Second A&R CEO Employment Agreement, Mr. Barrocas will be paid an annual base salary of $1,518,000, retroactive to January 1, 2026, and will also be eligible for an annual bonus with 50% based on individual performance metrics and 50% based on Company financial performance metrics (the "Annual Bonus"). The target Annual Bonus is equal to 200% of his annual base salary and the maximum Annual Bonus is equal to 300% of his annual base salary.

In addition, the Second A&R CEO Employment Agreement provides that in the event of a termination of employment by the Company without cause or resignation by Mr. Barrocas for good reason, he will be entitled to (i) a lump sum payment equal to the sum of (a) 1.5 times his then-current base salary and (b) 1.5 times his target Annual Bonus and (ii) a monthly cash payment equal to the COBRA health continuation coverage premium for himself and his dependents for 18 months. The severance payments and benefits are contingent upon Mr. Barrocas's execution and non-revocation of a separation and general release agreement in favor of the Company. Upon a termination of employment, Mr. Barrocas will also be entitled to his accrued salary and other accrued benefits.

------

The foregoing description of the Second A&R CEO Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Second A&R CEO Employment Agreement, which is filed as Exhibit 10.11 to this Annual Report on Form 10-K, and is incorporated herein by reference.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

------

**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance**

The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2026 Annual General Meeting, which will be filed with the SEC, no later than 120 days after December 31, 2025.

We have adopted insider trading policies and procedures (the "Insider Trading Policy") governing the purchase, sale, and/or other dispositions of the Company's securities by directors, officers and employees, or the Company itself, that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Company. The foregoing summary of the Insider Trading Policy does not purport to be complete and is qualified entirely by reference to the copy of our Insider Trading Policy filed as Exhibit 19.1 to this Annual Report on Form 10-K.

We have adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including our principal executive officer, principal financial officer, and principal accounting officer or controller or persons performing similar functions. A copy of the code is posted on the investor relations section of our principal corporate website at www.sharkninja.com. We intend to disclose future amendments to our code of ethics, or any waivers of such code, on our website or in public filings. The information contained on, or that can be accessed through, our website is not incorporated by reference into this Annual Report on Form 10-K.

**Item 11. Executive Compensation**

The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2026 Annual General Meeting, which will be filed with the SEC, no later than 120 days after December 31, 2025.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2026 Annual General Meeting, which will be filed with the SEC, no later than 120 days after December 31, 2025.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2026 Annual General Meeting, which will be filed with the SEC, no later than 120 days after December 31, 2025.

**Item 14. Principal Accountant Fees and Services**

The information required by this item is incorporated by reference to the definitive Proxy Statement for our 2026 Annual General Meeting, which will be filed with the SEC, no later than 120 days after December 31, 2025.

------

**PART IV**

**Item 15. Exhibits and Financial Statement Schedules**

The following documents are filed as a part of this Annual Report on Form 10-K:

***(a) Financial Statements***

Our Consolidated Financial Statements are listed in the "Index to Consolidated Financial Statements" under Part II, Item 8 of this Annual Report on Form 10-K.

***(b) Financial Statement Schedules***

All financial statement schedules are omitted because the information called for is not required or is shown either in the consolidated financial statements or in the notes thereto.

***(c) Exhibits***

The documents listed in the exhibit index of this Annual Report on Form 10-K are incorporated by reference or are filed with this Annual Report on Form 10-K, in each case as indicated herein (numbered in accordance with Item 601 of Regulation S-K).

**Item 16. Form 10-K Summary**

None.

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**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1957132/000110465923085367/tm2322218d1_ex4-2.htm)</u> | <u>[Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 4.2 filed with the Registrant's Registration Statement on Form S-8 (File No. 333-273518), filed with the SEC on July 28, 2023).](https://www.sec.gov/Archives/edgar/data/1957132/000110465923085367/tm2322218d1_ex4-2.htm)</u> |
| <u>[4.1](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a22descriptionofsecurities.htm)</u> | <u>[Description of Securities (incorporated by reference to Exhibit 2.2 to the Registrant's Annual Report on Form 20-F (File No. 001-41754), filed with the SEC on March 1, 2024).](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a22descriptionofsecurities.htm)</u> |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1957132/000110465923085367/tm2322218d1_ex10-1.htm)</u>† | <u>[SharkNinja, Inc. 2023 Equity Incentive Plan and forms of award agreements thereunder (incorporated by reference to Exhibit 10.1 filed with the Registrant's Registration Statement on Form S-8 (File No. 333-273518), filed with the SEC on July 28, 2023).](https://www.sec.gov/Archives/edgar/data/1957132/000110465923085367/tm2322218d1_ex10-1.htm)</u> |
| <u>[10.2](https://www.sec.gov/Archives/edgar/data/1957132/000110465923085367/tm2322218d1_ex10-2.htm)</u>† | <u>[SharkNinja, Inc. 2023 Employee Share Purchase Plan (incorporated by reference to Exhibit 10.2 filed with the Registrant's Registration Statement on Form S-8 (File No. 333-273518), filed with the SEC on July 28, 2023).](https://www.sec.gov/Archives/edgar/data/1957132/000110465923085367/tm2322218d1_ex10-2.htm)</u> |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/1957132/000110465923075553/tm2232060d8_ex10-1.htm)</u>† | <u>[Form of Indemnification Agreement, between the Registrant and each of its Directors and Executive Officers (incorporated by reference to Exhibit 10.1 filed with the Registrant's Registration Statement on Form F-1 (File No. 333-272973), filed with the SEC on June 28, 2023).](https://www.sec.gov/Archives/edgar/data/1957132/000110465923075553/tm2232060d8_ex10-1.htm)</u> |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a42separationdistributio.htm)</u> | <u>[Separation and Distribution Agreement by and among JS Global Lifestyle Company Limited, SharkNinja Global SPV, Ltd. and SharkNinja, Inc., dated July 29, 2023 (incorporated by reference to Exhibit 4.2 to the Registrant's Annual Report on Form 20-F (File No. 001-41754), filed with the SEC on March 1, 2024).](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a42separationdistributio.htm)</u> |
| <u>[10.5](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a44employeemattersagreement.htm)</u>+ | <u>[Employee Matters Agreement between JS Global Lifestyle Co. Ltd., and SharkNinja, Inc., July 29, 2023 (incorporated by reference to Exhibit 4.4 to the Registrant's Annual Report on Form 20-F (File No. 001-41754), filed with the SEC on March 1, 2024).](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a44employeemattersagreement.htm)</u> |
| <u>[10.6](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a45brandlicenseagreement.htm)</u>+ | <u>[Brand License Agreement by and between SharkNinja Europe Ltd, and JS Global Trading HK Limited, dated July 29, 2023 (incorporated by reference to Exhibit 4.5 to the Registrant's Annual Report on Form 20-F (File No. 001-41754), filed with the SEC on March 1, 2024).](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a45brandlicenseagreement.htm)</u> |
| <u>[10.7](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a47sourcingservicesagreeme.htm)</u>+ | <u>[Sourcing Services Agreement - Joyoung by and between Joyoung Holding (Hong Kong) Limited, Hangzou Jiuchang Household Electric Appliances Co., Ltd., and Hanzhou Joyoung Household Electric Appliances Co., Ltd. (collectively, Joyoung), and SharkNinja (Hong Kong) Company Limited, dated July 29, 2023 (incorporated by reference to Exhibit 4.7 to the Registrant's Annual Report on Form 20-F (File No. 001-41754), filed with the SEC on March 1, 2024).](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a47sourcingservicesagreeme.htm)</u> |
| <u>[10.8](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a48productdevelopmentagree.htm)</u>+ | <u>[Product Development Agreement by and between SharkNinja Europe Ltd., and JS Global Trading HK Limited, dated July 29, 2023 (incorporated by reference to Exhibit 4.8 to the Registrant's Annual Report on Form 20-F (File No. 001-41754), filed with the SEC on March 1, 2024).](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a48productdevelopmentagree.htm)</u> |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1957132/000195713225000006/a482pdaamendment1.htm)[8](https://www.sec.gov/Archives/edgar/data/1957132/000195713225000006/a482pdaamendment1.htm)[.1](https://www.sec.gov/Archives/edgar/data/1957132/000195713225000006/a482pdaamendment1.htm)</u>†† | <u>[First Amendment to Product Development Agreement (incorporated by reference to Exhibit 4.8.2 to the Registrant's Annual Report on Form 20-F (File No. 001-41754), filed with the SEC on March 31, 2025).](https://www.sec.gov/Archives/edgar/data/1957132/000195713225000006/a482pdaamendment1.htm)</u> |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1957132/000195713225000006/a483pdaamendment2.htm)[8](https://www.sec.gov/Archives/edgar/data/1957132/000195713225000006/a483pdaamendment2.htm)[.2](https://www.sec.gov/Archives/edgar/data/1957132/000195713225000006/a483pdaamendment2.htm)</u>+ | <u>[Second Amendment to Product Development Agreement (incorporated by reference to Exhibit 4.8.3 to the Registrant's Annual Report on Form 20-F (File No. 001-41754), filed with the SEC on March 31, 2025).](https://www.sec.gov/Archives/edgar/data/1957132/000195713225000006/a483pdaamendment2.htm)</u> |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1957132/000195713225000006/a484pdaamendment3.htm)[8](https://www.sec.gov/Archives/edgar/data/1957132/000195713225000006/a484pdaamendment3.htm)[.3](https://www.sec.gov/Archives/edgar/data/1957132/000195713225000006/a484pdaamendment3.htm)</u>†† | <u>[Third Amendment to Product Development Agreement (incorporated by reference to Exhibit 4.8.4 to the Registrant's Annual Report on Form 20-F (File No. 001-41754), filed with the SEC on March 31, 2025).](https://www.sec.gov/Archives/edgar/data/1957132/000195713225000006/a484pdaamendment3.htm)</u> |
| <u>[10.](a1084fourthamendmenttoprod.htm)[8](a1084fourthamendmenttoprod.htm)[.4\*](a1084fourthamendmenttoprod.htm)</u>†† | <u>[Fourth Amendment to Product Development Agreement.](a1084fourthamendmenttoprod.htm)</u>  |
| <u>[10.9](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a1012023creditagreement.htm)</u> | <u>[Credit Agreement between SharkNinja Appliance LLC, SharkNinja Europe LTD, The Other Borrowers Party Hereto, The Guarantors Party Hereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and The Other Lenders Party Hereto, dated July 20, 2023(incorporated by reference to Exhibit 10.1 to the Registrant's Annual Report on Form 20-F (File No. 001-41754), filed with the SEC on March 1, 2024).](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a1012023creditagreement.htm)</u> |
| <u>[10.10](a1010formofdirectoragreeme.htm)[\*](a1010formofdirectoragreeme.htm)</u>† | <u>[Form of Director Agreement.](a1010formofdirectoragreeme.htm)</u> |
| <u>[10.11\*](a1011secondamendedandresta.htm)</u>† | <u>[Second Amended and Restated Employment Agreement with Mark Barrocas, dated February](a1011secondamendedandresta.htm)[27](a1011secondamendedandresta.htm)[, 2026.](a1011secondamendedandresta.htm)</u> |
| <u>[10.12](a1012offerletterwithadamqu.htm)[\*](a1012offerletterwithadamqu.htm)</u>† †† | <u>[Offer Letter with Adam Quigley, dated January 12, 2026.](a1012offerletterwithadamqu.htm)</u> |
| <u>[10.13\*](a1013noncompetitionconfide.htm)</u>† | <u>[Noncompetition, Confidentiality and Non-Solicitation Agreement with Adam Quigley, dated](a1013noncompetitionconfide.htm)[February 25, 2026](a1013noncompetitionconfide.htm)[.](a1013noncompetitionconfide.htm)</u> |

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| | |
|:---|:---|
| <u>[10.1](a1014offerletterwithpatrai.htm)[4](a1014offerletterwithpatrai.htm)[\*](a1014offerletterwithpatrai.htm)</u>† †† | <u>[Offer Letter with Patraic Reagan, dated March 17, 2024.](a1014offerletterwithpatrai.htm)</u> |
| <u>[10.1](a1015offerletterwithpedrol.htm)[5](a1015offerletterwithpedrol.htm)[\*](a1015offerletterwithpedrol.htm)</u>† †† | <u>[Offer Letter with Pedro Lopez-Baldrich, dated February 8, 2018.](a1015offerletterwithpedrol.htm)</u> |
| <u>[10.1](a1016noncompetitionconfide.htm)[6](a1016noncompetitionconfide.htm)[\*](a1016noncompetitionconfide.htm)</u>† | <u>[Noncompetition, Confidentiality and Non-Solicitation Agreement with Pedro Lopez-Baldrich, dated February 8, 2018.](a1016noncompetitionconfide.htm)</u> |
| <u>[10.1](a1017employmentagreementwi.htm)[7](a1017employmentagreementwi.htm)[\*](a1017employmentagreementwi.htm)</u>† | <u>[Employment Agreement with Neil Shah, dated July 27, 2017.](a1017employmentagreementwi.htm)</u> |
| <u>[10.1](a1018amendmentno1totheempl.htm)[8](a1018amendmentno1totheempl.htm)[\*](a1018amendmentno1totheempl.htm)</u>† | <u>[Amendment No. 1 to the Employment Agreement with Neil Shah, dated September 29, 2017.](a1018amendmentno1totheempl.htm)</u> |
| <u>[10.1](a1019sharkninjaincglobalan.htm)[9](a1019sharkninjaincglobalan.htm)[\*](a1019sharkninjaincglobalan.htm)</u>† | <u>[SharkNinja, Inc. Global Annual Bonus Plan.](a1019sharkninjaincglobalan.htm)</u> |
| <u>[10.](a1020sharkninjainclong-ter.htm)[20](a1020sharkninjainclong-ter.htm)[\*](a1020sharkninjainclong-ter.htm)</u>† | <u>[SharkNinja, Inc. Long-Term Incentive Plan.](a1020sharkninjainclong-ter.htm)</u> |
| <u>[19.1\*](a191insidertradingpolicy.htm)</u> | <u>[Insider trading policies and procedures.](a191insidertradingpolicy.htm)</u> |
| <u>[21.1\*](a211listofsubsidiaries2025.htm)</u> | <u>[Subsidiaries of the Registrant.](a211listofsubsidiaries2025.htm)</u> |
| <u>[23.1\*](a231consentofindependentre.htm)</u> | <u>[Consent of Ernst & Young LLP, independent registered public accounting firm.](a231consentofindependentre.htm)</u> |
| <u>[2](#ic5007b466f0e4eaf9efe8b86be287bb1_145)[4](#ic5007b466f0e4eaf9efe8b86be287bb1_145)[.1\*](#ic5007b466f0e4eaf9efe8b86be287bb1_145)</u> | <u>[Power of Attorney (included in the signature page to this Annual Report on Form 10-K).](#ic5007b466f0e4eaf9efe8b86be287bb1_145)</u> |
| <u>[31.1\*](a311ceocertification2025.htm)</u> | <u>[Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](a311ceocertification2025.htm)</u> |
| <u>[31.2\*](a312cfocertification2025.htm)</u> | <u>[Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](a312cfocertification2025.htm)</u> |
| <u>[32.1\*\*](a321ceocertification2025.htm)</u> | <u>[Certification of the Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.](a321ceocertification2025.htm)</u> |
| <u>[32.2\*\*](a322cfocertification2025.htm)</u> | <u>[Certification of the Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.](a322cfocertification2025.htm)</u> |
| <u>[97.1](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a971clawbackpolicy.htm)</u> | <u>[Clawback Policy (incorporated by reference to Exhibit 97.1 to the Registrant's Annual Report on Form 20-F (File No. 001-41754), filed with the SEC on March 1, 2024).](https://www.sec.gov/Archives/edgar/data/1957132/000195713224000008/a971clawbackpolicy.htm)</u> |
| 101.INS\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104\* | Cover Page Interactive Data File (embedded as Inline XBRL and contained in Exhibit 101). |

---

\* Filed herewith.

\*\* Furnished herewith. The certifications attached as Exhibits 32.1 and 32.2 that accompany this Annual Report on Form 10-K are deemed furnished and not filed with the SEC and are not to be incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date of this Annual Report on Form 10-K, irrespective of any general incorporation language contained in such filing.

+ Certain schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K under the Exchange Act. The Company will furnish the omitted schedules to the SEC upon request.

† Indicates management contract or compensatory plan, contract or agreement.

†† Portions of this exhibit (indicated by asterisks) have been omitted in accordance with the rules of the Securities and Exchange Commission.

------

**SIGNATURE**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **SHARKNINJA, INC.** | **SHARKNINJA, INC.** |
| | By: | /s/ Mark Barrocas |
| Date: March 2, 2026 |  | Name: Mark Barrocas |
|  |  | Title: Chief Executive Officer, Director |

---

---

| | | |
|:---|:---|:---|
| | **SHARKNINJA, INC.** | **SHARKNINJA, INC.** |
| | By: | /s/ Adam Quigley |
| Date: March 2, 2026 |  | Name: Adam Quigley |
|  |  | Title: Chief Financial Officer |

---

------

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Mark Barrocas and Adam Quigley, and each of them, as his or her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, for such individual in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or the individual's substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities and Exchange Act of 1934, as amended, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Mark Barrocas | Chief Executive Officer and Director | March 2, 2026 |
| Mark Barrocas | (Principal Executive Officer) |  |
| /s/ Adam Quigley | Chief Financial Officer | March 2, 2026 |
| Adam Quigley | (Principal Financial Officer) |  |
| /s/ Kaitlin Folan | Chief Accounting Officer | March 2, 2026 |
| Kaitlin Folan | (Principal Accounting Officer) |  |
| /s/ CJ Xuning Wang | Director | March 2, 2026 |
| CJ Xuning Wang |  |  |
| /s/ Kathryn J. Barton | Director | March 2, 2026 |
| Kathryn J. Barton |  |  |
| /s/ Peter Feld | Director | March 2, 2026 |
| Peter Feld |  |  |
| /s/ Chi Kin Max Hui | Director | March 2, 2026 |
| Chi Kin Max Hui |  |  |
| /s/ Dennis Paul | Director | March 2, 2026 |
| Dennis Paul |  |  |
| /s/ Barney Tianhao Wang | Director | March 2, 2026 |
| Barney Tianhao Wang |  |  |
| /s/ Timothy R. Warner | Director | March 2, 2026 |
| Timothy R. Warner |  |  |
| /s/ Jason Wortendyke | Director | March 2, 2026 |
| Jason Wortendyke |  |  |

---

------

**SHARKNINJA, INC.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| | **Page** |
| **Audited Consolidated Financial Statements** | |
| &nbsp;&nbsp;<u>[Report of Independent Registered Public Accounting Firm (PCAOB ID:](#ic5007b466f0e4eaf9efe8b86be287bb1_151)</u>42<u>[)](#ic5007b466f0e4eaf9efe8b86be287bb1_151)</u> | <u>[F-](#ic5007b466f0e4eaf9efe8b86be287bb1_151)[2](#ic5007b466f0e4eaf9efe8b86be287bb1_151)</u> |
| &nbsp;&nbsp;<u>[Consolidated Balance Sheets as of December 31, 2025 and 2024](#ic5007b466f0e4eaf9efe8b86be287bb1_154)</u> | <u>[F-](#ic5007b466f0e4eaf9efe8b86be287bb1_154)[4](#ic5007b466f0e4eaf9efe8b86be287bb1_154)</u> |
| &nbsp;&nbsp;<u>[Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023](#ic5007b466f0e4eaf9efe8b86be287bb1_157)</u> | <u>[F-](#ic5007b466f0e4eaf9efe8b86be287bb1_157)[5](#ic5007b466f0e4eaf9efe8b86be287bb1_157)</u> |
| &nbsp;&nbsp;<u>[Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023](#ic5007b466f0e4eaf9efe8b86be287bb1_160)</u> | <u>[F-](#ic5007b466f0e4eaf9efe8b86be287bb1_160)[6](#ic5007b466f0e4eaf9efe8b86be287bb1_160)</u> |
| &nbsp;&nbsp;<u>[Consolidated Statements of Stockholders' Equity for the years ended December 31, 2025, 2024 and 2023](#ic5007b466f0e4eaf9efe8b86be287bb1_163)</u> | <u>[F-](#ic5007b466f0e4eaf9efe8b86be287bb1_163)[7](#ic5007b466f0e4eaf9efe8b86be287bb1_163)</u> |
| &nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023](#ic5007b466f0e4eaf9efe8b86be287bb1_166)</u> | <u>[F-](#ic5007b466f0e4eaf9efe8b86be287bb1_166)[8](#ic5007b466f0e4eaf9efe8b86be287bb1_166)</u> |
| &nbsp;&nbsp;<u>[Notes to the Consolidated Financial Statements](#ic5007b466f0e4eaf9efe8b86be287bb1_169)</u> | <u>[F-](#ic5007b466f0e4eaf9efe8b86be287bb1_169)[9](#ic5007b466f0e4eaf9efe8b86be287bb1_169)</u> |
| **Financial Statement Schedule** |  |
| &nbsp;&nbsp;<u>[Valuation and Qualifying Accounts](#ic5007b466f0e4eaf9efe8b86be287bb1_220)</u> | <u>[F-](#ic5007b466f0e4eaf9efe8b86be287bb1_220)[45](#ic5007b466f0e4eaf9efe8b86be287bb1_220)</u> |

---

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors of SharkNinja, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of SharkNinja, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, shareholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 2, 2026 expressed an adverse opinion thereon.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates

------

---

| | |
|:---|:---|
| | ***Revenue Recognition - Variable Consideration for non-standard Markdowns and Allowances***  |
| *Description of the Matter* | As described in Note 2 to the consolidated financial statements, the Company has contractual incentive programs and practices with customers that can give rise to elements of variable consideration, including non-standard markdowns and allowances. The Company estimates the variable consideration using the expected value method or most likely amount method, based on sales, future sales of products by customers, and agreed-upon rates with each customer and records the estimated amount of credits for these programs as a reduction to net sales. As of December 31, 2025, the Company had accrued customer incentives, inclusive of non-standard markdowns and allowances, of $409.7 million. <br>Auditing the Company's estimate of variable consideration for certain non-standard markdowns and allowances was challenging due to the estimation uncertainty over projections of sell through by customers during the contractual period. The estimation of sell through is forward looking and reflects management's assumptions about the number of units customers are expected to sell within a defined time period, and changes in those assumptions can have a material effect on the amount of variable consideration recognized. Further, the identified material weakness relating to the Company's accounting for revenue and accounts receivable affected the variable consideration for non-standard markdowns and allowances and our audit procedures. |
| *How We Addressed the Matter in Our Audit* | To test variable consideration related to certain non-standard markdowns and allowances, our audit procedures included, among others, testing the completeness and accuracy of the underlying data used in the Company's calculations. For a sample of customers, we agreed the Company's estimates of the sale of future units by the customer to underlying support including, but not limited to, historical sell through data, compared the terms used in the Company's calculation of the non-standard markdowns and allowances to the underlying contract or correspondence between the Company and customer, and tested the calculation of the related accrued incentive balance. To assess the historical accuracy of the estimates, we tested management's lookback analysis over historical reserves compared to actual credits issued and tested a sample of credit memos issued to customers for the markdowns and allowances incentives compared to the amounts accrued. To test the completeness and accuracy of the accrued customer markdowns and allowances at year-end, we compared credit memos issued after December 31, 2025, to the Company's estimates. The nature and extent of our audit procedures considered the inability to rely on controls over the Company's revenue process as a result of the material weaknesses described above. |

---

/s/ Ernst & Young LLP

We have served as the Company's auditor since 2022.

Boston, Massachusetts

March 2, 2026

------

**SHARKNINJA, INC.**

**CONSOLIDATED BALANCE SHEETS**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $777289  | $363669  |
| &nbsp;&nbsp;Accounts receivable, net<sup>(1)</sup> | 1667143  | 1266595  |
| &nbsp;&nbsp;Inventories | 1002205  | 899989  |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 164628  | 114008  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3611265  | 2644261  |
| Property and equipment, net | 232226  | 211464  |
| Operating lease right-of-use assets | 142487  | 146257  |
| Intangible assets, net | 451137  | 462678  |
| Goodwill | 834781  | 834781  |
| Deferred tax assets | 10706  | 43093  |
| Other assets, noncurrent | 66832  | 51625  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $5349434  | $4394159  |
| **Liabilities and Shareholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable<sup>(2)</sup> | $679534  | $612031  |
| &nbsp;&nbsp;Accrued expenses and other current liabilities | 1016645  | 841529  |
| &nbsp;&nbsp;Tax payable | 38092  | 36548  |
| &nbsp;&nbsp;Debt, current | 39344  | 39344  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1773615  | 1529452  |
| Debt, noncurrent | 696795  | 736139  |
| Operating lease liabilities, noncurrent | 140981  | 145377  |
| Deferred tax liabilities | 16252  | 9931  |
| Other liabilities, noncurrent | 45580  | 37288  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2673223  | 2458187  |
| Commitments and contingencies (Note 11) |  |  |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;Ordinary shares, $0.0001 par value per share, 1,000,000,000 shares authorized; 141,158,026 and 140,347,436 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 14  | 14  |
| &nbsp;&nbsp;Additional paid-in capital | 1045504  | 1038213  |
| &nbsp;&nbsp;Retained earnings | 1610398  | 909024  |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss) | 20295  | (11279) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 2676211  | 1935972  |
| Total liabilities and shareholders' equity | $5349434  | $4394159  |

---

<sup>(1)</sup> Including amounts from a related party of $17,574 and $9,381 as of December 31, 2025 and 2024, respectively.

<sup>(2)</sup> Including amounts to a related party of $14,115 and $39,769 as of December 31, 2025 and 2024, respectively.

*The accompanying notes are an integral part of these consolidated financial statements.* 

------

**SHARKNINJA, INC.**

**CONSOLIDATED STATEMENTS OF INCOME**

**(in thousands, except share and per share data)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Net sales<sup>(1)</sup> | $6399188 | $5528639 | $4253710 |
| Cost of sales<sup>(2)</sup> | 3262698 | 2866648 | 2345858 |
| Gross profit | 3136490 | 2661991 | 1907852 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;Research and development<sup>(3)</sup> | 368073 | 341289 | 249387 |
| &nbsp;&nbsp;Sales and marketing<sup>(4)</sup> | 1458027 | 1243145 | 897585 |
| &nbsp;&nbsp;General and administrative<sup>(5)</sup> | 390109 | 433395 | 387316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2216209 | 2017829 | 1534288 |
| Operating income | 920281 | 644162 | 373564 |
| Interest expense, net | (48600) | (63715) | (44909) |
| Other income (expense), net | 28597 | (7980) | (35427) |
| Income before income taxes | 900278 | 572467 | 293228 |
| Provision for income taxes | 198904 | 133762 | 126150 |
| Net income | $701374 | $438705 | $167078 |
| Net income per share, basic | $4.97 | $3.14 | $1.20 |
| Net income per share, diluted | $4.94 | $3.11 | $1.20 |
| Weighted-average number of shares used in computing net income per share, basic | 140984108 | 139935525 | 139025657 |
| Weighted-average number of shares used in computing net income per share, diluted | 142089766 | 141083853 | 139420254 |

---

<sup>(1)</sup> Including amounts associated with related parties of $16,817, $9,460 and $3,133 for the years ended December 31, 2025, 2024 and 2023, respectively.

<sup>(2)</sup> Including amounts associated with related parties of $95,544, $231,491 and $1,037,844 for the years ended December 31, 2025, 2024 and 2023, respectively.

<sup>(3)</sup> Including amounts associated with related parties of $(6,577), $875 and $3,004 for the years ended December 31, 2025, 2024 and 2023, respectively.

<sup>(4)</sup> Including amounts associated with related parties of $0, $0 and $8,200 for the years ended December 31, 2025, 2024 and 2023, respectively.

<sup>(5)</sup> Including amounts associated with related parties of $(1,737), $(3,000) and $22,750 for the years ended December 31, 2025, 2024 and 2023, respectively.

*The accompanying notes are an integral part of these consolidated financial statements.*

------

**SHARKNINJA, INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**(in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Net income | $701374 | $438705 | $167078 |
| Other comprehensive income (loss), net of tax: |  |  |  |
| &nbsp;&nbsp;Foreign currency translation adjustments | 23311 | (4159) | 10812 |
| &nbsp;&nbsp;Unrealized gain (loss) on derivative instruments, net | 8263 | (6090) | (2173) |
| Comprehensive income | $732948 | $428456 | $175717 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

**SHARKNINJA, INC.**

**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY**

**(in thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Accumulated Other Comprehensive Income (Loss)** | |
| | | | **Additional Paid-in Capital** | | **Accumulated Other Comprehensive Income (Loss)** | **Total Shareholders' Equity** |
| | **Ordinary Shares** | **Ordinary Shares** | **Additional Paid-in Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Total Shareholders' Equity** |
| | **Shares** | **Amount** | **Additional Paid-in Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Total Shareholders' Equity** |
| Balance as of December 31, 2022 | 138982872 | $14 | $941206 | $896738 | $(9669) | $1828289 |
| &nbsp;&nbsp;Distribution paid to Former Parent |  |  |  | (443318) |  | (443318) |
| &nbsp;&nbsp;Share-based compensation |  |  | 46966 |  |  | 46966 |
| &nbsp;&nbsp;Recharge from Former Parent for share-based compensation |  |  | (3165) |  |  | (3165) |
| &nbsp;&nbsp;Sale of SharkNinja Co, Ltd. to Former Parent |  |  | (3295) |  |  | (3295) |
| &nbsp;&nbsp;Vesting of restricted share units, net of shares withheld for taxes | 100497 |  | (4322) |  |  | (4322) |
| &nbsp;&nbsp;Cash dividends declared ($1.08 per share) |  |  |  | (150179) |  | (150179) |
| &nbsp;&nbsp;Shareholder-funded executive bonuses |  |  | 32200 |  |  | 32200 |
| &nbsp;&nbsp;Other comprehensive income, net of tax |  |  |  |  | 8639 | 8639 |
| &nbsp;&nbsp;Net income |  |  |  | 167078 |  | 167078 |
| Balance as of December 31, 2023 | 139083369 | $14 | $1009590 | $470319 | $(1030) | $1478893 |
| &nbsp;&nbsp;Share-based compensation |  |  | 84531 |  |  | 84531 |
| &nbsp;&nbsp;Vesting of restricted share units, net of shares withheld for taxes | 1129203 |  | (61395) |  |  | (61395) |
| &nbsp;&nbsp;Shares issued under employee share purchase plan | 134864 |  | 5487 |  |  | 5487 |
| &nbsp;&nbsp;Other comprehensive loss, net of tax |  |  |  |  | (10249) | (10249) |
| &nbsp;&nbsp;Net income |  |  |  | 438705 |  | 438705 |
| Balance as of December 31, 2024 | 140347436 | $14 | $1038213 | $909024 | $(11279) | $1935972 |
| &nbsp;&nbsp;Share-based compensation |  |  | 43872 |  |  | 43872 |
| &nbsp;&nbsp;Vesting of restricted share units, net of shares withheld for taxes | 617174 |  | (51405) |  |  | (51405) |
| &nbsp;&nbsp;Shares issued under employee share purchase plan | 193416 |  | 14824 |  |  | 14824 |
| &nbsp;&nbsp;Other comprehensive income, net of tax |  |  |  |  | 31574 | 31574 |
| &nbsp;&nbsp;Net income |  |  |  | 701374 |  | 701374 |
| Balance as of December 31, 2025 | 141158026 | $14 | $1045504 | $1610398 | $20295 | $2676211 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

---

| | | | |
|:---|:---|:---|:---|
| **SHARKNINJA, INC.** | **SHARKNINJA, INC.** | **SHARKNINJA, INC.** | **SHARKNINJA, INC.** |
| **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Cash flows from operating activities:** |  |  |  |
| Net income | $701374 | $438705 | $167078 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 139631 | 123109 | 103821 |
| &nbsp;&nbsp;Share-based compensation | 43872 | 84531 | 46966 |
| &nbsp;&nbsp;Shareholder-funded executive bonuses |  |  | 32200 |
| &nbsp;&nbsp;Provision for credit losses | 4740 | 4724 | 4474 |
| &nbsp;&nbsp;Provision for excess and obsolete inventory | 10468 |  |  |
| &nbsp;&nbsp;Non-cash lease expense | 20431 | 19466 | 14708 |
| &nbsp;&nbsp;Deferred income taxes, net | 38708 | (47374) | (41735) |
| &nbsp;&nbsp;Other | 9386 | 886 | 8034 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable<sup>(1)</sup> | (350479) | (299196) | (229651) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (87272) | (204922) | (155806) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets<sup>(2)</sup> | (84044) | (57949) | 99220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable<sup>(3)</sup> | 38147 | 157341 | 147513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax payable | 1544 | 15557 | 19474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (15142) | (10239) | (14244) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities<sup>(4)</sup> | 162768 | 221981 | 78549 |
| &nbsp;&nbsp;Net cash provided by operating activities | 634132 | 446620 | 280601 |
| **Cash flows from investing activities:** |  |  |  |
| &nbsp;&nbsp;Purchase of property and equipment | (146082) | (137687) | (122741) |
| &nbsp;&nbsp;Purchase of intangible asset | (12374) | (9916) | (8497) |
| &nbsp;&nbsp;Capitalized internal-use software development | (1323) | (3578) | (563) |
| &nbsp;&nbsp;Cash receipts on beneficial interest in sold receivables |  |  | 16777 |
| &nbsp;&nbsp;Other investing activities, net |  |  | (3051) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (159779) | (151181) | (118075) |
| **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;Net ordinary shares withheld for taxes upon issuance of restricted share units | (51405) | (61395) | (4322) |
| &nbsp;&nbsp;Repayment of debt | (40500) | (25313) | (442563) |
| &nbsp;&nbsp;Proceeds from shares issued under employee share purchase plan | 14824 | 5487 |  |
| &nbsp;&nbsp;Proceeds from issuance of debt, net of issuance cost |  |  | 800653 |
| &nbsp;&nbsp;Distribution paid to Former Parent |  |  | (435292) |
| &nbsp;&nbsp;Recharge from Former Parent for share-based compensation |  |  | (3165) |
| &nbsp;&nbsp;Dividend payments |  |  | (150179) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (77081) | (81221) | (234868) |
| Effect of exchange rates changes on cash | 16348 | (4610) | 7633 |
| Net increase (decrease) in cash and cash equivalents | 413620 | 209608 | (64709) |
| Cash and cash equivalents at beginning of period | 363669 | 154061 | 218770 |
| Cash and cash equivalents at end of period | $777289 | $363669 | $154061 |
| **Supplemental disclosures of cash flow information:** |  |  |  |
| &nbsp;&nbsp;Cash paid for income taxes | $149350 | $190656 | $141247 |
| &nbsp;&nbsp;Cash paid for interest | 50522 | 64690 | 51109 |
| **Supplemental disclosures of noncash investing and financing activities:** |  |  |  |
| Purchase of property and equipment accrued and not yet paid | $10373 | $3571 | $548 |
| Cancellation of related party note through distribution |  |  | (8026) |
| Unrealized gain (loss) on cash flow hedges | 8263 | (6090) | (2173) |

---

<sup>(1)</sup> Including changes in related party balances of $(8,193), $(5,787) and $(2,561) for the years ended December 31, 2025, 2024 and 2023, respectively.

<sup>(2)</sup> Including changes in related party balances of $0, $0 and $20,069 for the years ended December 31, 2025, 2024 and 2023, respectively.

<sup>(3)</sup> Including changes in related party balances of $(25,654), $(61,769) and $(130,267) for the years ended December 31, 2025, 2024 and 2023, respectively.

<sup>(4)</sup> Including changes in related party balances of $0, $0 and $(8,399) for the years ended December 31, 2025, 2024 and 2023, respectively.

*The accompanying notes are an integral part of these consolidated financial statements.*

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**SHARKNINJA, INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. Organization and Description of Business**

SharkNinja, Inc. (the "Company") is a global product design and technology company that creates innovative lifestyle product solutions across multiple product categories, including Cleaning Appliances, Cooking and Beverage Appliances, Food Preparation Appliances and Beauty and Home Environment Appliances products under the brands of "Shark" and "Ninja." SharkNinja is headquartered in Needham, Massachusetts, and distributes products throughout North America, Europe, and other select international markets.

SharkNinja, Inc. was incorporated in the Cayman Islands on May 17, 2023 as a wholly-owned subsidiary of JS Global Lifestyle Company Limited ("JS Global" or the "Former Parent"). The Company was formed for the purpose of completing the listing of the Company on the New York Stock Exchange ("NYSE") and related transactions to carry on the business of SharkNinja Global SPV, Ltd., and its subsidiaries.

SharkNinja Global SPV, Ltd. was incorporated in 2017 as a wholly-owned subsidiary of JS Global. Prior to July 28, 2023, SharkNinja Global SPV, Ltd. operated as a combination of wholly-owned businesses of JS Global, which is a listed entity on the Hong Kong Stock Exchange.

On July 30, 2023, in connection with (1) the separation of the Company from JS Global (the "separation") and (2) the distribution to the holders of JS Global ordinary shares of all of JS Global's equity interest in SharkNinja Global SPV, Ltd. in the form of a dividend of the Company's ordinary shares, JS Global contributed all outstanding shares of SharkNinja Global SPV, Ltd. to SharkNinja, Inc. in exchange for shares of SharkNinja, Inc. On July 31, 2023, JS Global distributed 138,982,872 ordinary shares of SharkNinja, Inc. to the holders of JS Global ordinary shares, and SharkNinja, Inc. began trading on the NYSE.

SharkNinja Global SPV, Ltd. prior to the separation and distribution, together with SharkNinja, Inc. and its subsidiaries subsequent to the separation and distribution are herein referred to as "SharkNinja" or the "Company".

**2. Summary of Significant Accounting Policies**

***Basis of Presentation***

The consolidated financial statements that accompany these notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of SharkNinja, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. For the purposes of comparability, certain prior period amounts have been reclassified to conform to current period presentation.

***Use of Estimates***

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of net sales and expenses during the reporting periods and accompanying notes. Significant items subject to such estimates and assumptions include but are not limited to variable consideration for returns, sales rebates and discounts, the allowance for credit losses, reserve for product warranties, the fair value of financial assets and liabilities including the accounting and fair value of derivatives, valuation of inventory, share-based compensation, including probability of the attainment of awards with performance conditions and grant-date fair value of awards with market conditions, and the valuation of deferred tax assets and uncertain tax positions. Actual results could differ from those estimates.

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***Foreign Currency***

The Company's reporting currency is the USD. The Company's functional currency is USD and generally the functional currency of its international subsidiaries is the local currency of the country in which the subsidiary operates. The Company translates the assets and liabilities of non-USD functional currency subsidiaries into USD using exchange rates in effect at the end of each reporting period. Net sales and expenses for these subsidiaries are translated using average exchange rates prevailing during the period. Gains and losses from these translations are recognized as a cumulative translation adjustment and are included in accumulated other comprehensive income (loss) within the consolidated balance sheets.

For transactions that are not denominated in the local functional currency, the transactions are recorded at the exchange rate in effect on the day the transaction occurred. The Company remeasures monetary assets and liabilities denominated in a foreign currency at exchange rates in effect at the end of each reporting period. Transaction gains and losses from the remeasurement are recognized in other income (expense), net within the consolidated statements of income. Foreign currency transaction (gains) losses were $(36.1) million, $16.1 million and $5.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

***Concentration of Credit Risks***

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, accounts receivable, and forward contracts. The Company maintains its cash and cash equivalents with high-quality financial institutions, the composition and maturities of which are regularly monitored by the Company. At times, these balances may exceed federally insured limits; however, to date, the Company has not incurred any losses on these balances.

The Company has outstanding accounts receivable balances with retailers and distributors. The Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded in the consolidated balance sheets. The Company extends different levels of credit to customers, without requiring collateral deposits, and when necessary, maintains reserves for potential credit losses based upon the expected collectability of accounts receivable. The Company manages credit risk related to its customers by performing periodic evaluations of credit worthiness and applying other credit risk monitoring procedures.

The Company sells a significant portion of its products through retailers and, as a result, maintains individually significant receivable balances with these parties. If the financial condition or operations of these retailers deteriorates substantially, the Company's operating results could be adversely affected.

The following table summarizes the Company's customers that represented 10% or more of accounts receivable, net:

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Customer A | 22.0% | 29.1% |
| Customer C | 11.8 | \* |

---

\* Represents less than 10%

The following table summarizes the Company's customers that represented 10% or more of net sales:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Customer A | 23.8% | 23.1% | 19.9% |
| Customer B | 11.4 | 10.0 | 10.0 |
| Customer C | 10.5 | 12.8 | 14.8 |

---

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***Supplier Concentration***

The Company relies on third parties to supply and manufacture its products, as well as third-party logistics providers. In instances where these parties fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its products to its customers on time, if at all.

***Cash and Cash Equivalents***

Cash and cash equivalents consist of cash in banks and bank deposits. The Company considers all highly liquid investments, with an original maturity of three months or less at the date of purchase, including U.S. government money market funds, to be cash equivalents.

***Fair Value Measurements***

Fair value is defined as the exchange price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company measures financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair values are therefore determined using model-based techniques that include discounted cash flow models, and similar techniques.

Financial instruments consist of cash and cash equivalents, accounts receivables, derivative financial instruments, accounts payable, interest-bearing bank loans and accrued liabilities. Derivative financial instruments are stated at fair value on a recurring basis. Cash and cash equivalents, accounts receivables, accounts payable and accrued liabilities are stated at their carrying value, which approximates fair value due to their short-term nature. Interest-bearing bank loans are also stated at their carrying value, which approximates fair value due to their variable interest rates.

***Accounts Receivable, Net***

Accounts receivable are presented net of allowance for credit losses and allowance for chargebacks. Accounts receivable are presented net of liabilities when a right of offset exists. The Company determined the allowance for customer incentives and allowance for sales returns should be recorded as a liability.

The Company maintains an allowance related to customer incentives based on specific terms and conditions included in the customer agreements or based on historical experience and the Company's expectation of discounts.

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The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. To estimate the allowance for credit losses the Company applied the loss-rate method using relevant available information including historical write-off activity, current conditions and reasonable and supportable forecasts. The allowance for credit losses is measured on a pooled basis when similar risk characteristics exist. When assessing whether to measure certain financial assets on a pooled basis, the Company considered various risk characteristics, including geographic location and industry of the customer. When a specific customer exhibits unique risk characteristics, such as significant deterioration in financial condition or other indicators that it no longer shares similar risk characteristics with the collective pool, that receivable is evaluated individually. Expected credit losses for individually evaluated receivables are measured based on the present value of expected future cash flows or, when applicable, the fair value of collateral, and any resulting specific reserves are included in the allowance for credit losses.

Write-offs of accounts receivable are recorded to the allowance for credit losses. Any subsequent recoveries of previously written off balances are recorded as a reduction to credit loss expense.

Below is a rollforward of the Company's allowance for credit losses:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Beginning balance | $7856 | $8225 | $6998 |
| Provision for credit losses | 4740 | 4724 | 4474 |
| Write-offs and other adjustments | (8733) | (5093) | (3247) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | $3863 | $7856 | $8225 |

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***Derivative Financial Instruments***

The Company enters into foreign currency forward contracts with financial institutions to protect against foreign exchange risks largely attributable to its exposure to changes in the exchange rate of the Chinese Yuan and Great British Pound against the USD that are associated with forecasted future cash flows. The Company's primary objective in entering into these contracts is to reduce the volatility of cash flows associated with changes in foreign currency exchange rates. The Company does not use derivative instruments for trading or speculative purposes.

The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, are recorded either within prepaid expenses and other current assets or accrued expenses and other current liabilities in the consolidated balance sheets. The Company records changes in the fair value of these derivatives in accumulated other comprehensive income in the consolidated balance sheets until the forecasted transaction occurs upon which the Company reclassifies the related gain or loss on the derivative to the same financial statements line item in the consolidated statements of income to which the derivative relates.

Derivative instruments that hedge the exposure to variability in expected future cash flows or the fair value of assets or liabilities that are not currently designated as hedges for financial reporting purposes, are recorded either within prepaid expenses and other current assets or accrued expenses and other current liabilities in the consolidated balance sheets. The Company records changes in the fair value of these derivatives in other income (expense), net in the consolidated statements of income. In the consolidated statements of cash flows, the effects of settlements of derivative instruments are classified as operating activities, consistent with the related transactions.

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***Inventories***

Inventory primarily consists of finished goods and, to a lesser extent, components, which are purchased from manufacturers. Inventory is stated at the lower of cost or net realizable value with cost being determined using the standard cost method, which approximates actual costs determined on the first-in, first-out basis. Inventories include indirect acquisition and production costs that are incurred to bring the inventories to their present condition and location, including shipping costs. The Company writes down its inventory for estimated obsolescence or excess inventory based upon assumptions around market conditions and estimates of future demand. Net realizable value is defined as estimated selling prices less reasonably predictable costs of completion, disposal and transportation. Adjustments to reduce inventory to net realizable value are recognized in cost of sales.

Included within inventories are adjustments of $0.1 million, $1.0 million, and $2.8 million as of December 31, 2025, 2024 and 2023, respectively, and inventory reserves of $65.7 million, $43.8 million, and $25.0 million as of December 31, 2025, 2024 and 2023, respectively, to record inventory to net realizable value.

***Property and Equipment, Net***

Property and equipment are stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets. Expenditures for maintenance and repairs are expensed as incurred.

The estimated useful lives of the Company's property and equipment are as follows:

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| | |
|:---|:---|
| Molds and tooling | 3 years |
| Computer and software | 3 - 7 years |
| Displays | 2 years |
| Equipment | 5 years |
| Furniture and fixtures | 7 years |
| Leasehold improvements | Shorter of remaining lease term or estimated useful life |

---

Construction in progress includes computer and software, furniture and fixtures, equipment and leasehold improvements, not yet placed in service, which is stated at cost, and is not depreciated until completed and ready for use.

***Cloud Computing Arrangement Implementation Costs***

The Company capitalizes costs to implement cloud computing arrangements that are service contracts. Capitalized implementation costs are included within other assets, noncurrent in the consolidated balance sheets, and amortized on a straight-line basis over the term of the service contract, which includes reasonably certain renewals. As of December 31, 2025 and 2024, the Company has capitalized $47.8 million and $52.6 million, respectively, of costs to implement cloud computing arrangements. Of those amounts, $10.5 million and $7.7 million of capitalized costs relate to assets not placed in service as of December 31, 2025 and 2024, respectively. Amortization expense was $15.5 million, $11.1 million, and $7.8 million for the years ended December 31, 2025, 2024, and 2023, respectively.

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***Leases***

The Company determines if an arrangement is a lease at inception of the contract. For all leases, the Company recognizes on the consolidated balance sheets a liability as of the lease commencement date for its obligation related to the lease and a corresponding asset representing its right to use the underlying asset over the period of use ("ROU asset"). The Company recognizes the lease liability for each lease based on the present value of the lease payments not yet paid at the commencement date of the lease. The ROU asset for each lease is recorded at the amount equal to the initial measurement of the lease liability, adjusted for balances of prepaid rent, lease incentives received and initial direct costs incurred. For operating leases, expense is recognized on a straight-line basis over the lease term. Short-term leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets and are recognized on a straight-line basis over the lease term.

As the leases generally do not provide a readily determinable implicit rate, the Company uses an estimated incremental borrowing rate determined based on the information available at the lease commencement date in determining the present value of lease payments. The determination of the incremental borrowing rate requires judgment and is primarily based on publicly available information for companies within the same industry and with similar credit profiles. When determining the lease term, the Company considers renewal options that it is reasonably certain to exercise and termination options that the Company is reasonably certain not to exercise, in addition to the non-cancellable period of the lease.

The Company enters into operating leases for real estate and motor vehicles. For real estate, lease terms range from 2 to 12 years. For motor vehicles, lease terms are 1 year. The Company had no finance leases during the periods presented.

Certain of the Company's real estate leasing agreements include terms requiring the Company to reimburse the lessor for its share of real estate taxes, insurance, operating costs and utilities, as well as payment of sales tax to authorities. The Company accounts for these payments as variable lease costs when incurred because the Company has elected to not separate lease and non-lease components. As a result, such costs are not included in the initial measurement of the lease liability. There are no restrictions or covenants imposed by any of the leases, and none of the Company's leases contain material residual value guarantees.

***Goodwill and Intangible Assets***

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business acquisition and has been assigned to the Company's two reporting units, Domestic and International. Indefinite-lived intangible assets consist of trade name and trademarks acquired through business acquisitions and separate purchases. Goodwill and indefinite-lived intangible assets are not amortized, but rather tested for impairment at least annually in the fourth quarter, or more frequently, if events or changes in circumstances indicate they may be impaired. Qualitative factors are first assessed to determine whether it is more likely than not that goodwill or indefinite-lived intangible assets are impaired, and quantitative testing would then be performed if necessary. For indefinite-lived intangible assets, quantitative testing would consist of a comparison of the fair value of each indefinite-lived intangible asset with its carrying value, with any excess of carrying value over fair value being recognized as an impairment loss. For goodwill, quantitative testing consists of a comparison of the reporting unit's fair value to its carrying value. If the carrying value of a reporting unit exceeds its fair value, goodwill impairment is calculated as the difference between the carrying value of the reporting unit and its fair value, up to the amount of goodwill. There was no impairment of goodwill or indefinite-lived intangible assets during the years ended December 31, 2025, 2024 and 2023.

Intangible assets subject to amortization consist of identifiable intangible assets resulting from business acquisitions and purchased patents. Acquired intangible assets from business acquisitions are initially recorded at fair value, and purchased patents are initially recorded at fair value based on the purchase price. Intangible assets subject to amortization are amortized on a straight-line basis over their estimated useful lives. Amortization expense is recognized within research and development expenses for developed technology and patents and sales and marketing expenses for customer relationships in the consolidated statements of income.

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Each period the Company evaluates the estimated remaining useful lives of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization, or whether the indefinite life assessment continues to be supportable for trade name and trademarks.

The estimated useful lives of the Company's intangible assets are as follows:

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| | |
|:---|:---|
| Developed technology | 12 years |
| Patents | 10 years |
| Customer relationships | 9 years |
| Trade names and trademarks | Indefinite and assessed annually for impairment |

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***Impairment of Long-Lived Assets***

The Company evaluates the recoverability of long-lived assets, including property and equipment and intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. Recognition and measurement of a potential impairment is performed on assets grouped with other assets and liabilities at the lowest level where identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these asset groups is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of long-lived assets is not recoverable, an impairment loss is recorded in the amount by which the carrying amount of the assets exceeds the fair value, which is determined based on expected discounted future cash flows arising from those assets. During the year ended December 31, 2023, the Company recognized an impairment loss of $6.8 million as a result of a decline in asset value. The Company determined that there were no events or changes in circumstances that indicated that its long-lived assets were impaired during the years ended December 31, 2025 and 2024.

***Revenue Recognition***

In accordance with ASC 606, *Revenue from Contracts with Customers,* the Company recognizes net sales for both brands at the transaction price when control of the performance obligation is transferred to its customers. Customers primarily consist of retailers, distributors and direct-to-consumer ("DTC") customers.

Taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from net sales. Shipping charges billed to customers are included within net sales and related shipping costs are included within sales and marketing expenses in the consolidated statements of income. The Company has elected to account for shipping and handling activities performed after control has been transferred to the customer as a fulfillment cost.

The Company determines the amount of net sales to be recognized through the application of the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Identification of the contract, or contracts, with the customer

The Company determines that it has a contract with a customer when each party's rights regarding the products to be transferred can be identified, the payment terms for the products can be identified, the Company has determined the customer has the ability and intent to pay and the contract has commercial substance.

The Company enters into contractual arrangements with customers in the form of individual customer orders which specify the goods, quantity, pricing and associated order terms. The Company does not have significant long-term contracts that are satisfied over time. Due to the nature of the contracts, no significant judgment exists in relation to the identification of the customer contract or satisfaction of the performance obligation. The Company expenses incremental costs of obtaining a contract due to the short-term nature of the contracts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Identification of the performance obligations in the contract

Performance obligations promised in a contract are identified based on the products that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the products either on their own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the products is separately identifiable from other promises in the contract.

The Company also offers assurance-type warranties relating to its products sold to consumers that are accounted for under ASC 460, *Guarantees*. In certain contracts, the Company provides extended, service type warranties. Such warranties are accounted for as separate performance obligations to which the Company recognizes contract liabilities for the unfulfilled extended warranties by allocating a portion of the transaction price based on the relative stand-alone selling price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Determination of the transaction price

The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring products or delivery of services to the customer. Payment terms and conditions generally include a requirement to pay within 30 to 60 days, but such terms and conditions can vary by contract type. In instances where the timing of net sales recognition differs from the timing of invoicing, the Company has determined its contracts generally do not include a significant financing component as generally payment terms are less than one year.

The Company has certain standard and non-standard contractual incentive programs and practices with customers that can give rise to elements of variable consideration, such as rights of return, volume discounts, markdowns and allowances. The Company estimates the variable consideration using the expected value method or most likely amount method, based on sales, future sales of products by customers, and agreed-upon rates with each customer and records the estimated amount of credits for these programs as a reduction to net sales.

The Company accounts for consideration payable to a customer as a reduction of net sales unless the payment to the customer is in exchange for a distinct good that the customer transfers to the Company. If the consideration payable to a customer includes a variable amount, the Company estimates the transaction price using the most likely amount method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Allocation of the transaction price to the performance obligations in the contract

When a contract contains multiple performance obligations, the contract transaction price is allocated on a relative standalone selling price ("SSP") basis to each performance obligation. The Company typically determines SSP based on observable selling prices of its products and services. In instances where SSP is not directly observable, SSP is determined using information that may include market conditions and other observable inputs, or by using the residual approach. For the years ended December 31, 2025, 2024 and 2023, revenue recognized associated with performance obligations where SSP is not directly observable was immaterial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Recognition of the revenue when, or as, a performance obligation is satisfied

Net sales are recognized at the time the related performance obligation is satisfied by transferring the promised product to the customer. Net sales are recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services.

The performance obligation for most of the Company's sales transactions is considered complete when control transfers, which is determined when products are shipped or delivered to the customer depending on the terms of the contract. Net sales related to service-type warranties are recognized ratably over the contract period.

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***Disaggregation of Net Sales***

The following table summarizes net sales by region based on the billing address of customers:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| | **Amount** | **Percentage of Net Sales** | **Amount** | **Percentage of Net Sales** | **Amount** | **Percentage of Net Sales** |
| | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Domestic<sup>(1)</sup> | $4306638 | 67.3% | $3795707 | 68.7% | $3018038 | 71.0% |
| International<sup>(2)</sup> | 2092550 | 32.7 | 1732932 | 31.3 | 1235672 | 29.0 |
| Total net sales | $6399188 | 100.0% | $5528639 | 100.0% | $4253710 | 100.0% |

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<sup>(1)</sup> Domestic consists of net sales in the United States and Canada. Net sales from the United States represented 62.5%, 63.1% and 65.4% of total net sales for the years ended December 31, 2025, 2024 and 2023, respectively.

<sup>(2)</sup> International consists of net sales in markets outside the United States and Canada. Net sales from the United Kingdom represented 15.5%, 16.2% and 19.7% of total net sales for the years ended December 31, 2025, 2024 and 2023, respectively.

The following table presents net sales by brand:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| | **Amount** | **Percentage of Net Sales** | **Amount** | **Percentage of Net Sales** | **Amount** | **Percentage of Net Sales** |
| | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Shark | $3032095 | 47.4% | $2632250 | 47.6% | $2158460 | 50.7% |
| Ninja | 3367093 | 52.6 | 2896389 | 52.4 | 2095250 | 49.3 |
| &nbsp;&nbsp;&nbsp;Total net sales | $6399188 | 100.0% | $5528639 | 100.0% | $4253710 | 100.0% |

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The following table presents net sales by product category:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| | **Amount** | **Percentage of Net Sales** | **Amount** | **Percentage of Net Sales** | **Amount** | **Percentage of Net Sales** |
| | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Cleaning Appliances | $2205757 | 34.5% | $2063514 | 37.3% | $1819465 | 42.8% |
| Cooking and Beverage Appliances | 1816349 | 28.4 | 1717654 | 31.1 | 1441634 | 33.9 |
| Food Preparation Appliances | 1550744 | 24.2 | 1178735 | 21.3 | 653615 | 15.3 |
| Beauty and Home Environment Appliances | 826338 | 12.9 | 568736 | 10.3 | 338996 | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net sales | $6399188 | 100.0% | $5528639 | 100.0% | $4253710 | 100.0% |

---

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***Warranty Costs***

The Company accrues the estimated cost of product warranties at the time it recognizes net sales and records warranty expense to cost of goods sold. The Company's standard warranty provides for repair or replacement of the associated products during the warranty period. The amount of the provision for the warranties is estimated based on sales volume and past experience of the level of repairs and returns. If actual product failure rates or repair costs differ from estimates, revisions to the estimated warranty obligation may be required.

Product warranty liabilities and changes were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Beginning balance | $26955 | $28090 | $20958 |
| Accruals for warranties issued | 56955 | 42173 | 36894 |
| Changes in liability for pre-existing warranties |  |  | 928 |
| Settlements made | (45678) | (43308) | (30690) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | $38232 | $26955 | $28090 |

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***Contract Liabilities***

Contract liabilities consist of deferred net sales related to extended, service-type warranties that are included within accrued expenses and other current liabilities and other liabilities, noncurrent in the consolidated balance sheets. Net sales are deferred when the Company invoices in advance of performance under a contract. The current portion of deferred net sales balances is recognized during the following 12-month period. As of and for the years ended December 31, 2025, 2024 and 2023, ending contract liabilities and revenue recognized associated with service-type warranties were immaterial.

***Remaining Performance Obligation***

The Company's remaining performance obligations are comprised of product net sales not yet delivered. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was immaterial.

***Research and Development***

Research and development expenses include personnel-related expenses associated with the Company's engineering personnel responsible for the design, development and testing of its products, cost of development environments and tools and allocated overhead. Research and development expenses are expensed as incurred.

***Advertising Costs***

Advertising costs are expensed as incurred and include direct marketing, events, public relations, sales collateral materials and partner programs. Advertising costs amounted to $632.9 million, $585.3 million and $409.2 million for the years ended December 31, 2025, 2024 and 2023, respectively, and are included within sales and marketing expenses in the consolidated statements of income.

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***Share-Based Compensation***

Restricted share units ("RSUs") are stock awards that are granted to employees and directors entitling the holder to ordinary shares as the award vests. RSUs that vest only upon service conditions are measured at fair value based on the quoted price of our ordinary shares at the date of grant. The Company amortizes the fair value of RSUs that vest only upon service conditions as share-based compensation cost over the vesting term, which is typically over a three-year requisite service period, on a straight-line basis, with the amount of compensation cost recognized at any date at least equaling the portion of the grant-date fair value of the award that is vested at that date.

Certain RSUs may vest upon achievement of certain company-based performance conditions and a requisite service period. On the date of grant, the fair value of a performance-based award is calculated using the same method as our service-based RSUs described above. The Company assesses whether it is probable that the individual performance targets would be achieved. If assessed as probable, compensation cost will be recorded for these awards over the estimated performance period using the accelerated attribution method. At each reporting period, the Company reassesses the probability of achieving the performance targets and the performance period required to meet those targets. The estimation of whether the performance targets will be achieved and the performance period required to achieve the targets requires judgment, and to the extent actual results or updated estimates differ from our current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised, or the change in estimate will be applied prospectively depending on whether the change affects the estimate of total compensation cost to be recognized or merely affects the period over which compensation cost is to be recognized. The ultimate number of shares issued and the related compensation cost recognized will be based on a comparison of the final performance metrics to the specified targets.

Certain RSUs granted to executives vest upon achievement of specified market conditions. The fair value of our RSUs with market-based conditions are estimated at the date of grant using a Monte-Carlo simulation model. The probabilities of the actual number of market-based RSUs expected to vest and resultant actual number of shares shares expected to be awarded are reflected in the grant date fair values; therefore, the compensation costs for these awards will be recognized ratably over the derived service period for each tranche assuming the requisite service is rendered and are not adjusted based on the actual number of awards that ultimately vest.

Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive these awards, and subsequent events are not indicative of the reasonableness of the Company's original estimates of fair value. The Company accounts for forfeitures in the period in which they occur, rather than estimating expected forfeitures.

***Income Taxes***

The Company is subject to income taxes in the United States and other jurisdictions. These other jurisdictions may have different statutory rates than the United States. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax basis as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are provided when necessary to reduce deferred tax assets to an amount that is more likely than not to be realized.

The Company recognizes income tax benefits from uncertain tax positions only if it believes that it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such uncertain tax positions are then measured based on the largest benefit that is more likely than not to be realized upon the ultimate settlement.

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***Net Income Per Share***

The Company's basic net income per share is calculated by dividing net income by the weighted average number of ordinary shares outstanding for the period, without consideration of potentially dilutive securities. The diluted net income per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net income per share is the same as basic net income per share in periods when the effects of potentially dilutive ordinary shares are anti-dilutive.

***Adoption of New Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), *Improvements to Income Tax Disclosures*, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the ETR reconciliation, and modifies other income tax-related disclosures. The Company adopted ASU 2023-09 as of January 1, 2025, and applied it prospectively.

***Recently Issued Accounting Pronouncements***

From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies and adopted by the Company on or prior to the specified effective date. As of December 31, 2025, there are no new accounting pronouncements that the Company is considering adopting, other than those described below.

In November 2024, the FASB issued ASU 2024-03, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures* (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires incremental disclosures about specific expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization and selling expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company's disclosures.

In September 2025, the FASB issued ASU 2025-06, *Intangibles - Goodwill and Other - Internal-Use Software* (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which requires capitalization of software costs to start when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended. The standard is effective for annual and interim periods beginning after December 15, 2027, and may be applied prospectively, retrospectively or on a modified transition approach. The Company is currently evaluating the impact this ASU may have on its consolidated financial statements.

In November 2025, the FASB issued ASU 2025-09, *Derivatives and Hedging* (Topic 815): Hedge Accounting Improvements, which clarifies hedge accounting guidance to better align financial reporting with an entity's economic risk management activities and expands certain hedge accounting applications. The standard is effective for annual and interim periods beginning after December 15, 2026. Early adoption is permitted and the amendments must be applied prospectively. The Company is currently evaluating the impact this ASU may have on its consolidated financial statements.

In December 2025, the Financial Accounting Standards Board (FASB) issued ASU 2025-11, *Interim Reporting* (Topic 270): Narrow-Scope Improvements, which requires clarified guidance on the form, content, and applicability of interim financial statements and notes in accordance with GAAP, incorporates a comprehensive list of required interim disclosures, and establishes a principle to disclose events occurring since the end of the last annual reporting period that materially affect the entity. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this ASU may have on its consolidated financial statement disclosures.

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**3. Segment Reporting**

Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated on a regular basis by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company has two operating segments, Domestic and International, for which discrete financial information is available and regularly reviewed by the CODM, who is the Company's Chief Executive Officer ("CEO"). Domestic consists of the United States and Canada, and International consists of markets outside the United States and Canada.

The Company has determined that these two operating segments are aggregated into one reportable segment based on the criteria in ASC 280-10-50-11. Domestic and International have similar economic characteristics, including similar long-term gross margin profiles, and are similar in the qualitative factors specified in ASC 280-10-50-11, including the nature of the products and services, the nature of the production processes, the type or class of customer, and the methods used to distribute products. Both operating segments sell substantially the same products and services, which are supported by a single global sourcing/manufacturing ecosystem and distribution model, and serve similar classes of customers (including large retailers and end consumers).

The CODM uses gross profit as the primary measure to assess performance and allocate resources, and reviews operating results, including gross profit information, at both the consolidated level and by geographic operating segment. The CODM also reviews operating expenses and other performance information primarily on a consolidated basis, including comparisons of functional spend categories to forecast, to assess variances and trends. Transactions between operating segments are not material. The following table presents selected financial information with respect to the Company's single reportable segment for the years ended December 31, 2025, 2024 and 2023:

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---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Net sales | $6399188 | $5528639 | $4253710 |
| Less: |  |  |  |
| &nbsp;&nbsp;Cost of sales | 3262698 | 2866648 | 2345858 |
| &nbsp;&nbsp;Advertising expenses and consumer insight initiatives | 641334 | 597398 | 415454 |
| &nbsp;&nbsp;Personnel expenses<sup>(1)</sup>  | 568087 | 461038 | 348479 |
| &nbsp;&nbsp;Delivery and distribution expenses | 433904 | 367749 | 254057 |
| &nbsp;&nbsp;Professional service expenses<sup>(2)</sup> | 147518 | 151494 | 98543 |
| &nbsp;&nbsp;Merchant and processing fees | 80026 | 70509 | 53965 |
| &nbsp;&nbsp;Facilities and technology support costs | 82584 | 63049 | 44658 |
| &nbsp;&nbsp;Depreciation and amortization expenses<sup>(3)</sup> | 69991 | 62561 | 60199 |
| &nbsp;&nbsp;Prototypes and testing expenses | 54773 | 50364 | 28868 |
| &nbsp;&nbsp;Transaction-related costs<sup>(4)</sup> | 8458 | 1342 | 82277 |
| &nbsp;&nbsp;Other segment items<sup>(5)</sup> | 129534 | 192325 | 147788 |
| &nbsp;&nbsp;Interest expense, net | 48600 | 63715 | 44909 |
| &nbsp;&nbsp;Other (income) expense, net | (28597) | 7980 | 35427 |
| &nbsp;&nbsp;Provision for income taxes | 198904 | 133762 | 126150 |
| Segment net income | $701374 | $438705 | $167078 |
| *Reconciliation of profit or loss* |  |  |  |
| Adjustments and reconciling items |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated net income | $701374 | $438705 | $167078 |

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(1)Excludes (i) shared-based compensation, a non-cash expense related to awards issued from the SharkNinja and JS Global equity incentive plans and (ii) shareholder-funded executive bonuses, which reflects cash bonuses paid to certain executives by Mr. Xuning Wang, the Chairperson of the board of directors and the Company's controlling shareholder, which had no impact on the Company's overall cash flow. These costs have been excluded from personnel expenses and reclassified to other segment items, as they are not presented to or reviewed by the CODM. Additionally, it excludes certain costs incurred related to the separation and distribution from JS Global, which have been reclassified to transaction-related costs.

(2)Excludes litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims against us, and product safety concerns, and excludes certain costs incurred related to the separation and distribution from JS Global, secondary offering transactions and transaction-related due diligence initiatives, and costs incurred related to the voluntary product recall. These costs have been excluded from professional service expenses and reclassified to other segment items or transaction-related costs, as they are not presented to or reviewed by the CODM.

(3)Excludes amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global's acquisition of our business. These costs have been excluded from depreciation and amortization expenses and reclassified to other segment items, as they are not presented to or reviewed by the CODM.

(4)Represents certain costs incurred related to the separation and distribution from JS Global, secondary offering transactions and transaction-related due diligence initiatives.

(5)Other segment items include travel expenses, commissions, miscellaneous expenses and the expenses listed in Notes 1 through 3 above.

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The accounting policies of the Company's reportable segment are the same as those described in "Note 2 - Summary of Significant Accounting Policies." Segment assets are not regularly provided to the CODM, and therefore the measure of segment assets is reported as total consolidated assets.

***Entity-Wide Information***

Net sales by geographical region can be found in the disaggregation of net sales in "Note 2 - Summary of Significant Accounting Policies." In addition, the following table presents the Company's property and equipment, net of depreciation and amortization, by geographic region:

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** |
| United States | $51896 | $66858 |
| China | 150166 | 112988 |
| Rest of World | 30164 | 31618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property and equipment, net | $232226 | $211464 |

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**4. Consolidated Balance Sheet Components**

***Property and Equipment, Net***

Property and equipment, net consisted of the following:

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** |
| Molds and tooling | $307945 | $267756 |
| Displays | 87224 | 64960 |
| Computer and software | 60589 | 53565 |
| Leasehold improvements | 46458 | 42711 |
| Equipment | 22972 | 19826 |
| Furniture and fixtures | 20807 | 17694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property and equipment | 545995 | 466512 |
| Less: accumulated depreciation and amortization | (335347) | (266800) |
| Construction in progress | 21578 | 11752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | $232226 | $211464 |

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Depreciation expense was $115.2 million, $98.4 million and $81.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

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***Prepaid Expenses and Other Current Assets***

Prepaid expenses and other current assets consisted of the following:

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** |
| Sales and other tax receivable | $60522 | $— |
| Other receivables | 52394 | 68145 |
| Prepaid taxes | 35242 | 27073 |
| Prepaid expenses | 9391 | 10705 |
| Prepaid media | 7079 | 8085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | $164628 | $114008 |

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***Accrued Expenses and Other Current Liabilities***

Accrued expenses and other current liabilities consisted of the following:

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** |
| Accrued customer incentives | $409715 | $291384 |
| Accrued expenses | 180698 | 177573 |
| Accrued compensation and benefits | 112070 | 109156 |
| Accrued delivery and distributions | 106016 | 52711 |
| Accrued returns | 59832 | 86557 |
| Accrued warranty | 38232 | 26955 |
| Accrued duty | 26104 | 3583 |
| Operating lease liabilities, current | 24403 | 18133 |
| Sales and other tax payable | 14344 | 20318 |
| Accrued advertising | 12569 | 20779 |
| Accrued professional fees | 12249 | 18451 |
| Derivative liabilities |  | 66 |
| Other | 20413 | 15863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | $1016645 | $841529 |

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**5. Sale of SharkNinja Co., Ltd**

On July 27, 2023, as part of the separation, the Company executed a reorganization whereby SharkNinja sold its Japanese subsidiary, SharkNinja Co., Ltd., to JS Global for a note equal to $8.0 million. The transaction did not result in a change in reporting entity or meet the criteria for discontinued operations and, therefore, the Company has reflected SharkNinja Co., Ltd. in its financial position and results of operations using SharkNinja Co., Ltd.'s carrying values, prior to the separation, and has accounted for the transaction on a prospective basis.

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The transaction was accounted for as a common control transaction during the year ended December 31, 2024, whereby the difference of $3.3 million between the proceeds received through the note of $8.0 million and the net carrying value of the assets at the time of the transaction of $11.3 million was recorded as a reduction to additional paid-in capital. The note of $8.0 million was then distributed to JS Global and recorded as a reduction to retained earnings.

**6. Fair Value Measurements**

The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Financial Assets:** | | | | |
| Money market funds included in cash and cash equivalents | $186507 | $186507 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total financial assets | $186507 | $186507 | $— | $— |

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The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Financial Assets:** | | | | |
| Money market funds included in cash and cash equivalents | $581 | $581 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total financial assets | $581 | $581 | $— | $— |
| **Financial Liabilities:** |  |  |  |  |
| Derivatives designated as hedging instruments: |  |  |  |  |
| &nbsp;&nbsp;Forward contracts included in accrued expenses and other current liabilities (Note 7) | $66 | $— | $66 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total financial liabilities | $66 | $— | $66 | $— |

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The Company classifies its money market funds within Level 1 because they are valued using quoted prices in active markets. The Company classifies its derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. The Company had no remaining Level 2 derivative financial instruments as of December 31, 2025. See "Note 10 - Debt" for information regarding the fair value of the Company's long-term debt.

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**7. Derivative Financial Instruments and Hedging**

***Notional Amount of Forward Contracts***

The gross notional amounts of the Company's forward contracts are USD denominated. The notional amounts of outstanding forward contracts in USD as of the periods presented were as follows:

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** |
| **Derivatives designated as hedging instruments:** |  |  |
| Forward contracts | $— | $48472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total derivative instruments | $— | $48472 |

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***Effect of Forward Contracts on the Consolidated Statements of Income***

The Company had no forward contracts that were not designated as hedging instruments for the years ended December 31, 2025 and 2024. Total loss recognized from derivatives that were not designated as hedging instruments was $30.2 million for the year ended December 31, 2023 and was recorded in other expense, net within the consolidated statements of income.

***Effect of Forward Contracts on Accumulated Other Comprehensive Income***

The following table represents the unrealized (losses) gains of forward contracts that were designated as hedging instruments, net of tax effects, that were recorded in accumulated other comprehensive income as of December 31, 2025, 2024 and 2023, and their effect on other comprehensive income for the years then ended:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Beginning balance | $(8263) | $(2173) | $— |
| Amount of net losses recorded in accumulated other comprehensive income | (850) | (6440) | (7205) |
| Amount of net gains reclassified from accumulated other comprehensive income to earnings | 9113 | 350 | 5032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | $— | $(8263) | $(2173) |

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**8. Intangible Assets, Net and Goodwill**

***Intangible Assets, Net***

Intangible assets consisted of the following as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross <br>Carrying Value** | **Accumulated Amortization** | **Net Carrying Value** | **Weighted-Average Remaining Useful Life** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in years)** |
| Intangible assets subject to amortization: |  |  |  |  |
| &nbsp;&nbsp;Customer relationships | $143083 | $(131159) | $11924 | 0.8 |
| &nbsp;&nbsp;Patents | 77326 | (36973) | 40353 | 7.5 |
| &nbsp;&nbsp;Developed technology | 23070 | (11148) | 11922 | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets subject to amortization | $243479 | $(179280) | $64199 |  |
| Intangible assets not subject to amortization: |  |  |  |  |
| &nbsp;&nbsp;Trade name and trademarks | $386938 | $— | $386938 | Indefinite |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets, net | $630417 | $(179280) | $451137 |  |

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Intangible assets consisted of the following as of December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross<br>Carrying Value** | **Accumulated Amortization** | **Net Carrying Value** | **Weighted-Average Remaining Useful Life** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in years)** |
| Intangible assets subject to amortization: |  |  |  |  |
| &nbsp;&nbsp;Customer relationships | $143083 | $(115261) | $27822 | 1.8 |
| &nbsp;&nbsp;Patents | 66209 | (30448) | 35761 | 7.1 |
| &nbsp;&nbsp;Developed technology | 22245 | (8832) | 13413 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets subject to amortization | $231537 | $(154541) | $76996 |  |
| Intangible assets not subject to amortization: |  |  |  |  |
| &nbsp;&nbsp;Trade name and trademarks | $385682 | $— | $385682 | Indefinite |
| &nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets, net | $617219 | $(154541) | $462678 |  |

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Amortization expenses for intangible assets were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Research and development | $8490 | $8767 | $6884 |
| Sales and marketing | 15898 | 15898 | 15898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total amortization expenses | $24388 | $24665 | $22782 |

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The expected future amortization expenses related to the intangible assets as of December 31, 2025 were as follows:

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| | |
|:---|:---|
| | **Amount** |
| | **(in thousands)** |
| Years ending December 31, |  |
| &nbsp;&nbsp;2026 | $21753 |
| &nbsp;&nbsp;2027 | 8797 |
| &nbsp;&nbsp;2028 | 6028 |
| &nbsp;&nbsp;2029 | 6007 |
| &nbsp;&nbsp;2030 | 5931 |
| &nbsp;&nbsp;Thereafter | 15683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $64199 |

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***Goodwill***

During 2025, the Company identified two reporting units for goodwill impairment testing, Domestic and International, and allocated the carrying amount of goodwill to each reporting unit based on relative net sales. There were no changes to goodwill during the year ended December 31, 2025. The following table represents the changes to goodwill during the year ended December 31, 2024:

---

| | |
|:---|:---|
| | **Carrying Amount** |
| | **(in thousands)** |
| Balance as of December 31, 2023 | $834203 |
| Effect of foreign currency translation | 578 |
| Balance as of December 31, 2024 | $834781 |

---

**9. Operating Leases**

The components of total lease costs for operating leases for the period presented were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Operating lease cost | $30818 | $28959 | $18831 |
| Variable lease cost | 18974 | 16203 | 13335 |
| Short-term lease cost | 875 | 938 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total lease cost | $50667 | $46100 | $32649 |

---

------

The supplemental cash flow information related to operating leases for the periods presented were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Cash payments for operating lease liabilities | $25589 | $19047 | $18419 |
| Operating lease liabilities arising from obtaining new operating lease ROU assets during the period | $14363 | $101951 | $11495 |

---

The weighted-average remaining lease terms and discount rates for operating leases were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** | **2023** |
| Weighted-average remaining lease term (years) | 6.3 | 6.8 | 5.7 |
| Weighted-average discount rate | 6.3% | 6.3% | 4.6% |

---

Future minimum lease payments under non-cancellable leases as of December 31, 2025, were as follows:

---

| | |
|:---|:---|
| | **Amount** |
| | **(in thousands)** |
| Years ending December 31, |  |
| &nbsp;&nbsp;2026 | $32488 |
| &nbsp;&nbsp;2027 | 33051 |
| &nbsp;&nbsp;2028 | 32837 |
| &nbsp;&nbsp;2029 | 32551 |
| &nbsp;&nbsp;2030 | 24891 |
| &nbsp;&nbsp;Thereafter | 45920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total undiscounted lease payments | 201738 |
| &nbsp;&nbsp;Less: imputed interest | (36354) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease liabilities | $165384 |

---

**10. Debt**

On March 17, 2020, the Company entered into a term loan and revolving credit agreement ("2020 Facilities Agreement") with Bank of China Limited, Macau Branch, as administrative agent, and certain banks and financial institutions party thereto as lenders and issuing banks. The 2020 Facilities Agreement provided for a $500.0 million term loan facility (the "2020 Term Loan") and $200.0 million revolving credit facility ("2020 Revolving Facility"). The 2020 Term Loan and the 2020 Revolving Facility were to mature five years from the initial utilization date on March 20, 2020, and both facilities bore interest at a rate of the London Interbank Offered Rate ("LIBOR") plus 1.8%.

On July 20, 2023, the Company entered into a credit agreement ("2023 Credit Agreement") with Bank of America, N.A., as administrative agent, and certain banks and financial institutions party thereto as lenders and issuing banks. The 2023 Credit Agreement provides for an $810.0 million term loan facility (the "2023 Term Loan") and a $500.0 million revolving credit facility ("2023 Revolving Facility"). The 2023 Term Loan and 2023 Revolving Facility mature in July 2028, and both facilities bear interest at the Secured Overnight Financing Rate ("SOFR") plus 1.75%. All SOFR borrowings under the 2023 Credit Agreement also incur a 0.1% credit adjustment. The Company has the ability to borrow in certain alternative currencies under the 2023 Credit Agreement.

------

Alternative currency loans are priced using an Alternative Currency Term Rate plus any applicable spread adjustments. The Company may request increases to the 2023 Term Loan or 2023 Revolving Facility in a maximum aggregate amount not to exceed the greater of $520.0 million or 100% of adjusted earnings before interest, taxes, depreciation, and amortization, as defined in the 2023 Credit Agreement, for the most recently completed fiscal year. The 2023 Credit Agreement replaced the 2020 Facilities Agreement in its entirety and the Company used the net proceeds of $800.9 million from the 2023 Term Loan to repay the remaining principal balance of $400.0 million, accrued interest of $9.2 million related to the 2020 Term Loan and to distribute a $375.0 million dividend to JS Global, as discussed in "Note 12 - Shareholders' Equity and Equity Incentive Plan". The Company accounted for the repayment as an extinguishment and recorded a loss on the extinguishment of debt of $1.0 million related to the unamortized debt issuance costs associated with the 2020 Facilities Agreement to other (expense) income, net.

During the year ended December 31, 2023, there were $125.5 million in draw downs on the 2023 Revolving Facility, which were all repaid during 2023. No amounts were outstanding on the 2023 Revolving Facility as of December 31, 2023. During the year ended December 31, 2024, there were $285.0 million in draw downs on the 2023 Revolving Facility, which were all repaid during 2024. No amounts were outstanding on the 2023 Revolving Facility as of December 31, 2024. During the year ended December 31, 2025, there were $350.0 million in draw downs on the 2023 Revolving Facility, which were all repaid during 2025. No amounts were outstanding on the 2023 Revolving Facility as of December 31, 2025. As of December 31, 2025, $10.9 million of letters of credit were outstanding, resulting in an available balance of $489.1 million under the 2023 Revolving Facility.

The Company is required to meet certain financial covenants customary with this type of agreement, including, but not limited to, maintaining a maximum ratio of indebtedness and a minimum specified interest coverage ratio. As of December 31, 2025, the Company was in compliance with the covenants under the 2023 Credit Agreement.

The obligations of the loan parties under the 2023 Credit Agreement with respect to the 2023 Term Loan and 2023 Revolving Facility are secured by (i) equity interests owned by the loan parties in each other loan party and in certain of the Company's wholly-owned domestic restricted subsidiaries and (ii) substantially all assets of the domestic loan parties (subject to certain customary exceptions). In addition, subject to certain customary exceptions, these obligations are guaranteed by (i) the Company, (ii) each subsidiary of the Company that directly or indirectly owns a borrower and (iii) each other direct and indirect wholly-owned domestic restricted subsidiary of the Company.

Debt consisted of the following:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** |
| 2023 Term Loan with principal payments due quarterly; final balance due on maturity date of July 20, 2028 | $739125 | $779625 |
| Less: deferred financing costs | (2986) | (4142) |
| &nbsp;&nbsp;&nbsp;Total debt, net of deferred financing costs | 736139 | 775483 |
| Less: debt, current | (39344) | (39344) |
| &nbsp;&nbsp;&nbsp;Debt, noncurrent | $696795 | $736139 |

---

------

Aggregate maturities on debt (excluding the 2023 Revolving Facility) as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
| | **Amount** |
| | **(in thousands)** |
| Years ending December 31, |  |
| &nbsp;&nbsp;2026 | $40500 |
| &nbsp;&nbsp;2027 | 40500 |
| &nbsp;&nbsp;2028 | 658125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total future principal payments | $739125 |

---

The Company recognizes and records interest expense related to its term loan in interest expense, net, which totaled $52.4 million, $66.2 million and $45.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

***Fair Value of Debt***

The Company estimates the fair value of its long-term debt using a discounted cash flow method that utilizes observable market inputs, including SOFR-based forward curves and market credit spreads, and therefore categorizes the fair value measurement within Level 2 of the fair value hierarchy. The 2023 Credit Agreement bears interest at variable rates indexed to SOFR, and as a result, the Company believes the carrying amount approximates fair value.

The carrying amount and estimated fair value of long-term debt were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** |
| Carrying amount | $739125 | $779625 |
| Fair value | $739125 | $779625 |

---

------

**11. Commitments and Contingencies&nbsp;&nbsp;&nbsp;&nbsp;**

***Non-Cancelable Purchase Obligations***

In the normal course of business, the Company enters into non-cancelable purchase commitments, including marketing and endorsement agreements. Certain of these agreements extend over terms of up to five years, with payments required in varying installments over the term. As of December 31, 2025, the Company has remaining obligations associated with marketing and endorsement agreements with original terms greater than 12 months totaling $109.0 million, which are payable in a combination of cash and ordinary shares of SharkNinja, Inc., as follows:

---

| | |
|:---|:---|
| | **Amount** |
| | **(in thousands)** |
| Years ending December 31, |  |
| &nbsp;&nbsp;2026 | $23261 |
| &nbsp;&nbsp;2027 | 24436 |
| &nbsp;&nbsp;2028 | 25348 |
| &nbsp;&nbsp;2029 | 18121 |
| &nbsp;&nbsp;2030 | 17807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $108973 |

---

***Indemnifications and Contingencies***

The Company enters into indemnification provisions under certain agreements with other parties in the ordinary course of business. In its customer agreements, the Company has agreed to indemnify, defend and hold harmless the indemnified party for third-party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party intellectual property infringement claims. For certain large or strategic customers, the Company has agreed to indemnify, defend and hold harmless the indemnified party for non-compliance with certain additional representations and warranties made by the Company.

***Legal Proceedings***

From time to time, the Company may be involved in various legal proceedings arising from the normal course of business activities, including certain patent infringement claims, false advertising claims against us, and product safety concerns. The Company investigates these claims as they arise. In the opinion of management, the amount of ultimate loss with respect to any current legal proceedings and claims, if determined adversely to the Company, will not have a material adverse effect on its business, financial condition and results of operation.

***Product Recall***

In May 2025, the Company announced a voluntary recall of the Ninja Foodi OP300 series pressure cooker in cooperation with the U.S. Consumer Product Safety Commission and Health Canada. As of December 31, 2025, the amount of accrued expenses related to recall remedies for consumers was immaterial. During the year ended December 31, 2025, the Company incurred $11.2 million of product recall-related expenses, which were recorded within cost of sales and operating expenses on the Company's consolidated statements of income. Estimating the cost of recall remedies requires judgment and is primarily based on expected consumer participation rates and the estimated cost of the new lid design. Additionally, the Company expects to incur other indirect costs related to the recall, such as legal fees, website costs to allow consumers to respond to the recall, and costs to handle consumer inquiries. The Company will reevaluate these assumptions each period, and the related accruals may be adjusted when factors indicate that the accrual is either not sufficient to cover or exceeds the estimated product recall expenses.

------

**12. Shareholders' Equity and Equity Incentive Plan**

***Ordinary Shares***

The Company has authorized 1,000,000,000 ordinary shares with a par value of $0.0001 per share, of which 141,158,026 and 140,347,436 ordinary shares were issued and outstanding as of December 31, 2025 and December 31, 2024, respectively. All outstanding ordinary shares of the Company are of the same class and have equal rights and attributes. The holders of the Company's ordinary shares are entitled to one vote per share on all matters submitted to a vote of the shareholders for the Company. Holders of the Company's ordinary shares will be entitled to receive any dividends if and when dividends are declared by the Company. In the event of liquidation, dissolution or winding up of the Company, the holders of the Company's ordinary shares are entitled to share ratably in all the Company's assets remaining after payment of all liabilities.

The prior approval of the holders of a majority of the outstanding ordinary shares is required in order for the Company to take certain actions, including amending, altering or changing the powers preferences or special rights of the ordinary shares in a manner adverse to such series, increasing or decreasing the number of ordinary shares, appointing or removing any directors, taking any action that would result in a liquidation, declaring or paying any dividends on the ordinary shares, redeeming or repurchasing any ordinary shares, transferring any ordinary shares, converting any paid-up shares into ordinary shares, waiving or changing any provision of the Company's Amended and Restated Memorandum and Articles of Association.

***Cash Dividend***

On November 8, 2023, the board of directors approved the declaration and payment of a special cash dividend of $1.08 per share, or $150.2 million in the aggregate, paid on December 11, 2023 to its shareholders of record as of December 1, 2023.

***Distributions to Former Parent***

During the year ended December 31, 2022, the Company entered into a note agreement with the Former Parent (the "2022 Intercompany Note to Former Parent") in which SharkNinja transferred $49.3 million to its Former Parent. Due to the nature of the note receivable, the Company considered it to be an in-substance distribution to its Former Parent accounted for as contra-equity at inception. During the year ended December 31, 2023, the Company declared and issued distributions to the Former Parent of $485.4 million, which included amounts receivable of $50.4 million under the 2022 Intercompany Note to Former Parent, including interest, in satisfaction of such note, a cash distribution of $60.3 million paid in February 2023, a cash distribution of $375.0 million paid in July 2023 for the repayment of JS Global's outstanding debt under the 2020 Facilities Agreement as discussed in "Note 10 - Debt", and a non-cash distribution of the note of $8.0 million related to the sale of the Company's Japanese subsidiary, SharkNinja Co., Ltd, as discussed in "Note 5 - Sale of SharkNinja Co., Ltd."

***Restricted Share Units***

*JS RSU Plan*

The Company's employees participated in JS Global's restricted share units plan ("JS RSU Plan"). The restricted share units ("RSUs") under this plan were vested by the second quarter of 2023, prior to the separation.

Pursuant to the share-based compensation recharge agreement with Former Parent entered into in the year ended December 31, 2022, the Company reimbursed share-based compensation costs to Former Parent in the amount of $3.2 million during the year ended December 31, 2023.

------

*SharkNinja Equity Incentive Plan*

On July 28, 2023, the Company's board of directors adopted the 2023 Equity Incentive Plan (the "2023 Plan") to grant cash and equity incentive awards to eligible participants in order to attract, motivate and retain talent. The 2023 Plan provides for the issuance of options, share appreciation rights, restricted shares awards, RSUs, performance awards and other awards. The 2023 Plan initially made 13,898,287 ordinary shares available for future award grants.

The 2023 Plan contains an evergreen provision whereby the shares available for future grants are increased on the first day of each calendar year from January 1, 2025 through and including January 1, 2033 in an amount equal to 0.6% of the total number of ordinary shares outstanding on December 31 of the preceding year. On January 1, 2025, 842,084 additional ordinary shares were registered as a result of this evergreen provision. As of December 31, 2025, 10,252,681 ordinary shares were available for future grant under the 2023 Plan. Shares or RSUs forfeited, and unexercised option lapses from the 2023 Plan are available for future grant under the 2023 Plan.

RSU activities for the year ended December 31, 2025 for RSUs granted under the 2023 Plan were as follows:

---

| | | |
|:---|:---|:---|
| | **Number of Shares** | **Weighted-Average Grant Date Fair Value per share** |
| Unvested as of December 31, 2024 | 2169401 | $35.71 |
| Granted | 243098 | $90.34 |
| Vested | (1101572) | $35.72 |
| Cancelled/Forfeited | (208645) | $56.04 |
| Unvested as of December 31, 2025 | 1102282 | $43.90 |

---

RSUs granted for the year ended December 31, 2025 under the 2023 Plan were 243,098, of which 146,193 RSUs were granted with service-only conditions and 96,905 performance-based RSUs were granted with vesting conditions tied to the achievement of certain performance growth metrics, such as net sales, gross profit and operating cash flow.

In January 2026, the Company granted 1,289,526 RSUs, consisting of time-based and performance-based awards. Vesting of the performance-based awards is subject to the achievement of certain performance growth metrics, such as net sales, gross profit and operating cash flow. In addition, the Company granted 600,000 market-based RSUs with conditions tied to the achievement of certain level of market capitalization over a consecutive period of time.

***Employee Share Purchase Plan***

On July 28, 2023, the board of directors approved the 2023 Employee Share Purchase Plan (the "ESPP"). A maximum of 1% of the Company's outstanding ordinary shares (or 1,389,828 shares) were made available for sale under the ESPP. The ESPP contains an evergreen provision whereby the shares available for sale will automatically increase on the first day of each calendar year from January 1, 2025 through and including January 1, 2033, in an amount equal to the lesser of (i) 0.15% of the total number of ordinary shares of the Company outstanding on December 31 of the preceding year; (ii) 300,000 shares; or (iii) such lesser number of shares as determined by the board at any time prior to the first day of a given calendar year. On January 1, 2025, 210,521 additional ordinary shares were registered as a result of this evergreen provision. As of December 31, 2025, ordinary shares in the amount of 1,272,069 were available for future grant under the ESPP Plan. The ESPP provides for six-month offering periods during which the Company will grant rights to purchase ordinary shares to eligible employees. The first offering period began in February 2024. During the year ended December 31, 2025, there were 193,416 shares purchased under the ESPP. As of December 31, 2025, total unrecognized share-based compensation was $0.5 million, which is to be recognized over a weighted-average remaining period of 0.1 years.

------

***Share-Based Compensation***

The share-based compensation by line item in the accompanying consolidated statements of income is summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Research and development | $11725 | $10411 | $7696 |
| Sales and marketing | 14694 | 13576 | 4934 |
| General and administrative | 17453 | 60544 | 34336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total share-based compensation | $43872 | $84531 | $46966 |

---

As of December 31, 2025, the Company had $7.9 million unrecognized share-based compensation cost related to RSUs granted under the 2023 Plan that will be recognized over a weighted average period of 0.2 years. Of this unrecognized share-based compensation cost, $3.3 million was related to RSUs granted under the 2023 Plan with performance conditions.

For those RSUs with service conditions, performance conditions or a combination of both, the grant date fair value was measured based on the quoted price of our ordinary shares at the date of grant. The weighted average grant date fair value of these awards for the year ended December 31, 2025 was $90.34 per share.

The total grant-date fair value of RSUs vested during the year ended December 31, 2025 was $39.3 million.

***Share Repurchase Program***

On February 11, 2026, the Company announced that its Board of Directors authorized a share repurchase program of up to $750.0 million of the Company's outstanding ordinary shares. The Company expects to begin implementing the program in fiscal 2026. Repurchases may be made at management's discretion from time to time on the open market, through privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Exchange Act. The share repurchase program has no expiration date and may be modified, suspended for periods or discontinued at any time and does not obligate the Company to repurchase any shares. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. We do not expect to incur debt to fund the share repurchase program.

**13. Income Taxes**

The components of income before income taxes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| United States | $665717 | $418744 | $162023 |
| Foreign | 234561 | 153723 | 131205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income before income taxes | $900278 | $572467 | $293228 |

---

------

The provision for income taxes was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Current:** |  |  |  |
| Federal | $88563 | $128276 | $130665 |
| State | 15873 | 27270 | 19831 |
| Foreign | 55760 | 25590 | 17389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current income tax expense | 160196 | 181136 | 167885 |
| **Deferred:** |  |  |  |
| Federal | 38420 | (43875) | (45596) |
| State | 2955 | (7508) | (6286) |
| Foreign | (2667) | 4009 | 10147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred income tax benefit | 38708 | (47374) | (41735) |
| Total provision for income taxes | $198904 | $133762 | $126150 |

---

The following table is a reconciliation of the U.S. federal statutory tax rate of 21.0% to the Company's effective tax rate for the year ended December 31, 2025 in accordance with the guidance after the adoption of ASU 2023-09:

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| | | |
|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Amount** | **Percentage** |
| | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| U.S. federal statutory tax rate | $189058 | 21.0% |
| State and local income tax, net of federal (national) income tax effect | 15494 | 1.7 |
| Foreign tax effects |  |  |
| United Kingdom |  |  |
| &nbsp;&nbsp;&nbsp;Statutory tax rate difference between United Kingdom and United States | 2878 | 0.3 |
| &nbsp;&nbsp;&nbsp;Other | 7610 | 0.8 |
| Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;Statutory tax rate difference between Hong Kong and United States | (6192) | (0.7) |
| &nbsp;&nbsp;&nbsp;Other | 127 | 0.0 |
| Other jurisdiction | (588) | (0.1) |
| Tax credits |  |  |
| &nbsp;&nbsp;&nbsp;R&D credits | (11201) | (1.2) |
| Nontaxable or nondeductible items |  |  |
| &nbsp;&nbsp;&nbsp;Permanent differences | 6391 | 0.7 |
| Changes in unrecognized tax benefits | (12) | 0.0 |
| Other adjustments |  |  |
| &nbsp;&nbsp;&nbsp;Other | (4661) | (0.5) |
| Effective tax rate | $198904 | 22.1% |

---

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The following table is a reconciliation of the U.S. federal statutory tax rate of 21.0% to the Company's effective tax rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09:

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2024** | **2023** |
| | **(in percentages)** | **(in percentages)** |
| Federal statutory income tax rate | 21.0% | 21.0% |
| State tax, net of federal benefit | 2.2 | 3.3 |
| Permanent differences | (0.2) | 0.6 |
| Foreign-derived intangible income | (0.3) | (0.5) |
| Research and development credits, net | (1.7) | (2.0) |
| Tax uncertainties |  |  |
| Deferred tax adjustments | 0.1 |  |
| Excess tax benefits from share-based compensation | (0.2) | (0.1) |
| Change in valuation allowance | 0.5 | (0.2) |
| Foreign rate differential | (0.9) | 1.0 |
| Withholding taxes |  | 9.9 |
| Limitation on executive compensation | 2.7 | 7.0 |
| Non-deductible transaction costs |  | 2.9 |
| Other tax rate items | 0.2 | 0.1 |
| Effective tax rate | 23.4% | 43.0% |

---

The difference between the U.S. federal statutory tax rate of 21.0% and the Company's effective tax rate ("ETR") for the years ended December 31, 2025, 2024 and 2023, is primarily due to state taxes, benefits from U.S. research and development credits, U.S. tax benefits from share-based compensation deductions, non-deductible costs associated with the separation and distribution, withholding taxes, and limitations on deductible executive compensation. The decrease in the ETR from 2024 to 2025 is primarily related to one-time benefits recorded in the fourth quarter of 2025. The decrease in the ETR from 2023 to 2024 is primarily related to the impacts of the separation and distribution and refinancing, such as withholding taxes and transaction costs, and non-deductible executive compensation in 2023.

Although the Company is domiciled outside of the United States, as the most significant activity is driven and managed in the United States, the Company has utilized the statutory tax rate of 21.0% as the federal statutory rate in the rate reconciliation.

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The following table presents the significant components of the Company's deferred tax assets and liabilities as of December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** |
| **Deferred tax assets:** |  |  |
| Accrued expenses and reserves | $56853 | $49263 |
| Operating lease liabilities | 30755 | 31349 |
| Share-based compensation | 5965 | 4030 |
| State credit carryforwards | 16141 | 10014 |
| Capitalized research and development expenditures | 42255 | 96814 |
| Other | 817 | 2465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross deferred tax assets | 152786 | 193935 |
| Valuation allowance | (16141) | (10014) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets, net of valuation allowance | $136645 | $183921 |
| **Deferred tax liabilities:** |  |  |
| Goodwill and intangible assets | $(111805) | $(118195) |
| Property and equipment, net | (3659) | (3327) |
| Right-of-use assets | (26727) | (29237) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | $(142191) | $(150759) |
| Net deferred tax assets (liabilities) | $(5546) | $33162 |

---

A valuation allowance is provided for deferred tax assets where the recoverability of the assets is uncertain. The determination to provide a valuation allowance is dependent upon the assessment of whether it is more likely than not that sufficient future taxable income will be generated to utilize the deferred tax assets. Based on the weight of the available evidence, which includes the Company's historical operating profits and substantial taxable temporary differences, a valuation allowance has been established in certain jurisdictions as of December 31, 2025 and 2024, where attributes are not more-likely-than-not to be utilized, primarily in relation to Massachusetts tax credits.

As of December 31, 2025, the Company had state research and development credit carryforwards of $20.4 million, which will begin to expire in 2038.

Federal and state laws impose restrictions on the utilization of net operating loss carryforwards and research and development credit carryforwards in the event of a change in ownership of the Company, which constitutes an 'ownership change' as defined by Internal Revenue Code Section 382 and 383. The Company experienced an ownership change in the past that does not materially impact the availability of its net operating losses and tax credits. Should there be an ownership change in the future, the Company's ability to utilize existing carryforwards could be substantially restricted.

As of December 31, 2025 and 2024, the cumulative undistributed earnings of the Company's international subsidiaries remain indefinitely reinvested, and no liability has been recorded.

------

A reconciliation of the beginning and ending balance of total unrecognized tax position is as follows:

---

| | |
|:---|:---|
| | **Unrecognized Tax Positions** |
| | **(in thousands)** |
| Balance - January 1, 2023 | $2417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions related to current year tax positions | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statue of limitations release | (570) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlements | (1319) |
| Balance - December 31, 2023 | $805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statue of limitations release | (405) |
| Balance - December 31, 2024 | $400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statue of limitations release | (209) |
| Balance - December 31, 2025 | $191 |

---

The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. There was $0.8 million and $0.8 million of accrued interest and penalties related to unrecognized tax benefits as of December 31, 2025 and 2024, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company recorded an immaterial benefit for the accrual of interest and penalties.

The Company's material income tax jurisdictions are the United States (federal), United Kingdom and Hong Kong. The Company is not currently under audit in the United States or Hong Kong, but is currently under audit in the United Kingdom for the 2020, 2021 and 2022 tax years. The statute of limitations for years prior to 2022 are closed for the United States and the United Kingdom other than years currently under audit. There are open tax years which remain subject to examination in various other jurisdictions that are not material to the Company's financial statements with open tax years ranging from 2015 to 2025.

The Company paid cash taxes in significant jurisdictions as follows:

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| | |
|:---|:---|
| | **Income Taxes Paid by Jurisdiction** |
| | **(in thousands)** |
| United States federal | $90400 |
| United States state and local | 12594 |
| Foreign |  |
| Hong Kong | 28785 |
| United Kingdom | 14778 |
| All other | 2793 |
| Total income taxes paid, net | $149350 |

---

The amount of cash income taxes paid by the Company during the years ended December 31, 2024 and 2023 was $190.7 million and $141.2 million, respectively.

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**14. Employee Benefits**

***Defined Contribution Plan***

The Company has a defined-contribution plan in the United States intended to qualify under Section 401k of the Internal Revenue Code (the "401k Plan"). The 401k Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company makes contributions to the 401k Plan up to 4% of the participating employee's eligible compensation. During the years ended December 31, 2025, 2024 and 2023, the Company recorded $8.2 million, $6.8 million and $5.9 million, respectively, of expenses related to the 401k Plan related to matching contributions.

***People's Republic of China ("PRC") Contribution Plan***

The Company's subsidiaries in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which pension benefits, unemployment insurance, medical care, employee housing fund and other welfare benefits are provided to employees. The relevant labor regulations require the Company's subsidiaries in the PRC to pay the local labor and social welfare authorities monthly contributions based on the applicable benchmarks and rates stipulated by the local government. The relevant local labor and social welfare authorities are responsible for meeting all retirement benefits obligations and the Company's subsidiaries in the PRC have no further commitments beyond their monthly contributions. The contributions to the plan are expensed as incurred. During the years ended December 31, 2025, 2024 and 2023, the Company recorded $15.4 million, $13.0 million and $11.3 million, respectively, of total expenses related to these benefits.

Certain of the Company's other non-U.S. subsidiaries sponsor or participate in local defined benefit pension plans. The obligations, contributions and associated expense of such plans for the years ended December 31, 2025, 2024 and 2023 were immaterial.

**15. Net Income Per Share**

On July 31, 2023, in connection with the separation from JS Global, 138,982,872 ordinary shares of SharkNinja, Inc. were distributed to JS Global shareholders. The distributed share amount of SharkNinja, Inc. is utilized for the calculation of basic and diluted net income per share of the Company for all periods presented prior to the separation and distribution from JS Global. For the years ended December 31, 2025, 2024 and 2023, these shares are treated as issued and outstanding for purposes of calculating historical net income per share. For periods prior to the separation and distribution, it is assumed that there are no dilutive equity instruments as there were no equity awards of SharkNinja, Inc. outstanding prior to the separation and distribution.

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The following table sets forth the computation of basic and diluted net income per share for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands, except share and per share data)** | **(in thousands, except share and per share data)** | **(in thousands, except share and per share data)** |
| **Numerator:** |  |  |  |
| Net income | $701374 | $438705 | $167078 |
| **Denominator:** |  |  |  |
| &nbsp;&nbsp;Weighted-average shares used in computing net income per share, basic | 140984108 | 139935525 | 139025657 |
| &nbsp;&nbsp;Dilutive effect of RSUs | 1105658 | 1148328 | 394597 |
| &nbsp;&nbsp;Weighted-average shares used in computing net income per share, diluted | 142089766 | 141083853 | 139420254 |
| Net income per share, basic | $4.97 | $3.14 | $1.20 |
| Net income per share, diluted | $4.94 | $3.11 | $1.20 |

---

**16. Related Party Transactions**

***Transactions with JS Global***

Prior to the separation, the Company operated as part of JS Global's broader corporate organization rather than as a stand-alone public company and engaged in various transactions with JS Global entities. Following the separation and distribution, JS Global continues to be a related party due to a common significant shareholder and board member of both the Company and JS Global. Our arrangements with JS Global entities and/or other related persons or entities as of the separation are described below.

*Supplier Agreements*

The Company historically relied on a JS Global purchasing office entity to source finished goods on the Company's behalf and to provide certain procurement and quality control services. Additionally, the Company purchases certain finished goods directly from a subsidiary of JS Global. Finished goods purchased by the Company from JS Global entities amounted to $89.6 million, $192.7 million and $1,015.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. In connection with these agreements, the Company historically incurred costs related to certain procurement and quality control activities that were reimbursed by JS Global entities. For the years ended December 31, 2025 and 2024, JS Global entities made no payments of this nature to the Company. In comparison, for the year ended December 31, 2023, JS Global entities paid the Company $18.0 million, which was recorded as a reduction to cost of sales for services rendered under these agreements.

------

*Sourcing Services Agreement* 

In connection with the separation, the Company entered into a sourcing services agreement with JS Global. Pursuant to the agreement, the Company procures products from certain suppliers in the Asia-Pacific region ("APAC"), and JS Global provides coordination, process management and relationship management support to us with respect to such suppliers. The Company retains the right to procure such products and services from third parties. The Company pays JS Global a service fee based on the aggregate amount of products procured by the Company from such suppliers managed by JS Global under the agreement. The Sourcing Services Agreement has a term that commenced July 28, 2023 and ended on July 31, 2025. The Company paid JS Global the following: (i) for the period July 28, 2023 to June 30, 2024, an amount equal to 4% of the procurement amount during such period; and (ii) for the period from July 1, 2024 until December 31, 2024, an amount equal to 2% of the procurement amount during such period; and (iii) for the period from January 1, 2025 until the end of the Term, an amount equal to 1% of the procurement amount during such period. Fees incurred by the Company related to this agreement were $5.9 million, $38.8 million and $40.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, and were included in cost of inventories.

*Brand License Agreement*

In connection with the separation, the Company entered into a brand license agreement with JS Global, in which the Company granted to JS Global the non-exclusive rights to obtain, produce and source, and the exclusive rights to distribute and sell, our brands of products in certain international markets in APAC. The brand license agreement has a term of 20 years from the date of the separation. Under this agreement, JS Global pays to SharkNinja a royalty of 3% of net sales of licensed products. The Company earned royalty income of $16.8 million, $9.5 million and $1.9 million for the years ended December 31, 2025, 2024 and 2023, respectively, which was included in net sales.

*Product Development Agreements*

The Company has historically utilized JS Global subsidiaries for certain research and development services. For these services, the Company incurred no costs for the year ended December 31, 2025. In comparison, for the years ended December 31, 2024 and 2023, the Company incurred costs of $2.9 million and $3.4 million, respectively, for these services.

In connection with the separation, the Company entered into an agreement with JS Global to provide certain research and development, and related product management, services to JS Global entities related to the distribution of products in APAC. Under this agreement and subsequent amendments, the Company earned product development service fees of $6.6 million, $2.0 million and $0.4 million for the years ended December 31, 2025, 2024 and 2023, respectively, which were recorded as a reduction of research and development expenses.

*Transition Services Agreement*

In connection with the separation, the Company entered into a transition services agreement with JS Global pursuant to which the Company provided certain transition services to JS Global, in order to facilitate the transition of the separated JS Global business. The services were provided on a transitional basis for a term of twenty-four months, subject to a three-month extension by JS Global. Service fees related to this agreement were $1.7 million, $3.0 million and $1.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, and were recorded as a reduction of general and administrative expenses. The transition services agreement ended on July 31, 2025.

*Transactions with Former Parent*

See "Note 12 - Shareholders' Equity and Equity Incentive Plan" for details on the Company's distribution to Former Parent and share-based compensation recharge from Former Parent.

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The following is a summary of the related party transactions and balances associated with JS Global:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Related party revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of goods | $— | $— | $1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty income | 16817 | 9460 | 1869 |
| **Related party expense (income)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales - purchases of goods and services, net | $95544 | $231491 | $1037844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development services, net | (6577) | 875 | 3004 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | (1737) | (3000) | (1250) |

---

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** |
| **Related party assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | $17574 | $9381 |
| **Related party liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $14115 | $39769 |

---

***Cash Bonuses from Related Parties***

In December 2023, Mr. Xuning Wang, the Chairperson of the board of directors and the Company's controlling shareholder, paid Mr. Mark Barrocas, the Company's Chief Executive Officer, a cash bonus of $24.0 million on behalf of the Company, which was recorded as an operating expense by the Company but had no impact on the Company's overall cash flow. The bonus was subject to repayment to Mr. Wang if, among other things, the Company terminated Mr. Barrocas' employment for cause, or Mr. Barrocas terminated his service, other than for good reason (as defined in his employment agreement), within 18 months from the payment date.

In December 2023, Mr. Wang paid Mr. Neil Shah, the Company's Chief Commercial Officer, EVP, a cash bonus of $8.2 million on behalf of the Company, which was recorded as an operating expense by the Company but had no impact on the Company's overall cash flow. The bonus was subject to repayment to Mr. Wang if, among other things, the Company terminated Mr. Shah's employment for cause, or Mr. Shah terminated his service, other than for good reason (as defined in his employment agreement), within 12 months from the payment date.

These bonuses were paid in recognition of the strong performance under the leadership of Mr. Barrocas and Mr. Shah, as well as to continue to incentivize the management team. The payment of these bonuses also reflects the fact that the tax burden on Mr. Barrocas and Mr. Shah as a result of the Company's separation and distribution from JS Global, which was not determinable at the time of the separation and distribution, was determined to be significant.

***Recourse Promissory Notes***

On April 29, 2021, the Company issued recourse promissory notes of $17.6 million to certain employees (the "2021 Employee Notes") to satisfy their individual tax withholding requirements. These promissory notes bore interest at a rate of 0.1%. The receivables under the 2021 Employee Notes were due on the earlier of (i) March 15, 2022, or (ii) the date of the employee's termination of employment with the Company.

------

On March 27, 2022, the terms and conditions of the 2021 Employee Notes issued to one executive were amended. The amended promissory note agreement allowed for the forgiveness of the principal amount, plus all accrued and unpaid interest, over a three-year period beginning April 30, 2022, provided that the employee remained continuously employed by the Company through the forgiveness dates. On April 30, 2022, a total of $4.4 million of the 2021 Employee Notes was forgiven and recorded as compensation expense.

On April 12, 2022, the terms and conditions of the 2021 Employee Notes issued to three executives were modified. These modified recourse promissory notes amended the interest rate to 1.3% from 0.1% and extended the maturity date to April 29, 2024. The amended promissory note agreements allowed for the forgiveness of the principal amount, plus all accrued and unpaid interest, over a three-year period beginning April 29, 2022, provided that the employees remained continuously employed by the Company through the forgiveness dates. On April 29, 2022, a total of $0.8 million of the 2021 Employee Notes was forgiven and recorded as compensation expense.

During the year ended December 31, 2023, the Company received full repayment on the outstanding balances of the 2021 Employee Notes and no amounts remained outstanding as of December 31, 2023, 2024 and 2025.

In 2022, the Company issued recourse promissory notes of $6.0 million to certain employees (the "2022 Employee Notes") to satisfy their individual tax withholding requirements. These promissory notes bore interest at a rate of 1.9%. The receivables on the 2022 Employee Notes were due on the earlier of (i) March 15, 2023, or (ii) the date of the employee's termination of employment with the Company. During the year ended December 31, 2023, the Company received full repayment on the 2022 Employee Notes and no amounts remained outstanding as of December 31, 2023, 2024 and 2025.

**17. Subsequent Events**

The Company has evaluated subsequent events from the balance sheet date up to the date the consolidated financial statements were issued. Except as disclosed in "Note 12 - Shareholders' Equity and Equity Incentive Plan," there have been no subsequent events that would require disclosure in, or adjustment to, the consolidated financial statements.

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**Financial Statement Schedule**

**VALUATION AND QUALIFYING ACCOUNTS**

The table below details the activity of the Company's allowance for sales returns:

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| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Beginning balance | $86557 | $58828 | $45529 |
| Charges to net sales | 466145 | 335975 | 274926 |
| Deductions and other adjustments | (492870) | (308246) | (261627) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | $59832 | $86557 | $58828 |

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The table below details the activity of the Company's accrued customer incentives:

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| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Beginning balance | $291384 | $207593 | $232051 |
| Charges to net sales | 1972945 | 1379394 | 959765 |
| Deductions and other adjustments | (1854614) | (1295603) | (984223) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | $409715 | $291384 | $207593 |

---

All other schedules have been omitted because they are not required, not applicable, or the required information is otherwise included.

## Exhibit 10.8

**Exhibit 10.8.4**

*Certain identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark "[\*\*\*]".*

**FOURTH AMENDMENT TO PRODUCT DEVELOPMENT AGREEMENT**

This FOURTH AMENDMENT TO PRODUCT DEVELOPMENT AGREEMENT ("<u>Amendment No. 4</u>"), dated as of November 7, 2025, is entered into by and between SharkNinja Europe Ltd., a private limited company incorporated under the laws of England and Wales ("<u>SharkNinja</u>"), and JS Global Trading HK Limited, a private company limited by shares incorporated in Hong Kong ("<u>JS Global</u>"). "<u>Party</u>" or "<u>Parties</u>" means SharkNinja or JS Global, individually or collectively, as the case may be.

**WHEREAS,** SharkNinja and JS Global have entered into that certain Product Development Agreement, dated as of July 29, 2023 and effective as of July 31, 2023, as amended by that certain Amendment to Product Development Agreement, dated as of March 28, 2024, by that certain Second Amendment to Product Development Agreement, dated as of June 6, 2024, and by that certain Third Amendment to Product Development Agreement, dated as of October 30, 2024 (the "<u>PDA</u>"); and

**WHEREAS,** the Parties wish to amend certain provisions of the PDA pursuant to this Amendment.

**NOW, THEREFORE,** in consideration of the foregoing and the mutual agreements, provisions and covenants contained in this Amendment No. 4, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

**TERMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Definitions</u>. Capitalized terms used herein without definition shall have the meanings given to such terms in the PDA, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Amendment</u>.

Subject to the terms and conditions of this Amendment No. 4, the "Term" of the PDA is hereby extended to December 31, 2026. For clarity, as of and following December 31, 2026, the terms and conditions in respect of renewal set forth in the second sentence of <u>Section 6.01</u> of the PDA (and subject to the other terms and conditions of the PDA) shall continue to apply.

Subject to the terms and conditions of this Amendment No. 4, the introductory paragraph on <u>Schedule 1</u> to the PDA is hereby deleted in its entirety and replaced with the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Service Fees under this Agreement from August 1, 2023, through December 31, 2023, are equal to the amount of [\*\*\*]. Notwithstanding Section 3.03(a) of this Agreement, the Services Fees shall be paid by JS Global to SharkNinja on a quarterly basis from August 1, 2023, through December 31, 2023 (with the first such quarter being a partial quarter commencing on August 1, 2023, and ending on September 30, 2023) and shall be due within forty-five (45) days at the end of each quarter. The first payment shall be equal to [\*\*\*]. The second payment shall be equal to [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Service Fees under this Agreement from January 1, 2024, through December 31, 2024, are equal to the amount of [\*\*\*]. Notwithstanding Section 3.03(a) of this Agreement, the Service Fees shall be paid by JS Global to SharkNinja on a quarterly basis during the Term (with the first such quarter commencing on January 1, 2024, and ending three (3) months after January 1, 2024) and shall be due within forty-five (45) days at the end of each quarter. Each payment shall be equal to [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Service Fees under this Agreement from January 1, 2025, through December 31, 2025, are equal to the amount of [\*\*\*]. Notwithstanding Section 3.03(a) of this Agreement, the Services Fees shall be paid by JS Global to SharkNinja on a quarterly basis during the Term (with the first such quarter commencing on January 1, 2025, and ending three (3) months after January 1, 2025) and shall be due within forty-five (45) days at the end of each quarter. Each payment shall be equal to [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Service Fees under this Agreement from January 1, 2026, through December 31, 2026, are equal to the amount of [\*\*\*]. Notwithstanding Section 3.03(a) of this Agreement, the Services Fees shall be paid by JS Global to SharkNinja on a quarterly basis during the Term (with the first such quarter commencing on January 1, 2026, and ending three (3) months after January 1, 2026) and shall be due within forty-five (45) days at the end of each quarter. Each payment shall be equal to [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Term of this Agreement is extended past December 31, 2026, pursuant to Section 6.01, JS Global shall pay to SharkNinja the Service Fees equal to [\*\*\*] for each additional year on the same payment terms set forth above in (d).

Notwithstanding the foregoing, JS Global shall pay for tooling costs directly to the applicable third-party supplier for tooling related to products produced specifically for the APAC region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Effect of Amendment</u>. Except as expressly modified herein, all terms and conditions set forth in the PDA shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Counterparts</u>. This Amendment No. 4 may be executed and delivered (including by facsimile or other means of electronic transmission, such as by electronic mail

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in "pdf" form) in more than one counterpart, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to each of the Parties.

\* \* \* \* \*

[*End of page intentionally left blank*]

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IN WITNESS WHEREOF, the Parties hereto have duly executed this Amendment No. 4 as of the date first above written.

**SharkNinja Europe Ltd.**

---

| | |
|:---|:---|
| By: | /s/ Adam Quigley |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Adam Quigley

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Interim Chief Financial Officer

**JS Global Trading HK Limited**

---

| | |
|:---|:---|
| By: | /s/ Run Han |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Run Han

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Director

## Exhibit 10.10

**Exhibit 10.10**

**SHARKNINJA, INC.**

**DIRECTOR AGREEMENT**

This Director Agreement (the "**Agreement**") is made and entered into as of [month], [date], [year], by and between SharkNinja, Inc., a Cayman Islands company (the "**Company**"), and [name] ([Passport/ID] Number _________________) ("**Director**").

**I.SERVICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Board of Directors</u>. The Company's Board of Directors (the "**Board**") appointed Director as a member of the Board, effective as of [date] (the "**Effective Date**"), until the earlier of (i) the Company's annual general meeting after the Effective Date or (ii) the date on which Director ceases to be a member of the Board for any reason (such earlier date being the "**Expiration Date**"). The Board shall consist of Director and such other members as nominated and elected pursuant to the then-current Memorandum and Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Director Services</u>. Director's services to the Company hereunder shall include service on the Board and service on the compensation committee of the Board in accordance with applicable law and stock exchange rules and the Memorandum and Articles of Association of the Company, and such other services mutually agreed to by Director and the Company (the "**Director Services**").

**II.COMPENSATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>Expense Reimbursement</u>. The Company shall reimburse Director for all reasonable travel and other out-of-pocket expenses incurred in connection with the Director Services rendered by Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Director Compensation</u>. The Company agrees to pay Director compensation as set forth on <u>Schedule A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>Director and Officer Liability Insurance</u>. The Company has purchased, and agrees to maintain, a policy of insurance with a reputable insurance company providing Director with coverage for losses incurred in lawsuits or other legal proceedings brought against Director in connection with Director Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4<u>No Other Compensation</u>. Except for the compensation provided in this Section II, Director shall not be entitled to any other compensation, whether in cash or in kind, for the Director Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5<u>Indemnification</u>. The Director shall also be entitled to the indemnification rights as set forth under the Company's Memorandum and Articles of Association and shall enter into a standard and customary indemnification agreement by and between the Director and the Company.

**III.DUTIES OF DIRECTOR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Fiduciary Duties</u>. In fulfilling his responsibilities, Director shall be charged with a fiduciary duty to the Company. Director shall be attentive and inform himself of all material

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facts regarding a decision before taking action. In addition, Director's actions shall be motivated solely by the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Confidentiality</u>. Subject to <u>Section 6.1</u> below, during the Term of this Agreement, and at all times following the Expiration Date unless otherwise approved by the Company's prior written consent, Director shall maintain in strict confidence all information he has obtained or shall obtain from the Company that the Company has designated as "confidential" or that is by its nature confidential, relating to the Company's business, operations, properties, assets, services, condition (financial or otherwise), liabilities, employee relations, customers (including customer usage statistics), suppliers, prospects, technology, or trade secrets, except to the extent such information (i) is in the public domain through no act or omission of the Director, (ii) is required to be disclosed by law or a valid order by a court or other governmental body, or (iii) is independently learned by Director outside of this relationship, without restriction on use (the "**Confidential Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3<u>Nondisclosure and Nonuse Obligations</u>. Subject to <u>Section 6.1</u> below, Director will use the Confidential Information solely to perform the Director Services for the benefit of the Company. Director will treat all Confidential Information of the Company with the same degree of care as Director treats his/her own confidential information, and Director will use his best efforts to protect the Confidential Information. Director will not use the Confidential Information for his own benefit or the benefit of any other person or entity, except as may be specifically permitted in this Agreement. Director will immediately give notice to the Company of any unauthorized use or disclosure by or through him, or of which he becomes aware, of the Confidential Information. Director agrees to assist the Company in remedying any such unauthorized use or disclosure of the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4<u>Return of The Company Property</u>. All materials furnished to Director by the Company, whether delivered to Director by the Company or made by Director in the performance of any Director Services under this Agreement (the "**Company Property**"), are the sole and exclusive property of the Company. Director agrees to promptly deliver the original and any copies of the Company Property to the Company at any time upon the Company's request. Upon termination of this Agreement by either party for any reason, Director agrees to promptly deliver to the Company or destroy, at the Company's option, the original and any copies of the Company Property. Director agrees to certify in writing that Director has so returned or destroyed all such Company Property.

**IV.COVENANTS OF DIRECTOR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>No Conflict of Interest</u>. During the Term of this Agreement, Director shall not be employed by, own, manage, control or participate in the ownership, management, operation or control of any business entity that is competitive with the Company or otherwise undertake any obligation inconsistent with the terms hereof, provided that Director may continue Director's current affiliation or other current relationships with the entity or entities described on <u>Exhibit A</u> (all of which entities are referred to collectively as "**Current Affiliations**"). This Agreement is subject to the current terms and agreements governing Director's relationship with Current Affiliations, and nothing in this Agreement is intended to be or will be construed to inhibit or limit any of Director's obligations to Current Affiliations. Director represents that nothing in this Agreement conflicts with Director's obligations to Current Affiliations. A business entity shall be deemed to be "competitive with the Company" for purpose of this Article IV only if and to the extent it engages in the business substantially similar to the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Noninterference with Business</u>. During the Term of this Agreement, and for a period of one (1) year after the Expiration Date, Director agrees not to interfere with the business of the Company in any manner. By way of example and not of limitation, Director agrees not to

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solicit or induce any employee, independent contractor, customer or supplier of the Company to terminate or breach his/her/its employment, contractual or other relationship with the Company.

**V.TERM AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Term</u>. This Agreement is effective as of the Effective Date and will continue until the Expiration Date (the "**Term**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>Survival</u>. The rights and obligations contained in Articles III and IV, and Sections 6.3 and 6.4, and this Section 5.2, will survive any termination or expiration of this Agreement.

**VI.MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1<u>Permitted Disclosures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1Pursuant to 18 U.S.C. § 1833(b), Director will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Company that (i) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or to Director's attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If Director files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Director may disclose the trade secret to Director's attorney and use the trade secret information in the court proceeding, if Director (i) files any document containing the trade secret under seal, and (ii) does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2Notwithstanding anything to the contrary contained in this Agreement, this Agreement does not (i) prohibit Director from (A) providing truthful testimony or accurate information in connection with any investigation being conducted into the business or operations of the Company, or any related targets, by any government agency, including the Securities and Exchange Commission ("SEC"), or other regulator that is responsible for enforcing a law on behalf of the government, or otherwise providing information to the appropriate government regulatory agency or body regarding conduct or action undertaken or omitted to be taken by the Company that Director reasonably believes is illegal or in material non-compliance with any financial disclosure or other regulatory requirement applicable to the Company, (B) voluntarily communicating with an attorney retained by Director, (C) voluntarily communicating with any law enforcement, government agency, including the SEC, the Equal Employment Opportunity Commission, or any other state or local commission on human rights, or any self-regulatory organization regarding possible violations of law, (D) recovering an SEC whistleblower award as provided under Section 21F of the Securities Exchange Act of 1934, (E) asserting Director's legal rights before an administrative agency or court of law, (F) filing or disclosing any facts necessary to receive unemployment insurance, Medicaid or other public benefits to which Director is entitled, or (G) disclosing the underlying facts or circumstances relating to claims of discrimination, in violation of laws prohibiting discrimination, against the Company or making truthful statements or disclosures related to unlawful discrimination, harassment or retaliation, or otherwise discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that Director has reason to believe is unlawful; (ii) require Director to obtain the approval of, or give notice to, the Company or any of its representatives to take any action permitted under the preceding clause.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3Nothing in this Agreement shall prevent Director from responding fully and accurately to any question, inquiry or request for information when required by applicable law or legal process. To the extent that the use or disclosure of Confidential Information o is required by law or legal process, Director shall, to the extent practicable, inform the Company in advance of any such required disclosure, shall use commercially reasonable efforts to cooperate with the Company, at the Company's expense, in obtaining a protective order or other protection in respect of such required disclosure, and shall limit such disclosure to the extent reasonably possible while still complying with such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2<u>Assignment</u>. Except as expressly permitted by this Agreement, neither party shall assign, delegate, or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party. Subject to the foregoing, this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3<u>No Waiver</u>. The failure of any party to insist upon the strict observance and performance of the terms of this Agreement shall not be deemed a waiver of other obligations hereunder, nor shall it be considered a future or continuing waiver of the same terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4<u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by facsimile transmission upon acknowledgment of receipt of electronic transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to the Company at 89 A Street, Needham, MA 02494 and to the Director at 89 A Street, Needham, MA 02494 or to such other address as either party may designate to the other in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5<u>Governing Law and Venue</u>. This Agreement shall be governed by and construed and interpreted in accordance with the laws of Delaware, without giving effect to principles of conflicts of law. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this Agreement, the parties hereby submit to the exclusive jurisdiction of Massachusetts and agree that such litigation shall be conducted only in the courts of Massachusetts, or the federal courts for the United States for the District of Massachusetts, and no other courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6<u>Severability</u>. Should any provisions of this Agreement be held by a court of law to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7<u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the parties relating to this subject matter and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The terms of this Agreement will govern all Director Services undertaken by Director for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8<u>Amendments</u>. This Agreement may only be amended, modified or changed by an agreement signed by the Company and Director. The terms contained herein may not be altered, supplemented or interpreted by any course of dealing or practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9<u>Counterparts</u>. This Agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

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**IN WITNESS WHEREOF**, the parties have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **COMPANY:** <br>Address: <br>89 A Street<br>Needham, MA 02494  | &nbsp;&nbsp;**SharkNinja, Inc.** <br>a Cayman Islands exempted company<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: <br>Title:  |
| **DIRECTOR:** <br>Address:  | &nbsp;&nbsp;<br>____________________________________<br>Name:  |

---

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**<u>SCHEDULE A</u>**

**Director Compensation**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Director** | **Cash** | **Cash** | **Cash** | **Cash** | **Equity Award** |
| **Director** | **Annual Cash Retainer** <sup>[1]</sup> | **Annual Committee Member Retainers** <sup>[1]</sup> | **Annual Committee Chair Retainers** | **Annual Lead Independent Director Retainer** | **Annual Equity Award**<sup>[1,2]</sup> |

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________________

<sup>1</sup> Such amount is pro-rated for the Director's period of service on the Board or applicable committee, as the case may be.

<sup>2</sup> Subject to the terms and conditions of the award grant agreement.

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**<u>EXHIBIT A</u>**

**Director's Current Affiliations**

## Exhibit 10.11

**Exhibit 10.11**

**SHARKNINJA, INC.**

**SECOND AMENDED & RESTATED EMPLOYMENT AGREEMENT**

This Second Amended and Restated Employment Agreement (this "<u>Agreement</u>") is entered into effective as of February 27, 2026 (the "<u>Effective Date</u>"), by and between Mark Barrocas (the "<u>Executive</u>") and SharkNinja, Inc., an exempted company with limited liability incorporated in the Cayman Islands (the "<u>Company</u>" and, together with the Executive, the "<u>Parties</u>" and each a "<u>Party</u>").

**RECITALS**

**WHEREAS,** SharkNinja Management LLC, a Delaware limited liability company (f/k/a SharkNinja Management Company, a Delaware corporation) and the Executive were parties to that certain Employment Agreement dated as of July 27, 2017, as amended and restated as of March 27, 2022 (the "<u>Prior Subsidiary Agreement</u>"), pursuant to which the Executive was employed by a subsidiary of the Company;

**WHEREAS**, the Parties entered into that certain Amended and Restated Employment Agreement, dated as of July 28, 2023 (the "<u>Prior Company Agreement</u>"), which superseded the Prior Subsidiary Agreement in its entirety, and pursuant to which the Company employed the Executive on the terms contained therein from and after the date the equity securities of the Company became listed on a national securities exchange; and

**WHEREAS**, the Parties desire to amend and restate the Prior Company Agreement in its entirety to provide for the Executive's continued employment by the Company on the terms described herein from and after the Effective Date.

**NOW**, **THEREFORE**, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Term</u>. The term of the Executive's employment hereunder by the Company will commence on the Effective Date and shall continue in full force and effect, until terminated pursuant to Section 3 below (the term that the Executive is employed hereunder is referred to as the "<u>Term</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Position and Duties</u>. During the Term, the Executive shall serve as the Chief Executive Officer of the Company. The Executive reports to the Board of Directors of the Company (the "<u>Board</u>"). The Executive shall have such powers and duties as may from time to time be prescribed by the Board, provided that, notwithstanding the foregoing, in any event, the Executive shall at all times have the sole and exclusive authority to manage and control all operating functions and businesses of the Company and its respective subsidiaries, in the United States and United Kingdom, including without limitation, the authority to hire, terminate, promote and demote officers and employees; enter into, perform, amend and terminate contracts on behalf of the Company and its respective subsidiaries in the United States and United Kingdom, and otherwise manage all research and development activities, customer and supplier relationships and marketing, branding and media activities, and such other powers and duties which are consistent with the Executive's position, or other positions that the Executive may hold from time to time, in each case subject to the supervision and direction of the Board. Nothing in this Agreement shall preclude the Executive from (i) serving on other boards of directors or engaging in civic, religious, charitable or other community activities, (ii) devoting a

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reasonable amount of time to private investment activities, and (iii) providing incidental assistance to family members on matters of family business and in times of family emergencies, as long as such services and activities do not materially interfere with the Executive's obligations or performance of the Executive's duties as provided in this Agreement; and provided further that prior to the Executive serving on a board of directors for a for-profit entity which may impact the Executive's working time, the Executive must obtain prior approval from the Board. The Executive shall perform his duties at and from the Boston, Massachusetts metropolitan area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Compensation and Related Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Base Salary</u>. During the Term, the Executive's initial annual base salary shall be One Million Five Hundred Eighteen Thousand Dollars ($1,518,000), retroactive to January 1, 2026. The base salary shall be evaluated periodically and subject to increase by the Compensation Committee of the Board (the "<u>Compensation Committee</u>"). The base salary in effect at any given time is referred to herein as "<u>Base Salary</u>." The Base Salary shall be payable in a manner that is consistent with the Company's usual payroll practices for senior executives, provided that Executive's retroactive increase in Base Salary for 2026 shall be paid in a lump sum on the first regularly scheduled pay date coincident with or next following the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Annual Incentive Compensation</u>. During the Term, the Executive shall be eligible to receive annual cash incentive compensation (the "<u>Annual Bonus</u>"). The Executive's target Annual Bonus shall be 200% of the Executive's Base Salary and the Executive's maximum Annual Bonus shall be 300% of the Executive's Base Salary. Eligibility for the Annual Bonus shall be based upon performance metrics as reasonably determined by the Board or the Compensation Committee in consultation with the Executive, and which metrics shall be provided to the Executive in writing at or prior to the commencement of the applicable fiscal year; provided that for fiscal years beginning on or after January 1, 2026: (i) 50% of the target Annual Bonus shall be comprised of the Company's and its direct and indirect subsidiaries' financial objective performance metrics (the "<u>Target Company Performance Bonus</u>"), which will range in payout from 70%-150% of the Target Company Performance Bonus, based upon actual financial objective results; and (ii) 50% of the target Annual Bonus shall be comprised of the Executive's overall performance and accomplishment of individual goals and objectives (the "<u>Target Individual Performance Bonus</u>"), which will range in payout from 0%-150% of the Target Individual Performance Bonus. Any Annual Bonus payable with respect to any fiscal year shall be paid at the same time annual incentive compensation is generally paid to the Company's senior executives for such fiscal year, but in all events no later than March 15 of the calendar year immediately following the fiscal year to which such Annual Bonus relates. To receive the Annual Bonus, the Executive must be employed by the Company on the last day of the fiscal year to which the Annual Bonus relates, except as set forth in Section 4(a). This Section 2(b) replaces and supersedes the Executive's rights under all other annual bonus plans maintained by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Employee Benefits</u>. During the Term, the Executive will be entitled to participate in the Company's employee benefit plans and programs in effect from time to time for senior executives, subject to the terms of such plans and programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Expenses</u>. The Executive shall be entitled to receive prompt reimbursement for all reasonable and documented out-of-pocket business expenses incurred by the Executive during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Car Allowance</u>. The Company shall provide the Executive with an auto allowance of $4,000 per month, or alternatively with a leased car of the same or greater value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Paid Time Off</u>. During the Term, the Executive shall be entitled to a flexible vacation schedule, with up to six (6) weeks of vacation in each full calendar year. During the Term, the Executive shall also be entitled to sick time and all paid holidays given by the Company to its executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Termination</u>. The Executive's employment hereunder may terminate at any time under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Death</u>. The Executive's employment hereunder shall terminate upon the Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Disability</u>. The Company may terminate the Executive's employment upon thirty (30) days' prior written notice to the Executive if the Executive is disabled and unable to perform the essential functions of the Executive's then existing position or positions under this Agreement with or without reasonable accommodation for a period of ninety (90) consecutive days or one hundred eighty (180) days (which need not be consecutive) in any twelve (12)-month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive's then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a medical examination by a physician selected by the Company to whom the Executive or the Executive's guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and the determination by such physician shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such examination including without limitation authorizing the physician to release his or her written findings to the Board regarding whether the Executive is disabled within the meaning of this paragraph. If such question shall arise and the Executive shall fail to submit to such examination, the Company's determination of such issue shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive's rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 *et seq*. and the Americans with Disabilities Act, 42 U.S.C. §12101 *et seq*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Termination by Company for Cause</u>. The Company may terminate the Executive's employment hereunder for Cause. For purposes of this Agreement, "<u>Cause</u>" shall mean: (i) the Executive's gross negligence or willful misconduct (including, without limitation, fraud, embezzlement, or the misappropriation of funds or property of the Company), or willful malfeasance in connection with the performance of the Executive's duties; (ii) the conviction by the Executive of, or plea of nolo contendere to, any felony or a misdemeanor involving theft, embezzlement, fraud or dishonesty; (iii) the Executive's willful failure or refusal to perform his duties under this Agreement or to obey the lawful directives of the Board (in each case other than by physical or mental illness, incapacity or disability), which has continued for more than seven (7) days following written notice of such non-performance from the Board; (iv) the Executive's willful violation of any of the Company's written policies, including without limitation, relating to equal employment opportunity, discrimination, harassment, or retaliation; (v) the Executive's working under the influence of illegal drugs or alcohol, except, in the case of alcohol, for

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industry-related social events and client development; and (vi) the Executive's material breach of Section 7, 8 or 9 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Termination Without Cause</u>. The Company may terminate the Executive's employment hereunder at any time without Cause, upon thirty (30) days' prior written notice to the Executive. Any termination by the Company of the Executive's employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Termination by the Executive</u>. The Executive may terminate his employment hereunder at any time for any reason, including but not limited to Good Reason. For purposes of this Agreement, "<u>Good Reason</u>" shall mean that the Executive has complied with the "Good Reason Process" (hereinafter defined) following the occurrence of any of the following events, without the Executive's prior written consent: (i) a material diminution in the Executive's Base Salary or Annual Bonus except for across-the-board reductions based on financial performance similarly affecting all or substantially all senior management employees of the Company; (ii) a material diminution in the Executive's title, duties, responsibilities or general authority (as set forth in Section 1(b)) under the supervision and direction of the Board; (iii) a change in the geographic location at which the Executive provides services under this Agreement to a location outside of the Boston, Massachusetts metropolitan area; or (iv) the material breach of this Agreement by the Company (each a "<u>Good Reason Condition</u>"). "<u>Good Reason Process</u>" shall mean that (A) the Executive notifies the Company in writing in reasonable detail of the first occurrence of the Good Reason Condition within sixty (60) days of the first occurrence of such Good Reason Condition; (B) the Executive cooperates in good faith with the Company's efforts, for a period not less than thirty (30) days following such notice (the "<u>Cure Period</u>"), to remedy the condition; (C) notwithstanding such efforts, the Good Reason Condition continues to exist; and (D) the Executive terminates his employment within sixty (60) days after the end of the Cure Period. If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Notice of Termination</u>. Except for termination as specified in Section 3(a), any termination of the Executive's employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other Party hereto. For purposes of this Agreement, a "<u>Notice of Termination</u>" shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Date of Termination</u>. "<u>Date of Termination</u>" shall mean: (i) if the Executive's employment is terminated by his death, the date of his death; (ii) if the Executive's employment is terminated on account of the Executive's disability under Section 3(b), thirty (30) days after the date on which a Notice of Termination is given; (iii) if the Executive's employment is terminated by the Company under Section 3(d), the last date of employment as referenced in the Notice of Termination, which date shall be not less than thirty (30) days after the date of the Notice of Termination; (iv) if the Executive's employment is terminated by the Executive under Section 3(e) without Good Reason or by the Company for Cause under Section 3(c), the last date of employment as referenced in the Notice of Termination; and (v) if the

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Executive's employment is terminated by the Executive under Section 3(e) with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Compensation Upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Compensation Generally</u>. If the Executive's employment with the Company is terminated for any reason, the Company shall pay or provide to the Executive (or to his executor, administrator, trustee or personal representative) (i) any Base Salary earned through the Date of Termination and unpaid expense reimbursements (subject to, and in accordance with, Section 2(d) of this Agreement); (ii) any Annual Bonus earned for the fiscal year ending prior to the Date of Termination to the extent not previously paid, unless the Executive is terminated for Cause, in which case the Annual Bonus will be forfeited; (iii) any accrued but unused vacation; and (iv) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the "<u>Accrued Benefit</u>"). In the event of death, disability, termination without Cause or termination by the Executive for Good Reason as set forth under Sections 3(a),(b), (d) or (e), the Executive (or the Executive's executor, administrator, trustee or personal representative) shall also remain entitled to a prorated Annual Bonus, based on the full fiscal year financial results in which the Date of Termination occurred, based on actual performance to the Date of Termination, which shall be paid at the time and in the manner described in Section 2(b) and notwithstanding the fact that the Executive is not employed by the Company on the last day of the fiscal year or payment date to which the Annual Bonus relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Termination by the Company without Cause or by the Executive with Good Reason</u>. During the Term, if the Executive's employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates his employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive his Accrued Benefit and prorated Annual Bonus. In addition, subject to the Executive signing a separation and general release agreement in a form and manner reasonably satisfactory to the Company and the Executive (the "<u>Separation and General Release Agreement</u>"), the Separation and General Release Agreement becoming irrevocable and fully effective, all within sixty (60) days after the Date of Termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Company shall pay the Executive an amount equal to 1.5 times the Executive's then current Base Salary (prior to any reduction in Base Salary triggering a resignation for Good Reason, if applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Company shall pay the Executive an amount equal to 1.5 times the Executive's target Annual Bonus (prior to any reduction in target Annual Bonus triggering a resignation for Good Reason, if applicable, which for the avoidance of doubt would be 1.5 times 200% of the Executive's Base Salary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)if the Executive was participating in the Company's group health plan immediately prior to the Date of Termination and timely elects continued group health coverage pursuant to COBRA, then the Company shall pay to the Executive a monthly cash payment for eighteen (18) months in an amount equal to the Executive's monthly COBRA premium for the Executive and the Executive's dependents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the amounts payable under this Section 4(b)(i) and (ii) shall be paid out in a lump sum in accordance with the Company's payroll practice within sixty (60) days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such amounts shall begin to be paid in the second calendar

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year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Section 409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive's separation from service within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), the Company reasonably determines that the Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive's separation from service would be considered deferred compensation otherwise subject to the twenty percent (20%) additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive's separation from service, or (B) the Executive's death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the extent that any payment or benefit described in this Agreement constitutes "non-qualified deferred compensation" under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive's termination of employment, then such payments or benefits shall be payable only upon the Executive's "separation from service." The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The Parties agree that this Agreement may be amended, as reasonably requested by either Party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>280G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company or any of its affiliates to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code and the applicable regulations thereunder (the "<u>Aggregate Payments</u>"), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments payable hereunder shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G -1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G -1, Q&A-24(b) or (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For purposes of this Section 6(b), the "<u>After Tax Amount</u>" means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive's receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to this Section 6 shall be made by a nationally recognized accounting firm selected by the Company (the "<u>Accounting Firm</u>"), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Nondisclosure/Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Confidential Information</u>. As used in this Agreement, "<u>Confidential Information</u>" shall mean any and all non-public or proprietary information, knowledge or data relating to the Company or any of its subsidiaries (together, the "<u>Protected Parties</u>" and each of them, a "<u>Protected Party</u>"), whether or not patentable, copyrightable or protectable as a trade secret. Confidential Information includes, without limitation, non-public or proprietary information relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the business, products, affairs and finances of any of the Protected Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the manufacture, production, distribution, marketing, or sale of any product sold by any of the Protected Parties;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)technical data and know-how relating to the business of any of the Protected Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)technology, marketing and business plans or strategies of any of the Protected Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)management accounting or other similar financial information that would typically be included in the financial statements of any of the Protected Parties, including without limitation, the amount of the assets, liabilities, net worth, revenues or net income of any of the Protected Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)legal and professional dealings, equity structure, real property, tangible property, finances, business, and investment activities, and other personal affairs of any of the Protected Parties; and

(viii)Notwithstanding the foregoing, Confidential Information does not include information that (1) is or becomes available in the public domain other than as a result of a breach of the Executive's duties under this Section 7; (2) becomes available to the Executive on a non-confidential basis from a source other than the Company, provided that such source is not known by the Executive, after reasonable inquiry, to be bound by a confidentiality agreement with, or otherwise any confidentiality obligation owed to, any of the Protected Parties; or (3) is generally known in the industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Confidentiality</u>. The Executive understands and agrees that the Executive's employment with the Company will create a relationship of confidence and trust between the Executive and the Company (and the Protected Parties) with respect to all Confidential Information. At all times, both during the Executive's employment with the Company and after his termination of employment, the Executive will keep in confidence and trust all such Confidential Information, and will not use or disclose any such Confidential Information without the written consent of the Company, except (i) as may be necessary in the ordinary course of performing the Executive's duties to the Company, (ii) as may be required, on the advice of counsel, to be disclosed by applicable law or pursuant to a demand of any judicial, administrative, legislative, regulatory or self-regulatory body or tribunal (which requirement or demand shall not have been caused by any act of the Executive), (iii) to the Executive's personal tax, financial and other advisors that need to know such information and such advisor is advised of the confidentiality obligations that attach to the Confidential Information (it being agreed that the Executive will be responsible for any violations of the provisions of this Section 7(b) by any such advisor) or (iv) to the extent reasonably necessary to enforce the Executive's rights hereunder. For the avoidance of doubt, the Executive understands that nothing in this Agreement prohibits the Executive from reporting possible violations of law or regulation to an appropriate governmental agency or entity and that pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Company Property</u>. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information, which are furnished to the Executive by the Company or any other Protected Party or are produced by the Executive in connection with the Executive's employment will be and remain the sole property of the Company or (if applicable) the relevant Protected Party. The Executive will return to the Company all such materials and property as and when requested by the Company. In any event, the Executive will return all such materials and property immediately upon termination of the Executive's employment for any reason. The Executive will not retain any such material or property or any copies thereof after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Work Product</u>. As used in this Agreement, the term "<u>Work Product</u>" means all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos and all similar or related information (whether patentable or unpatentable, copyrightable, registerable as a trademark, reduced to writing, or otherwise), or any part thereof, which relates to the Company's (or any Protected Party's) actual or anticipated business, research and development or existing or future products or services and which are or were conceived, developed or made by the Executive (whether or not during usual business hours, whether or not by the use of the facilities of the Company (or of any Protected Party) and whether or not alone or in conjunction with any other person) while employed by the Company together with all patent applications, letters patent, trademark, trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. All Work Product that the Executive may discover, invent or originate during the Term shall be the exclusive property of the Company or the relevant Protected Party, as applicable, and the Executive hereby assigns all of the Executive's right, title and interest in and to such Work Product to the Company or the relevant Protected Party, including all intellectual property rights therein. The Executive shall promptly disclose all Work Product to the Company, shall execute at the request of the Company any assignments or other documents the Company may deem necessary to protect or perfect its rights (or the rights of the relevant Protected Party) therein, and shall assist the Company, at the Company's expense, in obtaining, defending and enforcing the Company's rights (or the rights of the relevant Protected Party) therein. The Executive hereby appoints the Company as his attorney-in-fact to execute on his behalf any assignments or other documents deemed necessary by the Company to protect or perfect the Company's rights (or the rights of the relevant Protected Party) to any Work Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Third-Party Agreements and Rights</u>. The Executive represents to the Company that the Executive's execution of this Agreement, the Executive's employment with the Company and the performance of the Executive's duties for the Company as contemplated under this Agreement will not violate any obligations the Executive may have to any other party. In the Executive's work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Non-Competition; Non-Solicitation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Following the Effective Date until the expiration of the Non-Compete Period, none of the Executive or his controlled Affiliates (collectively, the "<u>Executive Restricted Parties</u>") shall, directly or indirectly, engage in, own, have any financial interest in, manage or operate anywhere in the territories in which the Company or any of its subsidiaries operate ("<u>Existing Territory</u>") or has bona fide plans to operate in (such plans having been approved by the Board and if such plans do not involve home appliances and all categories in which the Company operates, such plans are approved prior to the Board's knowledge of the proposed interest by the Executive Restricted Party) ("<u>New Territory</u>" and with the Existing Territory, the

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"<u>Territory</u>"), a business the same as, substantially similar to, or which materially competes with the business conducted by the Company or any of its subsidiaries, currently primarily consisting of designing, manufacturing, distributing, selling or otherwise promoting products, services or solutions of small household appliance including but not limited to vacuums and mops, robot vacuums, personal care, kitchen appliance, kitchenware, home environment appliance, garment care, air purifiers, juicers, cookware, cutlery, blenders and food processors, coffee and tea makers, cookers, indoor grills, outdoor grills, ovens, toasters, and ice cream makers, and also including any planned products or activities (such plans having been approved by the Board and if such plans do not involve home appliances, such plans are approved prior to the Board's knowledge of the proposed interest by the Executive Restricted Party) ("<u>New Business Activity</u>") except that the following shall be permitted: (i) the passive ownership of less than ten percent (10%) of the outstanding capital stock of any corporation the stock of which is publicly traded; (ii) the passive ownership of less than 10% of a privately owned corporation or other entity during the Non-Compete Period, (iii) with respect to only a New Territory or New Business Activity that does not involve home appliances, any investment purchased before the Board approved the New Territory or New Business Activity, or (iv) any investment made through a professionally managed mutual fund, private equity fund, hedge fund or other collective investment vehicle in which the Executive does not have the ability to control or otherwise direct the investment decisions made by such investment vehicle; provided that, in the case of (i), (ii), (iv) and (during the Term) (iii), the Executive is not a director, employee, independent contractor or advisor of, or otherwise acting in a similar capacity with respect to, such corporation or other entity or vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)During the Non-Compete Period, none of the Executive Restricted Parties shall, directly or indirectly, solicit for employment or employ any employee, or request, knowingly induce or advise any employee to leave the employ of the Company or any of its subsidiaries, without the prior written consent of the Board. For the purposes of this Section 9(b), a general offer of employment to the public or by general media advertising shall not be deemed prohibited hereunder as long as not specifically directed at employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)During the Non-Compete Period, none of the Executive Restricted Parties shall, directly or indirectly, solicit the trade of, or do business with, any customer or prospective customer, or supplier or prospective supplier of the Company or any of its subsidiaries for any business purpose other than for the benefit of the Company or any of its subsidiaries, without the prior written consent of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company agrees that, following the Effective Date until the expiration of the Non-Compete Period, the Executive shall have the right to seek a waiver of or consent for relief from Section 9(a) from the Board which shall discuss such relief in good faith, whose consent to such relief shall not be unreasonably withheld, conditioned or delayed (and whose consent shall be deemed to be the consent of the Company hereunder), and upon giving such written consent any such requested relief shall be granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The nature and scope of the foregoing covenants have been carefully considered by both Company and Executive. Executive agrees and acknowledges that the duration, scope and geographical areas applicable to these covenants are fair, reasonable and necessary and that adequate consideration has been received by Executive for such obligations. If, however, for any reason, a court determines that such restrictions are not reasonable or that consideration is inadequate, such restrictions shall be interpreted, modified or rewritten to include as much of the duration, scope and geographic area identified in this Section 9 as will render such restrictions valid and enforceable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The provisions of this Section 9 shall be tolled during any time periods during which the Executive is in breach of this Agreement and such breach is neither known to, nor reasonably discoverable by, the Company or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)If the Company does not elect to waive the provisions of Section 9(a), to the extent necessary or required by applicable law to enforce Section 9(a), the Company shall pay to the Executive continuing salary payments for one year following termination of the Executive's employment at a rate equal to 50% of the Executive's highest annualized base salary paid to the Executive by the Company within the two years prior to the termination of the Executive's employment with the Company. Any payment to be made by the Company to enforce Section 9(a) shall be credited against the amounts payable to the Executive under Section 4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)For purposes of this Section 9 and Section 10, as applicable, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Affiliate</u>" means, with respect to any Person, any other Person which directly or indirectly Controls, is Controlled by or is under Common Control with such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)"<u>Benefit Plan</u>" means each "employee benefit plan" as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974 (" <u>ERISA</u>") (whether or not subject to ERISA) and any other plan, program, practice, policy, arrangement, agreement or contract providing compensation or benefits of any kind to any current or former employee, director, officer, member or any other individual service provider of the Company of any of its subsidiaries, or any spouse, dependent or family member of such individual, or for which the Company or any of its subsidiaries has any liability or obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)"<u>Control</u>" means, as to any Person, the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. The terms "Controlled by," "under Common Control with" and "Controlling" shall have correlative meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)"<u>Non-Compete Period</u>" means the period of time from the Effective Date until the twelve-month anniversary of the termination of employment of the Executive with the Company for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)"<u>Person</u>" means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or governmental body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Releases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Effective as of the date hereof, the Executive, on behalf of himself and his heirs and assigns, hereby releases, acquits and forever discharges the Company, its subsidiaries, and any and all of each of their successors and assigns, together with all their present and former equity holders, employees, directors and officers (the "<u>Company Released Parties</u>"), from any and all claims, actions, suits, causes of action, damages, costs, expenses, losses, demands, obligations and liabilities whatsoever in law or equity, whether known or unknown, liquidated or unliquidated, fixed, contingent, direct or indirect, with respect to any matter, transaction, act, omission or thing whatsoever, from the beginning of time to and including the date hereof, other than (i) in respect of any obligations under this Agreement, (ii) any rights under written indemnification agreements with the Company and any rights under any directors' and officers' liability insurance policy, (iii) any rights under the organizational documents of the Company or any of its subsidiaries with respect to the indemnification of the Executive or otherwise, (iv) any amounts or claims for compensation or similar payments owed to or otherwise earned by the

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Executive as of the date hereof and (v) any rights to any benefits, payments or other entitlements under any of the Benefit Plans owed to or otherwise earned by the Executive as of the date hereof, including without limitation any employment, bonus or similar agreements. This release shall become effective as of the date hereof and prior to such date shall have no force or effect and shall not be legally binding on the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Effective as of the date hereof, the Company, on behalf of itself and its Affiliates (including its subsidiaries), and its and their respective employees, officers, directors, managing members, general partners, agents, consultants and advisors, hereby releases, acquits and forever discharges the Executive, and any and all of his heirs and assigns, from any and all claims, actions, suits, causes of action, damages, costs, expenses, losses, demands, obligations and liabilities whatsoever in law or equity, whether known or unknown, liquidated or unliquidated, fixed, contingent, direct or indirect, with respect to any matter, transaction, act, omission or thing whatsoever, from the beginning of time to and including the date hereof, other than in respect of any obligations under this Agreement. This release shall become effective as of the date hereof and prior to such date shall have no force or effect and shall not be legally binding on the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Arbitration</u>. Subject to the Company's equitable remedies reserved under Section 12 hereof, the Executive and the Company shall submit to mandatory binding arbitration in any controversy or claim arising out of, or relating to, this Agreement or any breach hereof. Such arbitration shall be conducted in Boston, Massachusetts in accordance with the employment arbitration rules of the American Arbitration Association in effect at the time such arbitration is conducted, and judgment upon the determination or award rendered by the arbitrator may be entered in any court having jurisdiction hereof. The Company shall pay the fees of the arbitrator, and each party shall be responsible for paying their own attorney's fees and costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Remedies</u>. The Executive acknowledges that the restrictions contained in this Agreement are reasonable and necessary to protect the Company's legitimate business interests and that any violation of the provisions contained herein would result in irreparable injury to the Company and that monetary damages may not be sufficient to compensate the Company for any economic loss which may be incurred by reason of breach of the restrictions contained herein. In the event of a breach or a threatened breach by the Executive of any provision contained herein, the Company shall be entitled to a temporary restraining order and injunctive relief restraining the Executive from the commission of any breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Withholding</u>. All payments made by the Company to the Executive under this Agreement may be net of any tax or other amounts required to be withheld by the Company under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Enforceability</u>. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Survival</u>. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive's employment to the extent necessary to effectuate the terms contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Waiver</u>. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving Party. The failure of any Party to require the performance of any term or obligation of this Agreement, or the waiver by any Party of any breach of this

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Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Notices</u>. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Amendment</u>. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Governing Law</u>. This is a Massachusetts contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Successor to Company</u>. This Agreement shall inure to the benefit of and be enforceable by and binding upon any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Recitals</u>. The recitals set forth above are expressly incorporated into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Integration</u>. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior written or oral agreements between the Parties concerning such subject matter, including without limitation the Prior Company Agreement. All provisions of the Prior Company Agreement are superseded and replaced by this Agreement as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.<u>Counterparts</u>. This Agreement may be executed in any number of counterparts and by electronic PDF or other electronic transmission, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.<u>Confirmation of Consultation with Counsel</u>. The Executive expressly acknowledges and confirms that the Executive understands that he has the right to consult with legal counsel of his choice prior to signing this Agreement and by signing below expressly confirms that he has done so or expressly elected to not do so.

*[Remainder of Page Left Intentionally Blank]*

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IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.

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| | |
|:---|:---|
| SharkNinja, Inc. | Mark Barrocas |
| By: <u>/s/ Xuning Wang</u> | <u>/s/ Mark Barrocas</u> |
| Name: Xuning Wang |  |
| Title: Director |  |

---

*[Signature Page to Second Amended & Restated Employment Agreement]*

## Exhibit 10.12

**Exhibit 10.12**

![image_0.jpg](image_0.jpg)

*Certain identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark "[\*\*\*]".*

December 31, 2025

Adam Quigley

[\*\*\*\*\*]

Dear Adam:

Congratulations! We are pleased to present you with this conditional offer appointing you as Chief Financial Officer of SharkNinja Operating LLC (together with its affiliates, "SharkNinja" or the "Company"). Your annual base salary will increase to $600,000 and will be paid to you on a bi-weekly basis (subject to applicable taxes and withholdings). The changes to your title and base salary will become effective as of November 6, 2025. You will continue to report to Mark Barrocas, Chief Executive Officer.

In conjunction with this position, you are also eligible to receive an annual discretionary bonus of up to 75% of your annual base salary based on a number of factors, including both individual and company performance, in accordance with the terms of the Company's Global Annual Bonus Plan and any applicable policies of the Company, in each case, as may be amended by SharkNinja from time to time. Your annual bonus is tied to our fiscal year which runs from January 1<sup>st</sup> through December 31<sup>st</sup>. To the fullest extent permitted by law, this bonus is not earned until it is paid to you.

Unless expressly provided for in this letter, your annual base salary, annual discretionary bonus and other payments to you will be subject to applicable taxes and withholding.

You will continue to be eligible to participate in a wide variety of benefit programs as may be in effect from time to time and in accordance with the terms and conditions of the applicable benefit plans.

In the event that your employment is terminated as a result of a Qualifying Termination (as defined below) after your hire date, you will be eligible to receive, as severance pay, continuation of your then current base salary for a period of fifty-two (52) weeks, contingent on the parties' execution of a confidential written Separation Agreement (as defined below) provided to you as promptly as practicable following your termination date. In addition, in the event of a Qualifying Termination, SharkNinja agrees that pursuant to an executed Separation Agreement, if you timely elect COBRA coverage, it shall pay the same employer portion of the premiums for continuation of medical and dental benefits for you under COBRA as it pays for active employees until the earlier of the end of the of fifty-two (52) week salary continuation period or the date that you commence other employment that offers group medical plan coverage. Your portion of the premiums may be withheld from the severance pay. If such payments of premiums at such time constitute taxable income to you, SharkNinja may make payments in an equivalent amount as additional severance pay rather than as premium payments. Contingent on the parties' execution of a confidential written Separation Agreement, the severance payments will commence within 60 days after the date of employment termination; provided that (i) if the 60-day period begins in one calendar year and ends in a second calendar year, the severance payments will commence in the second calendar year no later than the last day of such 60-day period and (ii) the first payment will include a catch-up payment to cover amounts retroactive to the day immediately following

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the date of termination. Each installment of severance pay is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). For the avoidance of doubt, you agree that you shall not be entitled to any Annual Bonus for the Fiscal Year in which the Qualifying Termination occurs.

For purposes of this Offer Letter:

"Disability" means a condition or disability such that you are unable to perform the essential functions of your position with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any twelve (12)-month period.

"Just Cause" means any one of: (i) your conviction or entering a guilty plea or a plea of no contest with respect to a felony (or state law equivalent) or a misdemeanor involving moral turpitude either in connection with the performance of your obligations to the Company or which otherwise shall adversely affect your ability to perform such obligations or shall materially adversely affect the business activities, reputation, goodwill or image of the Company; (ii) your commission of an act that involves fraud, theft, conversion, misappropriation or embezzlement; (iii) any willful and continued failure or refusal by you to substantially perform the material duties and responsibilities of your position (other than such a failure as a result of Disability); (iv) your gross negligence, willful misconduct (including, without limitation, fraud, embezzlement or misappropriation), or willful malfeasance in connection with your employment; (v) your engagement in dishonesty, illegal conduct or misconduct, which is, in each case, injurious to SharkNinja;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) your breach of any material obligation under the Company's Noncompetition, Confidentiality and Non-Solicitation Agreement, or any other written agreement between you and the Company; or (vii) your willful material violation of any material written SharkNinja policy which SharkNinja reasonably believes has a material detrimental effect on the Company or creates material risks for the Company, including, without limitation, violation of any code of ethics or business conduct, any policy against discrimination or harassment and/or any other conduct policies and codes which have been or may be adopted by SharkNinja at any time. Notwithstanding anything to the contrary in this paragraph, no act or omission pursuant to clauses (iii) above will constitute Just Cause for termination unless the Company has first provided you with written notice of the existence of the condition supporting such event within the period not to exceed ninety (90) days after the Company's recognition of the condition and you fail to remedy such condition within thirty (30) days of receiving such written notice.

"Good Reason" means (i) a material adverse diminution in your job responsibilities or a material adverse change in your title or status from those in effect on the date you commence employment with the Company or as enhanced from time to time (other than temporarily while you are physically or mentally incapacitated or as required by applicable law); (ii) a material reduction of your base salary or Target Annual Bonus, other than a general reduction in base salary or Target Annual Bonus that affects all similarly situated executives in substantially the same proportions; (iii) the relocation of your principal place of employment by more than 25 miles from New York, New York; or (iv) the failure of SharkNinja to perform any of its material obligations under this agreement or other material agreement relating to your employment. Resignation for Good Reason shall not be deemed to exist unless you provide the Company with written notice of the existence of the condition supporting any of the foregoing events described in this definition within the period not to exceed 10 business days after your first initial recognition of the condition and the Company fails to remedy such condition within 30 days of receiving such written notice.

"Qualifying Termination" means (i) a termination of your employment by SharkNinja for any reason other than for Just Cause or (ii) your resignation from SharkNinja for Good Reason. Notwithstanding the foregoing, a termination of your employment due to death or Disability is not a Qualifying Termination.

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"Separation Agreement" means a written, confidential employment separation agreement in a form proposed by SharkNinja that includes, among other terms, (i) your general release of all claims against SharkNinja and related persons and entities, including without limitation, claims under federal, state and local laws related to the employment relationship, wage and hour, discrimination, harassment and retaliation but does not release your rights to vested equity or benefits subject to applicable Company policies, (ii) your agreement not to disparage SharkNinja or any related persons or entities, and (iii) a noncompetition provision essentially the same or similar in scope to that set forth in the Company's Noncompetition, Confidentiality and Non- Solicitation Agreement enclosed with this offer letter.

In your position, we allow you to take as much paid time off ("PTO") as is consistent with your job requirements, job duties and obligations to the Company, as set forth more fully in the Company's PTO policy. As set forth in the policy, PTO is not an earned or accrued benefit and instead is part of the Company's desire to provide a flexible work schedule. The PTO policy does not supersede any of the Company's leave policies mandated by federal, state or local laws. In addition, the Company presently observes eight (8) holidays, (2) floating holidays per calendar year, one (1) cultural and religious observance day, and up to eight (8) hours of paid volunteer hours per year. No time off benefits, such as PTO and floating holidays, are carried over or paid out in the event of the termination of your employment, except where expressly required by law. The Company's PTO policy is subject to change in the Company's sole discretion.

For the avoidance of doubt, this letter does not change your original hire date of January 5, 2015 to the Company's subsidiary, Euro-Pro Operating LLC, meaning that all accrued length of service to date remains in effect.

This offer is contingent upon the following:

■Satisfactory completion of a background check, consistent with applicable federal, state and local law, including but not limited to a background check of employment, education and criminal history

■Signing the enclosed Noncompetition, Confidentiality and Non-Solicitation Agreement

■Approval of all compensation elements set forth in this offer by the compensation committee of the board of directors of SharkNinja Parent

This offer will be withdrawn (whether or not you have already signed it) if any of the above conditions are not satisfied.

SharkNinja associates are considered to be "employees at will." At-will employment means that either the associate or the Company may terminate the employment relationship for any reason or for no reason, with or without reason or advance notice. Nothing verbally expressed or written in this letter constitutes any type of contract or guarantee of future employment and by signing this letter, you agree that your employment with SharkNinja is at-will. The description of benefits and other compensation arrangements set forth herein are meant to be summary in form and may be subject to change in the Company's discretion. Your at-will employment status can be changed only by a written contract signed by the Chief Legal Officer.

This letter, the Notice of Restricted Share Unit Award ("RSU Award") dated July 31, 2023, the relevant terms of your prior accepted offer letter appointing you as Interim CFO dated August 27, 2025, and the enclosed Noncompetition, Confidentiality Agreement constitute our entire agreement regarding the terms and conditions of your employment by the Company. Where expressly articulated, this letter supersedes

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any other prior agreements, or other promises or statements (whether oral or written) regarding the terms or conditions of your employment.

Please sign and return this letter to me.

Sincerely,

<u>/s/ Elizabeth Norberg</u>

Elizabeth Norberg

EVP, Chief People Officer

I accept the above offer as stated and agree to its terms and conditions as set forth in this letter.

&nbsp;&nbsp;&nbsp;&nbsp;Adam Quigley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Adam Quigley

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(Print Full Name)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature)

1/12/2026

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Date)

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## Exhibit 10.13

**Exhibit 10.13**

**<u>N</u><u>ONCOMPETITION</u><u>, C</u><u>ONFIDENTIALITY AND</u> <u>N</u><u>ON</u><u>-</u><u>SOLICITATION</u> <u>A</u><u>GREEMENT</u>**

**THIS Non-Competition, Confidentiality and Non-Solicitation Agreement** (the "**Agreement**") is made and entered into between Adam Quigley ("***Employee***") and SharkNinja Management LLC and SharkNinja Sales Company, together with parent entity SharkNinja Operating LLC, a Delaware limited liability company ("**Operating**"), and its subsidiaries and affiliates within the SharkNinja family of companies to or for which Employee provides services or about which Employee acquires Confidential Information (and its or their successors and assigns) (collectively, "**SharkNinja Companies**").

**WHEREAS**, the SharkNinja Companies is in the business of the design, marketing and distribution of floor care or steam cleaning products, garment care products, beauty and haircare products, outdoor grills, air purification products, kitchenware and kitchen appliances (each line of product or appliances, individually "a line of business" or any combination thereof, the "***Business***") and the SharkNinja Companies desire to employ Employee as an at will employee and in consideration for such employment, Employee is voluntarily entering into this Agreement.

**Now Therefore,** for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, including without limitation, Employee's promotion into the role of Chief Financial Officer and accompanying increases to compensation, the opportunity to participate in the SharkNinja Companies' Long-Term Incentive Plan and the opportunity to participate in the SharkNinja Companies' Management Incentive Bonus Plan, Employee's access to the SharkNinja Companies' goodwill, customer and client relationships, and/or confidential information, and the covenants and promises of the parties set forth herein, the parties hereto, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Acknowledgment.** Employee and the SharkNinja Companies acknowledge that the SharkNinja Companies at considerable expense have purchased and developed valuable goodwill, going concern value, customer and client relationships and confidential information that are valuable property rights of the SharkNinja Companies and that Employee will have access to and knowledge concerning such rights, which if used other than for the benefit of the SharkNinja Companies could significantly injure the SharkNinja Companies. Employee understands that the SharkNinja Companies will provide Employee with one or more of these items in reliance upon Employee's promise to abide by the restrictions in this Agreement and would refuse to provide Employee with the foregoing if Employee were not willing to enter into and abide by the terms of this Agreement. Employee acknowledges that complying with the provisions contained in this Agreement will not preclude them from engaging in a lawful profession, trade or business, or from becoming gainfully employed in such a way as to provide a standard of living for themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Definitions.** For the purposes of this agreement, the following terms will have the definition set forth in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a."**Competing Business**" means any other individual, partnership, corporation, limited liability company or any other entity (each a "**Person**") that competes with a line of business in which Employee had involvement or about which Employee obtained Confidential Information during the Look Back Period. Employee acknowledges that over the course of Employee's career, the SharkNinja Companies' business may expand beyond its current lines of business, and therefore, the definition of Competing Business also includes a Person developing, marketing or selling any product or service the SharkNinja Companies is developing, marketing or distributing or has plans to develop, market or distribute at the time of the Employee's termination of employment, in which Employee had involvement or about which Employee obtained Confidential Information during the Look Back Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b."**Compete**" means (i) for the benefit of or on behalf of a Competing Business, participate in, manage, supervise, or provide services that are the same as or similar in purpose or function to any services Employee provided to or supervised for the SharkNinja Companies during the Look Back Period; or (ii) take on any other responsibilities for a Competing Business that would involve the probable use or disclosure of Confidential Information or the conversion of Covered Customers or Key Relationships to the benefit of a Competing Business or detriment of the SharkNinja Companies. If Employee is employed in a sales role and earns less than $150,000 in Box 1 W-2 annual compensation for SharkNinja, then the definition of "Compete" shall be modified to mean:

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for the benefit of or on behalf of a Competing Business, participate in, manage, supervise, or provide services to any Covered Customer where such services are the same as or similar in purpose or function to any services Employee provided to or supervised for the SharkNinja Companies during the Look Back Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c."**Confidential Information**" means an item of information or data or compilation of information or data in any form (tangible or intangible) related to the SharkNinja Companies' Business that Employee acquires or gains access to in the course of their employment with SharkNinja Companies that the SharkNinja Companies has not authorized public disclosure of, and that is not readily available to the public or persons outside the SharkNinja Companies through proper means. By way of example and not limitation, Confidential Information is understood to include: confidential techniques, know-how, negative know-how, financial information, copyrights, patents, trademarks, trade names, slogans, logos, designs, service marks, computer software programs, databases, magnetic media, systems and programs, trade secrets, business lists, customer lists, records of customers and customer contact information, as well as customer communications, private customer contract terms, unique customer preferences and historical transaction data, client lists, supplier lists, employee personnel files unless Employee's own personnel file, engineering data, logs, consultants' reports, unpublished pricing information, and underlying pricing-related variables such as costs, volume discounting options, and profit margins, budgets, ratings, forecasts, format strategy, financial reports and projections, tapes and electronic data processing files, accounting journals and ledgers, accounts receivable records and sales, operating, marketing and business plans. "Confidential Information" shall not include any information or material that becomes generally available to the public other than as a result of a wrongful disclosure by a person otherwise bound to the provisions hereof, or any person bound by a duty of confidentiality or similar duty owed to the SharkNinja Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d."**Covered Customer**" means: (i) any Person that was a customer or client of any of the SharkNinja Companies during the Look Back Period and with which Employee either had material business-related contact and/or about whom Employee received Confidential Information; and, if allowed by applicable law, or, where allowed by law, (ii) any Person to whom the SharkNinja Companies has made a presentation for the solicitation of business within the ninety (90) days prior to the date of termination of Employee's employment with the SharkNinja Companies and with which Employee either had significant contact and/or about which Employee received Confidential Information. The definition of "Covered Customer" shall be further limited to retailers, distributors, and direct importers with whom SharkNinja Companies conducts business. For avoidance of doubt, the definition of "Covered Customer" shall not include individual consumers who purchase SharkNinja Companies products as the end-user. Material business-related contact is presumed present for this definition and the definition of "Key Relationship" if Employee received commissions, bonuses, or other beneficial credit or attribution for business done with the customer or key relationship or Employee participated in or supervised communications with the customer or key relationship (but not merely a mass mailing or "cold call" telephone or email solicitation) that is intended to result in, lead to, maintain, increase, facilitate or otherwise aid the sale or provision of products or services sold by the SharkNinja Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e."**Covered Employee**" means any person who was employed by any of the SharkNinja Companies with whom Employee worked or about whom Employee gained knowledge as a result of Employee's employment with the SharkNinja Companies during the Look Back Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f."**Look Back Period**" means the last two (2) years of Employee's employment with the SharkNinja Companies or such shorter time as Employee is employed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g."**Key Relationship**" means any Person with an ongoing business relationship with the SharkNinja Companies (including contractors, distributors, vendors, suppliers, and manufacturers) that Employee had material business-related contact or dealings with during the Look Back Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h."**Non-Compete Restrictive Period**" means: (i) the period of Employee's employment with the SharkNinja Companies; and (ii) the one year following the end of Employee's employment with the SharkNinja Companies, whether voluntary or involuntary for cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i."**Non-Solicit Restrictive Period**" means: (i) the period of Employee's employment with the SharkNinja Companies; and (ii) the one year following the end of Employee's employment with the SharkNinja Companies, whether voluntary or involuntary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j."**Territory**" means the geographic territory(ies) assigned to Employee by the SharkNinja Companies during the Look Back Period (by state, county, or other recognized geographic boundary used in the SharkNinja Companies' business); and, if Employee has no such specifically assigned geographic territory then: (i) those states and counties in which Employee participated in the SharkNinja Companies' business and/or about which Employee was provided access to Confidential Information during the Look Back Period; and, (ii) the state and county where Employee resides. If Employee is employed by the SharkNinja Companies in a research and development capacity and/or if Employee is employed in a senior management position (such as Vice President and above, Director, or Officer) then Employee is presumed to have participated in the SharkNinja Companies' business and/or had Confidential Information about the SharkNinja Companies' business throughout the United States (including state and state-equivalents and county and county-equivalents therein). Employee is responsible for seeking clarification from the SharkNinja Companies' Human Resources department if it is unclear to Employee at any time what the scope of the Territory is.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Noncompetition with the SharkNinja Companies*.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Employee agrees that during the Non-Compete Restrictive Period, Employee shall not, directly or by assisting or directing others, Compete with the SharkNinja Companies within the Territory. Employee further agrees that during their employment with the SharkNinja Companies, Employee will not own, finance, control, or otherwise hold a material interest in a Competing Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Nothing in this Agreement prohibits Employee from owning 2% or less of the publicly traded stock of such a company so long as such ownership is a non-controlling interest, passive in nature (such as through a mutual fund), and Employee has no other material involvement with the company of any kind. Further, the post-employment non-competition in Section 3 will not apply if Employee's employment is terminated without cause. For the limited purposes of the application of the non-competition clause in Section 3 of the Agreement, "cause" to terminate Employee's employment exists if Employee has: (a) materially breached any obligations under any applicable employment, confidentiality, nonsolicitation or noncompetition agreement with the SharkNinja Companies; (b) been convicted of or entered a plea of guilty or nolo contendere to, or admission to facts sufficient for a finding of guilt for, any crime constituting a felony or any misdemeanor involving fraud, dishonesty and/or moral turpitude; (c) neglected, refused, or failed to discharge Employee's duties (other than due to physical or mental illness) commensurate with Employee's title and function, or Employee's failure to comply with a lawful direction of the SharkNinja Companies; (d) breached their duty of loyalty or fiduciary duty to the SharkNinja Companies; (e) violated the SharkNinja Companies' policy or policies; (f) engaged in any other willful misconduct which is materially injurious to the financial condition or business reputation of, or is otherwise materially injurious to, SharkNinja Companies; and/or (g) engaged in any other act that is accepted as cause for termination under the common law. Nothing in this paragraph shall be construed to eliminate or modify the "at-will" nature of the parties' relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.If Employee breaches their fiduciary duty to SharkNinja Companies and/or has unlawfully taken, physically or electronically, any Company records, then the Restricted Period for Section 3 shall be extended to a period of two (2) years from the Employee's cessation of employment with SharkNinja Companies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Non-solicitation of Customers*.*** Employee agrees that, during the Non-Solicit Restrictive Period, Employee will not, directly or by assisting or directing others: (a) solicit any Covered Customer for the direct or indirect purpose of providing services or products to such Covered Customer, which services or products are competitive with or similar to one or more services or products provided by the SharkNinja Companies during the Look Back Period; or (b) contact any Covered Customer or knowingly engage in any other conduct that is intended to cause, or could reasonably be expected to cause, the Covered Customer to stop or reduce doing business with the SharkNinja Companies, or that would involve diverting business opportunities away from the SharkNinja Companies (collectively the "**Customer Non-Solicitation Obligations**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Non-solicitation of Employees**. Employee agrees that, during the Non-Solicit Restrictive Period, Employee will not knowingly, directly or by assisting or directing others: (a) solicit or attempt to solicit, directly or by assisting others, any Covered Employee to terminate their employment or retention by any of the SharkNinja Companies; or (b) on behalf of a Competing Business, facilitate the hiring or retention as an independent contractor, employee or consultant any Covered Employee to perform the same or similar services related to the activities that Covered Employee performed for the SharkNinja Companies (collectively the "**Employee Non-Solicitation Obligations**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Non-solicitation of Key Relationships**. Employee agrees that, during the Non-Solicit Restrictive Period, Employee will not, directly or by assisting or directing others: (a) solicit or contact any Key Relationship for the direct or indirect purpose of doing any business that would compete with the SharkNinja Companies' Business; or (b) knowingly engage in any conduct that is intended to cause, or could reasonably be expected to cause, the Key Relationship to stop or reduce doing business with the SharkNinja Companies, or that would involve diverting business opportunities away from the SharkNinja Companies (collectively the "**Key Relationship Non-Solicitation Obligations**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Confidentiality**. Employee acknowledges that their employment with the SharkNinja Companies creates a relationship of confidence and trust with respect to any information of a confidential or secret nature that relates to the SharkNinja Companies' Business. Employee covenants that at all times during their employment and after the termination of such employment, Employee will keep and hold all Confidential Information in strict confidence and trust, and will not in any fashion, form or manner, either directly or indirectly, use, disclose, transfer, transmit, download, upload, store, divulge or otherwise publish any Confidential Information without the prior written consent of an Officer of the SharkNinja Companies, except as may be necessary to perform their duties as an employee of the SharkNinja Companies. Employee will abide by the policies and regulations of the SharkNinja Companies, as established from time to time, for the protection of its Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;Employee understands that in the course of their employment with SharkNinja Companies they may obtain access to confidential information entrusted to SharkNinja Companies by third parties in confidence and will generally be subject to an agreement with a third party governing the terms under which it must be kept confidential ("**Third Party Confidential Information**"). Except where otherwise expressly provided for in this Agreement or through a written instruction from the SharkNinja Companies, Employee will handle Third Party Confidential Information in accordance with both the foregoing limitations and the SharkNinja Companies' policies and restrictions on Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;If Employee leaves SharkNinja Companies, Employee may take with them and use the general skills, knowledge and experience that Employee has learned or developed in their position or positions with SharkNinja Companies. If required by applicable law, the restrictions on use or disclosure of Confidential Information will only apply for three (3) years after the end of Employee's employment, where information that does not qualify as a trade secret is concerned; however, the restrictions will continue to apply to trade secret information for as long as the information at issue remains qualified as a trade secret. Nothing in this Agreement will be construed to prohibit Employee from engaging in any disclosure that is compelled by law (such as a subpoena, court order, or other legal mandate). However, unless prohibited by law from doing so, Employee will notify the SharkNinja Companies as quickly as possible after being served with a subpoena, order, or other legal mandate requiring the production of Confidential Information so that the SharkNinja Companies can take reasonable steps to protect its interests; provided that nothing herein will be construed to create a requirement that is not permitted under Section 22 (Limitations; Protected Conduct).

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&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Inventions and Patents**. Employee is expected to use their inventive and creative capacities for the benefit of the Shark Ninja Companies and to contribute, where possible, to the SharkNinja Companies' intellectual property in the ordinary course of employment. Employee's wages as an employee fully compensate them for these services, the work product of my services, and the related agreements below.

&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Inventions**" mean any inventions, discoveries, improvements, designs, processes, machines, products, innovations, business methods or systems, know how, ideas or concepts of commercial value or utility, and related technologies or methodologies, whether or not shown or described in writing or reduced to practice and whether patentable or not. "**Works**" mean original works of authorship, including, but not limited to: literary works (including all written material), mask works, computer programs, formulas, tests, notes, data compilations, databases, artistic and graphic works (including designs, graphs, drawings, blueprints, and other works), recordings, models, photographs, slides, motion pictures, and audio visual works; whether copyrightable or not, and regardless of the form or manner in which documented or recorded. "**Trademarks**" mean any trademarks, trade dress or names, symbols, special wording or devices used to identify a business or its business activities whether subject to trademark protection or not. The foregoing is collectively referred to in this Agreement as "**Intellectual Property**."

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Employee assigns to the SharkNinja Companies or its nominee Employee's entire right, title and interest in and to all Inventions that are made, conceived, or reduced to practice by Employee, alone or jointly with others, during Employee's employment with the SharkNinja Companies (whether during working hours or not) that either (i) relate to SharkNinja Companies' business, or actual or demonstrably anticipated research or development of the SharkNinja Companies, or (ii) involve the use or assistance of any tools, time, material, personnel, information, or facility of the SharkNinja Companies, or (iii) result from or relate to any work, services, or duties undertaken by Employee for the SharkNinja Companies.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Employee recognizes that all Works and Trademarks conceived, created, or reduced to practice by Employee, alone or jointly with others, during Employee's employment shall to the fullest extent permissible by law be considered the SharkNinja Companies' sole and exclusive property and "works made for hire" as defined in the U.S. Copyright Laws for purposes of United States law and the law of any other country adhering to the "works made for hire" or similar notion or doctrine, and will be considered the SharkNinja Companies' property from the moment of creation or conception forward for all purposes without the need for any further action or agreement by Employee or the Company. If any such Works, Trademarks or portions thereof shall not be legally qualified as a works made for hire in the United States or elsewhere or shall subsequently be held to not be a work made for hire or not the exclusive property of the SharkNinja Companies, Employee hereby assigns to the SharkNinja Companies all of Employee's rights, title and interest, past, present and future, to such Works or Trademarks. Employee will not engage in any unauthorized publication or use of such Company Works or Trademarks, nor will Employee use same to compete with or otherwise cause damage to the business interests of the SharkNinja Companies.

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assignments of rights provided for in this Agreement are understood to be fully completed and immediately effective and enforceable assignments by Employee of all intellectual property rights in Company Intellectual Property. When requested to do so by the SharkNinja Companies, either during or subsequent to employment with the SharkNinja Companies, Employee will (i) execute all documents requested by the SharkNinja Companies to affirm or effect the vesting in the SharkNinja Companies of the entire right, title and interest in and to the Company Intellectual Property at issue, and all patent, trademark, and/or copyright applications filed or issuing on such property; (ii) execute all documents requested by the SharkNinja Companies for filing and obtaining of patents, trademarks and/or copyrights; and (iii) provide assistance that the SharkNinja Companies reasonably requires to protect its right, title and interest in the Company Intellectual Property, including, but not limited to, providing declarations and testifying in administrative and legal proceedings with regard to Company Intellectual Property. <u>Power of Attorney</u>: Employee hereby irrevocably appoints the SharkNinja Companies as its agent and attorney in fact to execute any documents and take any action necessary for applications, registrations, or similar measures needed to secure the issuance of letters patent, copyright or trademark registration, or other legal establishment of the SharkNinja Companies' ownership and control rights in Company Intellectual Property in the event that Employee's signature or other action is necessary and cannot be secured due to Employee's physical or mental incapacity or for any other reason.

&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Employee will make and maintain, and not destroy, notes and other records related to the conception, creation, discovery, and other development of Company Intellectual Property. These records shall be considered the exclusive property of the SharkNinja Companies and are covered by Sections 8 (b) through (d) above. During employment and for a period of one (1) year thereafter, Employee will promptly disclose to the SharkNinja Companies (without revealing the trade secrets of any third party) any Intellectual Property that Employee creates, conceives, or contributes to, alone or with others, that involve, result from, relate to, or may reasonably be anticipated to have some relationship to the line of business the SharkNinja Companies is engaged in or its actual or demonstrably anticipated research or development activity.

&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Employee will not claim rights in, or control over, any Invention, Work, or Trademark as something excluded from this Agreement because it was conceived or created prior to being employed by the SharkNinja Companies (a "**Prior Work**") unless such item is identified in the Prior Works section below Employee's signature and signed by Employee as of the date of this Agreement. Employee will not incorporate any such Prior Work into any work or product of the SharkNinja Companies without prior written authorization from the SharkNinja Companies to do so; and, if such incorporation does occur, Employee grants the SharkNinja Companies and its assigns a nonexclusive, perpetual, irrevocable, fully paid-up, royalty-free, worldwide license to the use and control of any such item that is so incorporated and any derivatives thereof, including all rights to make, use, sell, reproduce, display, modify, or distribute the item and its derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Return of Company Property**. Employee acknowledges that all records, files, data, documents and the like relating to suppliers, customers, costs, prices, systems, methods, personnel, technology and other materials relating to the SharkNinja Companies shall be and remain the sole property of the SharkNinja Companies and Employee shall, upon the request of an Officer of the SharkNinja Companies, turn over all such materials and any Confidential Information. Employee also agrees that, prior to departure from employment, Employee shall submit to a termination interview to review Employee's obligations under the terms of this Agreement. Within five (5) business days of the date Employee's employment with SharkNinja Companies ends, or upon SharkNinja Companies' request, Employee shall return to the applicable SharkNinja Companies all of such SharkNinja Companies' property in working condition (keys, badges, laptops, cellular telephones, cars, etc.) used by Employee in the performance of the services, and all Confidential Information, whether in print or electronic form, in the control, custody or possession of Employee or Employee's agents or representatives. Upon request by SharkNinja Companies, Employee must also provide their passwords for any SharkNinja Companies owned devices or accounts. Employee's failure to provide such passwords, documents, devices or other SharkNinja Companies' property shall be considered a breach of this Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Best Efforts and Loyalty.** Employee agrees that during the period of their employment by SharkNinja Companies, Employee will not, without SharkNinja Companies' express written consent, directly or through the direction or control of others, engage in any employment or business activity which is directly or indirectly competitive with, or would otherwise conflict with, Employee's employment by SharkNinja Companies. By way of example and not limitation, Employee will not solicit any of the customers or prospective customers of the SharkNinja Companies for the purpose of diverting or attempting to divert any business away from the SharkNinja Companies.

6

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*&nbsp;&nbsp;&nbsp;&nbsp;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Validity; Severability**. Each of Employee's obligations under this Agreement shall be considered a separate and severable obligation. If a court determines that a restriction in this Agreement cannot be enforced as written due to an overbroad limitation (such as time, geography, or scope of activity), unless not allowed by applicable law, the parties agree that the court shall reform or modify the restrictions or enforce the restrictions to such lesser extent as is allowed by law. If, despite the foregoing, any provision contained in this Agreement is determined to be void or unenforceable, in whole or in part, then the other provisions of this Agreement will remain in full force and effect. This Agreement will survive the expiration or termination of Employee's employment with the SharkNinja Companies and shall, likewise, continue to apply and be valid notwithstanding any change in the Employee's duties, responsibilities, compensation, position, or title. .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.Injunctive Relief**. The restrictions contained in this Agreement are considered by the parties hereto to be fair and reasonable and necessary for the protection of the legitimate business interests of the SharkNinja Companies. It is recognized that damages in the event of breach or threatened breach of the provisions of this Agreement by Employee would be difficult to ascertain, and it is therefore agreed that the SharkNinja Companies shall have the right to seek an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach. The existence of this right shall not preclude any other rights and remedies at law or in equity which the SharkNinja Companies may have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.Fairness Extension.** If Employee fails to comply with a restriction in Sections 4 through 6 of this Agreement that applies for a limited period of time after employment, the time period for that restriction will be extended by the greater of either: one day for each day Employee is found to have violated the restriction, or the length of the legal proceeding necessary to secure enforcement of the restriction; provided, however, this extension of time shall be capped so that the extension of time does not exceed two years from the date Employee's employment with the SharkNinja Companies ended, and if this extension would make the restriction unenforceable under applicable law it will not be applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.Attorneys' Fees.** If the SharkNinja Companies must pursue legal action to secure Employee's compliance with this Agreement and prevails, Employee will pay all reasonable attorneys' fees, costs and expenses incurred by the SharkNinja Companies in enforcing this Agreement against Employee. The SharkNinja Companies shall be deemed the prevailing party if it is awarded any part of the legal or equitable relief it seeks, irrespective of whether some of the relief it seeks is denied or modified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.Absence of Conflicting Agreements and Obligations**. The Employee represents and warrants that they are not a party to or bound by any other agreement or understanding of any type, whether written or oral, or by any statutory or common law duty or obligation which, in any case, would in any way restrict their ability to be employed by the SharkNinja Companies, or their ability to compete freely with other Persons in connection with the Business. During their employment by the SharkNinja Companies, Employee will not improperly use or disclose any confidential information or trade secrets, if any, of any former employer or any other person or entity to whom Employee has an obligation of confidentiality, and Employee will not bring onto the premises of the SharkNinja Companies any unpublished documents or any property belonging to any former employer or any other person or entity to whom they have an obligation of confidentiality unless consented to in writing by that former employer or person. Employee will use in the performance of their duties only information which is generally known and used by persons with training and experience comparable to Employee's own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the SharkNinja Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.Notification.** Employee will provide any prospective employer Employee is considering an offer from with notice of this Agreement at least ten days before accepting such offer. The SharkNinja Companies may elect to provide another party notice of this Agreement and an opinion about its applicability. While Employee reserves the right to also communicate their disagreement with such an opinion, Employee recognizes the SharkNinja Companies' legitimate business interest in expressing its opinion and consent to it doing so if it believes such is necessary. Employee will not assert any claim that such conduct is legally actionable interference or otherwise impermissible regardless of whether or not this Agreement is later found to be enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.No Waiver**. The failure by either party at any time to require performance or compliance by the other of any of its obligations or agreements shall in no way affect the right to require such performance or compliance at any time

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thereafter. The waiver by either party of a breach of any provision hereof shall not be taken or held to be a waiver of any preceding or succeeding breach of such provision or as a waiver of the provision itself. No waiver of any kind shall be effective or binding, unless it is in writing and is signed by the party against whom such waiver is sought to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.Assignment**. This Agreement and all rights hereunder are personal to Employee and may not be transferred or assigned by Employee at any time. SharkNinja Companies may assign its rights, together with its obligations hereunder, to any parent, subsidiary, affiliate or successor, or in connection with any sale, transfer or other disposition of all or substantially all of its business and assets, provided, however, that any such assignee assumes SharkNinja Companies' obligations hereunder, and Employee irrevocably consents to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.Entire Agreement**. This Agreement supersedes any other agreements, oral or written, and contains all of the agreements and understandings between the parties with respect to the subject matter hereof. However, should Employee be subject to an equity or incentive compensation agreement with SharkNinja Companies containing confidentiality, non-solicitation, noncompetition and/or invention assignment provisions, the restrictive covenants in this Agreement shall supplement (rather than supersede) the covenants in such equity or incentive compensation agreements ("**Other Covenants**"), and the Other Covenants shall remain in full force and effect. To the extent any conflict exists between the restrictions set forth in this Agreement and the Other Covenants, SharkNinja Companies shall be provided the greatest protection set forth in either agreement. Any modification of any term of this Agreement shall be effective only if set forth in a writing signed by both parties hereto or by court order. However, Employee acknowledges that the law may change over the course of their employment with the SharkNinja Companies; and accordingly, Employee recognizes that the SharkNinja Companies will have the right, through a written notice to the Employee, to rescind any restriction placed upon Employee or to reduce the boundaries of any restriction applicable to Employee (such as time, scope of activity, or geography) at any time as it deems necessary to make the restriction reasonable and enforceable under the applicable law, and if this occurs the Agreement will be interpreted and applied as if such reduction was in the Agreement as originally entered into by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.Governing Law; Personal Jurisdiction**. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts. Any dispute relating to or arising out of this Agreement shall be exclusively finally resolved by a state or federal court located in the county where Employee resides when last employed by the SharkNinja Companies or the business litigation session of the superior court in Suffolk County, Massachusetts and the parties to this Agreement hereby consent to personal jurisdiction therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.At-Will Employment.** Employee agrees and understands that nothing in this Agreement shall constitute a contract of employment or confer any right with respect to continuation of employment by the SharkNinja Companies, nor shall it interfere in any way with Employee's right or the SharkNinja Companies' right to terminate Employee's employment at any time, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.Limitations; Protected Conduct.** Section 3 shall not apply to Employee post-employment if Employee is: classified as non-exempt under the FLSA; 18 years or younger; or an undergraduate or graduate student in an internship or other short-term employment relationship while enrolled in college or graduate school. The restrictions contained in Sections 4 through 6 above are understood to be reasonably limited by geography to those locations, and counties, where the Covered Customers, Key Relationships and Covered Employees are present and available for solicitation. However, to the extent additional geographic limitations are required to make the restrictions enforceable, they shall be deemed limited to the Territory. Nothing herein is intended or to be construed as a prohibition against general advertising such as "help wanted" ads that are not targeted at the SharkNinja Companies' employees. Further, notwithstanding any other provision of this Agreement, nothing in this Agreement prohibits Employee from (i) opposing an event or conduct that Employee reasonably believes is a violation of law, including criminal conduct, discrimination, harassment, retaliation or other unlawful employment practices or of a recognized clear mandate of public policy, (ii) disclosing sexual harassment or sexual assault, or (iii) reporting such an event or conduct to their attorney, law enforcement, or the relevant law-enforcement agency (such as the Securities and Exchange Commission, Equal Employment Opportunity Commission, the state division of human rights, or a local commission on human rights), or (iv) making any truthful statements or disclosures required by law or otherwise cooperating in an investigation conducted by any government agency (collectively referred to as "**Protected Conduct**"). Further, nothing requires notice to or approval from the SharkNinja Companies before engaging in such Protected Conduct. Protected Conduct includes the use of lawfully acquired information regarding the wages, benefits, or other terms and conditions of employment at the

8

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SharkNinja Companies for purposes protected by the National Labor Relations Act (NLRA) or another applicable law, unless the information is entrusted to Employee in confidence as part of essential job duties in a human resources or personnel management role or Employee is in a supervisor or management role excluded from the coverage of the NLRA. Nothing in this Agreement shall prohibit any non-management, non-supervisory employees from engaging in protected concerted activity under §7 of the NLRA or similar state law such as joining, assisting, or forming a union, bargaining, picketing, striking, or participating in other activity for mutual aid or protection, or refusing to do so; this includes using or disclosing information acquired through lawful means regarding wages, hours, benefits, or other terms and conditions of employment, except where the information was entrusted to the employee in confidence by the SharkNinja Companies as part of the employee's job duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.DTSA Notice.** Protected Conduct may include a disclosure of trade secret information that complies with the restrictions in the Defend Trade Secrets Act of 2016 (DTSA). The DTSA provides that no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret that: (i) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public. It also provides that an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding if the individual files any document containing the trade secret under seal and does not disclose the trade secret except as permitted by court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.Electronic Signature**. Employee and SharkNinja Companies agree that an electronic signature of the Employee included in this Agreement is intended to authenticate this writing and to have the same force and effect as an original signature by hand in ink. SharkNinja Companies assents to and accepts this Agreement upon the Employee providing their signature either electronically or by hand.

**&nbsp;&nbsp;&nbsp;&nbsp;The effective date of this Agreement shall be ten (10) business days from the date the Employee receives a copy of this Agreement.**

**EMPLOYEE HAS READ THIS AGREEMENT CAREFULLY AND UNDERSTANDS ITS TERMS. EMPLOYEE ACKNOWLEDGES THAT THEY HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY AND HAVE BEEN AFFORDED THE OPPORTUNITY TO AVAIL THEMSELVES OF THE OPPORTUNITY TO THE EXTENT EMPLOYEE WISHED TO DO SO.** 

**&nbsp;&nbsp;&nbsp;&nbsp;**

**EMPLOYEE**

By: &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Adam Quigley</u> &nbsp;&nbsp;&nbsp;&nbsp;Date: <u>2/25/2026&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;

Name: Adam Quigley

&nbsp;&nbsp;&nbsp;&nbsp;Address: 89 A Street, Needham, MA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ACCEPTED AND AGREED TO:** 

**SHARKNINJA**

By: <u>/s/ Elizabeth Norberg</u>

Name: Elizabeth Norberg

Job title: EVP, Chief People Officer

The following are Prior Works not covered by Section 8 above, in which Employee has any right, title or interest, and which were conceived or written either wholly or in part by me prior to my employment with the Company and/or while Employee was employed by the SharkNinja Companies but prior to the date Employee executed this Agreement, but neither published nor filed in any Patent Office.

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## Exhibit 10.14

**Exhibit 10.14**

*Certain identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark "[\*\*\*]".*

**SharkNinja**

![image_0b.jpg](image_0b.jpg)

March 17, 2024

Patraic Reagan

[\*\*\*\*\*]@gmail.com

Dear Patraic:

Congratulations, we are excited to extend you this conditional offer to join the SharkNinja Team! SharkNinja offers a fun, fast-paced work environment full of ambitious and talented people who are committed to positively impacting people's lives every day in every home around the world.

We are pleased to offer you a full-time, at-will position with SharkNinja Operating LLC (together with its affiliates, "SharkNinja" or the "Company") as Executive Vice President - Chief Financial Officer. Pending satisfactory completion of our pre-employment checks, your anticipated start date is April 22, 2024. This role reports to Mark Barrocas, Chief Executive Officer. In your position as Executive Vice President - Chief Financial Officer, you will have such duties, responsibilities and authority as are reasonably prescribed by the Company from time to time consistent with your position, perform such duties and responsibilities faithfully and to the best of your ability, and in compliance with all of the Company's policies (including, without limitation, the Company's Code of Conduct and Employee Handbook), as such policies may be amended from time to time in the sole discretion of the Company. You will devote substantially all of your business time and best efforts to the performance of your duties to the Company. Your principal place of employment is Needham, Massachusetts, and you are expected to be in the Company's Needham office three days per week, on average.

**<u>Compensation and Benefits</u>**

**<u>Base Compensation:</u>** Your gross starting compensation will be $25,000.00 paid to you on a bi-weekly basis in accordance with the Company's normal payroll practices, which equates to an annualized gross salary of $650,000.00, with installments generally payable on every other Thursday. Your salary is subject to deductions and withholdings as required by law or authorized by you in accordance with applicable law. Your salary may be adjusted from time to time, including through increases, in the Company's sole discretion.

This position is an exempt position, which means you are paid for the job and not by the hour. Accordingly, you will not receive overtime pay. Your salary is intended to compensate you for all hours worked.

**<u>Annual Bonus:</u>** Commencing in 2024, you will also be eligible to receive an annual discretionary bonus of up to seventy-five percent (75%) of your annual base salary based on a number of factors, including individual and Company performance, in accordance with the terms of the applicable bonus plan (your "Target Annual Bonus"). The annual bonus is tied to our fiscal year which runs from January 1st through December 31st. To the fullest extent permitted by law, this bonus is not earned until it is paid to you. Your receipt of the bonus is conditional on your continued employment with SharkNinja as of the time when the bonus is paid out, which typically (but not necessarily) falls in March. Please note that the bonus is prorated for new hires during the first year of employment. For 2024, your bonus will be calculated at target (i.e., 75% of your annual base salary) and prorated based on the number of days you were actively employed by the Company during 2024. The bonus arrangement is subject to the terms and conditions established under any applicable plans and/or policies of the Company, as may be amended from time to time, and to deductions and withholdings as required by law or authorized by you in accordance with applicable law.

**<u>Hire Bonus:</u>** You will also be eligible to receive a one-time bonus in the gross amount of $300,000.00 ("Hire Bonus\*"), scheduled to be paid 30 days after your first date of employment. The opportunity to receive the Hire Bonus and participate in the LTIP (defined below) shall serve as consideration for your agreements in the enclosed confidentiality, non-disclosure, non-compete and/or non-solicit agreement. Your receipt of the Hire Bonus is conditional on continued employment with SharkNinja in good standing. You will be deemed to have earned the

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Hire Bonus after completing twenty-four (24) months of service following your start date. Should you voluntarily leave SharkNinja without Good Reason or if SharkNinja terminates you for Just Cause within twenty-four (24) months of your start date, you must reimburse SharkNinja an amount equal to the product of the Hire Bonus times a fraction the numerator of which is the number of remaining months in such twenty-four month period and the denominator of which is twenty four, less taxes that you paid on such amount. Please note that in this situation, unless prohibited by applicable law, any payback amount will be deducted from your final paycheck and any remaining balance must be repaid within thirty (30) days of your termination date.

**<u>Long-Term Incentive Payments:</u>** Effective on or as soon as practicable following the date hereof, we will recommend to the compensation committee of the board of directors of the ultimate parent company of SharkNinja ("SharkNinja Parent") that you receive a long-term incentive equity grant for a total number of restricted share units of SharkNinja Parent with an aggregate fair market value equal to $3,950,000.00 (based on the closing price of an ordinary share of SharkNinja Parent on the last trading day preceding the grant date) that settle in shares of SharkNinja Parent ordinary shares (the "LTl Equity Grant"), subject to the terms and conditions described herein. The Equity Grant will be subject to your acceptance, the terms and conditions of the applicable restricted share unit award agreement to be entered into between you and SharkNinja Parent, the applicable equity incentive plan of SharkNinja Parent (as may be amended from time to time) (the "SharkNinja Equity Plan"), and approval by the compensation committee of the board of directors of SharkNinja Parent. It is currently anticipated that the LTl Equity Grant will be eligible to vest in two (2) substantially equal installments. With respect to the first installment, fifty percent (50%) will vest solely based on time ('Time RSUs"), and the remaining fifty percent (50%) will vest based on the achievement of certain performance conditions that will be established by SharkNinja Parent ("Performance RSUs"). With respect to the second installment, thirty percent (30%) will be Time RSUs and seventy percent (70%) will be Performance RSUs. In each case, the Time RSUs and Performance RSUs will vest subject to your continuous service with the Company through each applicable vesting date (and/or such other vesting conditions as determined by the compensation committee of the board of directors of SharkNinja Parent and set forth in the applicable award agreement). If you receive the LTl Equity Grant, you and SharkNinja Parent will execute such additional documents as may be necessary or appropriate to document the understanding in this paragraph.

Your Time RSUs will not be subject to any performance-based conditions and will vest in two (2) substantially equal annual installments on February 28 of 2025 and 2026, subject to your continuous service with the Company through each applicable vesting date.

Your Performance RSUs will be subject to performance-based vesting conditions that will be established by SharkNinja Parent and will vest (if any, fully or partially) based on the achievement of such performance-based vesting conditions on February 28 of 2025 and 2026, subject to your continuous service with the Company through each applicable vesting date.

**<u>Equity Grant:</u>** In addition to the LTl Equity Grant, effective on or as soon as practicable following the date hereof, we will recommend to the compensation committee of the board of directors of SharkNinja Parent that you receive an equity grant for a total number of restricted share units of SharkNinja Parent with an aggregate fair market value equal to $750,000.00 (based on the closing price of an ordinary share of SharkNinja Parent on the last trading day preceding the grant date) that settle in shares of SharkNinja Parent ordinary shares (the "Market Cap RSU Award"), subject to the terms and conditions described herein. The Market Cap RSU Award will be subject to your acceptance, the terms and conditions of the applicable restricted share unit award agreement to be entered into between you and SharkNinja Parent, the SharkNinja Equity Plan, and approval by the compensation committee of the board of directors of SharkNinja Parent. It is currently anticipated that the Market Cap RSU Award will be eligible to vest upon the satisfaction of the vesting conditions set forth below and be paid to you on or as soon as administratively practical (and within thirty (30) days) following the vesting date. If you receive the Market Cap RSU Award, you and SharkNinja Parent will execute such additional documents as may be necessary or appropriate to document the understanding in this paragraph.

The Market Cap RSU Award will vest in full upon the achievement of the following market cap related condition within 4 years of SharkNinja Parent's U.S. listing date (i.e., within 4 years of July 31, 2023), subject to your continuous service with the Company through the date of such achievement:

The Market Cap RSU Award will vest on the date that the average daily market capitalization of SharkNinja Parent for any consecutive 120 trading days after July 31, 2023 (the **"SN** Average Daily Market Cap", calculated by dividing the aggregation of SharkNinja Parent's daily market capitalization (the "SN Daily Market Cap") for any consecutive 120 trading days after July 31, 2023 by 120, with the SN Daily Market Cap calculated by multiplying the total number of outstanding shares of SharkNinja Parent at the close of market on a trading day by the closing price of an ordinary share of SharkNinja Parent on the same trading day) exceeds $9.5 billion.

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For the avoidance of doubt, the SN Average Daily Market Cap set forth above will be equitably adjusted by the compensation committee of the board of directors of SharkNinja Parent in its sole discretion to reflect any capitalization adjustment to the extent necessary to preserve (or prevent enlargement of) the benefits or potential benefits intended by the Market Cap RSU Award as of the date hereof.

You will also be eligible to receive future grants of equity pursuant to SharkNinja Parent's equity program (as may be amended from time to time), subject to the terms and conditions of the program, the applicable award agreement to be entered into between you and SharkNinja Parent, and the SharkNinja Equity Plan, in all cases as determined by, and subject to the approval of, the compensation committee of the board of directors of SharkNinja Parent.

**<u>Other Benefits:</u>** SharkNinja will pay you a personal car allowance of $1,000.00 per month, payable in bi-weekly amounts as part of your bi-weekly pay, subject to applicable deductions and withholdings as required by law or authorized by you in accordance with applicable law (the "motor car allowance"). To receive the motor car allowance, you must be in good standing with and continuously actively employed by SharkNinja.

As discussed, your position will require you to move to the Boston, MA area. SharkNinja will provide relocation assistance in the amount of up to $80,000.00 which can be used to cover reasonable relocation costs incurred over a period of up to twelve (12) months including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Movement of household goods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• House hunting and final move

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Temporary living expenses

The relocation assistance reimbursement amount may be increased at the sole discretion of the Company upon receipt of a relocation cost estimate by a moving provider of the Company's choosing and in certain other circumstances. To be eligible for relocation assistance reimbursement, your relocation to the Boston, MA area must be complete by January 1, 2025. Until your relocation is complete, SharkNinja will cover all of your reasonable commuting expenses in accordance with the Company's Travel and Expense Policy. Eligibility for relocation assistance reimbursement ceases upon the termination of employment for any reason.

We have contracted NRI Relocation Services who will be your single point of coordination for all relocation related services. To receive relocation assistance reimbursement on any relocation related expenses, you must work through our managed relocation program with NRI. You will receive information on NRI under separate cover along with instructions on how to partner with them in this process.

All payments made to, or on behalf of, an associate for covered relocation expenses are subject to inclusion in the gross wages reported on your W-2 form. It is recommended that all receipts and records be retained by you for filing tax returns. SharkNinja relocation assistance reimbursement will be "grossed up" to account for your federal, state, or local obligations imposed on your relocation expenses. This relocation assistance reimbursement may be subject to other taxes or otherwise impact your taxes; thus, we advise you to speak with your tax advisor or attorney to determine how this will affect your personal tax situation. The Company does not cover any additional tax deductions and/or credits that occur because of an associate's relocation. Furthermore, relocation reimbursement is nontransferable. As such, reimbursement is based on and subject to the parameters outlined herein.

If you voluntarily leave your employment with SharkNinja within twenty-four (24) months following your employment start date, you must reimburse and repay SharkNinja in full for the gross amount of all relocation assistance received by you from SharkNinja through your date of separation. Please note that in this situation, you agree and authorize SharkNinja to deduct this repayment amount from your final paycheck, to the greatest extent permitted by applicable law, to satisfy all or a portion of your relocation assistance debt, and that any remaining balance of your relocation assistance debt shall be repaid to SharkNinja by you within thirty (30) days of your separation date. By signing this offer, you acknowledge that you understand and agree to the payback provisions associated with relocation assistance.

You also will be entitled to participate in a wide variety of benefit programs on the same terms and conditions as other similarly situated associates and in accordance with the terms and conditions of the governing plan documents. If you timely elect to participate in certain benefit plans, coverage will be effective retroactive to your first day of employment. More information about the Company's benefit programs is included in the enclosed benefit summary. Your eligibility to participate in any benefits plans and the terms of your participation will be governed by the governing plan documents, and nothing in this letter or in the enclosed benefit summary can modify the provisions of the plans.

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In your position, we also allow you to take as much paid time off ("PTO") as is consistent with your job requirements, job duties and obligations to the Company, as set forth more fully in the Company's PTO policy. As set forth in the policy, PTO is not an earned or accrued benefit and instead is part of the Company's desire to provide a flexible work schedule. The PTO policy does not supersede any of the Company's leave policies mandated by federal, state or local laws. In addition, the Company presently observes eight (8) holidays, (2) floating holidays per calendar year, one (1) cultural and religious observance day, and up to eight (8) hours of paid volunteer hours per year. No time off benefits, such as PTO and floating holidays, are carried over or paid out in the event of the termination of your employment, except where expressly required by law. The Company's PTO policy is subject to change in the Company's sole discretion.

**<u>Severance Pay:</u>** In the event that your employment is terminated as a result of a Qualifying Termination (as defined below) after your hire date, you will be eligible to receive, as severance pay, (i) continuation of your then current base salary for a period of fifty-two (52) weeks and (ii) annual discretionary bonus prorated based on the number of days you were actively employed by the Company during the applicable fiscal year and subject to the terms and conditions established under any applicable plans and/or policies of the Company, as may be amended from time to time, contingent on the parties' execution of a confidential written Separation Agreement (as defined below). In addition, in the event of a Qualifying Termination, SharkNinja agrees that pursuant to an executed Separation Agreement, if you timely elect COBRA coverage, it shall pay the same employer portion of the premiums for continuation of medical and dental benefits for you under COBRA as it pays for active employees until the earlier of the end of the fifty-two (52) week salary continuation period or the date that you commence other employment that offers group medical plan coverage. Your portion of the premiums may be withheld from the severance pay. If such payments of premiums at such time constitute taxable income to you, SharkNinja may make payments in an equivalent amount as additional severance pay rather than as premium payments. Contingent on the parties' execution of a confidential written Separation Agreement, the severance payments will commence within 60 days after the date of employment termination; provided that (i) if the 60-day period begins in one calendar year and ends in a second calendar year, the severance payments will commence in the second calendar year no later than the last day of such 60-day period and (ii) the first payment will include a catch-up payment to cover amounts retroactive to the day immediately following the date of termination. No severance payments will be payable unless your termination of employment constitutes a Separation from Service within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code") and if you are deemed at the time of your Separation from Service to be a "specified employee" for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the severance payments is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of your severance payments will not be provided to you prior to the earlier of (A) the expiration of the six-month period measured from your date of Separation from Service or (B) the date of your death. Upon the earlier of such dates, all payments deferred pursuant to this paragraph will be paid in a lump sum to you without interest, and any remaining payments due will be paid as otherwise provided. Each installment of severance pay is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). For the avoidance of doubt, you agree that you shall not be entitled to any annual bonus for the Fiscal Year in which the Qualifying Termination occurs.

For purposes of this Offer Letter:

"Disability" means a condition or disability such that you are unable to perform the essential functions of your position with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any twelve (12)-month period.

"Just Cause" means any one of: (i) your conviction or entering a guilty plea or a plea of no contest with respect to a felony (or state law equivalent) or a misdemeanor involving moral turpitude either in connection with the performance of your obligations to the Company or which otherwise shall adversely affect your ability to perform such obligations or shall materially adversely affect the business activities, reputation, goodwill or image of the Company; (ii) your commission of an act that involves fraud, theft, conversion, misappropriation or embezzlement; (iii) any willful and continued failure or refusal by you to substantially perform the material duties and responsibilities of your position (other than such a failure as a result of Disability); (iv) your gross negligence, willful misconduct (including, without limitation, fraud, embezzlement or misappropriation), or willful malfeasance in connection with your employment; (v) your engagement in dishonesty, illegal conduct or misconduct, which is, in each case, injurious to SharkNinja; (vi) your breach of any material obligation under the Company's Noncompetition, Confidentiality and Non-Solicitation Agreement, or any other written agreement between you and the Company; or (vii) your willful material violation of any material written SharkNinja policy which SharkNinja reasonably believes has a material detrimental effect on the Company or creates material risks for the Company, including, without limitation, violation of any code of ethics or business conduct, any policy against discrimination or harassment and/or any other conduct policies and codes which have been or may be adopted by SharkNinja at any time. Notwithstanding anything to the contrary in this paragraph, no act or omission pursuant to clauses (iii) above will constitute Just Cause for termination unless the Company has first provided you with written notice of the

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existence of the condition supporting such event within the period not to exceed ninety (90) days after the Company's recognition of the condition and you fail to remedy such condition within thirty (30) days of receiving such written notice.

"Good Reason" means (i) a material adverse diminution in your job responsibilities or a material adverse change in your title or status from those in effect on the date you commence employment with the Company or as enhanced from time to time (other than temporarily while you are physically or mentally incapacitated or as required by applicable law); (ii) a material reduction of your base salary or Target Annual Bonus, other than a general reduction in base salary or Target Annual Bonus that affects all similarly situated executives in substantially the same proportions; (iii) the relocation of your principal place of employment by more than 50 miles from Needham, Massachusetts; or (iv) the failure of SharkNinja to perform any of its material obligations under this agreement or other material agreement relating to your employment. Resignation for Good Reason shall not be deemed to exist unless you provide the Company with written notice of the existence of the condition supporting any of the foregoing events,described in this definition within the period not to exceed 10 business days after your first initial recognition of the condition and the Company fails to remedy such condition within 30 days of receiving such written notice.

"Qualifying Termination" means (i) a termination of your employment by SharkNinja for any reason other than for Just Cause or (ii) your resignation from SharkNinja for Good Reason. Notwithstanding the foregoing, a termination of your employment due to death or Disability is not a Qualifying Termination.

"Separation Agreement" means a written, confidential employment separation agreement in a form proposed by SharkNinja that includes, among other terms, (i) your general release of all claims against SharkNinja and related persons and entities, including without limitation, claims under federal, state and local laws related to the employment relationship, wage and hour, discrimination, harassment and retaliation, (ii) your agreement not to disparage SharkNinja or any related persons or entities, and (iii) a noncompetition provision essentially the same or similar in scope to that set forth in the Company's Noncompetition, Confidentiality and Non-Solicitation Agreement enclosed with this offer letter.

Unless expressly provided for in this letter, the amounts of compensation described in this letter are before taxation and other deductions and withholdings as required by law or authorized by you in accordance with applicable law.

**<u>No Conflicting Obligations</u>**

SharkNinja takes confidentiality obligations very seriously, and as such, SharkNinja does not seek the confidential information of any third party. You are prohibited from disclosing to SharkNinja any confidential information of any third party that you have an obligation to protect.

You further confirm that you will not use, incorporate or bring any documents or proprietary data or materials of any kind, electronic or otherwise, from your current or former employer to SharkNinja without written authorization from your current or former employer, nor will you disclose any such confidential information during the course and scope of your employment with SharkNinja. If you have any questions about the ownership of particular documents or other information, discuss such questions with your former employer before removing or copying the documents or information.

You also represent and warrant that you are not party to any agreement or subject to any policy that would prevent or restrict you from engaging in activities competitive with the activities of your current or former employer or from directly or indirectly soliciting any employee, client or customer to leave the employ of, or transfer its business away from, your current or former employer, or if you are subject to such an agreement or policy, you have complied and will comply with it, and your employment with the Company does not violate any such agreement or policy.

**<u>Offer Contingencies</u>**

This offer is contingent upon the following:

■Satisfactory completion of a background check, consistent with applicable federal, state and local law, including but not limited to a background check of employment, education and criminal history

■Signing the enclosed Noncompetition, Confidentiality and Non-Solicitation Agreement

■Proof of identity and authorization to work in the United States and satisfactory completion of USCIS Form 1-9

■Confirmation that you are not subject to any legal restrictions on your activities or your ability to accept and be employed by the Company in the offered position (see above)

■Accepting this offer in writing by the date specified below

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■Approval by the board of directors of SharkNinja Parent

This offer will be withdrawn (whether or not you have already signed it) if any of the above conditions are not satisfied. Unless and until all such steps have been completed, this conditional offer of employment may be withdrawn and you should not resign your current employment, otherwise alter your employment status, or alter any personal circumstances in reliance on this conditional offer. In the event that you begin employment prior to the completion of any background checks, you understand that continued employment is conditioned upon the completion and satisfactory results of such checks. Generally, the screening process takes 5-7 days, although the Company makes no representations as to the actual length of time that the process may take. If you have any questions regarding where we are in the screening process, please do not hesitate to contact me.

On your first day of employment, please be sure to bring your identification documents, such as your unexpired passport, or your driver's license and social security card, to establish your identity and eligibility for employment in the United States. If you are unable to provide such verification within three (3) business days of the date your employment begins, this offer of employment will be withdrawn or your employment will be terminated. Please contact me with any questions regarding the employment eligibility verification process.

SharkNinja associates are "employees at-will". At-will employment means that either the associate or the Company may terminate the employment relationship for any reason or for no reason, with or without advance notice or cause, at any time. Further, the Company reserves the right to change any and all pay, benefits and/or other terms and conditions of employment at any time, with or without advance notice. Nothing verbally expressed or written in this offer letter constitutes any type of contract, express or implied, or guarantee of continued or future employment. Your at-will employment status can be changed only by a written contract signed by the President or Chief Legal Officer of the Company. Except for the President or Chief Legal Officer, no director, manager, supervisor or representative of the Company has any authority to enter into any agreement for employment for any specific period of time or to make any agreement contrary to the foregoing. Nothing in this letter should be read to alter any term in this paragraph.

If you accept this offer and become an associate of the Company, you will be subject to our employment policies and procedures. Upon hire, you will be required to read and sign an acknowledgement of receipt of the Associate Handbook and any applicable state supplement. In addition, the Company reserves the right to modify the compensation or benefits arrangements described in this letter or otherwise maintained by the Company, and it also reserves the right to modify your position or duties to meet business needs.

This letter, the enclosed Noncompetition, Confidentiality and Non-Solicitation Agreement constitutes the entire agreement between you and the Company relating to this subject matter and supersedes all prior or contemporaneous agreements, understandings, negotiations or representations, whether oral or written, express or implied, on this subject. Except as provided herein, this letter may not be modified or amended except by the Company's President or Chief Legal Officer.

This offer will be active until Monday, March 18, 2024. Please print, sign and return this letter to me via email on or before that date. You shall have until March 26, 2024 to sign and return the Noncompetition, Confidentiality and Non-Solicitation Agreement to me via email. Should you have any questions, whether prior to or following your acceptance, please feel free to send me an email.

We are delighted at the prospect of you joining our team!

Sincerely,

/s/ Elizabeth Norberg

Elizabeth Norberg

EVP, Chief People Officer

![image_1.jpg](image_1.jpg)

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I accept the above offer as stated and agree to its terms and conditions.

<u>Patraic Reagan /s/ Patraic Reagan</u> 

(Print Full Name)&nbsp;&nbsp;&nbsp;&nbsp; (Signature)

<u>3/20/2024</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Date)

Enclosures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Noncompetition, Confidentiality and Non-Solicitation Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Benefits Summary

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**<u>NONCOMPETITION. CONFIDENTIALITY AND NON-SOLICITATION AGREEMENT</u>**

**<u>(FOR NEW MASSACHUSETTS SHARKNINJA EMPLOYEES)</u>**

**THIS NON-COMPETITION, CONFIDENTIALITY AND NON-SOLICITATION AGREEMENT** (the **"Agreement")** is made and entered into between <u>Patraic Reagan</u> ***("Employee")*** and SharkNinja Management LLC and SharkNinja Sales Company, together with parent entity SharkNinja Operating LLC, a Delaware limited liability company **("Operating"),** and its subsidiaries and affiliates within the SharkNinja family of companies to or for which Employee provides services or about which Employee acquires Confidential Information (and its or their successors and assigns) (collectively, **"SharkNinja Companies").**

**WHEREAS,** the SharkNinja Companies is in the business of the design, marketing and distribution of floor care or steam cleaning products, garment care products, beauty and haircare products, outdoor grills, air purification products, kitchenware and kitchen appliances (each line of product or appliances, individually "a line of business" or any combination thereof, the *"Business")* and the SharkNinja Companies desire to employ Employee as an at will employee and in consideration for such employment, Employee is voluntarily entering into this Agreement.

**NOW THEREFORE,** for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, including without limitation, Employee's hire and/or continued employment, the opportunity to receive the Hire Bonus in the amount of $300,000 and Market Cap RSU Award (as set forth in your offer letter), the opportunity to participate in the SharkNinja Companies' Long-Term Equity Grant, and the opportunity to participate in the SharkNinja Companies' Management Incentive Bonus Plan, Employee's access to the SharkNinja Companies' goodwill, customer and client relationships, and/or confidential information, and the covenants and promises of the parties set forth herein, the parties hereto, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Acknowledgment.** Employee and the SharkNinja Companies acknowledge that the SharkNinja Companies at considerable expense have purchased and developed valuable goodwill, going concern value, customer and client relationships and confidential information that are valuable property rights of the SharkNinja Companies and that Employee will have access to and knowledge concerning such rights, which if used other than for the benefit of the SharkNinja Companies could significantly injure the SharkNinja Companies. Employee understands that the SharkNinja Companies will provide Employee with one or more of these items in reliance upon Employee's promise to abide by the restrictions in this Agreement and would refuse to provide Employee with the foregoing if Employee were not willing to enter into and abide by the terms of this Agreement. Employee acknowledges that complying with the provisions contained in this Agreement will not preclude them from engaging in a lawful profession, trade or business, or from becoming gainfully employed in such a way as to provide a standard of living for themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Definitions.** For the purposes of this agreement, the following terms will have the definition set forth in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**"Competing Business"** means any other individual, partnership, corporation, limited liability company or any other entity (each a **"Person")** that competes with a line of business in which Employee had involvement or about which Employee obtained Confidential Information during the Look Back Period. Employee acknowledges that over the course of Employee's career, the SharkNinja Companies' business may expand beyond its current lines of business, and therefore, the definition of Competing Business also includes a Person developing, marketing or selling any product or service the SharkNinja Companies is developing, marketing or distributing or has plans to develop, market or distribute at the time of the Employee's termination of employment, in which Employee had involvement or about which Employee obtained Confidential Information during the Look Back Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**"Compete"** means (i) for the benefit of or on behalf of a Competing Business, participate in, manage, supervise, or provide services that are the same as or similar in purpose or function to any services Employee provided to or supervised for the SharkNinja Companies during the Look Back Period; or (ii) take on any other responsibilities for a Competing Business that would involve the probable use or disclosure of Confidential Information or the conversion of Covered Customers or Key Relationships to the benefit of a Competing Business or detriment of the SharkNinja Companies.

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If Employee is employed in a sales role and earns less than $150,000 in Box 1 W-2 annual compensation for SharkNinja, then the definition of "Compete" shall be modified to mean: for the benefit of or on behalf of a Competing Business, participate in, manage, supervise, or provide services to any Covered Customer where such services are the same as or similar in purpose or function to any services Employee provided to or supervised for the SharkNinja Companies during the Look Back Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**"Confidential Information"** means an item of information or data or compilation of information or data in any form (tangible or intangible) related to the SharkNinja Companies' Business that Employee acquires or gains access to in the course of their employment with SharkNinja Companies that the SharkNinja Companies has not authorized public disclosure of, and that is not readily available to the public or persons outside the SharkNinja Companies through proper means. By way of example and not limitation, Confidential Information is understood to include: confidential techniques, know-how, negative know-how, financial infom1ation, copyrights, patents, trademarks, trade names, slogans, logos, designs, service marks, computer software programs, databases, magnetic media, systems and programs, trade secrets, business lists, customer lists, records of customers and customer contact information, as well as customer communications, private customer contract terms, unique customer preferences and historical transaction data, client lists, supplier lists, employee personnel files unless Employee's own personnel file, engineering data, logs, consultants' reports, unpublished pricing information, and underlying pricing-related variables such as costs, volume discounting options, and profit margins, budgets, ratings, forecasts, format strategy, financial reports and projections, tapes and electronic data processing files, accounting journals and ledgers, accounts receivable records and sales, operating, marketing and business plans. "Confidential Information" shall not include any information or material that becomes generally available to the public other than as a result of a wrongful disclosure by a person otherwise bound to the provisions hereof, or any person bound by a duty of confidentiality or similar duty owed to the SharkNinja Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.**"Covered Customer"** means: (i) any Person that was a customer or client of any of the SharkNinja Companies during the Look Back Period and with which Employee either had material business-related contact and/or about whom Employee received Confidential lnfom1ation; and, if allowed by applicable law, or, where allowed by law, (ii) any Person to whom the SharkNinja Companies has made a presentation for the solicitation of business within the ninety (90) days prior to the date of termination of Employee's employment with the SharkNinja Companies and with which Employee either had significant contact and/or about which Employee received Confidential Information. The definition of "Covered Customer" shall be further limited to retailers, distributors, and direct importers with whom SharkNinja Companies conducts business. For avoidance of doubt, the definition of "Covered Customer" shall not include individual consumers who purchase SharkNinja Companies products as the end-user. Material business-related contact is presumed present for this definition and the definition of "Key Relationship" if Employee received commissions, bonuses, or other beneficial credit or attribution for business done with the customer or key relationship or Employee participated in or supervised communications with the customer or key relationship (but not merely a mass mailing or "cold call" telephone or email solicitation) that is intended to result in, lead to, maintain, increase, facilitate or otherwise aid the sale or provision of products or services sold by the SharkNinja Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e."Covered Employee"** means any person who was employed by any of the SharkNinja Companies with whom Employee worked or about whom Employee gained knowledge as a result of Employee's employment with the SharkNi1tja Companies during the Look Back Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.**"Look Back Period"** means the last two (2) years of Employee's employment with the SharkNinja Companies or such shorter time as Employee is employed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.**"Key Relationship"** means any Person with an ongoing business relationship with the SharkNinja Companies (including contractors, distributors, vendors, suppliers, and manufacturers) that Employee had material business-related contact or dealings with during the Look Back Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.**"Non-Compete Restrictive Period"** means: (i) the period of Employee's employment with the SharkNinja Companies; and (ii) the one year following the end of Employee's employment with the SharkNinja Companies, whether voluntary or involuntary for cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **"Non-Solicit Restrictive Period"** means: (i) the period of Employee's employment with the SharkNinja Companies; and (ii) the one year following the end of Employee's employment with the SharkNinja Companies, whether voluntary or involuntary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. **"Territory"** means the geographic territory(ies) assigned to Employee by the SharkNinja Companies during the Look Back Period (by state, county, or other recognized geographic boundary used in the SharkNinja Companies' business); and, if Employee has no such specifically assigned geographic territory then: (i) those states and counties in which Employee participated in the SharkNinja Companies' business and/or about which Employee was provided access to Confidential Information during the Look Back Period; and, (ii) the state and county where Employee resides. If Employee is employed by the SharkNinja Companies in a research and development capacity and/or if Employee is employed in a senior management position (such as Vice President and above, Director, or Officer) then Employee is presumed to have participated in the SharkNinja Companies' business and/or had Confidential Information about the SharkNinja Companies' business throughout the United States (including state and state-equivalents and county and county-equivalents therein). Employee is responsible for seeking clarification from the SharkNinja Companies' Human Resources department if it is unclear to Employee at any time what the scope of the Territory is.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Noncompetition with the SharkNinja Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Employee agrees that during the Non-Compete Restrictive Period, Employee shall not, directly or by assisting or directing others, Compete with the SharkNinja Companies within the Territory. Employee further agrees that during their employment with the SharkNinja Companies, Employee will not own, finance, control, or otherwise hold a material interest in a Competing Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Nothing in this Agreement prohibits Employee from owning 2% or less of the publicly traded stock of such a company so long as such ownership is a non-controlling interest, passive in nature (such as through a mutual fund), and Employee has no other material involvement with the company of any kind. Further, the post-employment non-competition in Section 3 will not apply if Employee's employment is terminated without cause. For the limited purposes of the application of the non-competition clause in Section 3 of the Agreement, "cause" to terminate Employee's employment exists if Employee has: (a) materially breached any obligations under any applicable employment, confidentiality, nonsolicitation or noncompetition agreement with the SharkNinja Companies; (b) been convicted of or entered a plea of guilty or nolo contendere to, or admission to facts sufficient for a finding of guilt for, any crime constituting a felony or any misdemeanor involving fraud, dishonesty and/or moral turpitude; (c) neglected, refused, or failed to discharge Employee's duties (other than due to physical or mental illness) commensurate with Employee's title and function, or Employee's failure to comply with a lawful direction of the SharkNinja Companies; (d) breached their duty of loyalty or fiduciary duty to the SharkNinja Companies; (e) violated the SharkNinja Companies' policy or policies; (f) engaged in any other willful misconduct which is materially injurious to the financial condition or business reputation of, or is otherwise materially injurious to, SharkNinja Companies; and/or (g) engaged in any other act that is accepted as cause for termination under the common law. Nothing in this paragraph shall be construed to eliminate or modify the "at-will" nature of the parties' relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.If Employee breaches their fiduciary duty to SharkNinja Companies and/or has unlawfully taken, physically or electronically, any Company records, then the Restricted Period for Section 3 shall be extended to a period of two (2) years from the Employee's cessation of employment with SharkNinja Companies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Non-solicitation of Customers.** Employee agrees that, during the Non-Solicit Restrictive Period, Employee will not, directly or by assisting or directing others: (a) solicit any Covered Customer for the direct or indirect purpose of providing services or products to such Covered Customer, which services or products are competitive with or similar to one or more services or products provided by the SharkNinja Companies during the Look Back Period; or (b) contact any Covered Customer or knowingly engage in any other conduct that is intended to cause, or could reasonably be expected to cause, the Covered Customer to stop or reduce doing business with the SharkNinja Companies, or that would involve diverting business opportunities away from the SharkNinja Companies (collectively the **"Customer Non-Solicitation Obligations").**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Non-solicitation of Employees.** Employee agrees that, during the Non-Solicit Restrictive Period,Employee will not knowingly, directly or by assisting or directing others: (a) solicit or attempt to solicit, directly or by assisting others, any Covered Employee to terminate their employment or retention by any of the SharkNinja Companies; or (b) on behalf of a Competing Business, facilitate the hiring or retention as an independent contractor, employee or consultant any Covered Employee to perform the same or similar services related to the activities that Covered Employee performed for the SharkNinja Companies (collectively the **"Employee Non-Solicitation Obligations").**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Non-solicitation** of **Key Relationships.** Employee agrees that, during the Non-Solicit Restrictive Period, Employee will not, directly or by assisting or directing others: (a) solicit or contact any Key Relationship for the direct or indirect purpose of doing any business that would compete with the SharkNinja Companies' Business; or (b) knowingly engage in any conduct that is intended to cause, or could reasonably be expected to cause, the Key Relationship to stop or reduce doing business with the SharkNinja Companies, or that would involve dive1ting business opportunities away from the SharkNinja Companies (collectively the **"Key Relationship Non-Solicitation Obligations").**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Confidentiality.** Employee acknowledges that their employment with the SharkNinja Companies creates a relationship of confidence and trust with respect to any information of a confidential or secret nature that relates to the SharkNinja Companies' Business. Employee covenants that at all times during their employment and after the termination of such employment, Employee will keep and hold all Confidential Information in strict confidence and trust, and will not in any fashion, form or manner, either directly or indirectly, use, disclose, transfer, transmit, download, upload, store, divulge or otherwise publish any Confidential Information without the prior written consent of an Officer of the SharkNinja Companies, except as may be necessary to perform their duties as an employee of the SharkNinja Companies. Employee will abide by the policies and regulations of the SharkNinja Companies, as established from time to time, for the protection of its Confidential Information.

Employee understands that in the course of their employment with SharkNinja Companies they may obtain access to confidential information entrusted to SharkNinja Companies by third pa1ties in confidence and will generally be subject to an agreement with a third party governing the terms under which it must be kept confidential **("Third Party Confidential Information").** Except where otherwise expressly provided for in this Agreement or through a written instruction from the SharkNinja Companies, Employee will handle Third Pa1ty Confidential Information in accordance with both the foregoing limitations and the SharkNinja Companies' policies and restrictions on Confidential Information.

If Employee leaves SharkNinja Companies, Employee may take with them and use the general skills, knowledge and experience that Employee has learned or developed in their position or positions with SharkNinja Companies. If required by applicable law, the restrictions on use or disclosure of Confidential Information will only apply for three (3) years after the end of Employee's employment, where information that does not qualify as a trade secret is concerned; however, the restrictions will continue to apply to trade secret information for as long as the information at issue remains qualified as a trade secret. Nothing in this Agreement will be construed to prohibit Employee from engaging in any disclosure that is compelled by Jaw (such as a subpoena, court order, or other legal mandate). However, unless prohibited by law from doing so, Employee will notify the SharkNinja Companies as quickly as possible after being served with a subpoena, order, or other legal mandate requiring the production of Confidential Infom1ation so that the SharkNinja Companies can take reasonable steps to protect its interests; provided that nothing herein will be construed to create a requirement that is not pem1itted under Section 22 (Limitations; Protected Conduct).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Inventions and Patents.** Employee is expected to use their inventive and creative capacities for the benefit of the Shark Ninja Companies and to contribute, where possible, to the SharkNinja Companies' intellectual prope1ty in the ordinary course of employment. Employee's wages as an employee fully compensate them for these services, the work product of my services, and the related agreements below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**"Inventions"** mean any inventions, discoveries, improvements, designs, processes, machines, products, innovations, business methods or systems, know how, ideas or concepts of commercial value or utility, and related technologies or methodologies, whether or not shown or described in writing or reduced to practice and whether patentable or not. **"Works"** mean original works of authorship, including, but not limited to: literary works (including all written material), mask works, computer programs, formulas, tests, notes, data compilations, databases, artistic and graphic works (including designs, graphs, drawings, blueprints, and other works), recordings, models, photographs, slides, motion pictures, and audio visual works; whether copyrightable or not, and regardless of the form or manner in which documented or recorded. **"Trademarks"** mean any trademarks, trade dress or names, symbols, special wording or devices used to identify a business or its business activities whether subject to trademark protection or not. The foregoing is collectively referred to in this Agreement as **"Intellectual Property."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Employee assigns to the SharkNinja Companies or its nominee Employee's entire right, title and interest in and to all Inventions that are made, conceived, or reduced to practice by Employee, alone or jointly with others, during Employee's employment with the SharkNinja Companies (whether during working hours or not) that either (i) relate to SharkNinja Companies' business, or actual or demonstrably anticipated research or development of the SharkNinja Companies, or (ii) involve the use or assistance of any tools, time, material, personnel, information, or facility of the SharkNinja Companies, or (iii) result from or relate to any work, services, or duties undertaken by Employee for the SharkNinja Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Employee recognizes that all Works and Trademarks conceived, created, or reduced to practice by Employee, alone or jointly with others, during Employee's employment shall to the fullest extent permissible by law be considered the SharkNinja Companies' sole and exclusive property and "works made for hire" as defined in the U.S. Copyright Laws for purposes of United States law and the law of any other country adhering to the "works made for hire" or similar notion or doctrine, and will be considered the SharkNinja Companies' property from the moment of creation or conception forward for all purposes without the need for any further action or agreement by Employee or the Company. If any such Works, Trademarks or portions thereof shall not be legally qualified as a works made for hire in the United States or elsewhere or shall subsequently be held to not be a work made for hire or not the exclusive property of the SharkNinja Companies, Employee hereby assigns to the SharkNinja Companies all of Employee's rights, title and interest, past, present and future, to such Works or Trademarks. Employee will not engage in any unauthorized publication or use of such Company Works or Trademarks, nor will Employee use same to compete with or otherwise cause damage to the business interests of the SharkNinja Companies.

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assignments of rights provided for in this Agreement are understood to be fully completed and immediately effective and enforceable assignments by Employee of all intellectual property rights in Company Intellectual Property. When requested to do so by the SharkNinja Companies, either during or subsequent to employment with the SharkNinja Companies, Employee will (i) execute all documents requested by the SharkNinja Companies to affirm or effect the vesting in the SharkNinja Companies of the entire right, title and interest in and to the Company Intellectual Property at issue, and all patent, trademark, and/or copyright applications filed or issuing on such prope1ty; (ii) execute all documents requested by the SharkNinja Companies for filing and obtaining of patents, trademarks and/or copyrights; and (iii) provide assistance that the SharkNinja Companies reasonably requires to protect its right, title and interest in the Company Intellectual Property, including, but not limited to, providing declarations and testifying in administrative and legal proceedings with regard to Company Intellectual Property. <u>Power</u> <u>of</u> <u>Attorney:</u> Employee hereby irrevocably appoints the SharkNinja Companies as its agent and attorney in fact to execute any documents and take any action necessary for applications, registrations, or similar measures needed to secure the issuance of letters patent, copyright or trademark registration, or other legal establishment of the SharkNinja Companies' ownership and control rights in Company Intellectual Property in the event that Employee's signature or other action is necessary and cannot be secured due to Employee's physical or mental incapacity or for any other reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Employee will make and maintain, and not destroy, notes and other records related to the conception, creation, discovery, and other development of Company Intellectual Property. These records shall be considered the exclusive property of the SharkNinja Companies and are covered by Sections 8 (b) through (d) above. During employment and for a period of one (l) year thereafter, Employee will promptly disclose to the SharkNinja Companies (without revealing the trade secrets of any third party) any Intellectual Property that Employee creates, conceives, or contributes to, alone or with others, that involve, result from, relate to, or may reasonably be anticipated to have some relationship to the line of business the SharkNinja Companies is engaged in or its actual or demonstrably anticipated research or development activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Employee will not claim rights in, or control over, any Invention, Work, or Trademark as something excluded from this Agreement because it was conceived or created prior to being employed by the SharkNinja Companies (a **"Prior Work")** unless such item is identified in the Prior Works section below Employee's signature and signed by Employee as of the date of this Agreement. Employee will not incorporate any such Prior Work into any work or product of the SharkNinja Companies without prior written authorization from the SharkNinja Companies to do so; and, if such incorporation does occur, Employee grants the SharkNinja Companies and its assigns a nonexclusive, perpetual, irrevocable, fully paid-up, royalty-free, worldwide license to the use and control of any such item that is so incorporated and any derivatives thereof, including all rights to make, use, sell, reproduce, display, modify, or distribute the item and its derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Return of Company Property.** Employee acknowledges that all records, files, data, documents and the like relating to suppliers, customers, costs, prices, systems, methods, personnel, technology and other materials relating to the SharkNinja Companies shall be and remain the sole property of the SharkNinja Companies and Employee shall, upon the request of an Officer of the SharkNinja Companies, turn over all such materials and any Confidential Information. Employee also agrees that, prior to departure from employment, Employee shall submit to a tem1ination interview to review Employee's obligations under the terms of this Agreement. Within five (5) business days of the date Employee's employment with SharkNinja Companies ends, or upon SharkNinja Companies' request, Employee shall return to the applicable SharkNi1rja Companies all of such SharkNinja Companies' property in working condition (keys, badges, laptops, cellular telephones, cars, etc.) used by Employee in the performance of the services, and all Confidential Information, whether in print or electronic form, in the control, custody or possession of Employee or Employee's agents or representatives. Upon request by SharkNinja Companies, Employee must also provide their passwords for any SharkNinja Companies owned devices or accounts. Employee's failure to provide such passwords, documents, devices or other SharkNinja Companies' property shall be considered a breach of this Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Best Efforts and Loyalty.** Employee agrees that during the period of their employment by SharkNinja Companies, Employee will not, without SharkNinja Companies' express written consent, directly or through the direction or control of others, engage in any employment or business activity which is directly or indirectly competitive with, or would otherwise conflict with, Employee's employment by SharkNinja Companies. By way of example and not limitation, Employee will not solicit any of the customers or prospective customers of the SharkNinja Companies for the purpose of diverting or attempting to dive1t any business away from the SharkNinja Companies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Validity; Severability.** Each of Employee's obligations under this Agreement shall be considered a separate and severable obligation. If a court determines that a restriction in this Agreement cannot be enforced as written due to an overbroad limitation (such as time, geography, or scope of activity), unless not allowed by applicable law, the parties agree that the court shall reform or modify the restrictions or enforce the restrictions to such lesser extent as is allowed by law. If, despite the foregoing, any provision contained in this Agreement is determined to be void or unenforceable, in whole or in pa1t, then the other provisions of this Agreement will remain in full force and effect. This Agreement will survive the expiration or termination of Employee's employment with the SharkNinja Companies and shall, likewise, continue to apply and be valid notwithstanding any change in the Employee's duties, responsibilities, compensation, position, or title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.Injunctive Relief.** The restrictions contained in this Agreement are considered by the parties hereto to be fair and reasonable and necessary for the protection of the legitimate business interests of the SharkNinja Companies. It is recognized that damages in the event of breach or threatened breach of the provisions of this Agreement by Employee would be difficult to ascertain, and it is therefore agreed that the SharkNinja Companies shall have the right to seek an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach. The existence of this right shall not preclude any other rights and remedies at law or in equity which the SharkNinja Companies may have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.Fairness Extension.** If Employee fails to comply with a restriction in Sections 4 through 6 of this Agreement that applies for a limited period of time after employment, the time period for that restriction will be extended by the greater of either: one day for each day Employee is found to have violated the restriction, or the length of the legal proceeding necessary to secure enforcement of the restriction; provided, however, this extension of time shall be capped so that the extension of time does not exceed two years from the date Employee's employment with the SharkNinja Companies ended, and if this extension would make the restriction unenforceable under applicable law it will not be applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.Attorneys' Fees.** If the SharkNinja Companies must pursue legal action to secure Employee's compliance with this Agreement and prevails, Employee will pay all reasonable attorneys' fees, costs and expenses incurred by the SharkNinja Companies in enforcing this Agreement against Employee. The SharkNinja Companies shall be deemed the prevailing party if it is awarded any part of the legal or equitable relief it seeks, irrespective of whether some of the relief it seeks is denied or modified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.Absence of Conflicting Agreements and Obligations.** The Employee represents and warrants that they are not a party to or bound by any other agreement or understanding of any type, whether written or oral, or by any statutory or common law duty or obligation which, in any case, would in any way restrict their ability to be employed by the SharkNinja Companies, or their ability to compete freely with other Persons in connection with the Business. During their employment by the SharkNinja Companies, Employee will not improperly use or disclose any confidential information or trade secrets, if any, of any former employer or any other person or entity to whom Employee has an obligation of confidentiality, and Employee will not bring onto the premises of the SharkNinja Companies any unpublished documents or any property belonging to any former employer or any other person or entity to whom they have an obligation of confidentiality unless consented to in writing by that former employer or person. Employee will use in the performance of their duties only information which is generally known and used by persons with training and experience comparable to Employee's own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the SharkNinja Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.Notification.** Employee will provide any prospective employer Employee is considering an offer from with notice of this Agreement at least ten days before accepting such offer. The SharkNinja Companies may elect to provide another party notice of this Agreement and an opinion about its applicability. While Employee reserves the right to also communicate their disagreement with such an opinion, Employee recognizes the SharkNinja Companies' legitimate business interest in expressing its opinion and consent to it doing so if it believes such is necessary. Employee will not assert any claim that such conduct is legally actionable interference or otherwise impermissible regardless of whether or not this Agreement is later found to be enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.No Waiver.** The failure by either party at any time to require performance or compliance by the other of any of its obligations or agreements shall in no way affect the right to require such performance or compliance at any time

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thereafter. The waiver by either party of a breach of any provision hereof shall not be taken or held to be a waiver of any preceding or succeeding breach of such provision or as a waiver of the provision itself. No waiver of any kind shall be effective or binding, unless it is in writing and is signed by the party against whom such waiver is sought to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.Assignment.** This Agreement and all rights hereunder are personal to Employee and may not be transferred or assigned by Employee at any time. SharkNinja Companies may assign its rights, together with its obligations hereunder, to any parent, subsidiary, affiliate or successor, or in connection with any sale, transfer or other disposition of all or substantially all of its business and assets, provided, however, that any such assignee assumes SharkNinja Companies' obligations hereunder, and Employee irrevocably consents to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.Entire Agreement.** This Agreement supersedes any other agreements, oral or written, and contains all of the agreements and understandings between the parties with respect to the subject matter hereof. However, should Employee be subject to an equity or incentive compensation agreement with SharkNinja Companies containing confidentiality, non-solicitation, noncompetition and/or invention assignment provisions, the restrictive covenants in this Agreement shall supplement (rather than supersede) the covenants in such equity or incentive compensation agreements **("Other Covenants"),** and the Other Covenants shall remain in full force and effect. To the extent any conflict exists between the restrictions set forth in this Agreement and the Other Covenants, SharkNinja Companies shall be provided the greatest protection set forth in either agreement. Any modification of any term of this Agreement shall be effective only if set forth in a writing signed by both parties hereto or by court order. However, Employee acknowledges that the law may change over the course of their employment with the SharkNinja Companies; and accordingly, Employee recognizes that the SharkNinja Companies will have the right, through a written notice to the Employee, to rescind any restriction placed upon Employee or to reduce the boundaries of any restriction applicable to Employee (such as time, scope of activity, or geography) at any time as it deems necessary to make the restriction reasonable and enforceable under the applicable law, and if this occurs the Agreement will be interpreted and applied as if such reduction was in the Agreement as originally entered into by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.Governing Law; Personal Jurisdiction.** This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts. Any dispute relating to or arising out of this Agreement shall be exclusively finally resolved by a state or federal court located in the county where Employee resides when last employed by the SharkNinja Companies or the business litigation session of the superior court in Suffolk County, Massachusetts and the parties to this Agreement hereby consent to personal jurisdiction therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.At-Will Employment.** Employee agrees and understands that nothing in this Agreement shall constitute a contract of employment or confer any right with respect to continuation of employment by the SharkNinja Companies, nor shall it interfere in any way with Employee's right or the SharkNinja Companies' right to terminate Employee's employment at any time, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.Limitations; Protected Conduct.** Section 3 shall not apply to Employee post-employment if Employee is: classified as non-exempt under the FLSA; 18 years or younger; or an undergraduate or graduate sh1dent in an internship or other sh01t-term employment relationship while enrolled in college or graduate school. The restrictions contained in Sections 4 through 6 above are understood to be reasonably limited by geography to those locations, and counties, where the Covered Customers, Key Relationships and Covered Employees are present and available for solicitation. However, to the extent additional geographic limitations are required to make the restrictions enforceable, they shall be deemed limited to the Territory. Nothing herein is intended or to be construed as a prohibition against general advertising such as "help wanted" ads that are not targeted at the SharkNinja Companies' employees. Further, notwithstanding any other provision of this Agreement, nothing in this Agreement prohibits Employee from (i) opposing an event or conduct that Employee reasonably believes is a violation of law, including criminal conduct, discrimination, harassment, retaliation or other unlawful employment practices or of a recognized clear mandate of public policy, (ii) disclosing sexual harassment or sexual assault, or (iii) reporting such an event or conduct to their attorney, law enforcement, or the relevant law-enforcement agency (such as the Securities and Exchange Commission, Equal Employment Opportunity Commission, the state division of human rights, or a local commission on human rights), or (iv) making any truthful statements or disclosures required by law or othe1wise cooperating in an investigation conducted by any government agency (collectively referred to as **"Protected Conduct").** Further, nothing requires notice to or approval from the SharkNinja Companies before engaging in such Protected Conduct. Protected Conduct includes the use of lawfully acquired

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information regarding the wages, benefits, or other te1ms and conditions of employment at the SharkNinja Companies for purposes protected by the National Labor Relations Act (NLRA) or another applicable law, unless the information is entrusted to Employee in confidence as pa1t of essential job duties in a human resources or personnel management role or Employee is in a supervisor or management role excluded from the coverage of the NLRA. Nothing in this Agreement shall prohibit any non-management, non-supervisory employees from engaging in protected concerted activity under §7 of the NLRA or similar state law such as joining, assisting, or fom1ing a union, bargaining, picketing, striking, or participating in other activity for mutual aid or protection, or refusing to do so; this includes using or disclosing information acquired through lawful means regarding wages, hours, benefits, or other tem1s and conditions of employment, except where the information was entrusted to the employee in confidence by the SharkNinja Companies as part of the employee's job duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.DTSA Notice.** Protected Conduct may include a disclosure of trade secret info1mation that complies witl1 the restrictions in the Defend Trade Secrets Act of 2016 (DTSA). The DTSA provides that no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret that: (i) is made in confidence to a Federal, State, or local govenu11ent official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public. It also provides that an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding if the individual files any document containing the trade secret under seal and does not disclose the trade secret except as pe1mitted by court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.Electronic Signature.** Employee and SharkNinja Companies agree that an electronic signature of the Employee included in this Agreement is intended to authenticate this writing and to have the same force and effect as an original signature by hand in ink. SharkNinja Companies assents to and accepts this Agreement upon the Employee providing their signature either electronically or by hand.

**The effective date of this Agreement shall be the date signed by Employee below unless this Agreement is entered into as a condition of initial employment or promotion in which case the effective date is the first day of Employee's employment in such new position (whether reduced to writing on that date or not).**

**If Employee is being initially hired by the SharkNinja Companies, Employee acknowledges that they received a copy of this Agreement with their first formal offer of employment from the SharkNinja Companies or at least ten (10) business days before commencement of Employee's employment by the SharkNinja Companies, whichever came first; and if Employee was already employed by the SharkNinja Companies at the time of signing this Agreement, that Employee was provided a copy hereof at least ten (10) business days before the effective date of this Agreement.**

**EMPLOYEE HAS READ THIS AGREEMENT CAREFULLY AND UNDERSTANDS ITS TERMS. EMPLOYEE ACKNOWLEDGES THAT THEY HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY AND HAVE BEEN AFFORDED THE OPPORTUNITY TO AVAIL THEMSELVES OF THE OPPORTUNITY TO THE EXTENT EMPLOYEE WISHED TO DO SO.**

**EMPLOYEE**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Patraic Reagan</u> 

Name: Patraic Reagan

Address: [\*\*\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp; [\*\*\*\*\*]

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ACCEPTED AND AGREED TO:

**SHARKNINJA**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Elizabeth Norberg</u> 

Name: Elizabeth Norberg

Job Title: EVP, Chief People Officer

The following are Prior Works not covered by Section 8 above, in which Employee has any right, title or interest, and which were conceived or written either wholly or in part by me prior to my employment with the Company and/or while Employee was employed by the SharkNinja Companies but prior to the date Employee executed this Agreement, but neither published nor filed in any Patent Office.

**DESCRIPTION OF PRIOR WORKS (if applicable)**

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| | | |
|:---|:---|:---|
| Title of Invention/Document | Date of Invention<br>/Document | Name of Witness on Document |

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□ a Prior Work Appendix of _ additional pages is attached.

## Exhibit 10.15

**Exhibit 10.15**

![image_1a.jpg](image_1a.jpg)

*Certain identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark "[\*\*\*]".*

February 8, 2018 (Revised April 13, 2018)

Pedro Lopez-Baldrich

[\*\*\*\*\*]

[\*\*\*\*\*]

Dear Pedro,

Congratulations, we are very excited to extend you an offer to join SharkNinja. We are an organization that thrives in a fun, fast-paced work environment, full of ambitious and talented people who are committed to positively impacting people's lives every day in every home around the world.

We are pleased to offer you a full-time position with SharkNinja Operating LLC and its affiliates (hereinafter "SharkNinja") as our General Counsel, Senior Vice President for SharkNinja commencing on or about March 26, 2018. Your starting compensation will be $18,076.92 paid to you on a bi-weekly basis, which equates to an annualized salary of $470,000. This role currently reports to Brian Lagarto, Executive Vice President of Global Operations.

In conjunction with this offer, you are also eligible to receive an annual bonus of up to 50% of your base salary based on both individual and company performance in accordance with the terms of the applicable bonus plan. Annual bonus is tied to our Fiscal Year which now runs from January 1st through December 31st• In order to be considered for a bonus, you must be actively employed by SharkNinja at the time the bonus is paid out, which typically falls in the March timeframe.

Please note that the bonus is prorated for new hires during the first year of employment and associates hired on or after October 1st are not eligible for a bonus for the Fiscal Year in which they are hired.

In addition, SharkNinja conducts annual performance and compensation reviews. Your first scheduled review will be during the April 1, 2019 review cycle. Please note that merit is prorated during the first year of employment and associates hired between January 1st and March 31st are not eligible for a compensation review in the calendar year in which they are hired.

In conjunction with this offer, you will also be eligible to receive a one-time, $75,000 signing bonus (subject to applicable taxes and withholdings) to be paid in your first paycheck following your first 30 days of employment. Should you voluntarily leave SharkNinja within twelve (12) months of your hire date, you must reimburse the signing bonus pro-rata to SharkNinja. Please note that in this situation, any payback amount will be deducted from your final pay check and any remaining balance must be repaid within thirty (30) days of your termination date.

By agreeing to these terms and signing this agreement, you acknowledge and understand the payback provisions associated with this bonus.

89 A Street I Needham, MA 02494 I sharkninja.com

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![image_1a.jpg](image_1a.jpg)

As discussed, your position will require you to relocate to the Boston, MA area. SharkNinja will provide relocation assistance in the amount of $55,000 which can be used at your discretion to cover reasonable relocation costs, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Temporary housing for you and your family

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reimbursement costs associated with storage and transportation of household goods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• House hunting trips for you and your family

We have contracted with Coldwell Banker Relocation and Moving Services (CBRB), who will be your single point of coordination for all relocation related services. In order to receive reimbursement on any relocation related items, you must work through our managed relocation program with CBRB. You will be hearing from our contact at CBRB soon, but if you need their assistance immediately, please call or email [\*\*\*\*\*] at [\*\*\*\*\*], or [\*\*\*\*\*]. All reimbursable relocation costs must be incurred within one year of your start date.

Should you voluntarily leave SharkNinja within twenty-four (24) months of your hire date, you must reimburse SharkNinja pro-rata for all relocation expenses incurred through your date of separation. Please note that in this situation, any payback amount will be deducted from your final paycheck and any remaining balance must be repaid within thirty (30) days of your separation date. By agreeing to these terms and signing this agreement, you acknowledge and understand the payback provisions associated with this relocation package.

As part of your relocation package, your actual taxable relocation costs up to the $55,000 budget will be grossed up and paid by the company. We advise you to speak with your tax advisor to determine how this will affect your personal tax situation. Furthermore, relocation reimbursement is non- transferable. As such, reimbursement is based on the parameters outlined in this offer letter.

As a reflection of your senior leadership position in the company, we are pleased to offer you a long-term incentive plan (LTIP). The LTIP is based on attainment levels, as a percentage, of our annual Net Sales & Net Income Plans. The LTIP will be paid to you in the first quarter of the year following your LTIP earnings. Your first year of LTIP eligibility will be CY 19 with the actual LTIP earned paid to you in QI of 2020. Illustrative examples are provided below:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**LTIP Pay-out Schedule** | &nbsp;&nbsp;&nbsp;**LTIP Pay-out Schedule** | &nbsp;&nbsp;&nbsp;**LTIP Pay-out Schedule** |
| &nbsp;&nbsp;&nbsp;**Plan Year** | &nbsp;&nbsp;&nbsp;**Plan Period** | &nbsp;&nbsp;&nbsp;**LTIP Pay-out** |
| &nbsp;&nbsp;&nbsp;CY 19 | &nbsp;&nbsp;&nbsp;1/1/19-12/31/19 | &nbsp;&nbsp;&nbsp;Q1 2020 |
| &nbsp;&nbsp;&nbsp;CY 21 | &nbsp;&nbsp;&nbsp;1/1/21-12/31/21 | &nbsp;&nbsp;&nbsp;Q1 2022 |
| &nbsp;&nbsp;&nbsp;CY 23 | &nbsp;&nbsp;&nbsp;1/1/23-12/31/23 | &nbsp;&nbsp;&nbsp;Q1 2024 |

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89 A Street I Needham, MA 02494 I sharkninja.com

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![image_1a.jpg](image_1a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**LTIP Target Calendar Year 2019** | &nbsp;&nbsp;&nbsp;**LTIP Target Calendar Year 2019** | &nbsp;&nbsp;&nbsp;**LTIP Target Calendar Year 2019** | &nbsp;&nbsp;&nbsp;**LTIP Target Calendar Year 2019** |
| &nbsp;&nbsp;&nbsp;**Attainment** | &nbsp;&nbsp;&nbsp;**50% Net Sales Target** | &nbsp;&nbsp;&nbsp;**50% Net Income Target** | &nbsp;&nbsp;&nbsp;**Total LTIP Target** |
| &nbsp;&nbsp;&nbsp;95-99% | &nbsp;&nbsp;&nbsp;$112500 | &nbsp;&nbsp;&nbsp;$112500 | &nbsp;&nbsp;&nbsp;$225000 |
| &nbsp;&nbsp;&nbsp;100-104% | &nbsp;&nbsp;&nbsp;$125000 | &nbsp;&nbsp;&nbsp;$125000 | &nbsp;&nbsp;&nbsp;$250000 |
| &nbsp;&nbsp;&nbsp;105-109% | &nbsp;&nbsp;&nbsp;$137500 | &nbsp;&nbsp;&nbsp;$137500 | &nbsp;&nbsp;&nbsp;$275000 |
| &nbsp;&nbsp;&nbsp;110-114% | &nbsp;&nbsp;&nbsp;$150000 | &nbsp;&nbsp;&nbsp;$150000 | &nbsp;&nbsp;&nbsp;$300000 |
| &nbsp;&nbsp;&nbsp;115-119% | &nbsp;&nbsp;&nbsp;$162500 | &nbsp;&nbsp;&nbsp;$162500 | &nbsp;&nbsp;&nbsp;$325000 |
| &nbsp;&nbsp;&nbsp;120-124% | &nbsp;&nbsp;&nbsp;$175000 | &nbsp;&nbsp;&nbsp;$175000 | &nbsp;&nbsp;&nbsp;$350000 |
| &nbsp;&nbsp;&nbsp;125% Plus | &nbsp;&nbsp;&nbsp;$187500 | &nbsp;&nbsp;&nbsp;$187500 | &nbsp;&nbsp;&nbsp;$375000 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**LTIP Target Calendar Year 2021** | &nbsp;&nbsp;&nbsp;**LTIP Target Calendar Year 2021** | &nbsp;&nbsp;&nbsp;**LTIP Target Calendar Year 2021** | &nbsp;&nbsp;&nbsp;**LTIP Target Calendar Year 2021** |
| &nbsp;&nbsp;&nbsp;**Attainment** | &nbsp;&nbsp;&nbsp;**50% Net Sales Target** | &nbsp;&nbsp;&nbsp;**50% Net Income Target** | &nbsp;&nbsp;&nbsp;**Total LTIP Target** |
| &nbsp;&nbsp;&nbsp;95-99% | &nbsp;&nbsp;&nbsp;$137500 | &nbsp;&nbsp;&nbsp;$137500 | &nbsp;&nbsp;&nbsp;$275000 |
| &nbsp;&nbsp;&nbsp;100-104% | &nbsp;&nbsp;&nbsp;$150000 | &nbsp;&nbsp;&nbsp;$150000 | &nbsp;&nbsp;&nbsp;$300000 |
| &nbsp;&nbsp;&nbsp;105-109% | &nbsp;&nbsp;&nbsp;$162500 | &nbsp;&nbsp;&nbsp;$162500 | &nbsp;&nbsp;&nbsp;$325000 |
| &nbsp;&nbsp;&nbsp;110-114% | &nbsp;&nbsp;&nbsp;$175000 | &nbsp;&nbsp;&nbsp;$175000 | &nbsp;&nbsp;&nbsp;$350000 |
| &nbsp;&nbsp;&nbsp;115-119% | &nbsp;&nbsp;&nbsp;$187500 | &nbsp;&nbsp;&nbsp;$187500 | &nbsp;&nbsp;&nbsp;$375000 |
| &nbsp;&nbsp;&nbsp;120-124% | &nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;$400000 |
| &nbsp;&nbsp;&nbsp;125% Plus | &nbsp;&nbsp;&nbsp;$212500 | &nbsp;&nbsp;&nbsp;$212500 | &nbsp;&nbsp;&nbsp;$425000 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**LTIP Target Calendar Year 2023** | &nbsp;&nbsp;&nbsp;**LTIP Target Calendar Year 2023** | &nbsp;&nbsp;&nbsp;**LTIP Target Calendar Year 2023** | &nbsp;&nbsp;&nbsp;**LTIP Target Calendar Year 2023** |
| &nbsp;&nbsp;&nbsp;**Attainment** | &nbsp;&nbsp;&nbsp;**50% Net Sales Target** | &nbsp;&nbsp;&nbsp;**50% Net Income Target** | &nbsp;&nbsp;&nbsp;**Total LTIP Target** |
| &nbsp;&nbsp;&nbsp;95-99% | &nbsp;&nbsp;&nbsp;$162500 | &nbsp;&nbsp;&nbsp;$162500 | &nbsp;&nbsp;&nbsp;$325000 |
| &nbsp;&nbsp;&nbsp;100-104% | &nbsp;&nbsp;&nbsp;$175000 | &nbsp;&nbsp;&nbsp;$175000 | &nbsp;&nbsp;&nbsp;$350000 |
| &nbsp;&nbsp;&nbsp;105-109% | &nbsp;&nbsp;&nbsp;$187500 | &nbsp;&nbsp;&nbsp;$187500 | &nbsp;&nbsp;&nbsp;$375000 |
| &nbsp;&nbsp;&nbsp;110-114% | &nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;$400000 |
| &nbsp;&nbsp;&nbsp;115-119% | &nbsp;&nbsp;&nbsp;$212500 | &nbsp;&nbsp;&nbsp;$212500 | &nbsp;&nbsp;&nbsp;$425000 |
| &nbsp;&nbsp;&nbsp;120-124% | &nbsp;&nbsp;&nbsp;$225000 | &nbsp;&nbsp;&nbsp;$225000 | &nbsp;&nbsp;&nbsp;$450000 |
| &nbsp;&nbsp;&nbsp;125% Plus | &nbsp;&nbsp;&nbsp;$237500 | &nbsp;&nbsp;&nbsp;$237500 | &nbsp;&nbsp;&nbsp;$475000 |

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You are eligible to participate in a wide variety of benefit programs as noted in the benefit summary enclosed and in accordance with the terms and conditions of the applicable benefit plans. If you elect to participate in any of these benefit plans, coverage will be effective on your first day of employment. You will receive twenty (20) days of paid time off per year in accordance with the Company's paid time off

89 A Street I Needham, MA 02494 I sharkninja.com

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![image_1a.jpg](image_1a.jpg)

policy and the Company presently observes (9) nine holidays per calendar year, plus (1) floating holiday. Additionally, SharkNinja intends to offer five (5) personal/sick days starting around April 2018. If the company's plans change then you will still be eligible for these five (days) annually. Personal/sick days will be pro-rated to 3 days for 2018.

Furthermore, as a member of the Executive Team, you will also be eligible for a personal car allowance of $750/month and you will participate in the Executive Disability Insurance program.

In the event that your employment is terminated as a result of a Qualifying Termination after your Start Date, you will be eligible to receive as severance pay continuation of your then current base salary for a period of Twelve (12) months, contingent on the parties' execution of a Separation Agreement. In addition, Shark.Ninja shall pay the same portion of the premiums for continuation of medical and dental benefits for you under COBRA as it pays for active employees until the earlier of the end of the Twelve (12) month salary continuation period or the date that you commence other employment that offers group medical plan coverage. Your portion of the premiums may be withheld from the severance pay. If such payments of premiums at such time constitute taxable income to you, SharkNinja may make payments in an equivalent amount as additional severance pay rather than as premium payments. The severance payments will commence within 60 days after the date of employment termination; provided that (i) if the 60-day period begins in one calendar year and ends in a second calendar year, the severance payments will commence in the second calendar year no later than the last day of such 60-day period and (ii) the first payment will include a catch-up payment to cover amounts retroactive to the day immediately following the date of termination. Each installment of severance pay is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). For the avoidance of doubt, you will not be entitled to any Annual Bonus or Supplemental Bonus for the Fiscal Year in which the Qualifying Termination occurs.

"Disability" means a condition or disability such that you are unable to perform the essential functions of your position with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month period.

"Just Cause" means any one of: (i) your conviction or entering a guilty plea or a plea of no contest with respect to a felony either in connection with the performance of your obligations to the Company or which otherwise shall adversely affect your ability to perform such obligations or shall materially adversely affect the business activities, reputation, goodwill or image of the Company; (ii) your commission of an act that involves fraud, theft, conversion, misappropriation or embezzlement; (iii) any willful and continued failure or refusal by you to substantially perform the material duties and responsibilities of your position under this offer letter (other than such a failure as a result of Disability); (iv) your gross negligence, willful misconduct (including without limitation, fraud, embezzlement or misappropriation), or willful malfeasance in connection with your employment; or (v) your willful material violation of any material written SharkNinja policy which Shark.Ninja reasonably believes has a material detrimental effect on the Company or creates material risks for the Company. Notwithstanding anything to the contrary in this paragraph, no act or omission pursuant to clauses (iii) or (v) above will constitute Just Cause for termination unless the Company has first provided you with written notice of the existence of the condition supporting such event within the period not to exceed 90 days after the Company's recognition of the condition and you fail to remedy such condition within 30 days of receiving such written notice.

"Good Reason" means (i) a material diminution in your job responsibilities or a material adverse change in your title or status from those in effect on the date you commence employment with the Company or as enhanced from time to time; (ii) a material reduction of your base salary, target Annual Bonus or target

89 A Street I Needham, MA 02494 I sharkninja.com

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![image_1a.jpg](image_1a.jpg)

Supplemental Bonus, or the failure to pay your base salary, Annual Bonus or Supplemental Bonus when due; (iii) the relocation of your principal place of employment by more than 50 miles from Newton, Massachusetts; or (iv) the failure of SharkNinja to perform any of its material obligations under this agreement or other material agreement relating to your employment. Resignation for Good Reason shall not be deemed to exist unless you provide the Company with written notice of the existence of the condition supporting any of the foregoing events described in this definition within the period not to exceed 90 days after your first initial recognition of the condition and the Company fails to remedy such condition within 30 days of receiving such written notice.

"Qualifying Termination" means (i) a termination of your employment by SharkNinja for any reason other than for Just Cause or (ii) your resignation from SharkNinja for Good Reason. Notwithstanding the foregoing, a termination of your employment due to death or Disability is not a Qualifying Termination.

"Separation Agreement" means an employment separation agreement in a reasonable form proposed by

SharkNinja that includes, among other terms, (i) your general release of claims against SharkNinja and related persons and entities, (ii) SharkNinja's general release of all Claims against you, provided that this shall not include a release of any claims for which you would not be entitled to indemnification under SharkNinja's governing documents, (iii) your agreement not to disparage SharkNinja or any related persons or entities, and (iv) SharkNinja's agreement to direct each of its officers not to disparage you.

For the avoidance of doubt, the above severance benefit is in lieu of, and you will not be eligible to participate in, any benefits under the Company's Severance Plan.

Unless expressly provided for in this offer, all severance, bonuses and other payments to you will be subject to applicable taxes and withholding.

SharkNinja takes confidentiality obligations very seriously, and as such, SharkNinja does not seek the confidential information of any third party. You are prohibited from disclosing to SharkNinja any confidential information of any third party that you have an obligation to protect.

This offer is contingent upon the following compliance items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completion of a satisfactory business reference and background check

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Signed Non-Competition, Confidentiality and Non-Solicitation Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proof of authorization to work in the United States

SharkNinja associates are considered to be "employees at will". At-will employment means that either the associate or the Company may terminate the employment relationship for any reason or for no reason, with or without reason or advance notice. Nothing verbally expressed or written in this offer letter constitutes any type of contract or guarantee of future employment. Your at-will employment status can be changed only by a written contract signed by the General Counsel.

This offer will be active until February 8, 2018. Please print, sign and return this offer letter along with the Consent Form in Relation to Employment Background Checks and Non-Competition, Confidentiality and Non-Solicitation Agreement to me via email at [\*\*\*\*\*]. Should you have any questions, whether prior to or following your acceptance, please feel free to call me at [\*\*\*\*\*].

89 A Street I Needham, MA 02494 I sharkninja.com

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![image_1a.jpg](image_1a.jpg)

We are delighted at the prospect of you joining our team!

Sincerely,

*/s/ Dennis Watson*

Dennis Watson

Executive Recruiter

1 accept the above offer as stated and agree to its terms and conditions.

![image_6.jpg](image_6.jpg)&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;—————————————————————————————————

&nbsp;&nbsp;&nbsp;&nbsp;(Print Full Name)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature)

![image_7.jpg](image_7.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;———————

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Date)

Enclosures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Consent Form in Relation to Employment Background Checks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Non-Competition, Confidentiality and Non-Solicitation Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Benefits Summary

89 A Street I Needham, MA 02494 I sharkninja.com

## Exhibit 10.16

**Exhibit 10.16**

**<u>NONCOMPETITION, CONFIDENTIALITY AND NON-SOLICITATION AGREEMENT</u> <u>(FOR NEW SHARKNINJA EMPLOYEES)</u>**

**This Agreement** is made and entered into as of February 8, 2018, (the "***Effective Date***") by Pedro J. Lopez-Baldrich ("Employee").

**Whereas,** New Euro-Pro Holdings LLC, a Delaware limited liability company ("Holdings"), through its direct and indirect subsidiaries, including SharkNinja Operating LLC, a Delaware limited liability company ***("Operating")*** and SharkNinja Management Company (such subsidiaries together with Holdings, collectively referred to herein as, the***"SharkNinja Companies"*** and each individually as a ***"SharkNinja Company"),*** is in the business of the design, marketing and distribution of floor care or steam cleaning products, garment care products or small kitchen appliances (each line of product or appliances, individually or any combination thereof, the ***"Business");***

**Whereas,** the SharkNinja Companies desire to employ Employee as an at will employee and in consideration for such employment, Employee is voluntarily entering into this Agreement.

**Now Therefore,** for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, including without limitation, Employee's hire and/or continued employment, Employee's access to the SharkNinja Companies' goodwill, customer and client relationships, and/or confidential information, and the covenants and promises of the parties set forth herein, the parties hereto, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. **Noncompetition with the SharkNinja Companies.** Employee and the SharkNinja Companies acknowledge that the SharkNinja Companies at considerable expense have purchased and developed valuable goodwill, going concern value, customer and client relationships and confidential information that are valuable property rights of the SharkNinja Companies and that Employee will have access to and knowledge concerning such rights, which if used other than for the benefit of the SharkNinja Companies could significantly injure the SharkNinja Companies. Accordingly, and in consideration of the mutual promises set forth herein, Employee covenants that during the period beginning on the Effective Date and ending on the first anniversary of the date on which Employee's employment with the SharkNinja Companies is terminated ***("Restrictive Period''),*** Employee shall not, without the prior written consent of the board of managers of Holdings (the***"Board"),*** directly or indirectly, in his individual capacity or on behalf of any other individual, partnership, corporation, limited liability company or any other entity (collectively ***"Person"),*** or in any other capacity, Compete with any of the SharkNinja Companies or any of their successors, assigns or affiliates in the Territory. For purposes of this Agreement, (A) ***"Compete"*** shall mean (i) own, manage, operate, join, control, or participate in the ownership, management, operation or control of, or permit the use of his name by, or work for, or provide consulting, financial or other assistance to, or be connected in any manner with, a business or business activities identical or substantially similar to the Business or any other business engaged in by the SharkNinja Companies during the one-year period preceding the date of Employee's termination in the Territory, or (ii) to assist any Person (whether in a financial, managerial, employment, advisory or other capacity or as a stockholder or owner, or by the provision of information) to engage in the Business within the Territory; and (B)***"Territory"*** shall mean North America and any other country in which the SharkNinja Companies are engaged in business during the one-year period immediately preceding the date of Employee's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Non-solicitation of Customers.** Employee covenants that, during the Restrictive Period, Employee will not, directly or indirectly, solicit, contact or deal with any Restricted Person (as defined herein) for the direct or indirect purpose of providing services or products to such Restricted Person, which services or products are competitive with or similar to one or more services or products provided by the SharkNinja Companies during the Employee's employment with the SharkNinja Companies. As used herein, ***"Restricted Person"*** shall mean (i) any Person (including their successors and assigns) that was a customer or client of any of the SharkNinja Companies during the one-year period ending on the date of termination of Employee's employment with the SharkNinja Companies and with whom Employee either had significant contact with and/or about whom Employee received Confidential Information (as defined below), or (ii) any Person to whom the SharkNinja Companies has made a presentation for the solicitation of business within the 90 days prior to the date of termination of Employee's employment with the SharkNinja Companies and Employee either had significant contact with and/or about whom Employee received Confidential Information (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Non-solicitation of Employees.** Employee covenants that, during the Restrictive Period, Employee will not knowingly, directly or indirectly: (i) employ or retain as an independent contractor, employee or consultant any Person who was employed or retained by any of the SharkNinja Companies during the two-year period ending on the date

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of termination of Employee's employment hereunder, or (ii) solicit such Person to terminate such Person's employment or retention by any of the SharkNinja Companies for the purpose of becoming employed or retained by Employee or any other Person to perform the same or similar services related to the activities that such Person performed for the SharkNinja Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Confidentiality.** Employee acknowledges that his employment with the SharkNinja Companies creates a relationship of confidence and trust with respect to any information of a confidential or secret nature that relates to the SharkNinja Companies' business or any other Person with whom the SharkNinja Companies agrees to hold information of such party in confidence ***("Confidential Information").*** Such Confidential Information includes, but is not limited to, confidential techniques, know-how, financial information, copyrights, patents, trademarks, trade names, slogans, logos, designs, service marks, computer software programs, databases, magnetic media, systems and programs, trade secrets, business lists, customer lists, client lists, supplier lists, employee personnel files, engineering data, logs, consultants' reports, budgets, ratings, forecasts, format strategy, financial reports and projections, tapes and electronic data processing files, accounting journals and ledgers, accounts receivable records and sales, operating, marketing and business plans. Employee stipulates and agrees that such Confidential Information is the sole and exclusive property of the SharkNinja Companies (or such customers, clients, or vendors, as the case may be), that such Confidential Information is confidential and proprietary, and that the unauthorized use or disclosure of such Confidential Information would seriously and irreparably damage the business of the SharkNinja Companies. Employee covenants that at all times during his employment and after the termination of such employment, Employee will keep and hold all Confidential Information in strict confidence and trust, and will not in any fashion, form or manner, either directly or indirectly, use, disclose, divulge or communicate to any Person any Confidential Information without the prior written consent of the Board, except (i) as may be necessary to perform bis duties as an employee of the SharkNinja Companies, and (ii) pursuant to a subpoena or order issued by a court of competent jurisdiction (provided, that Employee shall (a) immediately give the applicable SharkNinja Company notice of the circumstances surrounding such compelled disclosure in order to provide such SharkNinja Company an opportunity to seek an appropriate protective order with respect thereto, and (b) in no event make disclosure before the expiration of the compliance date set forth in the subpoena or other request for production). Employee will abide by the policies and regulations of the SharkNinja Companies, as established from time to time, for the protection of their Confidential Information. Employee acknowledges that all records, files, data, documents and the like relating to suppliers, customers, costs, prices, systems, methods, personnel, technology and other materials relating to the SharkNinja Companies shall be and remain the sole property of the SharkNinja Companies and Employee shall, upon the request of the Board, turn over all such materials and any Confidential Information. "Confidential Information" shall not include any information or material to the extent that such information or material is filed with any governmental agency on a non-confidential basis or is or becomes generally available to the public other than as a result of a wrongful disclosure by (x) a person otherwise bound to the provisions hereof, or (y) any person bound by a duty of confidentiality or similar duty owed to the SharkNinja Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Inventions and Patents.** Employee acknowledges that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) which relate to the SharkNinja Companies' actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by Employee while employed by the SharkNinja Companies ***("Work Product")*** are hereby assigned to and belong to the SharkNinja Companies. Employee shall promptly disclose such Work Product to the Board and perform all actions reasonably requested by the Board (whether during or after the term of this Agreement) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Consideration; Acknowledgements.** Employee agrees and acknowledges that the covenants contained herein are provided in connection with his employment and in connection with Employee's access to the SharkNinja Companies' goodwill, customer and client relationships, and/or confidential information. Employee acknowledges that the consideration received by Employee as set forth in the preceding sentence is of direct and material benefit to Employee and is good and adequate consideration for the covenants given herein. Employee acknowledges the reasonableness of the scope of the terms and covenants set forth in this Agreement, including the definitions of Compete and Business, the geographic scope of Territory and the duration of the Restrictive Period, and agrees that he will not, in any action, suit or other proceeding, deny the reasonableness of, or assert the unreasonableness of, the premises, consideration or scope of the covenants set forth herein. Employee further acknowledges that complying with the provisions contained in this Agreement will not preclude him from engaging in a lawful profession, trade or business, or from becoming gainfully employed in such a way as to provide a standard of living for himself, the members of his family, and those dependent upon his or the sort and fashion to which he and they have become accustomed and may expect. Employee acknowledges and understands that Employee is employed at the will of the SharkNinja Company that employs Employee, and that Employee's employment may be terminated by the SharkNinja Company that employs Employee for any reason permitted by state and federal law. Employee agrees that, prior to departure from employment, Employee shall submit to

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a termination interview to review Employee's obligations under the terms of this Agreement. During the termination interview, Employee shall return to the applicable SharkNinja Company all of such SharkNinja Company's property in working condition (keys, badges, laptops, cellular telephones, cars, etc.) used by Employee in the performance of the services, and all Confidential Information, whether in print or electronic form, in the control, custody or possession of Employee or Employee's agents or representatives. Employee agrees that during Employee's employment and for twelve (12) months after my employment ends for whatever reason, Employee will provide a copy of this Agreement to any prospective or future employer(s). Employee further agrees that the SharkNinja Companies may provide a copy of this Agreement to Employee's prospective or future employer(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Notice.** For purposes of this Agreement, all communications including, without limitation, notices, consents, requests or approvals provided for herein shall be in writing and shall be deemed to have been duly given upon actual receipt when personally delivered, delivered by overnight courier or by registered mail or certified mail, return receipt requested, postage prepaid, addressed to Holdings (to the attention of the Board) at its principal executive office or to Employee at the residence address set forth below, or to such other address as may have been furnished to the other party in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Validity; Severability.** The covenants set forth in this Agreement are and shall be deemed and construed as separate and independent covenants. It is not the intent of any party hereto to violate any public policy of any jurisdiction in which this Agreement may be enforced. If any term or covenant of this Agreement, or the application thereof to any person or circumstance, shall to any extent be held invalid or unenforceable by a court of competent jurisdiction because its duration and/or the restricted activities and/or other features or characteristics are invalid or unreasonable in scope, (i) each such term or covenant of this Agreement shall be valid and be enforced to the fullest extent permitted by law and shall be reformed to the extent (and only to the extent) necessary to make it valid and legally enforceable, taking into consideration the reasonable concerns and needs of the business interests of the SharkNinja Companies such that the interests of the SharkNinja Companies will not be impaired, provided, that such invalid or unenforceable term, covenant, condition or provision shall be curtailed or eliminated only to the extent necessary to remove such invalidity or unenforceability with respect to the applicable law as it shall then be applied, and (ii) the remainder of this Agreement or the application of such term, covenant, condition or provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby. This Agreement shall remain in full force and effect throughout Employee's entire employment, regardless of any change in Employee's employment relationship with the SharkNinja Companies, whether through promotions, demotions, transfers, changes in compensation, changes in benefits, changes in job duties, changes in responsibilities, changes in title, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**Remedies.** The restrictions contained in this Agreement are considered by the parties hereto to be fair and reasonable and necessary for the protection of the legitimate business interests of the SharkNinja Companies. It is recognized that damages in the event of breach of the provisions of this Agreement by Employee would be difficult to ascertain, and it is therefore agreed that the SharkNinja Companies shall have the right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach. The existence of this right shall not preclude any other rights and remedies at law or in equity which the SharkNinja Companies may have. Any violation, breach or threatened breach of the restrictions contained in this Agreement shall automatically toll and suspend the Restrictive Period for the amount of time that the such violation, breach or threatened breach continues. If the SharkNinja Companies file suit to enforce, enjoin the enforcement, interpret or determine the scope of the covenants contained herein, and prevail in such suit, the SharkNinja Companies shall be entitled to recover, in addition to all other damages or remedies provided for herein, its costs incurred in prosecuting or defending said suit, including reasonable attorneys' fees. Additionally, in the event of a breach, violation or threatened breach by Employee of any of the respective covenants and agreements contained in this Agreement, the SharkNinja Companies shall be excused from making any further payments to Employee pursuant to any provision of any agreement, contract or arrangement between any of the SharkNinja Companies and Employee until Employee shall cease violating, breaching, threatening breach of his respective covenants and agreements contained in this Agreement, and the SharkNinja Companies shall have received reasonable assurances from Employee that he will no longer engage in the same, at which time the previously suspended payments shall be made to Employee, which amounts shall be reduced by the damages suffered by the SharkNinja Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Absence of Conflicting Agreements and Obligations.** The Employee represents and warrants that he is not a party to or bound by any other agreement or understanding of any type, whether written or oral, or by any statutory or common law duty or obligation which, in any case, would in any way restrict his ability to be employed by the SharkNinja Companies, or his ability to compete freely with other Persons in connection with the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**No Waiver.** The failure by either party at any time to require performance or compliance by the other of any of its obligations or agreements shall in no way affect the right to require such performance or compliance at any time thereafter. The waiver by either party of a breach of any provision hereof shall not be taken or held to be a waiver of

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any preceding or succeeding breach of such provision or as a waiver of the provision itself. No waiver of any kind shall be effective or binding, unless it is in writing and is signed by the party against whom such waiver is sought to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**Assignment.** This Agreement and all rights hereunder are personal to Employee and may not be transferred or assigned by Employee at any time. Holdings may assign its rights, together with its obligations hereunder, to any parent, subsidiary, affiliate or successor, or in connection with any sale, transfer or other disposition of all or substantially all of its business and assets, provided, however, that any such assignee assumes Holdings' obligations hereunder, and Employee irrevocably consents to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**Amendment.** This Agreement may be amended, modified, superseded, canceled, renewed or extended only by an agreement in writing executed by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**Entire Agreement.** This Agreement (and the agreements referred to herein) supersedes any other agreements, oral or written, and contains all of the agreements and understandings between the parties with respect to the subject matter hereof. Any waiver or modification of any term of this Agreement shall be effective only if set forth in a writing signed by both parties hereto. The parties expressly acknowledge and agree that the terms and conditions of this Agreement shall survive termination of Employee's employment with the SharkNinja Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**Governing Law; Consent to Jurisdiction.** This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts without giving effect to the principles of conflict of laws. Employee consents to the exclusive personal jurisdiction of the courts of the Commonwealth of Massachusetts (including the Federal Courts sitting in the Commonwealth of Massachusetts) with respect to all matters arising out of or related to this Agreement.

**IN WITNESS WHEREOF,** the Employee has caused this Agreement to be duly executed, effective as of the date first above written.

**EMPLOYEE**

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|:---|:---|
| By: | /s/ Pedro J. Lopez-Baldrich |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Pedro J. Lopez-Baldrich&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Feb. 8, 2018

## Exhibit 10.17

**Exhibit 10.17**

**EMPLOYMENT AGREEMENT**

This Employment Agreement (this "<u>Agreement</u>") is entered into as of the 27th day of July, 2017 by and between Neil Shah (the "<u>Executive</u>") and SharkNinja Sales Company, a Delaware corporation (the "<u>Company</u>"; the Executive and the Company are collectively referred to as the "<u>Parties</u>"). This Agreement shall, subject to the satisfaction of the purchase accounting contingency set forth in Section 2(c), be effective upon the closing of the transactions contemplated by the Purchase Agreement (as defined below) (the "<u>Effective Date</u>").

**RECITALS**

**WHEREAS**, reference is hereby made to that certain Membership Interest Purchase Agreement entered into as of July 27, 2017, by and among New Euro-Pro Holdings LLC, a Delaware limited liability company, Euro-Pro Holdco, LLC, a Delaware limited liability company and indirect parent of the Company, and Global Appliance, Inc., a Delaware corporation (the "Purchase Agreement");

**WHEREAS**, the Company desires to employ the Executive and the Executive desires to be employed by the Company on the terms contained herein; and

**WHEREAS**, if the transactions contemplated by the Purchase Agreement are not consummated, this Agreement shall be void ab initio.

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Term</u>. The Company hereby employs the Executive, and the Executive hereby accepts such employment, on the terms set forth herein. This Agreement shall be effective commencing as of the Effective Date and continuing until terminated in accordance with the provisions of Section 3 (the "<u>Term</u>"). This Agreement shall terminate upon (i) any termination of the Purchase Agreement in accordance with its terms and (ii) the consummation of the transactions contemplated by the Purchase Agreement if the purchase accounting contingency set forth in the last paragraph of Section 2(c) has not been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Position and Duties</u>. During the Term, the Executive shall serve as Executive Vice President, Global Sales of the Company and SharkNinja Operating LLC ("<u>SharkNinja Operating</u>") and shall have such powers and duties as may from time to time be prescribed by the President of SharkNinja Operating or any other individual designated by the Chief Executive Officer (the "<u>Global CEO</u>") appointed by the Board of Directors of Compass Cayman SPY Limited (the "<u>Board</u>")) within the authority as designed by the Global CEO, provided that such powers and duties are consistent with the Executive's position, or other positions that the Executive may hold from time to time.

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Nothing in this Agreement shall preclude the Executive from (i) serving on other boards of directors or engaging in civic, religious, charitable or other community activities, (ii) devoting a reasonable amount of time to private investment activities, and (iii) providing incidental assistance to family members on matters of family business and in times of family emergencies, as long as such services and activities do not materially interfere with the Executive's obligations or performance of Executive's duties to the Company as provided in this Agreement; and provided further that prior to Executive serving on a board of directors for a for-profit entity which may impact Executive's working time, Executive must obtain prior approval from the Board. Executive shall perform his duties at and from the Boston, Massachusetts metropolitan area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation and Related Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Base Salary</u>. During the Term, the Executive's initial annual base salary shall be Four Hundred Eighty Thousand Dollars ($480,000). The base salary shall be evaluated periodically and subject to increase by the Board or the Compensation Committee of the Board (the "<u>Compensation Committee</u>"). The base salary in effect at any given time is referred to herein as "<u>Base Salary</u>." The Base Salary shall be payable in a manner that is consistent with the Company's usual payroll practices for senior executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Incentive Compensation</u>. During the Term, the Executive shall be eligible to receive annual cash incentive compensation (the "<u>Annual Bonus</u>"). The Executive's target Annual Bonus shall be 100% of Executive's Base Salary. Achievement of the Annual Bonus shall be based upon performance metrics as reasonably determined by the Board or the Compensation Committee, in consultation with the Executive, and which metrics shall be provided to the Executive in writing at or prior to the commencement of the applicable fiscal year; provided that (i) 50% of the target Annual Bonus shall be comprised of Cayman (as defined below) and its direct and indirect subsidiaries' financial objective performance metrics (the "<u>Target Company Performance Bonus</u>"), which will range in payout from 70%-110% of the Target Company Performance Bonus, based upon actual financial objective results; and (ii) 50% of the target Annual Bonus shall be comprised of the Executive's overall performance and accomplishment of individual goals and objectives (the "<u>Target Individual Performance Bonus</u>"), which will range in payout from 0%-110% of the Target Individual Performance Bonus. To earn the Annual Bonus, the Executive must be employed by the Company on the last day of the fiscal year to which the Annual Bonus relates, except as set forth in Section 4(a). Notwithstanding the foregoing, for the current fiscal year ending no later than March 31, 2018 ("<u>FY2018</u>") the Executive shall be eligible for an Annual Bonus in accordance with the terms and conditions of a bonus plan established by the Board or the Compensation Committee in consultation with the Executive as of the Effective Date ("<u>FY 2018 Annual Bonus</u>"), provided that such FY2018 Annual Bonus shall be pro-rated based on the number of days between the Effective Date and the end of FY2018. To earn the FY2018 Annual Bonus, the Executive must be employed by the Company on the last day ofFY2018, except as set forth in Section 4(a). Each Annual Bonus shall be paid to the Executive no later than sixty (60) days following the end of the fiscal year to which such Annual Bonus relates. This Section 4(b) replaces and supersedes Executive's rights under all other annual bonus plans maintained by the Company

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(for the avoidance of doubt this does not replace or supersede Executive's rights to the Long Term Incentive Plan addressed in Section 2(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Long Term Incentive Plan</u>. The Executive shall participate in the Company's Long Term Incentive Plan ("LTIP"). Pursuant to the LTIP, the Executive shall be eligible to receive a cash bonus payment in an amount equal to $2.0 million (the "<u>First LTIP Payment</u>") on December 31, 2019 (the "<u>First LTIP Measurement Date</u>") and a cash bonus payment in an amount equal to $3.0 million (the "<u>Second LTIP Payment</u>") on December 31, 2021 (the "<u>Second LTIP Measurement Date</u>"), provided in each case that the Company achieves the performance metrics set forth below and the Executive remains continuously employed by the Company through the applicable LTIP Measurement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The First LTIP Payment shall be earned upon the attainment by Cayman Compass SPV, Ltd. ("Cayman"), the Company's indirect parent entity, of calendar year 2019 net profit of $91,000,000 and calendar year 2019 net sales of $1,750,000,000 on a consolidated basis (measured on the First LTIP Measurement Date) (the "First LTIP Performance Criteria") provided the Executive remains continuously employed by the Company through December 31, 2019. If one or both of the First LTIP Performance Criteria are not satisfied in full on the First LTIP Measurement Date, the Executive may earn a percentage of the First LTIP Payment as follows based on the First LTIP Attainment Percentage (as defined below):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| First LTIP Attainment Percentage: | Percentage of First LTIP Payment Earned: |
| <90% | 0% |
| 90% | 80% |
| 100% | 100% |

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If the First LTIP Attainment Percentage is greater than 90% but less than 100%, then the Percentage of First LTIP Payment earned shall be determined by linear interpolation. The First LTIP Attainment Percentage shall be the percentage obtained by adding (i) (x) Cayman's 2019 net profit, divided by (y) $91,000,000, multiplied by (z) 75%, and (ii) (x) Cayman's 2019 net sales, divided by (y) $1,750,000,000 multiplied by (z) 25%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Second LTIP Payment shall be earned upon Cayman's attainment of calendar year 2021 net profit of $128,000,000 and calendar year 2021 net sales of $2,100,000,000 on a consolidated basis (measured on the Second LTIP Measurement Date) (the "Second LTIP Performance Criteria") provided the Executive remains continuously employed by the Company through December 31, 2021. If one or both of the Second LTIP Performance Criteria are not satisfied in full on the Second LTIP Measurement Date, the Executive may earn a percentage of the Second

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&nbsp;&nbsp;&nbsp;&nbsp;

LTIP Payment as follows based on the Second LTIP Attainment Percentage (as defined below):

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| | |
|:---|:---|
| Second LTIP Attainment Percentage: | Percentage of Second LTIP Payment Earned: |
| <90% | 0% |
| 90% | 80% |
| 100% | 100% |

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If the Second LTIP Attainment Percentage is greater than 90% but less than 100%, then the Percentage of Second LTIP Payment earned shall be determined by linear interpolation. The Second LTIP Attainment Percentage shall be the percentage obtained by adding (i) (x) Cayman's 2021 net profit, divided by (y) $128,000,000, multiplied by (z) 75%, and (ii) (x) Cayman's 2021 net sales, divided by (y) $2,100,000,000, multiplied by (z) 25%.

Any LTIP payments earned shall be paid to the Executive no later than the later of (i) seventy-five (75) days following the end of the LTIP Measurement Period to which such LTIP payment relates, or (ii) as soon as administratively practicable following the issuance to Cayman of the audited financial statements for the fiscal year to which such LTIP payment relates.

The Effective Date of this Agreement shall be contingent on Buyer, Seller (as such terms are defined in the Purchase Agreement) and Executive reaching an agreement (which may be incorporated as an amendment to this Agreement or a separate document) regarding the extent to which the above 2019 and 2021 net profit and net sales targets should be adjusted to reflect the impact of purchase accounting and amortization of any intangible assets resulting from the transaction contemplated by the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Employee Benefits</u>. During the Term, the Executive will be entitled to participate in the Company's employee benefit plans and programs in effect from time to time for senior executives, subject to the terms of such plans and programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>. The Executive shall be entitled to receive prompt reimbursement for all reasonable and documented out-of-pocket business expenses incurred by the Executive during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Car Allowance</u>. The Company shall continue to provide the Executive with the same leased car for the remainder of the current lease period, and subsequently shall provide the Executive with an auto allowance of $2,500 per month, or alternatively with a leased car of the same or greater value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Paid Time Off</u>. During the Term, the Executive shall be entitled to a flexible vacation schedule, with up to four weeks of vacation in each calendar year; provided that commencing on January 1, 2019, the Executive shall be entitled to take up to five weeks of vacation in each calendar year, contingent on satisfactory performance as determined by the Company's President. During the Term, the Executive shall also be entitled to sick time and all paid holidays given by the Company to its executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. During the Term, the Executive's employment hereunder may be terminated without any breach of this Agreement under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Death</u>. The Executive's employment hereunder shall terminate upon the Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disability</u>. The Company may terminate the Executive's employment upon thirty (30) days' prior written notice to Executive if the Executive is disabled and unable to perform the essential functions of the Executive's then existing position or positions under this Agreement with or without reasonable accommodation for a period of ninety (90) consecutive days or one hundred eighty (180) days (which need not be consecutive) in any twelve (12)-month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive's then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a medical examination by a physician selected by the Company to whom the Executive or the Executive's guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and the determination by such physician shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such examination including without limitation authorizing the physician to release his or her written findings to the Board regarding whether the Executive is disabled within the meaning of this paragraph. If such question shall arise and the Executive shall fail to submit to such examination, the Company's determination of such issue shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive's rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination by Company for Cause</u>. The Company may terminate the Executive's employment hereunder for Cause. For purposes of this Agreement, "<u>Cause</u>" shall mean: (i) the Executive's gross negligence or willful misconduct (including, without limitation, fraud, embezzlement, or the misappropriation of funds or property of the Company), or willful malfeasance in connection with the performance of the Executive's duties; (ii) the conviction by the Executive of, or plea of nolo contendere to, any felony or a misdemeanor involving theft, embezzlement, fraud or dishonesty; (iii) the Executive's willful failure or refusal to perform his duties under this Agreement or to obey the lawful directives of the Board (in each case other than by physical or mental illness, incapacity or disability), which has continued for more than seven (7) days following written notice of such non-performance from the Board; (iv) the Executive's willful violation of any of the Company's written policies, including without limitation, relating to equal employment opportunity, discrimination, harassment, or retaliation;

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(v) the Executive's working under the influence of illegal drugs or alcohol, except, in the case of alcohol, for industry-related social events and client development; and (vi) Executive's material breach of Section 7, 8 or 9 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination Without Cause</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may terminate the Executive's employment hereunder at any time without Cause, upon thirty (30) days' prior written notice to Executive. Any termination by the Company of the Executive's employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination by the Executive</u>. The Executive may terminate his employment hereunder at any time for any reason, including but not limited to Good Reason. For purposes of this Agreement, "<u>Good Reason</u>" shall mean that the Executive has complied with the "Good Reason Process" (hereinafter defined) following the occurrence of any of the following events, without the Executive's prior written consent: (i) a material diminution in the Executive's Base Salary or Annual Bonus except for across-the-board reductions based on financial performance similarly affecting all or substantially all senior management employees of the Company; (ii) a material diminution in the Executive's title, duties, responsibilities or authority; (iii) a change in the geographic location at which the Executive provides services to a location outside of the Boston, Massachusetts metropolitan area; or (iv) the material breach of this Agreement by the Company (each a "<u>Good Reason Condition</u>"). "<u>Good Reason Process</u>" shall mean that (A) the Executive notifies the Company in writing in reasonable detail of the first occurrence of the Good Reason Condition within sixty (60) days of the first occurrence of such Good Reason Condition; (B) the Executive cooperates in good faith with the Company's efforts, for a period not less than thirty (30) days following such notice (the "<u>Cure Period</u>"), to remedy the condition; (C) notwithstanding such efforts, the Good Reason Condition continues to exist; and (D) the Executive terminates his employment within sixty (60) days after the end of the Cure Period. If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Termination</u>. Except for termination as specified in Section 3(a), any termination of the Executive's employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other Party hereto. For purposes of this Agreement, a "<u>Notice of Termination</u>" shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Date of Termination</u>. "<u>Date of Termination</u>" shall mean: (i) if the Executive's employment is terminated by his death, the date of his death; (ii) if the Executive's employment is terminated on account of the Executive's disability under Section 3(b) thirty (30) days after the date on which a Notice of Termination is given; (iii) if the Executive's employment is terminated by the Company under Section 3(d), the last date of employment as referenced in the Notice of Termination, which date shall be not less than thirty (30) days after the date of the Notice of Termination; (iv) if the Executive's employment is terminated by the Executive under Section 3(e) without Good Reason or by the Company for Cause under Section 3(c),, the last date of employment as referenced in the Notice of Termination; and (v) if

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&nbsp;&nbsp;&nbsp;&nbsp;

the Executive's employment is terminated by the Executive under Section 3(e) with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Generally</u>. If the Executive's employment with the Company is terminated for any reason, the Company shall pay or provide to the Executive (or to his executor, administrator, trustee or personal representative) (i) any Base Salary earned through the Date of Termination and unpaid expense reimbursements (subject to, and in accordance with, Section 2(e) of this Agreement); (ii) any Annual Bonus earned for the fiscal year ending prior to the Date of Termination to the extent not previously paid, unless the Executive is terminated for Cause, in which case the Annual Bonus will be forfeited; (iii) any accrued but unused vacation; and (iv) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the "<u>Accrued Benefit</u>"). In the event of death, disability, termination without Cause or termination by the Executive for Good Reason as set forth under Sections 3(a), (b), (d) or (e), the Executive (or executive's executor, administrator, trustee or personal representative), shall also remain entitled to a pro-rated Annual Bonus, based on the full fiscal year financial results in which the Date of Termination occurred, based on actual performance to the date of termination, which shall be paid at the time and in the manner described in Section 2(6) and notwithstanding the fact that the Executive is not employed by the Company on the last day of the fiscal year or payment due date to which the Annual Bonus relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination by the Company without Cause or by the Executive with Good Reason</u>. During the Term, if the Executive's employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive his Accrued Benefit and pro-rata Annual Bonus. In addition, subject to the Executive signing a separation and general release agreement in a form and manner reasonably satisfactory to the Company and the Executive (the "<u>Separation and General Release Agreement</u>"), the Separation and General Release Agreement becoming irrevocable and fully effective, all within sixty (60) days after the Date of Termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;If the Date of Termination ends on or prior to the First LTIP Measurement Date, the Company shall pay the Executive the greater of (x) the pro-rata portion of the First LTIP Payment, based on the number of days from the Effective Date through the Date of Termination and assuming a First LTIP Attainment Percentage of 100% (the "<u>First Pro-Rata LTIP Severance Payment</u>"); and (y) an amount equal to one times the sum of (A) the Executive's then current Base Salary and (B) the Executive's target Annual Bonus (in each case, prior to any reduction in target Annual Bonus triggering a resignation for Good Reason, if applicable) (such amount, the "<u>Standard Severance Payment"</u>). If the Executive's employment ends after the First LTIP Measurement Date but prior to the Second LTIP Measurement Date, the Company shall pay the Executive the greater of (x) a pro-rata portion of the Second LTIP Payment, based on the number of days from January I, 2019 through the Date of Termination and assuming a Second LTIP Attainment Percentage of I 00% (the "<u>Second Pro-Rata LTIP</u> 

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&nbsp;&nbsp;&nbsp;&nbsp;

<u>Severance Payment</u>"); and (y) the Standard Severance Payment. For the avoidance of doubt, each of the First Pro-Rata LTIP Severance Payment and Second Pro-Rata LTIP Severance Payment shall be calculated assuming the First LTIP Performance Criteria or

Second LTIP Performance Criteria, as applicable, are fully satisfied). If the Executive's employment ends after the Second LTIP Measurement Date, the Company shall pay the Executive the Standard Severance Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;If the Executive was participating in the Company's group health plan immediately prior to the Date of Termination and timely elects continued group health coverage pursuant to COBRA, then the Company shall pay to the Executive an amount equal to twelve times the Executive's monthly COBRA premium for the Executive and the Executive's dependents (the "<u>COBRA Benefit</u>"). For the avoidance of doubt, even if the First Pro-Rata LTIP Severance Payment or Second Pro-Rata LTIP Severance Payment (as applicable) is greater than the Standard Severance Payment, the Executive shall continue to be eligible for the COBRA Benefit, consistent with the terms of this Section 4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The amounts payable under this Section 4(b)(i) and (ii) shall be paid out in a lump sum in accordance with the Company's payroll practice within sixty (60) days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such amounts shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section l.409A-2(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive's separation from service within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), the Company reasonably determines that the Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive's separation from service would be considered deferred compensation otherwise subject to the twenty percent (20%) additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive's separation from service, or (B) the Executive's death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any payment or benefit described in this Agreement constitutes "non-qualified deferred compensation" under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive's termination of employment, then such payments or benefits shall be payable only upon the Executive's "separation from service." The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-l(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section l.409A-2(b)(2). The Parties agree that this Agreement may be amended, as reasonably requested by either Party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>280G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company or any of its affiliates to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code and the applicable regulations thereunder (the "<u>Aggregate Payments</u>"), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments payable hereunder shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive receiving a higher After

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Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 5(b), the "After Tax Amount" means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive's receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 6 shall be made by a nationally recognized accounting firm selected by the Company (the "Accounting Firm"), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nondisclosure/Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidential Information</u>. As used in this Agreement, "<u>Confidential Information</u>" shall mean any and all non-public knowledge, data or information relating to the business of the Company or any of its subsidiaries (together, the "<u>Protected Parties</u>" and each of them, a "<u>Protected Party</u>") whether or not patentable, copyrightable or protectable as trade secrets. Confidential Information includes, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;non-public information relating to the business, products, affairs and finances of any of the Protected Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;non-public information relating to the manufacture, production, distribution, marketing, or sale of any product sold by any of the Protected Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;technical data and know-how relating to the business of any of the Protected Parties;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;non-public information relating to technology, marketing and business plans or strategies of any of the Protected Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;non-public management accounting or other similar financial information that would typically be included in the financial statements of any of the Protected Parties, including without limitation, the amount of the assets, liabilities, net worth, revenues or net income of any of the Protected Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;non-public information relating to legal and professional dealings, equity structure, real property, tangible property, finances, business, and investment activities, and other personal affairs of any of the Protected Parties; and

Notwithstanding the foregoing, Confidential Information does not include information that (1) is or becomes available in the public domain other than as a result of a breach of the Executive's duties under Section 7(b); (2) becomes available to the Executive on a non-confidential basis from a source other than the Company, provided, that such source is not known by the Executive, after reasonable inquiry, to be bound by a confidentiality agreement with the Company; or (3) is generally known in the industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. The Executive understands and agrees that the Executive's employment with the Company will create a relationship of confidence and trust between the Executive and the Company with respect to all Confidential Information. At all times, both during the Executive's employment with the Company and after his termination of employment, the Executive will keep in confidence and trust all such Confidential Information, and will not use or disclose any such Confidential Information without the written consent of the Company, except as may be necessary in the ordinary course of performing the Executive's duties to the Company, or as may be required by applicable law. For the avoidance of doubt, the Executive understands that nothing in this Agreement prohibits Executive from reporting possible violations of law or regulation to an appropriate governmental agency or entity and that pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Company Property</u>. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information, which are furnished to the Executive by the Company or any other Protected Party or are produced by the Executive in connection with the Executive's employment will be and remain the sole property of the Company. The Executive will return to the Company all such materials and property as and when requested by the Company. In any event, the Executive will return all such materials and property immediately upon termination of the Executive's employment for any reason. The Executive will not retain any such material or property or any copies thereof after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Work Product</u>. As used in this Agreement, the term "Work Product" means all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos and all similar or related information (whether patentable or unpatentable, copyrightable, registerable as a trademark, reduced to writing, or otherwise), or any part thereof, which relates to the Company's actual or anticipated business, research and development or existing or future products or services and which are or were conceived, developed or made by the Executive (whether or not during usual business hours, whether or not by the use of the facilities of the Company and whether or not alone or in conjunction with any other person) while employed by the Company together with all patent applications, letters patent, trademark, trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. All Work Product that the Executive may discover, invent or originate during the Term shall be the exclusive property of the Company, as applicable, and the Executive hereby assigns all of the Executive's right, title and interest in and to such Work Product to the Company, including all intellectual property rights therein. The Executive shall promptly disclose all Work Product to the Company, shall execute at the request of the Company any assignments or other documents the Company may deem necessary to protect or perfect its rights therein, and shall assist the Company, at the Company's expense, in obtaining, defending and enforcing the Company's rights therein. The Executive hereby appoints the Company as his attorney-in-fact to execute on his behalf any assignments or other documents deemed necessary by the Company to protect or perfect the Company's rights to any Work Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Third-Party Agreements and Rights</u>. The Executive represents to the Company that the Executive's execution of this Agreement, the Executive's employment with the Company and the performance of the Executive's duties for the Company as contemplated under this Agreement will not violate any obligations the Executive may have to any other party. In the Executive's work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Competition; Non-Solicitation</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;During the Executive's employment with the Company and continuing through twelve (12) months after the Date of Termination (the "<u>Restricted Period</u>"), without written permission of the Board, the Executive shall not, directly or indirectly, engage in, own, have any financial interest in, manage or operate anywhere in the territories in which the Company or any of its Subsidiaries operate as of the Date of Termination (the "<u>Territory</u>"), a business which materially competes with the business conducted by the Company and its subsidiaries as of the date of this Agreement, except that the ownership of less than five percent (5%) of the outstanding voting stock of a publicly traded corporation (or any investment activities conducted by a mutual fund, investment vehicle or other entity over which the Seller does not exercise a controlling interest or exercise control of investment decisions) which would otherwise be restricted by the foregoing shall be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;During the Restricted Period the Executive shall not, directly or indirectly, solicit for employment any of the Company's employees for so long as such employee remains employed with the Company or any of its subsidiaries, or request, knowingly induce or advise any employee to leave the employ of the Company or any of its subsidiaries, without the prior written consent of the Company. For the purposes of this <u>Section 9(b)</u> a general offer of employment to the public or by general media advertising shall not be deemed prohibited hereunder as long as not specifically directed at the Company's employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Arbitration</u>. Subject to the Company's equitable remedies reserved under Section 11 hereof, the Executive and the Company shall submit to mandatory binding arbitration in any controversy or claim arising out of, or relating to, this Agreement or any breach hereof. Such arbitration shall be conducted in Boston, Massachusetts in accordance with the employment arbitration rules of the American Arbitration Association in effect at the time such arbitration is conducted, and judgment upon the determination or award rendered by the arbitrator may be entered in any court having jurisdiction hereof. The Company shall pay the fees of the arbitrator, and each party shall be responsible for paying their own attorney's fees and costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. The Executive acknowledges that the restrictions contained in this Agreement are reasonable and necessary to protect the Company's legitimate business interests and that any violation of the provisions contained herein would result in irreparable injury to the Company and that monetary damages may not be sufficient to compensate the Company for any economic loss which may be incurred by reason of breach of the restrictions contained herein. In the event of a breach or a threatened breach by the Executive of any provision contained herein, the Company shall be entitled to a temporary restraining order and injunctive relief restraining the Executive from the commission of any breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u>. All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Enforceability</u>. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and

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&nbsp;&nbsp;&nbsp;&nbsp;

each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive's employment to the extent necessary to effectuate the terms contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver</u>. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving Party. The failure of any Party to require the performance of any term or obligation of this Agreement, or the waiver by any Party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board, with a copy to Goodwin Procter LLP, 100 Northern Avenue, Boston, MA 02210, attention Robert P. Whalen Jr.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment</u>. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This is a Massachusetts contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successor to Company</u>. This Agreement shall inure to the benefit of and be enforceable by and binding upon any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Recitals</u>. The recitals set forth above are expressly incorporated into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Integration</u>. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior written or oral agreements between the Parties concerning such subject matter, including the offer letter dated September 6, 2007 and promotion letter dated November 10, 2008, in each case as amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.

[*Remainder of Page Left Intentionally Blank*]

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IN WITNESS WHEREOF, the Parties have executed this Agreement effective on the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;**SHARKNINJA SALES COMPANY**

Dated: ____________________&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| By: | /s/ Brian J. Lagarto |

---

&nbsp;&nbsp;&nbsp;&nbsp;Name: Brian J. Lagarto

&nbsp;&nbsp;&nbsp;&nbsp;Title: EVP/CFO

Dated:_____________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_________________________________

**NEIL SHAH**

[*Signature Page to Neil Shah Employment Agreement*]

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&nbsp;&nbsp;&nbsp;&nbsp;

IN WITNESS WHEREOF, the Parties have executed this Agreement effective on the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;**SHARKNINJA SALES COMPANY**

Dated: ____________________&nbsp;&nbsp;&nbsp;&nbsp;By: _____________________________

&nbsp;&nbsp;&nbsp;&nbsp;Name:

&nbsp;&nbsp;&nbsp;&nbsp;Title:

Dated:_____________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

/s/ Neil Shah

**NEIL SHAH**

## Exhibit 10.18

**Exhibit 10.18**

**AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT**

This Amendment No. 1 (this "Amendment") to the Employment Agreement (as defined below) is entered into as of September 29, 2017, between SharkNinja Management Company, a Delaware corporation (the "Corporation"), and Neil Shah (the "Executive").

WHEREAS, the Corporation and the Executive are parties to that certain Employment Agreement, dated as of July 27, 2017 (the "Employment Agreement"); and

WHEREAS, the Corporation and the Executive desire to amend certain provisions of the Employment Agreement as set forth in this Amendment.

NOW, THEREFORE, in consideration of the promises and the terms and conditions set forth in this Amendment, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The last sentence of the preamble is hereby amended by deleting ", subject to the satisfaction of the purchase accounting contingency set forth in Section 2(c),".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Section 2(c) is amended by replacing $91,000,000 with $80,000,000 each place it appears and replacing $128,000,000 with $117,000,000 each place it appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Section 2(c) is amended by deleting its last paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;This Amendment shall be binding upon, and inure to the benefit of, the successors, permitted assigns and/or personal representatives of the respective parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;This Amendment may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which, taken together, constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without giving effect to the principles of conflict of laws.

[*Signature Page to Follow*]

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IN WITNESS WHEREOF, each party to this Amendment has caused it to be executed as of the date first set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;**SHARKNINJA MANAGEMENT COMPANY**

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| By: | /s/ Mark Barrocas |

---

&nbsp;&nbsp;&nbsp;&nbsp;Name: Mark Barrocas

&nbsp;&nbsp;&nbsp;&nbsp;Title: President

&nbsp;&nbsp;&nbsp;&nbsp;**EXECUTIVE**

&nbsp;&nbsp;&nbsp;&nbsp;

/s/ Neil Shah

&nbsp;&nbsp;&nbsp;&nbsp;Neil Shah

[*Signature Page to Amendment No. 1*]

## Exhibit 10.19

**Exhibit 10.19**

![image_02.jpg](image_02.jpg)

**Global Annual Bonus Plan**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Purpose.** SharkNinja has established the Global Annual Bonus Plan (the "<u>Bonus Plan</u>"), effective for periods beginning on and after January 1, 2023, to provide an effective means to motivate and compensate eligible associates of SharkNinja, Inc., an exempted company with limited liability incorporated in the Cayman Islands ("<u>SharkNinja</u>") and its Affiliates (together with SharkNinja, the "<u>Company Group</u>"), on an annual basis, based on the achievement of business and individual performance objectives during each fiscal year of SharkNinja. The Bonus Plan is intended to be SharkNinja's primary vehicle for the granting of bonuses; however, the Company Group may, in certain limited circumstances, grant bonuses outside of this program, in the sole discretion of SharkNinja.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Definitions.** As used herein, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Affiliate</u>" means any corporation or other entity (including, but not limited to, partnerships and joint ventures) controlled by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Associate</u>" means any employee of the Company Group, whether such individual is so employed at the time the Bonus Plan is adopted or becomes so employed subsequent to the adoption of the Bonus Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Award</u>" means with respect to any Plan Year, the actual cash bonus (if any) payable to a Participant, subject to the Committee's authority under Section 6 to modify the amount that otherwise would be payable under the Bonus Structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Board</u>" means the Board of Directors of SharkNinja.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Bonus Plan</u>" has the meaning set forth in Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>Bonus Structure</u>" has the meaning set forth in Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Code</u>" means the U.S. Internal Revenue Code of 1986, as amended, including any successor law thereto, and the rules, regulations and guidance promulgated thereunder for time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"<u>Committee</u>" means the Compensation Committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Company</u>" means SharkNinja.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"<u>Disability</u>" means total and permanent disability as defined in Section 22(e)(3) of the Code or any similar laws or regulations applicable to any Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"<u>Fiscal Year</u>" means the fiscal year of SharkNinja.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)"<u>Participant</u>" means any Associate who has been selected by the Committee for participation in the Bonus Plan with respect to any Plan Year and who is not a SIP Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)"<u>Plan Year</u>" has the meaning set forth in Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)"<u>Section 409A</u>" means Section 409A of the Code and the regulations and guidance thereunder, as they may be amended or modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)"<u>SIP Participant</u>" means any Associate who is eligible to participate in a SharkNinja Sales Incentive Plan (SIP) as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Plan Year.** The plan year for the Bonus Plan is the same as the Fiscal Year, January 1 through December 31 (the "<u>Plan Year</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Bonus Eligibility.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Participants who are actively employed (not having given or received notice to terminate their employment) at the time Awards are paid will be eligible to receive a bonus based on achievement of business and individual objectives under the Bonus Plan; provided that, Participants who are not actively employed at such time may be eligible to receive a bonus pursuant to the exceptions set forth in Section 8(b) and Section 11(b), or to the extent required by local employment laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any contrary provision of the Bonus Plan, a newly hired Participant will be eligible to receive a prorated bonus payment based on the number of calendar days the Participant was actively employed during the Plan Year as follows: (i) the Participant's Award for such Plan Year shall be equal to the amount of the Award that the Participant would have been entitled to receive for such Plan Year (determined in accordance with Section 6) had the Participant commenced employment as of the first day of the Plan Year, multiplied by a fraction, the numerator of which shall be equal to the total number of calendar days in the Plan Year that the Participant was actively employed by the Company Group during the Plan Year, and the denominator of which shall be equal to the total number of calendar days in such Plan Year; and (ii) such Award shall be paid on the regular payment date for the applicable Plan Year in accordance with Section 8(f); <u>provided</u>, however, Associates hired on or after October 1 of any Plan Year are not eligible to participate in the Bonus Plan with respect to such Plan Year, to the extent permitted by local employment laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Associates with demonstrated low performance at the time Awards are paid (for example, based on recent performance rating or those on a performance improvement plan) are not eligible to receive a bonus under the Bonus Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Bonus Target.** An Associate's target bonus percentage is predetermined at the time of his or her employment, promotion or by written agreement by and between the Company and the Associate. This amount will be communicated in the offer letter for a new Associate or in a document confirming an existing Associate's promotion and/or in a written agreement by and between the Company and the Associate, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Bonus Calculation.** An Associate's target bonus is calculated by multiplying his or her base salary at the end of the Fiscal Year by the Associate's target bonus percentage. The bonus amount can increase or decrease based on the components in the Bonus Structure as provided below, including the Company's performance. Notwithstanding any contrary provision of the Bonus Plan, the Committee, in its sole discretion, may eliminate or reduce the Award payable to any Participant below the amount that otherwise would be payable under the Bonus Structure, to the extent permitted by local employment laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Bonus Structure.** A Participant shall be eligible to earn his or her target bonus pursuant to the Annual Bonus Design for the applicable Plan Year as determined by the Committee and summarized in <u>Exhibit 1</u> (the "<u>Bonus Structure</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Administration of the Bonus Plan.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as otherwise set forth in the Bonus Plan, only Participants who are actively employed (and have not given or received notice to terminate their employment) at the time Awards are paid will be eligible to receive a bonus under the Bonus Plan, to the extent permitted by local employment laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Participants who are on a leave of absence (for example, long-term disability, parental leave, maternity leave, childcare leave, leave paid by social insurance fund or any other preapproved absence of more than 3 weeks) during any Plan Year are eligible for a prorated bonus payment (subject to applicable employment laws) based on the number of calendar days the Participant was actively employed during the Plan Year, as follows: (i) the Participant's Award for such Plan Year shall be equal to the amount of the Award that the Participant would have been entitled to receive for such Plan Year (determined in accordance with Section 6) had the Participant's period of leave not occurred during the Plan Year, multiplied by a fraction, the numerator of which shall be equal to the total number of calendar days in the Plan Year that the Participant was actively employed by the Company Group during the Plan Year, and the denominator of which shall be equal to the total number of calendar days in such Plan Year; and (ii) such Award shall be paid on the regular payment date for the applicable Plan Year in accordance with Section 8(f).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Participants who are promoted during the Fiscal Year will have their bonus opportunity calculated based on the target opportunity for each role and the time served in that role. For example, if the original opportunity was 15% of base salary for six months, and their new opportunity is 25% of base salary for the remaining six months, the target opportunity for the Fiscal Year will be 20%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Payment under the Bonus Plan will be subject to any clawback or recoupment policies that SharkNinja has in effect at the time of payment, to the extent permitted by local employment laws. Unless this Section 8(d) is specifically mentioned and waived in a written agreement between a Participant and a member of the Company Group or other document, no recovery of compensation under a clawback policy will give the Participant the right to resign for "good reason" or "constructive termination" (or similar term) under any agreement with a member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)SharkNinja or any other entity of the Company Group, as applicable, may, at its discretion, provide for the withholding of any federal, state, provincial, territorial, local income tax, social security contributions or any other tax deductions required to be made by law in any jurisdiction applicable to the payment of benefits under the Bonus Plan, and to take such other action as may be necessary to satisfy all obligations for the payment of such taxes in any jurisdiction, and all such determinations shall be final and conclusive. Any taxes, social security contributions or other charges or levies in connection with the payment of benefits under the Bonus Plan shall solely be borne by the respective Participant entitled to such benefit, and each Participant shall indemnify and hold harmless SharkNinja or the respective entity of the Company Group from any such taxes, social security contributions or other charges or levies, including statutory tax declaration and any secondary liability in relation thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Payment of any Award under the Bonus Plan shall be made as soon as practicable after the end of the Plan Year to which the Award relates and after the Award is approved by the Committee, but in no event later than March 15 of the year following the Fiscal Year in which the services relating to such Award were rendered. The resolution of any questions with respect to payments and entitlements pursuant to the provisions of the Bonus Plan shall be determined by the Committee, in its sole discretion, and all such determinations shall be final and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Compensation Committee Discretion.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Committee has the full power, authority, and discretion to construe, interpret and administer the Bonus Plan. The Committee may delegate its authority under the Bonus Plan to any appropriate person or persons and such delegates shall have all the powers the Committee would have if it had acted itself. As a condition of eligibility to participate in the Bonus Plan, a Participant must accept that all

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determinations of the Committee or any of it delegates will be final, conclusive, and binding to the extent permitted by local employment laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Eligibility for the amount and type of compensation under the Bonus Plan are solely at the discretion of the Committee and is not guaranteed under any circumstances. The Committee has the sole discretion to award a bonus greater or less than the specified payout amount under the Bonus Plan, to the extent permitted by local employment laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Committee will have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;determine which Associates will be granted Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;prescribe the terms and conditions of Awards, and communicate such terms and conditions to Participants as the Committee deems necessary or appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;interpret the Bonus Plan and the Awards, and correct defects, supply omissions or reconcile inconsistencies therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;&nbsp;&nbsp;&nbsp;adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Bonus Plan by Associates who are foreign nationals or employed outside of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.&nbsp;&nbsp;&nbsp;&nbsp;adopt rules for the administration, interpretation and application of the Bonus Plan as are consistent therewith, and interpret, amend or revoke any such rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.&nbsp;&nbsp;&nbsp;&nbsp;modify any Award, including reducing or eliminating a Participant's Award to the extent permitted by local employment laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.&nbsp;&nbsp;&nbsp;&nbsp;collect, use, disclose and otherwise process personal information of Associates for the purpose of determining which Associates will be granted Awards, and otherwise as necessary for the administration and application of the Bonus Plan, in accordance with and to the extent permitted by local privacy and data protection laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.&nbsp;&nbsp;&nbsp;&nbsp;engage attorneys, consultants, accountants, and other persons in connection with the administration of the Bonus Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix.&nbsp;&nbsp;&nbsp;&nbsp;make all other decisions and determinations as the Committee may deem necessary or advisable for the administration of the Bonus Plan.

&nbsp;&nbsp;&nbsp;&nbsp;**10.Entire Agreement.** The Bonus Plan replaces and supersedes any and all other contracts, agreements, documents, promises, commitments, etc. made by the Company prior to the date issued that may have been communicated to the Associate related to any bonus (including the structure and the payment timing and method), to the extent permitted by local employment laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Separation of Service Provisions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as otherwise set forth in the Bonus Plan, an eligible Associate must be actively employed (and have not given or received notice to terminate their employment) at the time Awards are paid in order to be eligible to receive a bonus under the Bonus Plan, where permitted by local employment law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event of a Participant's termination of employment or service due to the Participant's death or Disability (or a Participant having given or received notice to terminate their employment or service due to Disability), the Participant (or their estate, as applicable) are eligible to receive a prorated bonus payment based on the number of calendar days the Participant was actively employed during the Plan Year, as follows: (i) the Participant's Award for such Plan Year shall be equal to the amount of the Award that the Participant would have been entitled to receive for such Plan Year (determined in accordance with Section 6) had the Participant's termination of employment not occurred during the Plan Year, multiplied by a fraction, the numerator of which shall be equal to the total number of calendar days in the Plan Year that the Participant was actively employed by the Company Group during the Plan Year, and the denominator of which shall be equal to the total number of calendar days in such Plan Year; and (ii) such Award shall be paid on the regular payment date for the applicable Plan Year in accordance with Section 8(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If a Participant's employment is terminated (or the Participant has given or received notice to terminate their employment) for any reason other than due to death or Disability, including voluntary and involuntary termination, prior to the payment of Awards for any given Fiscal Year, the Participant shall not be eligible to receive a bonus under the Bonus Plan, to the extent permitted by local employment laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.Amendment and Termination.** The Committee reserves the right at any time and for any reason to amend, revise, change, or terminate any provision contained in the Bonus Plan or to terminate the Bonus Plan itself in its sole discretion and without the consent of any Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.Employment Rights.** Nothing in the Bonus Plan nor the payment of any bonus granted under the Bonus Plan shall be deemed to constitute an employment contract or confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company (or any subsidiary of the Company) or limit in any way the right of the Company to terminate a Participant's employment or other relationship, at any time, where permitted by local employment law. Employment with the Company and its Affiliates is on an at-will basis only, when applicable. The value of a Participant's bonus will not be taken into account in determining any pension or similar entitlements of the Participant, to the extent permitted by local employment laws. The bonus shall not be relevant for the purposes of calculating indirect and/or deferred remuneration (none excluded) that the Associate might entitled to (including but

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not limited to payment in lieu of notice, severance indemnity of any kind, indemnity for unused holidays, statutory holiday pay, additional monthly payment of the salary thirteenth and fourteenth monthly payments and so on) and in any case the bonus already includes any accruals for said purposes. If the Participant ceases to be employed by the Company (or any subsidiary of the Company) for any reason (including as a result of a repudiatory breach of contract by the Participant's employer, the Company or any subsidiary of the Company) the Participant shall be deemed irrevocably to have waived any entitlement, by way of compensation for loss of employment, breach of contract or otherwise to any sum or other benefit (unless provided for in the Bonus Plan or award agreement) to compensate the Participant for any rights or prospective rights under the Bonus Plan. This exclusion applies equally (and without limitation) to any loss arising from the way in which discretion is (or is not) exercised under the Bonus Plan even if the exercise (or non-exercise) of such discretion is, or appears to be, irrational or perverse or breaches, or is claimed to breach, any implied term of the Bonus Plan or any other contract between the Participant and their employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.Plan Funding.** The Bonus Plan is unfunded. To the extent that any Participant or any other person acquires a right to receive payments or distribution under the Bonus Plan, such right shall be no greater than the right of a general unsecured creditor of the Company. All payments and distributions to be made hereunder shall be paid from the general assets of the Company. Nothing contained in the Bonus Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.Section 409A.** It is intended that all bonuses payable under the Bonus Plan will be exempt from the requirements of Section 409A pursuant to the "short-term deferral" exemption or, in the alternative, will comply with the requirements of Section 409A so that none of the payments and benefits to be provided under this Plan will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein shall be interpreted to so comply or be exempt. Each payment and benefit payable under this Plan is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. The Company may, in good faith and without the consent of any Participant, make any amendments to this Plan and take such reasonable actions which it deems necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition under Section 409A prior to actual payment to the Participant. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, each Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.Participation.** No individual shall have the right to be selected to receive an Award under the Bonus Plan, or, having been so selected, to be selected to receive a future Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.Successors.** All obligations of the Company and any Affiliate under the Bonus Plan, with respect to Awards granted hereunder, shall be binding on any successor to the Company

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and/or such Affiliate, whether the existence of such successor is the result of a direct or indirect purchase, merger, sale, consolidation, or otherwise, of all or substantially all of the business or assets of the Company or such Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.Nontransferability of Awards.** No Award granted under the Bonus Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or trust, by the laws of descent and distribution. All rights with respect to an Award granted to a Participant shall be available during his or her lifetime only to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.Governing Law and Venue.** The Bonus Plan and all award agreements or other documents evidencing Awards under the Bonus Plan shall be construed in accordance with and governed by the laws of the State of Delaware, excluding its conflicts of laws provisions. For purposes of litigating any dispute that arises directly or indirectly from the relationship between any Participant and any member of the Company Group pursuant to the Bonus Plan, such Participant and member of the Company Group, as applicable, shall be subject to the jurisdiction of the federal or state courts located within the State of Massachusetts and such litigation shall be conducted only in such courts, and no other courts; provided this governing law and venue provision shall not abrogate any statutory rights and enforcement mechanisms to which a Participant may be entitled and cannot waive under local legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.Severability.** In the event any provision of the Bonus Plan will be held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Bonus Plan, and the Bonus Plan will be construed and enforced as if the illegal or invalid provision had not been included.

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**<u>Exhibit 1</u>**

**Annual Bonus Design**

![image_1c.jpg](image_1c.jpg)

## Exhibit 10.20

**Exhibit 10.20**

![image_01.jpg](image_01.jpg)

 **Long-Term Incentive Plan**

**1. Purpose.** 

The purpose of this SharkNinja, Inc. Long-Term Incentive Plan (the "<u>LTIP</u>"), effective for periods beginning on and after January 1, 2023, is to recognize the meaningful and ongoing contributions of key service providers to the Company and to provide such key service providers with incentives to continue to use their best efforts to build and contribute to the long-term success of the Company. References herein to the Participant's employment or service with the Company shall be deemed to refer to employment or service with the Company or any of its subsidiaries and affiliates and any successors thereto, as applicable.

**2. Definitions.** 

As used herein, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Affiliate</u>" means any corporation or other entity (including, but not limited to, partnerships and joint ventures) controlled by SharkNinja.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Award</u>" means the cash payments (if any) payable to a Participant under the LTIP, as set forth in an Award Letter provided by the Company to such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Award Letter</u>" means any award letter, offer letter or similar document provided by the Company to a Participant that confirms the Participant's eligibility to receive cash payments under the LTIP, substantially in the form attached as <u>Exhibit A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Board</u>" means the board of directors of SharkNinja.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Committee</u>" means the Compensation Committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>Company</u>" means SharkNinja and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Corporate Transaction</u>" will have the meaning set forth in the Company's 2023 Equity Incentive Plan, as may be amended and/or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"<u>Participant</u>" means each employee or consultant of, or other individual service provider to, the Company who has been designated by the Committee for participation in the LTIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>SharkNinja</u>" means SharkNinja, Inc., an exempted company with limited liability incorporated in the Cayman Islands.

**3. Participants.**

Each Participant shall be eligible to receive an Award under the LTIP, as set forth in the applicable Award Letter for such Participant and Section 5 hereof.

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**4. Administration.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The LTIP shall be administered exclusively by the Committee, which shall have the exclusive right, power and authority, in its sole and absolute discretion, to administer, amend and interpret the LTIP. The decision of the Committee on any disputes arising under the LTIP, including, but not limited to, questions of construction, interpretation and administration shall be final, conclusive and binding on all persons having an interest in or under the LTIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without limiting the generality of the foregoing, the Committee shall have all powers necessary to carry out its responsibilities under the LTIP, including, without limitation, the sole and absolute discretionary authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)designate Participants to receive Awards,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)resolve and clarify any inconsistencies, ambiguities or omissions in the LTIP or any Award Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)take all actions and make all decisions regarding questions of eligibility, vesting and payments with respect to any Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)make, amend, interpret and enforce all appropriate rules and regulations for the administration of the LTIP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)delegate, as it deems advisable, all or part of its powers, rights and authority under the LTIP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)determine whether any performance targets set forth in Section 5 hereof have been achieved and to make any adjustments it deems necessary or appropriate to the performance metrics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Committee may terminate, amend or modify the LTIP and any outstanding Award at any time in its sole and absolute discretion; <u>provided</u> that no such termination, amendment, or modification shall adversely affect any outstanding Award without the prior written consent of the Participant; <u>provided</u> <u>further</u> that the Committee may amend or modify the terms of any outstanding Award as determined to be necessary or advisable in its sole and absolute discretion for the purpose of conforming the Award to any applicable law, government regulation or listing requirement, and by accepting any Award, the Participant thereby agrees to any amendment or modification made pursuant to this Section 4 without further consideration or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event of any Corporation Transaction, an equitable substitution or adjustment shall be made, in each case as may be determined by the Committee in its sole and absolute discretion, to any outstanding Award. Without limiting the generality of the foregoing, in connection with any Corporate Transaction, the Committee may provide in its sole and absolute discretion for the cancellation of any outstanding Award in exchange for payment in cash or other property having an aggregate fair market value equal to the fair market value of such Award (in each case as determined by the Committee in its sole and absolute discretion).

**5. Awards.** 

Unless a different vesting and payment date schedule is provided in an individual Award Letter, each Award will be paid as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>LTIP Payments</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Thirty percent (30%) of each Award, to the extent permitted under applicable law, will be conditioned upon the Participant being continuously actively employed and in good standing (as determined by SharkNinja) through the date of payment (the "<u>Time-Based LTIP Payments</u>"). The Time-Based LTIP Payments will not be subject to any performance-based conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Seventy percent (70%) of each Award will be conditioned upon achievement of the performance targets as set forth below (the "<u>Performance-Based LTIP Payments</u>"). The Performance-Based LTIP Payments will be calculated based upon achievement of the following performance targets (each, a "<u>Performance Target</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15% of each Performance-Based LTIP Payment will be calculated based upon achievement of Adj. Net Sales for a respective year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 70% of each Performance-Based LTIP Payment will be calculated based upon achievement of Adj. Net Profit for a respective year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15% of each Performance-Based LTIP Payment will be calculated based upon achievement of Adj. Net Operating Cash Inflows for a respective year

The amount of each Performance-Based LTIP Payment that may be paid with respect to a Performance Target shall be determined as follows:

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| | |
|:---|:---|
| **Level of Achievement** | **Percentage of Performance Target** |
| <10% of year over year Net Sales, Net Profit or Operating Cash Inflow growth | 0% |
| at least 10% but less than 12% of year over year Net Sales, Net Profit or Operating Cash Inflow growth | 70% |
| 12% (or above) of year over year Net Sales, Net Profit or Operating Cash Inflow growth | 100% |

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\*For achievement between 10% and 12%, straight-line interpolation will apply. If 10%

To be eligible for any Performance-Based LTIP Payment, to the extent permitted under applicable law, the Participant must be continuously actively employed and in good standing (as determined by SharkNinja) through the date of payment of such Performance-Based LTIP Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Performance Metrics</u>. For purposes of this Section 5, the following terms shall have the following meanings, in each case as determined by the Committee in its sole and absolute discretion for any fiscal year under the LTIP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Adj. Net Sales</u>" means net sales, as determined under U.S. generally accepted accounting principles ("**GAAP**"), adjusted to exclude certain items that are not considered indicative of the Company's ongoing operating performance following the separation, including net sales from the Company's Japanese subsidiary, SharkNinja Co., Ltd., and the Company's Asia-Pacific distribution channels, both of which will be transferred to JS Global Lifestyle Co. Ltd. ("**JS Global**") concurrently with the separation (the "**Divestitures**").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)"<u>Adj. Net Income</u>" means net income, as determined under GAAP, excluding (i) share-based compensation, (ii) certain litigation costs, (iii) foreign currency gains and losses, (iv) amortization of certain deferred financing fees, (v) amortization of certain acquired intangible assets, (vi) certain separation and distribution costs or other similar transaction costs, including any offering costs, (vii) certain items that the Company does not consider indicative of the Company's ongoing operating performance following the separation, including net income from the Company's Divestitures and cost of sales from inventory markups that will be eliminated as a result of transitioning certain product procurement functions from a subsidiary of JS Global to the Company concurrently with the separation (i.e., product procurement adjustment), (viii) a one-time discretionary bonus and (ix) the tax impact of the adjusted items. Additionally, an adjustment for incremental interest expense of $13.8 million (or $10.7 million, net of tax) related to the debt refinancing closing in conjunction with the separation will be included for each of fiscal years 2023 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)"Adj. Operating Cash Inflows" means operating cash flow, as determined under GAAP, excluding certain separation and distribution costs, or other similar transaction costs, including any offering costs, net of the tax impact of such adjusted items. Additionally, an adjustment for incremental interest expense of $13.8 million (or $10.7 million, net of tax) related to the debt refinancing closing in conjunction with the separation will be included for each of fiscal years 2023 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Calculation, Vesting and Payment Schedule</u>. Following the end of the applicable fiscal year under the LTIP, the Committee shall calculate the value of each outstanding Award granted under the LTIP with respect to such year. The portion of the Award that becomes vested and payable in accordance with the Award Letter and this Section 5 shall be paid to the Participant, less any applicable withholdings, by the end of May in the following fiscal year.

**6. Tax Withholding.** 

The Company shall be entitled to take such action as the Committee deems necessary or appropriate in its sole and absolute discretion to satisfy all obligations for the payment of any applicable tax or withholding obligations with respect to any Award, including, without limitation, withholding from amounts to be paid to any Participant with respect to any Award any federal, state, local or foreign withholding or other taxes that the Company is required or permitted to withhold.

**7. Release of Claims.** 

At the Committee's election in its sole and absolute discretion, any payment made pursuant to any Award shall be subject to the Participant's timely execution and non-revocation of a general release of claims in a form acceptable to the Committee in its sole and absolute discretion.

**8. Clawback/Recovery Policy.** 

All Awards granted under the LTIP will be subject to clawback or recoupment under any clawback or recoupment policy adopted by the Board or the Committee or required by applicable law during the term of Participant's employment or other service with the Company that is applicable to officers, employees, directors or other service providers of the Company. In addition, the Committee may impose such other clawback, recovery or recoupment provisions in an Award Letter as the Committee determines necessary or appropriate. No recovery of compensation under such a clawback or recoupment

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policy will be an event giving rise to a right to voluntarily terminate employment upon a "resignation for good reason," or for a "constructive termination" or any similar term under any plan or agreement with the Company.

**9. Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>No Right of Employment or Service or Rights to Awards</u>. Nothing in the LTIP nor the payment of any Award granted under the LTIP shall be deemed to constitute an employment contract or confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or limit in any way the right of the Company to terminate a Participant's employment or other relationship, at any time, where permitted by local employment law. Employment with the Company is on an at-will basis only. The value of a Participant's Award will not be taken into account in determining any pension or similar entitlements of the Participant. If the Participant ceases to be employed by the Company for any reason (including as a result of a repudiatory breach of contract by the Participant's employer, the Company or any Affiliate) the Participant shall be deemed irrevocably to have waived any entitlement, by way of compensation for loss of employment, breach of contract or otherwise to any sum or other benefit (unless provided for in the LTIP or Award Letter) to compensate the Participant for any rights or prospective rights under the LTIP. This exclusion applies equally (and without limitation) to any loss arising from the way in which discretion is (or is not) exercised under the LTIP even if the exercise (or non-exercise) of such discretion is, or appears to be, irrational or perverse or breaches, or is claimed to breach, any implied term of the LTIP or any other contract between the Participant and their employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Plan Funding</u>. The LTIP is unfunded. To the extent that any Participant or any other person acquires a right to receive payments or distribution under the LTIP, such right shall be no greater than the right of a general unsecured creditor of the Company. All payments and distributions to be made hereunder shall be paid from the general assets of the Company. Nothing contained in the LTIP, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Section 409A</u>. The LTIP and any outstanding Awards are intended to be exempt from, or to the extent subject thereto, to comply with Section 409A of the Internal Revenue Code of 1986, as amended ("<u>Section 409A</u>"), and, accordingly, to the maximum extent permitted, the LTIP and any Award Letter shall be interpreted in accordance therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, the Participant shall not be considered to have terminated employment or service with the Company for purposes of the LTIP and no payment shall be due to the Participant under the LTIP or any Award until the Participant would be considered to have incurred a "separation from service" from the Company within the meaning of Section 409A. Any payments described in the LTIP that are due within the "short term deferral period" as defined in Section 409A shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the LTIP, to the extent that any Awards (or any other amounts payable under any plan, program or arrangement of the Company) are payable upon a separation from service and such payment would result in the imposition of any individual tax and penalty interest charges imposed under Section 409A, the settlement and payment of such Awards (or other amounts) shall instead be made on the first business day after the date that is six (6) months following such separation from service (or upon the Participant's death, if earlier). Each amount to be paid or benefit to be provided under the LTIP shall be construed as a separate identified payment for purposes of Section 409A. The Committee shall have the sole and absolute discretion to make any accelerated distributions permissible under Treas. Reg. Section 1.409A-3(j)(4) to Participants with respect to any deferred amounts, provided that such distributions meets the requirements of Treas. Reg.

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Section 1.409A-3(j)(4). The Company makes no representation that any or all of the Awards will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such Awards. The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Participation</u>. No individual shall have the right to be selected to receive an Award under the LTIP, or, having been so selected, to be selected to receive a future Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Successors</u>. All obligations of the Company and any Affiliate under the LTIP, with respect to Awards granted hereunder, shall be binding on any successor to the Company and/or such Affiliate, whether the existence of such successor is the result of a direct or indirect purchase, merger, sale, consolidation, or otherwise, of all or substantially all of the business or assets of the Company or such Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Nontransferability of Awards</u>. No Award granted under the LTIP may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or trust, by the laws of descent and distribution. All rights with respect to an Award granted to a Participant shall be available during his or her lifetime only to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Governing Law and Venue</u>. The LTIP and all Award Letters or other documents evidencing Awards under the LTIP shall be construed in accordance with and governed by the laws of the State of Delaware, excluding its conflicts of laws provisions. For purposes of litigating any dispute that arises directly or indirectly from the relationship between any Participant and the Company pursuant to the LTIP, such Participant and member of the Company Group, as applicable, shall be subject to the jurisdiction of the federal or state courts located within the State of Massachusetts and such litigation shall be conducted only in such courts, and no other courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Severability</u>. In the event any provision of the LTIP will be held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the LTIP, and the LTIP will be construed and enforced as if the illegal or invalid provision had not been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Prevailing Terms</u>. To the extent there are any inconsistencies between the terms of the Award Letter and the LTIP, the terms of the LTIP shall control, except as otherwise provided herein.

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**Exhibit A**

**Award Letter**

[__________]

[Name]<br>[Email Address]

Dear [Name],

Congratulations, we are excited to announce that you are eligible to participate in a long-term incentive plan ("<u>LTIP</u>") providing for cash payments subject to continued active employment and SharkNinja's performance in calendar years [•], as described below. Each annual LTIP payment (an "<u>LTIP Payment</u>") may be paid to you subject to continued active employment and calculated based on certain performance targets, as described below. The LTIP is subject to the terms and conditions established under any applicable plans and/or policies of SharkNinja, as may be amended from time to time.

Thirty percent (30%) of each LTIP Payment, to the extent permitted under applicable law, will be conditioned upon you being continuously actively employed and in good standing (as determined by SharkNinja) through the date of such LTIP Payment (the "<u>Time-Based LTIP Payments</u>"). The Time-Based LTIP Payments will not be subject to any performance-based conditions.

Seventy percent (70%) of each LTIP Payment will be conditioned upon achievement of the Performance Targets as set forth below (the "<u>Performance-Based LTIP Payments</u>").

The first LTIP Payment will be in an amount of up to $[•] and will be calculated, at SharkNinja's discretion, based on continued active employment and SharkNinja's performance in calendar year [•] as compared to calendar year [•] and may be paid on or about May 31, [•]. The second LTIP Payment will be in an amount of up to $[•] and will be calculated, at SharkNinja's discretion, based on continued active employment and SharkNinja's performance in calendar year [•] as compared to calendar year [•] and may be paid on or about May 31, [•]. The third and final LTIP Payment will be in an amount of up to $[•] and will be calculated, at SharkNinja's discretion, based on continued active employment and SharkNinja's performance in calendar year [•] as compared to calendar year [•] and may be paid on or about May 31, [•]. For the avoidance of doubt, and because the purpose of the LTIP Payments is to encourage and reward longevity, no portion of the LTIP Payments shall be earned until the date of payment.

The Performance-Based LTIP Payments will be calculated based upon achievement of the following SharkNinja performance targets (the "<u>Performance Targets</u>"):

15% of each Performance-Based LTIP Payment will be calculated based upon achievement of Net Sales (as reasonably adjusted) for a respective year

70% of each Performance-Based LTIP Payment will be calculated based upon achievement of Net Profit (as reasonably adjusted) for a respective year

15% of each Performance-Based LTIP Payment will be calculated based upon achievement of Net operating cash inflows (as reasonably adjusted), for a respective year

The amount of each Performance-Based LTIP Payment that may be paid with respect to a Performance Target shall be determined as follows:

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---

| | |
|:---|:---|
| **Level of Achievement** | **Percentage of Performance Target** |
| <10% of year over year Net Sales, Net Profit or Operating Cash Inflow growth | 0% |
| at least 10% but less than 12% of year over year Net Sales, Net Profit or Operating Cash Inflow growth | 70% |
| 12% (or above) of year over year Net Sales, Net Profit or Operating Cash Inflow growth | 100% |

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\*For achievement between 10% and 12%, straight-line interpolation will apply. If 10%

To be eligible for any Performance-Based LTIP Payment, to the extent permitted under applicable law, you must be continuously actively employed and in good standing (as determined by SharkNinja) through the date of payment of such LTIP Payment.

The LTIP Payments will be subject to taxes and withholding required or permitted by law.

Congratulations on your recognition, we wish you much continued success!

[Signature]

[Name]

[Title]

## Exhibit 19.1

**Exhibit 19.1**

**SHARKNINJA, INC.** 

**INSIDER TRADING POLICY**

![image_0a.jpg](image_0a.jpg)

In the course of conducting the business of SharkNinja, Inc. (together with its subsidiaries, the "***Company***"), you may come into possession of material information about the Company or other entities that is not available to the investing public (referenced herein as "***material nonpublic information***," as explained in greater detail below). You have a legal and ethical obligation to maintain the confidentiality of material nonpublic information. In addition, it is illegal and a violation of Company policy to purchase or sell securities of the Company or any other entity while you are in possession of material nonpublic information about the Company or that other entity obtained in the course of your position with the Company. The Company's Board of Directors has adopted this Insider Trading Policy (this "***Policy***") in order to ensure compliance with the law and to avoid even the appearance of improper conduct by anyone associated with the Company.

**I.PERSONS SUBJECT TO THIS POLICY**

The procedures and restrictions set forth in this Policy apply to all Company officers, directors and employees, wherever located. The Company may also determine that other persons should be subject to this Policy, such as contractors or consultants, who have access to material nonpublic information. This Policy also applies to family members, such as spouses, minor children, adult family members who share the same household, and any other person or entity whose securities trading decisions are influenced or controlled by the officer, director or employee (collectively, "***Related Insiders***"). For additional information regarding post- termination transactions, see <u>Section XII</u> of this Policy.

**II.TRANSACTIONS SUBJECT TO THIS POLICY**

This Policy applies to transactions in ordinary shares, preferred shares, bonds and other debt securities, options to purchase ordinary shares, convertible debentures and warrants, as well as derivative securities whether or not issued by the Company, such as exchange-traded put or call options or swaps relating to the Company's securities. See <u>Section VI</u>, "Special Transactions" and <u>Section VIII</u>, "Prohibited Transactions" for further discussion of certain types of securities and transactions.

To avoid even the appearance of impropriety, additional restrictions on trading Company securities apply to directors, officers and certain designated employees who have regular access to material nonpublic information about the Company. These policies are set forth in the Company's **<u>Addendum to this Policy</u>**, attached hereto (the "***Addendum***"). The Company will notify you if you are subject to the Addendum. The Addendum generally prohibits directors and designated employees from trading in Company securities during blackout periods and requires pre-clearance for all transactions in Company securities.

**III.INDIVIDUAL RESPONSIBILITY**

Each person subject to this Policy is individually responsible for complying with this Policy and ensuring the compliance of any Related Insiders whose transactions are subject to this Policy. Accordingly, you should make your family and household members aware of the need to confer with you before they trade in Company securities, and you should treat all such transactions for the purposes of this Policy and

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applicable securities laws concerning trading while in possession of material nonpublic information as if the transactions were for your own account.

In all cases, the responsibility for determining whether an individual is in possession of material nonpublic information rests with that individual, and any action on the part of the Company or any other employee pursuant to this Policy (or otherwise) does not in any way constitute legal advice or insulate an individual from liability under applicable securities laws.

**IV.MATERIAL NONPUBLIC INFORMATION**

**<u>What is Material Information?</u>** Under Company policy and United States laws, information is ***material*** if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is a substantial likelihood that a reasonable investor would consider the information important in determining whether to trade in a security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information, if made public, likely would affect the market price of a company's securities.

Information may be material even if it relates to future, speculative or contingent events and even if it is significant only when considered in combination with publicly available information. Material information can be positive or negative. Depending on the facts and circumstances, information that could be considered material includes, but is not limited to, information pertaining to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earnings announcements or guidance, or changes to previously released announcements or guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other unpublished financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• writedowns and additions to reserves for bad debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expansion or curtailment of operations and business disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a cybersecurity incident or risk that may adversely impact the Company's business, reputation or share value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pending or threatened significant litigation or government action, or the resolution thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a pending or proposed merger, acquisition, tender offer, joint venture, restructuring or change in assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in analyst recommendations or debt ratings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• events regarding the Company's securities (*e.g*., defaults on senior securities, calls of securities for redemption, repurchase plans, share splits, changes in dividends, changes to the rights of securityholders or an offering of additional securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in control of the Company or extraordinary management developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the Company's pricing or cost structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extraordinary borrowing or other financing transactions out of the ordinary course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity problems or impending bankruptcy;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in auditors or auditor notification that the Company may no longer rely on an audit report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development of a significant new product; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain or loss of a significant customer or supplier.

**<u>What is Nonpublic Information?</u>** Information is considered to be nonpublic unless it has been adequately disclosed to the public. This means that the information must be publicly disseminated and sufficient time must have passed for the securities markets to digest the information.

It is important to note that information is not necessarily public merely because it has been discussed in the press or on social media, which will sometimes report rumors. You should presume that information is nonpublic, unless you can point to the official release of that information by the Company in at least one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• publicly available filings with the U.S. Securities and Exchange Commission (the "***SEC***") or securities regulatory authorities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuance of press releases via major newswire such as Dow Jones or Reuters.

You may not attempt to "beat the market" by trading simultaneously with, or shortly after, the official release of material information. Although there is no fixed period for how long it takes the market to absorb information, out of prudence a person in possession of material nonpublic information should refrain from any trading activity for two full trading days following its official release.

**<u>Twenty-Twenty Hindsight</u>**. If securities transactions ever become the subject of scrutiny, they are likely to be viewed after-the-fact with the benefit of hindsight. As a result, before engaging in any transaction you should carefully consider how the transaction may be construed in the bright light of hindsight. If you have any questions or uncertainties about this Policy or a proposed transaction, please ask the Chief Legal Officer.

**V."TIPPING" MATERIAL NONPUBLIC INFORMATION IS PROHIBITED**

In addition to trading while in possession of material nonpublic information, it is also illegal and a violation of this Policy to provide such information to another ("***tipping***") who may trade or to advise another to trade on the basis of such information. This Policy applies regardless of whether the person or entity who receives the information, the "tippee," is related to you and regardless of whether you receive any monetary benefit from the tippee.

**VI.SPECIAL TRANSACTIONS**

The trading restrictions in this Policy do not apply in the case of the following transactions, except as specifically noted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.***Employee Share Purchase Plan.*** The trading restrictions in this Policy do not apply to purchases of Company shares in the employee share purchase plan resulting from periodic payroll contributions to the plan under an election made at the time of enrollment in the plan. The trading restrictions also do not apply to purchases of Company securities resulting from lump sum contributions to the plan, <u>provided</u> that you elected to participate by lump sum payment at the beginning of the applicable enrollment period. The trading restrictions <u>do apply</u>, however, to an

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election to participate in the plan or changes in payroll contributions made outside of an open enrollment period and to subsequent sales of Company shares purchased under the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.***Option Plans.*** The trading restrictions in this Policy do not apply to exercises of: (i) options where no Company ordinary shares are sold in the market to fund the option exercise price or related taxes (*i.e*., a net exercise or where cash is paid to exercise the option) or (ii) a tax withholding right pursuant to which a person has elected to have the Company withhold shares subject to an option to satisfy tax withholding requirements. The trading restrictions do apply, however, to subsequent sales of Company ordinary shares received upon the exercise of options in which the proceeds are used to fund the option exercise price (*i.e.*, a cashless exercise of options) or related taxes. In addition, the Company reserves the right to limit or restrict option exercises or tax withholdings not made pursuant to standing elections in appropriate circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.***Restricted Share Awards and Restricted Share Units.*** The trading restrictions in this Policy do not apply to the vesting of restricted shares or the settlement of restricted share units, or the exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares to satisfy tax withholding requirements upon the vesting of any restricted shares or settlement of any restricted share units. The trading restrictions <u>do</u> <u>apply</u>, however, to any market sale of restricted shares or sale of Company ordinary shares received upon the settlement of restricted share units.

**VII.GIFTS OF SECURITIES**

Gifts of securities may include gifts to trusts for estate planning purposes, as well as donations to a charitable organization. Whether a gift of securities is a transaction that should be avoided while the person making the gift is aware of material nonpublic information may depend on various circumstances surrounding the gift. Accordingly, you are encouraged to consult the Legal Department when contemplating a gift, and you are required to obtain pre-clearance of the gift if you are subject to the trading restrictions specified in the Addendum.

**VIII.PROHIBITED TRANSACTIONS**

Due to the heightened legal risk associated with the following transactions, except as otherwise provided in this <u>Section VIII</u>, the individuals subject to this Policy may not engage in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.***Publicly-Traded Options****.* You may not trade in options, warrants, puts and calls or similar instruments on Company securities. Given the relatively short term of publicly- traded options, transactions in options may create the appearance that a director, officer or other employee is trading based on material nonpublic information and focus a director's, officer's or other employee's attention on short-term performance at the expense of the Company's long-term objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.***Short Sales****.* You may not engage in short sales of Company securities. A short sale has occurred if the seller (i) does not own the securities sold or (ii) does own the securities sold, but does not deliver them within 20 days or place them in the mail within 5 days of the sale. Short sales may reduce a seller's incentive to seek to improve the Company's performance and often have the potential to signal to the market that the seller lacks confidence in the Company's prospects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.***Margin Accounts and Pledges****.* Because a margin sale or foreclosure sale may occur at a time when the pledgor is aware of material nonpublic information or otherwise is not permitted to trade in Company securities, you may not hold Company securities in a margin account or otherwise pledge Company securities as collateral for a loan, unless pre-cleared by the Chief Legal Officer and the Chief Financial Officer. A written request for approval to both the Chief Legal Officer and the Chief Financial Officer is required at least fourteen (14) days prior to execution. Approval of a transaction is in the sole discretion of the Chief Legal Officer and the Chief Financial Officer; <u>provided</u>, <u>however</u>, that the Chief Legal Officer and Chief Financial Officer must determine, among other factors, that the pledgor has documented financial capacity to repay the loan without resorting to the pledged securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.***Standing and Limit Orders****.* You may not place standing or limit orders on Company securities, unless executed as part of an approved Rule 10b5-1 Plan discussed in <u>Section IX</u> of this Policy. Standing and limit orders create heightened risks for insider trading violations because there is no control over the timing of purchases or sales that result from standing instructions to a broker, and as a result, the broker could execute a transaction when you possess material nonpublic information.

**IX.RULE 10B5-1 TRADING PLANS**

Notwithstanding the prohibition against insider trading, SEC Rule 10b5-1 provides an affirmative defense against insider trading liability under Rule 10b-5. A person subject to this Policy can rely on this defense and trade in Company securities, regardless of their awareness of inside information, if the transaction occurs pursuant to a pre-arranged written trading plan ("***Rule 10b5-1 Plan***") that was entered into when the person was not in possession of material nonpublic information and that complies with the requirements of Rule 10b5-1.

The following requirements apply to all Rule 10b5-1 Plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.***Prior Approval*.** Anyone subject to this Policy who wishes to enter into a Rule 10b5-1 Plan must submit the Rule 10b5-1 Plan to the Legal Department for its approval at least five business days prior to the planned entry into the Rule 10b5-1 Plan. In addition, prior approval is required for any amendment or early termination of an effective Rule 10b5-1 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.***Entry into a Plan*.** A director or employee may enter into a Rule 10b5-1 Plan only at a time when he or she is not in possession of material nonpublic information regarding the Company or its securities and, if subject to blackout periods, when a blackout period is not in effect under this Policy. Each plan must include a representation that, as of the date of adoption of the plan, the individual is not aware of any material nonpublic information about the Company or its securities, and that the plan is being adopted in good faith and not as a part of a plan or scheme to evade the prohibitions of Rule 10b5-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.***Waiting Period*.** The waiting periods from the time a plan is adopted until the time of the first trade under the plan must comply with requirements of Rule 10b5-1. Under Rule 10b5-1, plans established by directors and executive officers must include a waiting period consisting of the later of (i) 90 days after the adoption of the plan, or (ii) the period ending two business days following the disclosure of the Company's financial results in a Form 10-K or Form 10-Q for the completed fiscal quarter in which the plan was adopted that discloses the Company's financial results (but in

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any event, this waiting period is subject to a maximum of 120 days after the adoption of the plan). For all other individuals, the waiting period must be at least 30 days from adoption of the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.***Duration*.** Directors and employees are encouraged to design plans with clear instructions that contemplate spreading smaller trades over a longer period of time as opposed to a small number of large trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.***Multiple Plans***. Generally speaking, an individual entering into a Rule 10b5-1 Plan may have only one 10b5-1 plan in place at any time. An exception to this restriction applies for certain separate plans with different brokers that would be treated as a single "plan" such as when a person holds Company securities in multiple brokerage accounts. Additionally, an individual may enter into one later-commencing plan so that the waiting period of the later plan can begin to run while an existing plan is in place, <u>provided</u> that the individual does not early terminate the first plan, in which case a full waiting period from the time of such termination must occur. Lastly, individuals may have an additional plan providing only for eligible sell-to-cover transactions, where the plan provides for sales of securities as are necessary to satisfy tax withholding obligations arising exclusively from the vesting of a compensatory equity award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.***Single Transaction*.** Rule 10b5-1 prohibits more than one plan in any 12-month period that is designed to effect a single transaction. Single transaction plans are generally discouraged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.***Amendments*.** Amendments to Rule 10b5-1 Plans will be permitted only at a time when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the director or employee is not in possession of material nonpublic information and (ii) a blackout period is not in effect (if applicable) under this Policy. Furthermore, any amendment relating to the amount, price or timing of the purchase or sale of securities will be subject to the same waiting periods as would be applicable to a new plan, as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.***Termination*.** A Rule 10b5-1 Plan may be terminated at any time upon advance approval of the Chief Legal Officer. However, terminating a Rule 10b5-1 Plan is strongly discouraged because it may call into question whether the plan was entered into and operated in good faith and not as part of a plan or scheme to evade the insider trading rules, which could affect the availability of the Rule 10b5-1 affirmative defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.***Outside Trades*.** Adoption of a Rule 10b5-1 Plan does not preclude trading outside of the plan that otherwise is in accordance with this Policy. However, directors and employees should be cognizant of the fact that the Rule 10b5-1 affirmative defense will not apply to such trades outside a Rule 10b5-1 Plan. In addition, under Rule 10b5-1, the director or employee may not have further influence over whether, when or how the trades under the plan are made once the plan is put in place, and therefore their trading outside of the plan must not have direct or indirect influence on the trading instructions under the plan. In other words, securities subject to the plan (e.g., shares underlying unexercised options) should not be purchased or sold outside the plan.

**X.RESPONDING TO REQUESTS FOR INFORMATION**

You may find yourself the recipient of questions concerning various activities of the Company. Such inquiries can come from the media, securities analysts and others regarding the Company's business, rumors, trading activity, current and future prospects and plans, acquisition or divestiture activities and other similar important information. Under no circumstances should you attempt to handle these inquiries

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without prior authorization from the Investor Relations Department. Only Company individuals specifically authorized to do so may answer questions about or disclose information concerning the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refer requests for information regarding the Company from the financial community, such as securities analysts, brokers or investors, to the Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refer requests for information regarding the Company from the media or press to the Investor Relations Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refer requests for information from the SEC or other regulators to the Chief Legal Officer.

**XI.REPORTING VIOLATIONS/SEEKING ADVICE**

You should refer suspected violations of this Policy to the Chief Legal Officer or through the reporting procedures set forth in the Company's Code of Business Conduct and Ethics and/or Whistleblower Policy. In addition, if you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receive material nonpublic information that you are not authorized to receive or that you do not need to know to perform your employment responsibilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receive confidential information and are unsure if it is within the definition of material nonpublic information or whether its release might be contrary to a fiduciary or other duty or obligation,

you should not share it with anyone. To seek advice about what to do under those circumstances, you should contact the Chief Legal Officer. Consulting your colleagues may have the effect of exacerbating the problem, as containment of the information, until the legal implications of possessing it are determined, is critical.

**XII.POST-TERMINATION TRANSACTIONS**

This Policy, and the Addendum, continue to apply to transactions in Company securities even after a person's service with the Company is terminated. If a person is in possession of material nonpublic information when his or her service terminates, that individual may not trade in Company securities until that information has become public or is no longer material. Questions or concerns on whether any continuing nonpublic information remains material should be directed to the Chief Legal Officer. Although the pre-clearance procedures specified in the Addendum will cease to apply upon termination of service, individuals subject to a quarterly blackout period at the time of termination of service may not trade in Company securities until after the end of the blackout period.

**XIII.PENALTIES FOR VIOLATIONS OF THE INSIDER TRADING LAWS AND THIS POLICY**

In the United States and many other countries, the personal consequences to you of illegal insider trading can be severe. In addition to injunctive relief, disgorgement and other ancillary remedies, U.S. law empowers the government to seek significant civil penalties against persons found liable of insider trading, including as tippers or tippees. The amount of a penalty could total three times the profits made or losses avoided. The maximum penalty may be assessed even against tippers for the profits made or losses avoided by all tippees, including remote tippees (i.e., others who may have been tipped by the tippee). Further, civil penalties of the greater of $2 million or three times the profits made or losses avoided can be imposed on any person who "controls" a person who engages in illegal insider trading.

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Criminal penalties may also be assessed for insider trading. Any person who "willfully" violates certain provisions of the U.S. federal securities laws may be fined up to $5 million ($25 million for entities) and/or imprisoned for up to 20 years. Subject to applicable law, Company employees who violate this Policy may also be subject to discipline by the Company, up to and including termination of employment, even if the country or jurisdiction where the conduct took place does not regard it as illegal. Needless to say, a violation of law, or even a governmental or regulatory investigation that does not result in prosecution, can tarnish a person's reputation and irreparably damage a career.

If you are located or engaged in dealings outside the U.S., be aware that laws regarding insider trading and similar offenses differ from country to country. Employees must abide by the laws in the country where located. However, you are required to comply with this Policy even if local law is less restrictive. If a local law conflicts with this Policy, you must consult the Chief Legal Officer.

\*&nbsp;&nbsp;&nbsp;&nbsp;\*&nbsp;&nbsp;&nbsp;&nbsp;\*

*This policy was last amended effective January 1, 2026.*

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**SharkNinja, Inc.**

**ADDENDUM TO INSIDER TRADING POLICY**

**1. INTRODUCTION**

This Addendum explains requirements and procedures, which apply to all directors and executive officers, as well as certain designated employees of SharkNinja, Inc. (the "***Company***") who have access to material nonpublic information about the Company, and is in addition to and supplements the Company Insider Trading Policy (the "***Policy***"). The positions of the designated persons subject to this Addendum are listed on attached **<u>Schedule A</u>**. The Company may from time to time designate other positions that are subject to this Addendum and will amend Schedule A from time to time as necessary to reflect such changes or the resignation or change of status of any individual. Please note that this Addendum applies to all Company securities which you hold or may acquire in the future.

Please read this Addendum carefully. When you have completed your review, please sign the attached acknowledgment form and return it to the Company's Chief Legal Officer.

**2. PRE-CLEARANCE PROCEDURES**

Those subject to this Addendum, as well as their spouses, minor children, adult family members sharing the same household and any other person or entity over whom the individual exercises influence or control over his, her or its securities trading decisions (collectively, "***Related Insiders***"), may not engage in any transaction involving the Company's securities (including the exercise of options, gifts, loans, contributions to a trust, pledging transactions or any other transfers) without first obtaining pre-clearance of the transaction from the Company's Chief Legal Officer. Each proposed transaction will be evaluated to determine if it raises insider trading concerns or other concerns under federal laws and regulations. Any advice will relate solely to the restraints imposed by law and will not constitute advice regarding the investment aspects of any transaction. Clearance of a transaction must be re-requested if the transaction order is not placed within 48 hours of obtaining pre-clearance. If clearance is denied, the fact of such denial must be kept confidential by the person requesting such clearance.

When requesting pre-clearance, the requestor should carefully consider whether he or she may be aware of any material nonpublic information about the Company, and should describe fully those circumstances to the Company's Chief Legal Officer. The requestor should also be prepared to comply with SEC Rule 144 and file Form 144, if advisable, at the time of any sale.

Notwithstanding the foregoing, pre-clearance is not required for any trades made pursuant to a pre-arranged Rule 10b5-1 Plan adopted in accordance with the requirements of this Policy. Pre-clearance is also not required for the "Special Transactions" to which the Policy does not apply, subject to certain exceptions described in <u>Section VI</u> of the Policy.

**3. BLACKOUT PERIODS**

Those individuals subject to this Addendum (and Related Insiders) are subject to the following blackout periods, during which they may not trade in the Company's securities (except by means of pre-arranged Rule 10b5-1 Plans established in compliance with the Policy).

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***Quarterly Blackout***. Because the announcement of the Company's quarterly financial results will almost always have the potential to have a material effect on the market for the Company's securities, you may not trade in the Company's securities during the period beginning on the ninth calendar day of the last month of the quarter and ending after the second full trading day following the public release of the Company's earnings for that quarter.

***Interim Earnings Guidance Blackout***. The Company may on occasion issue interim earnings guidance or other potentially material information by means of a press release, SEC filing on Form 8-K or other means designed to achieve widespread dissemination of the information. You should anticipate that trading will be blacked out while the Company is in the process of assembling the information to be released and until the information has been released and fully absorbed by the market.

***Event-Specific Blackout***. From time to time, an event may occur that is material to the Company and is known by only a few directors, officers and/or employees. The existence of an event-specific blackout will not be announced. If, however, a person whose trades are subject to pre-clearance requests permission to trade in the Company's securities during an event-specific blackout, the Chief Legal Officer will inform the requesting person of the existence of a blackout period, without disclosing the reason for the blackout. Any person made aware of the existence of an event-specific blackout should not disclose the existence of the blackout to any other person.

***Regulation BTR****.* Directors and officers may also be subject to event-specific blackouts pursuant to the SEC's Regulation Blackout Trading Restriction, which prohibits certain sales and other transfers by insiders during certain pension plan blackout periods.

**<u>NOTE</u>**: Even if a blackout period is not in effect, at no time may you trade in Company securities if you are in possession of material nonpublic information about the Company. The failure of the Chief Legal Officer to notify you of an event-specific blackout will not relieve you of the obligation not to trade while in possession of material nonpublic information.

**4. LIMITATIONS AND REQUIREMENTS ON RESALES OF THE COMPANY'S SECURITIES**

The Securities Act requires that securities may be sold only pursuant to an effective registration statement or an exemption from the registration requirements. Directors and certain officers who are (or were within the prior 90 days) affiliates of the Company and who wish to sell Company securities may seek a "safe harbor" for their sales to establish an exemption from such registration requirements by complying with the conditions of Rule 144 applicable to affiliates. "Securities" under Rule 144 are broadly defined to include all securities, not just equity securities. The Rule 144 safe harbor is available not only to sales of ordinary and preferred shares, but also to sales of bonds, debentures and any other form of security. Affiliates and others who seek to sell securities acquired directly from the Company or a Company affiliate in a series of transactions not involving any public offering may avail themselves of the safe harbor of Rule 144 by complying with the provisions applicable to resales of "restricted securities" (which apply, for affiliates, in addition to, and in conjunction with, the provisions of that Rule applicable to resales by affiliates).

The following summarizes relevant provisions of Rule 144, as they apply to resales by directors and officers seeking to take advantage of the safe harbor:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.<u>Current public information</u>.** There must be adequate current public information available regarding the Company. This requirement is satisfied only if the Company has filed all reports required by the Securities Exchange Act of 1934 during the 12 months preceding the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.<u>Manner of sale</u>*.*** The sale of Company shares by a director or officer must be made in one of the following manners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in an open market transaction through a broker at the prevailing market price for no more than the usual and customary brokerage commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to a market maker at the price held out by the market maker; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)in a riskless principal transaction in which trades are executed at the same price, exclusive of any explicitly disclosed markup or markdown, commission equivalent or other fee, and where the transaction is permitted to be reported as riskless under the rules of a self-regulatory organization.

Furthermore, the broker may not solicit or arrange for the solicitation of customers to purchase the shares. In addition, your broker likely has its own Rule 144 procedures (and must be involved in transmitting Form 144 (see item 4 below)), so it is important to speak with your broker prior to any sale.

Even if your share certificates do not contain any restrictive legends, you should inform your broker that you may be considered an affiliate of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.<u>Number of shares which may be sold</u>*.***

***Equity Securities.*** The amount of equity securities that a director or officer may sell in a three-month period is limited to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)1% of the outstanding shares of the same class of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the average weekly reported trading volume in the four calendar weeks preceding the transactions.

***Debt Securities.*** The amount of debt securities that a director or officer may sell in a three-month period is limited to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the average weekly reported trading volume in the four calendar weeks preceding the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)10% of the principal amount of the tranche of debt securities (or 10% of the class of non-participatory preferred shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.<u>Notice of proposed sale</u>*.*** If the amount of securities proposed to be sold by a director or officer during any three-month period exceeds 5,000 shares or has an expected aggregate sale price in excess of $50,000, the director or officer must file a notice of sale on Form 144 with the SEC, prior to, or concurrently with, the placing of the order to sell securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.<u>Holding periods</u>*.*** Any restricted securities must be held for six months prior to reselling such securities.

In certain situations (*e.g.*, securities acquired through share dividends, splits, conversions or the net settlement of certain options), "tacking" is permitted, that is, the new securities will be deemed to have been acquired at the same time as the original securities.

**5. PENALTIES FOR VIOLATING THE SECURITIES LAWS AND COMPANY POLICY**

The seriousness of securities law violations is reflected in the penalties such violations carry. A director's resignation may be sought, or an officer will be subject to possible Company disciplinary action up to and including termination of employment. In addition, both the Company itself and individual directors, officers or employees may be subjected to both criminal and civil liability. These violations may also create negative publicity for the Company.

**6. QUESTIONS**

Because of the technical nature of some aspects of the federal securities laws, all directors and officers should review this material carefully and contact the Chief Legal Officer if at any time (i) you have questions about this Policy or its application to a particular situation; or (ii) you plan to trade in the Company's securities, but are unsure as to whether the transaction might be in conflict with the securities laws and/or this Company Policy.

**7. ACKNOWLEDGEMENT**

All directors, officers and other employees subject to the procedures set forth in this Addendum must acknowledge their understanding of, and intent to comply with, this Policy and this Addendum on the form attached to this Addendum.

\*&nbsp;&nbsp;&nbsp;&nbsp;\*&nbsp;&nbsp;&nbsp;&nbsp;\*

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**<u>SCHEDULE A</u>**

Board of Directors

Chief Executive Officer

Chief Financial Officer

Chief Legal Officer

Chief Commercial Officer

Members of Executive Leadership Team

U.S. Finance Department

U.S. Legal Department

Any other designated employees

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**ACKNOWLEDGMENT FORM**

I have read and understand this Policy and the Addendum thereto applicable to directors, officers and certain designated employees (collectively, the "***Insider Trading Policy***"). I agree to comply fully with the policies and procedures contained in the Insider Trading Policy for as long as I am subject to this Policy. If I am an employee of SharkNinja, Inc., I acknowledge that the Insider Trading Policy is a statement of policies and procedures and does not, in any way, constitute an employment contract or an assurance of continued employment.

____________________________&nbsp;&nbsp;&nbsp;&nbsp;Printed Name

__________________________________&nbsp;&nbsp;&nbsp;&nbsp;Signature

__________________________________&nbsp;&nbsp;&nbsp;&nbsp;Date

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of the Registrant**

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| | |
|:---|:---|
|  **Name of Entity** | **Jurisdiction** |
| Qfeeltech (Beijing) Co., Ltd. | People's Republic of China |
| SharkNinja (Hong Kong) Company Limited | Hong Kong |
| SharkNinja Appliance LLC | Delaware |
| SharkNinja Appliance UK Holdco Limited | United Kingdom |
| SharkNinja Canada Co. | Canada |
| SharkNinja Europe Ltd | United Kingdom |
| SharkNinja France S.A.S. | France |
| SharkNinja Germany GmbH | Germany |
| SharkNinja Global SPV, Ltd. | Cayman Islands |
| SharkNinja Global SPV 2 Limited | Cayman Islands |
| SharkNinja Holdco SPV Limited | Cayman Islands |
| SharkNinja Iberia Socieded Limitada | Spain |
| SharkNinja International Holding Company | Delaware |
| SharkNinja Italy S.r.l. | Italy |
| SharkNinja Management LLC | Delaware |
| SharkNinja Mexico, S. de R.L. de C.V. | Mexico |
| SharkNinja Mexico Imports, S. de R.L. de C.V. | Mexico |
| SharkNinja Midco LLC | Delaware |
| SharkNinja Norway AS | Norway |
| SharkNinja Operating LLC | Delaware |
| SharkNinja Sales Company | Delaware |
| SharkNinja UK EP Limited | United Kingdom |
| SharkNinja Venus Technology Company Limited | Hong Kong |
| SharkNinja Vietnam Company Limited | Vietnam |
| Shenzhen SharkNinja Technology Co., Ltd. | People's Republic of China |
| Suzhou SharkNinja Technology Co., Ltd. | People's Republic of China |
| SharkNinja Netherlands B.V. | Netherlands |
| SharkNinja Poland sp z o.o | Poland |

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## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the following Registration Statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Registration Statements (Form S-8 Nos. 333-273518 and 333-286263) pertaining to the 2023 Equity Incentive Plan and the 2023 Employee Share Purchase Plan of SharkNinja, Inc., and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Registration Statement (Form F-3 No. 333-289729) of SharkNinja, Inc.;

of our reports dated March 2, 2026, with respect to the consolidated financial statements of SharkNinja, Inc. and the effectiveness of internal control over financial reporting of SharkNinja, Inc. included in this Annual Report (Form 10-K) for the year ended December 31, 2025.

/s/ Ernst & Young LLP

Boston, Massachusetts

March 2, 2026

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Mark Barrocas, certify that:

1. I have reviewed this annual report on Form 10-K of SharkNinja, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: March 2, 2026

<u>/s/ Mark Barrocas&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Mark Barrocas

Chief Executive Officer

(Principal Executive Officer)

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Adam Quigley, certify that:

1. I have reviewed this annual report on Form 10-K of SharkNinja, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: March 2, 2026

<u>/s/ Adam Quigley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Adam Quigley

Chief Financial Officer

(Principal Financial Officer)

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350,<br>as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

I, Mark Barrocas, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1) the Annual Report on Form 10-K of SharkNinja, Inc. for the year ended December 31, 2025, fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2) the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of SharkNinja, Inc.

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| | |
|:---|:---|
| Dated: March 2, 2026 | /s/ Mark Barrocas |
| | Mark Barrocas |
| | Chief Executive Officer<br>(Principal Executive Officer) |

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## Exhibit 32.2

**Exhibit 32.2**

**Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350,<br>as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

I, Adam Quigley, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1) the Annual Report on Form 10-K of SharkNinja, Inc. for the year ended December 31, 2025, fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2) the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of SharkNinja, Inc.

---

| | |
|:---|:---|
| Dated: March 2, 2026 | /s/ Adam Quigley |
| | Adam Quigley |
| | Chief Financial Officer<br>(Principal Financial Officer) |

---

<br>