secwatch.observer — SEC 8-K summary
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Issuer:     CROWN CRAFTS INC (CRWS)
CIK:        0000025895
Form:       8-K
Filed at:   2023-06-15T23:59:59+00:00
Accession:  0001437749-23-017583
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Crown Crafts CEO gets amended agreement: $400K base, 2x severance
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- Minimum base salary set at $400,000, subject to annual Board review.
- Severance equals 2x (base salary + highest bonus in last 3 years) on termination without cause or for good reason.
- Severance paid in lump sum within Change-in-Control period; otherwise 24 monthly installments.
- Time-based equity awards vest immediately on qualifying termination; performance-based vest as per award agreement.
- Non-compete and non-solicit restrictions apply during employment and up to 2 years post-termination.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/25895/000143774923017583/0001437749-23-017583-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/25895/000143774923017583/crws20230615c_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-017583

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer