Matt Tuttle

About Matt Tuttle

Matt Tuttle was appointed General Counsel of Cricut, Inc. effective April 30, 2025, succeeding long‑time GC Don Olsen; Tuttle has served in various legal roles at Cricut for ~15 years, most recently as VP of Business Development/Associate Counsel for Intellectual Property . As context for assessing alignment and incentives, CRCT delivered FY2024 revenue of $712.5 million and net income of $62.8 million, with operating income of ~$76.1 million used in executive bonus metrics; company TSR disclosed in the 2025 proxy for 2024 was $38.73 (value of a $100 investment) .

Past Roles

External Roles

No external directorships or public-company roles disclosed for Tuttle in CRCT filings reviewed .

Fixed Compensation

Not disclosed for Tuttle in the 2025 proxy or appointment 8‑K. The Item 5.02 8‑K announces his appointment but does not provide salary, bonus targets, or equity grant terms .

Performance Compensation

Not disclosed for Tuttle. FY2024 bonus metrics and payouts are detailed for NEOs (CEO, CFO, prior GC) but do not include Tuttle (appointed post‑FY2024) .

Equity Ownership & Alignment

• Beneficial ownership tables list directors and NEOs; Tuttle is not included (appointed in 2025 and not a director/NEO for FY2024) .
• Hedging/pledging: CRCT’s insider trading policy prohibits executive officers from hedging, short sales, options on company stock, and pledging or holding shares in margin accounts, which reduces misalignment risk .

Employment Terms

• Role and start: Appointed General Counsel effective April 30, 2025; internal succession from VP BD/Associate Counsel for IP .
• Severance/change‑in‑control: CRCT maintains an Executive Change in Control and Severance Plan offering double‑trigger cash severance (12 months base + 100% target bonus) and 100% accelerated vesting for participants; the 2025 proxy lists CEO, CFO, and prior GC as participants. Tuttle’s participation is not disclosed in reviewed filings .
• Clawbacks: No clawback policy disclosure found in the 2025 proxy search; insider trading/hedging restrictions are disclosed .

Company Performance (Context)

Compensation Committee and Governance (Context)

• Compensation Committee members: Steven Blasnik (member) and Jason Makler (Chair). Committee oversees executive pay and equity plans .
• Say‑on‑pay support: 98.45% approval at the 2024 Annual Meeting, signaling strong shareholder support for the executive pay program .

Investment Implications

• Alignment and retention: Internal promotion to GC suggests continuity; prohibitions on hedging/pledging reduce misalignment risk. However, absence of disclosed salary, bonus metrics, or equity awards for Tuttle limits visibility into pay‑for‑performance alignment and potential selling pressure tied to vesting schedules .
• Change‑in‑control economics: CRCT’s severance plan offers meaningful benefits to participants; Tuttle’s participation status is not disclosed, leaving uncertainty around his CIC protections and potential retention leverage in strategic scenarios .
• Execution risk: The legal function remains internally sourced, which is generally supportive of continuity. Company operational performance in 2024 improved on net income and operating income; this provides a favorable backdrop, but without Tuttle‑specific performance incentives disclosed, direct linkage to legal department KPIs (IP enforcement, compliance, subscriptions/legal risk management) cannot be assessed .
• Shareholder signaling: Strong say‑on‑pay support and strict insider trading policies are positives for governance. For trading signals around insider activity or vesting‑driven selling, additional Form 4 data would be required; such detail is not present in reviewed filings .

Key gaps: No disclosed base salary, bonus targets, RSU/option grants, vesting schedules, severance participation, or ownership levels for Matt Tuttle. Monitoring future proxies and any Item 5.02 8‑Ks for compensatory details is recommended.