Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 37

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 1
Chunk 37
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 not be recorded, and any previously recognized compensation expense would be reversed.As of January 26, 2025, the remaining unrecognized compensation expense related to our performance-based restricted stock units was $240,000, which is expected to be recognized over a weighted average vesting period of 2.4 years. As of January 26, 2025, performance-based restricted stock units that are expected to vest had a fair value of $291,000.Time-Based Restricted Stock Units The following table summarizes information related to our grants of time-based restricted stock unit awards associated with senior executives, key employees, and outside directors that were unvested as of January 26, 2025: 

        Time-Based

        Restricted Stock

        (1)

        Date of Grant
         
        Units Awarded

        Price Per Share
         
        Vesting Period

        January 6, 2025 (3)

        21,506

        $
        5.69

        3 years

        September 26, 2024 (2)

        46,823

        $
        5.98

        1 year

        August 8, 2024 (3)

        17,900

        $
        4.65

        36 months

        January 8, 2024 (3)

        14,758

        $
        5.61

        31 months

        September 28, 2023 (3)

        86,551

        $
        5.59

        34 months

        September 6, 2022 (3)

        12,557

        $
        4.58

        3 years

        August 10, 2022 (3)

        62,053

        $
        5.06

        35 months
       
       (1)Price per share represents closing price of our common stock on the date the respective award was granted.(2)Time-based restricted stock units awarded to outside directors.(3)Time-based restricted stock units awarded to senior executives and key employees.During the nine-month period ended January 26, 2025, time-based restricted stock units totaling 103,320 vested at a fair value of $581,000, or $5.63 per share. During the nine-month period ended January 28, 2024, time-based restricted stock units totaling 151,653