Company: CULP
Filing Date: 2025-03-05
Form Type: 8-K
Source: 0000950170-25-033645
Chunk: 5

Company: CULP INC
Filing Date: 2025-03-05
Form: 8-K
Item: Item 5.02
Chunk 5
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 arrangement or understanding between Mr. Tyson and any other persons or entities pursuant to which Mr. Tyson was appointed as a director of the Company.

Mr. Tyson will receive compensation as a director of the Company consistent with that paid to other non-employee directors of the Company. As such, Mr. Tyson is entitled to receive an annual cash retainer of $55,000. In addition, non-employee directors of the Company are entitled to receive an annual equity grant of time-based restricted stock units under the Company's Amended and Restated Equity Incentive Plan with a grant date fair value of $55,000. The restricted stock units will vest on the next annual meeting of shareholders of the Company following the grant of units, subject to Mr. Tyson's continued service on the Board.

A copy of the Company's press release relating to Mr. Tyson's election is being furnished as Exhibit 99.2 to this Current Report on Form 8-K. Exhibit 99.2 shall not be deemed "filed" 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 filing of the Company under the Securities Act of 1933 or the Exchange Act, as amended.

Item 7.01 Regulation FD Disclosure