Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 149

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 8
Chunk 149
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 the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($5.06) for the performance-based component of the performance-based restricted stock units granted to senior executives on August 10, 2022.There were no performance-based restricted stock units that vested during the nine-month periods ended January 26, 2025 and January 28, 2024, respectively. We recorded compensation expense of $49,000 and $67,000 within selling, general, and administrative expenses associated with our performance-based restricted stock unit awards for the nine-month periods ended January 26, 2025, and January 28, 2024, respectively. Compensation expense is recorded based on an assessment each reporting period to determine the probability of whether or not certain performance targets will be met and how many shares are expected to be earned as of the end of the vesting period. If certain performance goals are not expected to be achieved, compensation expense would 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, 202