Company: CULP
Filing Date: 2025-08-15
Form Type: DEF 14A
Source: 0000950170-25-109242
Chunk: 50

Company: CULP INC
Filing Date: 2025-08-15
Form: DEF 14A
Chunk 50
---
R) moderator such that the number of shares earned pursuant to the performance-based LTIP awards could increase or decrease based on the Company’s relative TSR performance over the three-year plan period as compared to the TSR of the Company’s peer group companies over the same period. If the Company’s three-year TSR result put the Company in the top quartile of its peer group, the number of shares earned would be increased by 25% (except that the total number of shares earned could not exceed the maximum award of 200% of target), and if the Company’s three-year TSR result put the Company in the bottom quartile of its peer company group, the number of shares earned would be decreased by 25%. If the Company’s three-year TSR result was between the 50 th and 75 th percentiles of the Company’s peer group, the number of earned shares would be increased by 1% for each incremental percentile increase (capped at a 25% increase and no more than 200% of target). If the Company’s three-year TSR result was between the 25 th and 50 th percentiles of the Company’s peer group, the number of shares would be decreased by 1% for each incremental percentile decrease (capped at a 25% decrease). No adjustment to the number of earned shares will be made if the Company’s three-year TSR result put the Company at the 50 th percentile of its peer comparator group. Our NEOs in fiscal 2025 were granted the following number of performance-based RSUs:

|                    | Performance-based RSUs |
| Robert G. Culp, IV |                107,527 |
| Kenneth R. Bowling |                 45,402 |
| Thomas M. Bruno    |                 43,054 |

The fiscal 2025 LTIP includes both corporate officers and certain non-officer employees. The number of equity awards granted to any individual is based upon the Committee’s assessment of that individual’s level of responsibility and ability to affect the Company's operating income and the Company’s common stock price. In making that judgment, the Committee also considered our overall compensation strategy, the advice of our compensation consultant, management’s recommendation, and the remainder of the recipient’s compensation package. A total of 195,983 performance-based RSUs were granted to current NEOs for fiscal 2025. Consistent with the approach used in fiscal 2024, the grant date closing stock price was used to determine fiscal 2025 equity grant levels relative to the target values of the