Company: CULP
Filing Date: 2025-03-05
Form Type: 8-K
Source: 0000950170-25-033645
Chunk: 4

Company: CULP INC
Filing Date: 2025-03-05
Form: 8-K
Item: Item 5.02
Chunk 4
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d) Election of Directors

On March 5, 2025, the Board of Directors (the "Board") of Culp, Inc. (the "Company") adopted resolutions expanding the size of the Board from seven to eight and elected William L. Tyson as a director to fill the vacancy created by the expansion in the size of the Board, effective immediately. Mr. Tyson brings to the Company over 30 years of experience in investment banking and capital markets, and has served in executive leadership and strategic growth roles for some of the largest banks and financial institutions in the country.

Mr. Tyson served as head of Mergers & Acquisitions within the Investment Banking Group of Fifth Third Capital Markets from 2021 until his retirement in December 2024. In that role, Mr. Tyson was responsible for the strategic direction of the M& A and Investment Banking platform within the Capital Markets division of Fifth Third Bank as well as for driving Fifth Third Bank's capital markets non-organic growth strategy. Mr. Tyson previously served as Executive Vice President, Co-head of Capital Markets for Fifth Third Bank from 2017 to 2021 and as Senior Vice President, Co-head of Capital Markets from 2016 to 2017. Mr. Tyson served as Senior Managing Director and

Co-head of Investment Banking and in various other leadership roles over the course of his approximately 18-year tenure with BB& T Capital Markets (and its predecessor, Scott & Stringfellow). Prior to that, Mr. Tyson headed Wheat First Butcher Singer's Furnishings, Consumer and Industrial Growth Industry Practices and served as a Vice President with Wachovia Corporation.

The Board has appointed Mr. Tyson to serve as a member of the Board's Audit, Corporate Governance and Nominating, and Compensation Committees. The Board affirmatively determined that Mr. Tyson is independent under the Company's Corporate Governance Guidelines and all applicable rules of the New York Stock Exchange and the U. S. Securities and Exchange Commission ("SEC"), including with respect to his Compensation Committee and Audit Committee membership. There are no family relationships between Mr. Tyson and any other director or executive officer of the Company nor are there any transactions between Mr. Tyson or any member of his immediate family and the Company of any of its subsidiaries that would be reportable as a related party transaction under the rules of the SEC. Further, there is no