Company: CULP
Filing Date: 2025-08-15
Form Type: DEF 14A
Source: 0000950170-25-109242
Chunk: 53

Company: CULP INC
Filing Date: 2025-08-15
Form: DEF 14A
Chunk 53
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 shareholder alignment incentives, to a larger group of key personnel.

The performance-based awards granted to NEOs under the fiscal 2022 LTIP did not vest due to below-threshold performance by the Company with respect to cumulative adjusted operating income. As such, Mr. Culp did not earn any shares in connection with this award. The service-based RSUs granted to Mr. Bowling under the fiscal 2022 LTIP vested, resulting in the issuance of 6,882 shares to Mr. Bowling in fiscal 2025. Mr. Bruno was not employed by the Company at the time grants were made under the fiscal 2022 LTIP, and thus did not receive an award under this program.

Long-Term Incentive Awards to Mr. Bruno Upon Hire

In connection with the Company's hiring of Mr. Bruno in September 2022, Mr. Bruno received a grant of 37,671 service-based RSUs pursuant to a one-time award which provides for the vesting of one-third of such RSUs on each of September 6, 2023, September 6, 2024, and September 6, 2025, if Mr. Bruno remains employed with the Company through the applicable vesting date. For these service-based RSUs, each unit consists of the right to receive one share of common stock. Mr. Bruno vested in 12,557 of these RSUs on each of September 6, 2023, and September 6, 2024, based on Mr. Bruno remaining employed by the Company at each such time, resulting in an issuance of 12,557 shares to Mr. Bruno at each such time, and an aggregate of 25,114 shares issued to Mr. Bruno under this award to date. Shares vested in fiscal year 2025 under this award are shown in the “Option Exercised and Stock Vested” table herein.

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Health and Welfare Plans

Our health and welfare benefit plans for fiscal 2025 were open to all full-time employees. Under each plan, the NEOs received either the same benefit as all other salaried employees or a benefit that is exactly proportional, as a percentage of salary, to the benefits that others receive. For example, the amount of each individual’s Company-paid life insurance policy is based on his or her base salary.

Retirement Plans

401(k)

During fiscal 2025, participation in our tax-qualified 401(k) plan was available to all of our