Company: CULP
Filing Date: 2025-08-15
Form Type: DEF 14A
Source: 0000950170-25-109242
Chunk: 64

Company: CULP INC
Filing Date: 2025-08-15
Form: DEF 14A
Chunk 64
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 The financial performance targets for these awards are based on discreet operating income benchmarks for fiscal years 2024, 2025, and 2026, and a minimum three-year cumulative operating income threshold. The number of shares that can be earned is based on whether each individual annual performance target and three-year cumulative threshold as defined in the award agreement are met. The numbers of shares shown in column (i) and the values shown in column (j) are based upon the Company’s financial performance for each of the three fiscal years that are included in the performance/service period for the grant as compared to the payout levels for the grant, with values calculated using the closing price of the Company’s common stock at the most recent fiscal year-end. The threshold payout level for this grant is 0.20 shares per restricted stock unit, with shares being earned only if financial performance is at or above the threshold level. For fiscal year 2024, the Committee has determined that performance for each of the relevant metrics was below the threshold performance level for these awards. As such, the amounts reflected in the table for these outstanding performance-based restricted stock units reflect zero shares being earned for fiscal year 2024. For fiscal year 2025, the Committee has determined that performance for each of the relevant metrics was below the threshold performance level for these awards. As such, the amounts reflected in the table for these outstanding performance-based restricted stock units reflect zero shares being earned for fiscal year 2025. For fiscal year 2026, the amounts for these outstanding performance-based restricted stock units are presented at threshold performance level. (7) The performance-based restricted stock units in this grant result in shares being earned, if at all, over a service and financial performance period of three fiscal years, beginning with the fiscal year that includes the date of grant of August 8, 2024. The number of shares that can be earned and vested is based on whether certain pre-established cumulative performance levels as defined in the award agreement are met during the three-year performance period. The numbers of shares shown in column (i) and the values shown in column (j) are based upon the Company’s financial performance in previous fiscal years that are included in the performance period for the grant as compared to the payout levels for the grant, with values calculated using the closing price of the Company’s common stock at the most recent fiscal year-end. The threshold payout level for this grant is 0.20 shares per restricted stock unit, with shares being earned and vested only if financial performance is at