Company: CULP
Filing Date: 2025-08-15
Form Type: DEF 14A
Source: 0000950170-25-109242
Chunk: 63

Company: CULP INC
Filing Date: 2025-08-15
Form: DEF 14A
Chunk 63
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July 11, 2025, for awards granted on August 10, 2022, and July 17, 2026, for awards granted on September 28, 2023) provided that the participant remains employed with the Company through the end of such period. No service-based restricted stock units were granted to NEOs in fiscal 2025. (3) The service-based restricted stock units in this grant vest and convert into the right to receive one share of common stock per unit at the end of the applicable vesting period (12,557 of such units vest on September 6, 2025, provided that the participant remains employed with the Company through the end of such period). (4) The service-based restricted stock units in this grant vest and convert into the right to receive one share of common stock per unit at the end of the applicable vesting period (July 11, 2025) provided that the participant remains employed with the Company through the end of such period. (5) 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 10, 2022, and September 6, 2022. The number of shares that can be earned 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

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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 only if financial performance is at or above the threshold level. The amounts for these outstanding performance-based restricted stock units are presented at threshold performance level. However, as discussed above, no shares were earned under these awards as performance on all stated metrics was below threshold level. (6) The performance-based restricted stock units in this grant result in shares being earned, if at all, if the participant provides services to the Company through the required service period ending July 17, 2026, and if certain pre-established financial performance targets are met.