Company: CULP
Filing Date: 2025-08-15
Form Type: DEF 14A
Source: 0000950170-25-109242
Chunk: 30

Company: CULP INC
Filing Date: 2025-08-15
Form: DEF 14A
Chunk 30
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 Nominating Committee if made in writing addressed to the Company’s Secretary at the Company’s main office. In order to be considered, such recommendations must be received at least 60 days prior to the date of the meeting at which directors are to be elected. Submissions should include information regarding a candidate’s background, qualifications, experience, and willingness to serve as a director. Based on a preliminary assessment of a candidate’s qualifications, the Corporate Governance and Nominating Committee may conduct interviews with the candidate and request additional information from the candidate. The committee uses the same process for evaluating all nominees, including those recommended by shareholders.

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Agreements with 22NW Fund, LP et al.

On June 17, 2024, the Company entered into a Cooperation Agreement (the “First Cooperation Agreement”) with 22NW Fund, LP, 22NW LP, 22NW Fund GP, LLC, 22NW GP, Inc., Aron R. English, Bryson O. Hirai-Hadley, and Alexander B. Jones (each, an “Investor” and collectively the “Investors” or the “Investor Group”). Pursuant to the First Cooperation Agreement, the Company increased the size of the Board from eight to nine directors and appointed, at the request and recommendation of the Investor Group, Alexander B. Jones to fill the vacancy resulting from the increase in the size of the Board. In addition, Mr. Jones was appointed to each of the Audit Committee and the Compensation Committee of the Board, and the Board agreed to nominate Mr. Jones to stand for election to the Board at the 2024 annual meeting of shareholders for a term expiring at the Annual Meeting and until his successor is duly elected and qualified.

On June 6, 2025, the Company entered into a subsequent Cooperation Agreement (the “Second Cooperation Agreement”) with the Investor Group, which superseded and replaced the First Cooperation Agreement. Pursuant to the Second Cooperation Agreement, the Company agreed to: (i) nominate Mr. Jones to stand for election to the Board at the Annual Meeting and the Company’s 2026 annual meeting of shareholders (the “2026 Annual Meeting”), (ii) nominate John Douglas Collier and Lynn D. Heatherton (together with Mr. Jones, the “Investor Group Designees”) to stand for election to the Board at the Annual Meeting and the 2026 Annual Meeting, (iii) establish a Strategy Committee of the Board, and (iv)