Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 150

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 8
Chunk 150
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3 (3)

        86,551

        $
        5.59

        34 months

        September 6, 2022 (3)

        12,557

        $
        4.58

        3 years

        August 10, 2022 (3)

        62,053

        $
        5.06

        35 months
       
       (1)Price per share represents closing price of our common stock on the date the respective award was granted.(2)Time-based restricted stock units awarded to outside directors.(3)Time-based restricted stock units awarded to senior executives and key employees.During the nine-month period ended January 26, 2025, time-based restricted stock units totaling 103,320 vested at a fair value of $581,000, or $5.63 per share. During the nine-month period ended January 28, 2024, time-based restricted stock units totaling 151,653, vested at a fair value of $857,000, or $5.65 per share.We recorded compensation expense of $473,000 and $597,000 within selling, general, and administrative expenses associated with our time-based restricted stock unit awards for the nine-month periods ended January 26, 2025, and January 28, 2024, respectively.As of January 26, 2025, the remaining unrecognized compensation expense related to our time-based restricted stock units was $731,000, which is expected to be recognized over a weighted average vesting period of 1.5 years. As of January 26, 2025, the time-based restricted stock units that are expected to vest had a fair value totaling $1.4 million. 

I-29

Immediately Vested Common Stock AwardsWe granted a total of 16,616 shares of common stock to our outside directors on July 3, 2023. These shares of common stock vested immediately and were measured at their fair value on the date of the grant. The fair value of these awards was $5.04 per share on July 3, 2023, which represents the closing price of our common stock on the date of grant.We recorded $84,000 of compensation expense within selling, general, and administrative expenses for common stock awards that immediately vested to our outside directors during the nine-month period ended January 28, 2024.

17. LeasesOverviewWe lease manufacturing facilities, showroom and office space, distribution