Company: CULP
Filing Date: 2025-08-15
Form Type: DEF 14A
Source: 0000950170-25-109242
Chunk: 67

Company: CULP INC
Filing Date: 2025-08-15
Form: DEF 14A
Chunk 67
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 there had been a change of control (and all agreements had been in effect at that time), and the officers had been terminated, on April 27, 2025, the last day of fiscal 2025. Estimated Payments under Change of Control and Non-competition Agreements

| Name               |     | Change of 
 Control   
 Payment   
 ($)       |           |     | Non-        
 Competition 
 Payment     
 ($)         |           |     | Total Payment 
 ($)           |           |
|:-------------------|:----|:----------|----------:|:----|:------------|----------:|:----|:--------------|----------:|
| Robert G. Culp, IV |     | $         | 1,990,000 |     | $           | 1,000,000 |     | $             | 2,990,000 |
| Kenneth R. Bowling |     | $         | 1,020,313 |     | $           |   512,720 |     | $             | 1,533,033 |
| Thomas M. Bruno    |     | $         |   967,538 |     | $           |   486,200 |     | $             | 1,453,738 |

In addition, as disclosed above, our named executive officers have received restricted stock units under our Amended and Restated Equity Incentive Plan and our 2015 Equity Incentive Plan pursuant to our LTIP program. If a change in control (as defined under either the 2015 Equity Incentive Plan or the Amended and Restated Equity Incentive Plan) occurred, followed by an adverse triggering event of the type described above for the change of control and non-competition agreements, then the restricted stock units under this program

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would immediately vest at the target level. These restricted stock unit awards are described in more detail under the caption “Compensation Discussion and Analysis—Long-Term Incentive Awards,” and are disclosed in the “Stock Awards” columns of the “Outstanding Equity Awards at Fiscal Year-End” table.If a change in control and an applicable adverse triggering event had occurred as of the end of our most recent fiscal year, based upon the price of our common stock on that date our NEOs would have received stock with the following values: Mr. Culp: $970,418; Mr. Bowling: $406,272; and Mr. Bruno: $421,705