Thomas Bruno - Sep 28, 2023 Form 4 Insider Report for CULP INC (CULP)

Role: President, Mattress Fabrics
Signature: /s/ Ashley C. Durbin, Attorney-in-Fact
Stock symbol: CULP
Transactions as of: Sep 28, 2023
Transactions value $: $0
Form type: 4
Date filed: 10/2/2023, 05:34 PM
Previous filing: Sep 15, 2023
Next filing: Aug 12, 2024

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CULP	Restricted Stock Units	Award	$0	+35.8K	+67.95%	$0.00	88.5K	Sep 28, 2023	Common Stock	47.8K	$0.00	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Contingent right to issuance of Culp, Inc. common stock.
F2	1/2 of these restricted stock units (17,907 RSUs) vest and convert into the right to receive one share of common stock per RSU (17,907 total shares of common stock) on or about July 10, 2026, if the participant remains employed by the company as of such date; the remaining 1/2 of these RSUs (17,907 RSUs) could vest and convert into the right to receive up to a maximum of 29,845 total shares of common stock if the company achieves certain performance criteria over a three-year performance period beginning May 1, 2023 and ending May 3, 2026, per the terms of the award agreement.

Content

Contingent right to issuance of Culp, Inc. common stock.

1/2 of these restricted stock units (17,907 RSUs) vest and convert into the right to receive one share of common stock per RSU (17,907 total shares of common stock) on or about July 10, 2026, if the participant remains employed by the company as of such date; the remaining 1/2 of these RSUs (17,907 RSUs) could vest and convert into the right to receive up to a maximum of 29,845 total shares of common stock if the company achieves certain performance criteria over a three-year performance period beginning May 1, 2023 and ending May 3, 2026, per the terms of the award agreement.