CULP INC
For the period ended Apr 28, 2024. Filed Aug 22, 2024.
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Apr 28, 2024 · Filed Aug 22, 2024
Contents
SUMMARY COMPENSATION TABLE
The following table shows the compensation we paid for fiscal 2024 and 2023 to our NEOs.
| Name and Principal · Salary · Bonus · StockAwards · OptionAwards · Non-EquityIncentive PlanCompensation · Change inPensionValue andNonqualifiedDeferredCompensationEarnings · All OtherCompensation · Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Position(a) | Year(b) | ($) (c)* | ($) (d) | ($) (e)(1) | ($) (f) | ($) (g)** | ($) (h)*** | ($)(i) (2) | ($)(j) |
| Robert G. Culp, IV President and Chief Executive Officer | 20242023 | 500,000500,000 | — — | 556,348282,049 | — — | 105,000332,000 | 4,4984,281 | 115,417104,444 | 1,281,2631,222,774 |
| Kenneth R. Bowling Executive Vice President, Chief Financial Officer, and Treasurer | 20242023 | 298,477290,000 | — — | 226,986 114,508 | — — | 44,335134,792 | 9,3028,811 | 92,50063,424 | 671,600611,535 |
| Thomas M. Bruno President, Culp Home Fashions Division | 20242023 | 283,038168,173 | — — | 215,242265,607 | — — | __— | 373— | 55,21553,515 | 553,868497,295 |
| * | Base salary for the President and Chief Executive Officer in fiscal 2024 was unchanged from the salary rate during fiscal 2023. |
|---|---|
| ** | The amounts shown in this column represent the cash bonus amounts that were awarded to the NEOs pursuant to the Company’s annual incentive program for the applicable year, which such payments were made during the first quarter of fiscal 2025. Details of the Company’s fiscal 2024 annual incentive plan are described under the heading “Annual Incentive Plan” in the Compensation Discussion and Analysis section of this Proxy Statement. |
| *** | Column (h) of the Summary Compensation Table shows the amount of interest earned during the fiscal year on the officer’s account balance under our supplemental non-qualified deferred compensation plan that the SEC considers to be “above market.” The Compensation Committee is responsible for setting this interest rate. The current rate, which is the rate for 30-year U.S. Treasury notes plus 2.5%, has been in place since fiscal 2003. For more information about this plan, see “−Non-Qualified Deferred Compensation” below. |
(1)
The stock award values reflected in column (e) of the Summary Compensation Table are for restricted stock units granted in fiscal 2024 and 2023. These values reflect the aggregate grant date fair value computed in accordance with ASC Topic 718 for fiscal 2024 and fiscal 2023 for equity-based awards granted to each NEO, with these awards calculated based on the probable level of achievement at the time of grant, excluding the effect of forfeitures. The awards therefore reflect the estimated aggregate compensation expense to be recognized in the Company’s financial statements over the relevant service period determined as of the grant date, and do not reflect the actual value, if any, that may be received by executive officers for their awards. For information about the relevant assumptions made in calculating compensation expense, please see note 13 – “Stock-Based Compensation” to the financial statements included in our fiscal 2024 Annual Report on Form 10‑K. The potential maximum aggregate grant date fair value of these equity-based awards for fiscal 2024 is as follows: Mr. Culp: $843,917, Mr. Bowling: $307,933 and Mr. Bruno $292,003.
(2)
The following table shows the components of “All Other Compensation.”
| 401(k) planmatch($) | Amount paid for group lifeinsurance (a)($) | Contribution tonon-qualifieddeferredcompensationplan($) | Perquisites(b)($) | Total ($) | |
|---|---|---|---|---|---|
| Mr. Culp | 13,200 | 1,580 | 89,209 | 11,428 | 115,417 |
| Mr. Bowling | 13,343 | 1,580 | 66,777 | 10,800 | 92,500 |
| Mr. Bruno | 9,591 | 1,580 | 35,644 | 8,400 | 55,215 |
(a)
The amount paid for life insurance consists of premiums for group life insurance that is generally available to all salaried full-time employees.
(b)
Perquisites for Mr. Culp were $8,400 for an auto allowance, $2,400 for the cost of his participation in a voluntary executive health program, and $628 for an award based on years of service to the company. Perquisites for Mr. Bowling were $8,400 for an auto allowance and $2,400 for the cost of his participation in a voluntary executive health program. Perquisites for Mr. Bruno consisted solely of an auto allowance of $8,400.
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