Culp enters cooperation agreement with 22NW, adds Alexander B. Jones to board

CULP INC

Board expanded from 8 to 9 directors; Alexander B. Jones appointed effective June 17, 2024.
Jones is VP & Sr. Research Analyst at 22NW, also an independent director at L.B. Foster Co.
Standstill restricts Investor Group from owning >15% of CULP common stock or nominating directors.
Annual meeting set for September 25, 2024; Jones will be nominated for a one-year term.
Investor Group reimbursed up to $15,000 for out-of-pocket expenses related to the agreement.

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