Culp executive chairman steps down as employee, remains chairman and consultant

CULP INC

Franklin Saxon ceases as full-time employee and executive officer effective Sept 1, 2022.
Saxon will remain board chairman and provide consulting; annual cash compensation $350,000.
Compensation Committee determined Saxon's RSU award will not be forfeited despite role change.
Change of Control and Non-Competition Agreement between Saxon and Culp terminated effective Sept 1.

item 5.02

Executive movements

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Role change

Franklin N. Saxon

Executive Chairman (transitioning to non-executive Chairman)

CULP · CULP INC

Effective: 2022-09-01
Filed: August 12, 2022, 7:59 PM ET

Effective September 1, 2022, Mr. Saxon’s duties will change such that he is less involved in day to day management, as he will no longer be a full time employee or an executive officer of the Company.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Franklin N. Saxon changed role as Executive Chairman (transitioning to non-executive Chairman) at CULP INC.

Action: modified role
Role: Executive Chairman (transitioning to non-executive Chairman)

Exact text from the filing

Effective September 1, 2022, Mr. Saxon’s duties will change such that he is less involved in day to day management, as he will no longer be a full time employee or an executive officer of the Company.

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CULP INC filing history →

Source: SEC EDGAR

accession 0001564590-22-029310

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