---
schema_version: "secwatch.filing_event.v1"
accession: "0001564590-22-029310"
form_type: "8-K/A"
ticker: "CULP"
cik: "0000723603"
company_name: "CULP INC"
filed_at: "2022-08-12T23:59:59+00:00"
generated_at: "2026-06-24T00:33:08.947401+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001564590-22-029310
- form_type: 8-K/A
- ticker: CULP
- cik: 0000723603
- company_name: CULP INC
- filed_at: 2022-08-12T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723603/000156459022029310/0001564590-22-029310-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723603/000156459022029310/culp-8ka_20220721.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001564590-22-029310
- JSON: https://secwatch.observer/filing/0001564590-22-029310.json
- Plain text: https://secwatch.observer/filing/0001564590-22-029310.txt

## Key facts
- Executive change
  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)
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723603/000156459022029310/0001564590-22-029310-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.