Culp Inc. has announced a new multi-year cooperation agreement with its largest shareholder, Seattle-based 22NW, LP. The agreement includes provisions for voting support at the company's 2025 and 2026 Annual Meetings of Shareholders. As part of the agreement, new independent director candidates, Doug Collier and Lynn Heatherton, will be nominated for the board along with Alexander B. Jones of 22NW, who joined in 2024. The board's current size will remain unchanged. This partnership aims to support CULP's management and position the company for future growth opportunities. The full agreement will be filed with the SEC as an exhibit to a form 8-K.
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