Culp plans cash bonuses based on financial performance
Will affect certain execs
By Furniture Today Staff -- Furniture Today, December 20, 2006
HIGH POINT – The board of directors of fabric supplier Culp Inc. has approved a management incentive plan that provides for cash bonuses for certain executives in its Culp Home Fashions ticking division for the company’s fiscal year 2007, which ends April 29.
The individuals affected include Iv Culp, president of the CHF division, and a “named executive officer” under SEC rules.
The plan provides for cash bonuses that could range from 1% to 48% (3% to 48% in Iv Culp’s case) of a participant’s salary, depending on the CHF division’s financial performance using three financial measures.
The financial measures used to calculate eligibility for bonuses under the plan are operating income, free cash flow and return on capital, in each case excluding certain extraordinary and non-recurring items.
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