8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  January 24, 2018

UNIFI, INC.

(Exact name of registrant as specified in its charter)

New York
(State or other jurisdiction
of incorporation) 1-10542 (Commission
File Number) 11-2165495
(IRS Employer
Identification No.)

7201 West Friendly Avenue

Greensboro, North Carolina 27410

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:  (336) 294-4410

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b‑2 of this chapter).  

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d) On January 24, 2018, the Board of Directors (the “Board”) of Unifi, Inc. (the “Company”) elected Albert P. Carey, Chief Executive Officer of PepsiCo North America, to the Board, effective that day, with a term expiring at the Company’s 2018 Annual Meeting of Shareholders. Concurrent with his election as a director, Mr. Carey was appointed to the Corporate Governance and Nominating Committee of the Board. There are no arrangements or understandings between Mr. Carey and any other persons pursuant to which he was selected as a director. Additionally, there are no transactions involving the Company and Mr. Carey that the Company would be required to report pursuant to Item 404(a) of Regulation S-K.

Mr. Carey will receive compensation for his Board and committee service in accordance with the Company’s Director Compensation Policy for independent directors, a copy of which was attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 30, 2017.  Specifically, in connection with his election as a director, Mr. Carey will receive a grant of $113,513.51 of unrestricted units of the Company’s common stock, representing a prorated portion of the $150,000 annual retainer for independent directors.

A copy of the press release announcing Mr. Carey’s election is attached as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No.	Description
99.1	Press Release of Unifi, Inc., dated January 24, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	UNIFI, INC.
Date:  January 24, 2018	By:	/s/ Jeffrey C. Ackerman
		Jeffrey C. Ackerman
		Executive Vice President & Chief Financial Officer

EX-99.1

Exhibit 99.1

Unifi Elects PepsiCo North America CEO Albert P. Carey to the Board of Directors

Greensboro, N.C. January 24, 2018 -- Unifi, Inc. (NYSE: UFI), one of the world's leading innovators in synthetic and recycled yarns, today announced the election of Albert (Al) P. Carey to the Board of Directors.

Mr. Carey currently serves as CEO of PepsiCo North America, a role he has held since March 2016. As a 36-year PepsiCo veteran, he has extensive experience leading multiple lines of consumer brands across snacks and beverages at PepsiCo, including as CEO of Frito-Lay North America.

“We are excited to have someone with Al’s background join our Board of Directors,” said Kevin Hall, Chairman and CEO of Unifi. “As we expand our product offerings beyond textile fibers and into numerous sustainable solutions, Al’s experience will be paramount. “His addition to our board comes at an excellent time, as we focus on growing REPREVE^® and our innovative product portfolio across multiple markets.”

Mr. Carey currently serves on the board of directors of The Home Depot, Inc. and The Food Marketing Institute.

“Unifi’s unique market position, product portfolio and strategic initiatives are compelling,” said Mr. Carey. “I am looking forward to being involved in the growth opportunities of REPREVE^®, a critical sustainability story with over 10 billion plastic bottles being saved from landfills and transformed into high-quality consumer products.”

About Unifi:

Unifi, Inc. (NYSE: UFI) is a global textile solutions provider and one of the world’s leading innovators in manufacturing synthetic and recycled performance fibers. The Company’s proprietary technologies offer increased performance, comfort and style advantages, enabling customers to develop products that perform, look and feel better. Through REPREVE^®, one of Unifi’s proprietary technologies and the global leader in branded recycled performance fibers, Unifi has transformed more than 10 billion plastic bottles into recycled fiber for new clothing, shoes, home goods and other consumer products. Unifi continually innovates to meet consumer needs in moisture management, thermal regulation, antimicrobial, UV protection, stretch, water repellency and enhanced softness with leading products such as Sorbtek^®, XS™ Cross Section technology and Cotton-like™ technology. Unifi collaborates with many of the world’s most influential brands in the sports apparel, fashion, home, automotive and other industries. For more information about Unifi, visit www.Unifi.com.

For more information, contact:

Alpha IR Group

312-445-2870

UFI@alpha-ir.com

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