Culp Inc Sample Contracts

Culp Inc – Written Description of Annual Incentive Plan (July 12th, 2019)

The annual incentive plan is structured to provide potential bonus payments to the participants based upon an economic value added (EVA) performance measurement, which is derived from return on capital employed.  The plan was created pursuant to the Culp Inc. 2015 Equity Incentive Plan and provides for bonuses based upon the EVA of the entire Company in the case of certain executives, and upon the EVA of certain of the Company’s operating divisions for other executives.

Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE (June 12th, 2019)
Culp Inc – ANNUAL INCENTIVE AWARD AGREEMENT (March 8th, 2019)

THIS ANNUAL INCENTIVE AWARD AGREEMENT (the “Agreement”), dated as of __________________, is between CULP, INC., a North Carolina corporation (the “Corporation”), and ____________________ (“Recipient”).

Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE (February 27th, 2019)

Cost of sales for the three-month period ending January 27, 2019, includes a $514 restructuring related charge for operating costs associated with our closed upholstery fabrics plant facility located in Anderson, SC.

Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE (November 29th, 2018)

Cost of sales for the three-month period ending October 28, 2018, includes a $270 restructuring related charge for operating costs associated with our closed upholstery fabrics plant facility located in Anderson, SC.

Culp Inc – CREDIT AGREEMENT (September 7th, 2018)

THIS CREDIT AGREEMENT (this "Agreement") is entered into as of August 13, 2013 by and between CULP, INC., a North Carolina corporation ("Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank").

Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE (August 29th, 2018)
Culp Inc – Written Description of Annual Incentive Plan (July 13th, 2018)

The annual incentive plan is structured to provide potential bonus payments to the participants based upon an economic value added (EVA) performance measurement, which is derived from return on capital employed.  The plan was created pursuant to the Culp Inc. 2015 Equity Incentive plan and provides for bonuses based upon the EVA of the entire Company in the case of certain executives, and upon the EVA of one of the Company’s two divisions for other executives.

Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE (June 13th, 2018)
Culp Inc – Culp Announces Definitive Agreement to Acquire Source for Custom Window Treatments Designed for Hospitality Market (March 8th, 2018)

HIGH POINT, N.C.--(BUSINESS WIRE)--March 8, 2018--Culp, Inc. (NYSE: CULP) announced today that it has reached a definitive agreement to acquire Read Window Products, Inc., a source for custom window treatments and other products for the hospitality and commercial industries. Based in Knoxville, Tennessee, Read Window Products is a turn-key provider of window treatments offering measuring, sourcing, fabrication and installation services. Read Window Products’ primary custom product line includes motorization, shades, drapery and shower curtains. In addition, they supply soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters and pillows, for leading hospitality brands worldwide. Read Window Products has been in business since 1981, with annual revenues of approximately $11.0 million in 2017. Culp currently expects to fund the acquisition with cash and investments on hand without

Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE (February 28th, 2018)
Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE (November 30th, 2017)
Culp Inc – RESTRICTED STOCK UNIT AGREEMENT (September 8th, 2017)

THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”), dated as of __________________, is between CULP, INC., a North Carolina corporation (the “Corporation”), and ____________________ (“Recipient”).

Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE (August 30th, 2017)
Culp Inc – COMPANY SIGNS LETTER OF INTENT FOR CHINA MATTRESS FABRICS ACQUISITION (August 30th, 2017)

HIGH POINT, N.C. (August 30, 2017) ─ Culp, Inc. (NYSE: CULP) today reported financial and operating results for the first quarter ended July 30, 2017.

Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE (June 13th, 2017)
Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE (February 28th, 2017)
Culp Inc – CULP ANNOUNCES RESULTS FOR THIRD QUARTER FISCAL 2017 (February 28th, 2017)

HIGH POINT, N.C. (February 28, 2017) ─ Culp, Inc. (NYSE: CFI) today reported financial and operating results for the third quarter and nine months ended January 29, 2017.

Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE (December 1st, 2016)

(1) Culp, Inc. currently does not incur cash income tax expense in the US due to its $18.0 million in net operating loss carryforwards as of May 1, 2016. Therefore,

Culp Inc – CULP ANNOUNCES RESULTS FOR SECOND QUARTER FISCAL 2017 (December 1st, 2016)

HIGH POINT, N.C. (December 1, 2016) ─ Culp, Inc. (NYSE: CFI) today reported financial and operating results for the second quarter and six months ended October 30, 2016.

Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE (August 30th, 2016)
Culp Inc – CULP ANNOUNCES RESULTS FOR FIRST QUARTER FISCAL 2017 (August 30th, 2016)

Net sales were $80.7 million, up 0.6 percent over the prior year, with mattress fabric sales up 5.7 percent and upholstery fabric sales down 6.9 percent.

Culp Inc – CULP ANNOUNCES RESULTS FOR FOURTH QUARTER AND FISCAL 2016 (June 15th, 2016)

HIGH POINT, N.C. (June 15, 2016) ─ Culp, Inc. (NYSE: CFI) today reported financial and operating results for the fourth quarter and fiscal year ended May 1, 2016.

Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE (June 15th, 2016)

(1) Culp, Inc. currently does not incur cash income tax expense in the US and has an estimated $18.0 million in net operating loss carryforwards as of May 1, 2016.

Culp Inc – SECOND AMENDMENT TO CREDIT AGREEMENT (March 11th, 2016)

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered into as of, March 10th, 2016 by and between CULP, INC., a North Carolina corporation ("Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank").

Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE CONSOLIDATED STATEMENTS OF NET INCOME FOR THREE MONTHS ENDED JANUARY 31, 2016 AND FEBRUARY 1, 2015 (UNAUDITED) (Amounts in Thousands, Except for Per Share Data) THREE MONTHS ENDED Amounts Percent of Sales January 31, February 1, % Over January 31, February 1, 2016 2015 (Under) 2016 2015 Net sales $ 78,466 81,269 (3.4 )% 100.0 % 100.0 % Cost of sales 61,903 66,867 (7.4 )% 78.9 % 82.3 % Gross profit 16,563 14,402 15.0 % 21.1 % 17.7 % Selling, general and administrative expenses 9,337 8,375 11.5 % 11.9 % 10.3 % Income from operations 7,226 6,027 19.9 % 9.2 (March 1st, 2016)
Culp Inc – RESTRICTED STOCK UNIT AGREEMENT (_________________ Division) (September 11th, 2015)

THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”), dated as of _________________, is between CULP, INC., a North Carolina corporation (the “Corporation”), and ____________________ (“Recipient”).

Culp Inc – NEWS RELEASE (September 2nd, 2015)

HIGH POINT, N.C. (September 2, 2015) ─ Culp, Inc. (NYSE: CFI) today reported financial and operating results for the first quarter ended August 2, 2015.

Culp Inc – CULP, INC. DEFERRED COMPENSATION PLAN FOR CERTAIN KEY EMPLOYEES AMENDMENT NO. 1 (July 17th, 2015)

WHEREAS, Culp, Inc. (hereinafter “Employer”) adopted the Culp, Inc. Deferred Compensation Plan for Certain Key Employees (hereinafter “Plan”) for a select group of management or highly compensated employees on December 16, 2013;

Culp Inc – FIRST AMENDMENT TO CREDIT AGREEMENT (July 17th, 2015)

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered into as of July 10, 2015 by and between CULP, INC., a North Carolina corporation ("Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank").

Culp Inc – CULP, INC. FINANCIAL INFORMATION RELEASE CONSOLIDATED STATEMENTS OF NET INCOME FOR THE THREE MONTHS ENDED AUGUST 3, 2014, AND JULY 28, 2013 (UNAUDITED) (Amounts in Thousands, Except for Per Share Data) THREE MONTHS ENDED Amounts Percent of Sales August 3, July 28, % Over August 3, July 28, 2014 2013 (Under) 2014 2013 Net sales $ 76,060 70,141 8.4 % 100.0 % 100.0 % Cost of sales 63,345 57,067 11.0 % 83.3 % 81.4 % Gross profit 12,715 13,074 (2.7 ) % 16.7 % 18.6 % Selling, general and administrative expenses 7,419 7,100 4.5 % 9.8 % 10.1 % Income from operations 5,296 5,974 (11.3 ) % 7.0 % 8.5 % I (September 4th, 2014)
Culp Inc – CULP, INC. DEFERRED COMPENSATION PLAN FOR CERTAIN KEY EMPLOYEES (March 7th, 2014)

This document is drafted with the intent that it comply with Internal Revenue Code Section 409A and regulations promulgated thereunder.

Culp Inc – CREDIT AGREEMENT (September 6th, 2013)

THIS CREDIT AGREEMENT (this "Agreement") is entered into as of August 13, 2013 by and between CULP, INC., a North Carolina corporation ("Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank").

Culp Inc – Contract (December 28th, 2012)

THIS AGREEMENT made the 27th day of December, 2012, between Culp, Inc., a corporation organized and existing under the laws of the State of North Carolina (hereinafter called the “Corporation”), Robert G. Culp, III (hereinafter called the “Employee”), and Robert G. Culp III Irrevocable Trust dated December 11, 2012 (the “Trust”);

Culp Inc – RESTRICTED STOCK UNIT AGREEMENT (_______________ Division) (September 7th, 2012)

THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”), dated as of July __, 2012, is between CULP, INC., a North Carolina corporation (the “Corporation”), and _______________ (“Recipient”).