<SEC-DOCUMENT>0001157523-12-006482.txt : 20121228
<SEC-HEADER>0001157523-12-006482.hdr.sgml : 20121228
<ACCEPTANCE-DATETIME>20121228142421
ACCESSION NUMBER:		0001157523-12-006482
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20121227
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121228
DATE AS OF CHANGE:		20121228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CULP INC
		CENTRAL INDEX KEY:			0000723603
		STANDARD INDUSTRIAL CLASSIFICATION:	BROADWOVEN FABRIC MILLS, COTTON [2211]
		IRS NUMBER:				561001967
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			0429

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12597
		FILM NUMBER:		121290275

	BUSINESS ADDRESS:	
		STREET 1:		1823 EASTCHESTER DRIVE
		CITY:			HIGH POINT
		STATE:			NC
		ZIP:			27265
		BUSINESS PHONE:		3368895161

	MAIL ADDRESS:	
		STREET 1:		P O BOX 2686
		CITY:			HIGH POINT
		STATE:			NC
		ZIP:			27265
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<DESCRIPTION>CULP, INC. 8-K
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Item 5.02 &#8211; Departure of Directors or Certain Officers; Election of Directors;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5.02.&#160;&#160;&#160;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 27, 2012, Culp, Inc. (the &#8220;Company&#8221;) entered into an agreement (the &#8220;Agreement&#8221;) with its Chairman of the Board, Robert G. Culp, III (&#8220;Mr. Culp&#8221;) and the Robert G. Culp III Irrevocable Trust dated December 12, 2012 (the &#8220;Trust&#8221;).&#160;&#160;The effect of the Agreement is to terminate a previous split dollar insurance agreement pursuant to which the Company had purchased a life insurance policy on the life of Mr. Culp and his spouse, pursuant to which the Company retained ownership of the policy and paid premiums to support the policy, with a right to receive the cash surrender value of the policy upon the second to die of Mr. Culp and his spouse, with the designated beneficiary under the policy (the Trust) receiving the remainder of the policy&#8217;s death benefit.&#160;&#160;The Company suspended payment of premiums under the policy during fiscal 2009 as part of the Company&#8217;s 2009 profit improvement plan.&#160;&#160;Pursuant to the Agreement, the Company sold the life insurance policy to the Trust for a purchase price of $625,595.28, representing the cash surrender value of the policy, and terminated the split dollar insurance agreement.&#160;&#160;In recognition of termination of the split dollar insurance agreement and the suspended premium payments, and in recognition of Mr. Culp&#8217;s continued service to the Company, the Company agreed in the Agreement to pay Mr. Culp, during the period of his continued employment by the Company, but in no event for a period longer than twelve years, an annual payment of $60,000.&#160;&#160;This description of the Agreement does not purport to be complete and is qualified by reference to the full text of the Agreement, which is filed as Exhibit 10.1 hereto.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Exhibit 10.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Agreement dated December 27, 2012 between Culp, Inc., Robert G. Culp III, and Robert G. Culp III Irrevocable Trust dated December 11, 2012.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">AGREEMENT&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Exhibit 10.1)</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">THIS AGREEMENT made the 27<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> day of December, 2012, between Culp, Inc., a corporation organized and existing under the laws of the State of North Carolina (hereinafter called the &#8220;Corporation&#8221;), Robert G. Culp, III (hereinafter called the &#8220;Employee&#8221;), and Robert&#160;G. Culp III Irrevocable Trust dated December 11, 2012 (the &#8220;Trust&#8221;);</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">W I T N E S S E T H:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>WHEREAS, the Employee is employed by the Corporation; and</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>WHEREAS, the Corporation highly values the long term efforts, abilities, and accomplishments of the Employee; and</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>WHEREAS, the Corporation and the Employee previously entered into a Split Dollar Agreement dated February 24, 2003 (the &#8220;Insurance Agreement&#8221;), pursuant to which the Corporation agreed to purchase and pay premiums on a policy of life insurance insuring the Employee and the Employee&#8217;s spouse (hereinafter referred to as the &#8220;Policy&#8221;); and</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the Policy purchased under the Insurance Agreement is ING/Security Life of Denver (formerly Southland Life Insurance Company) policy number 06 6002 5882, with a face amount of $8,000,000; and</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the Employee assigned all of his right, title and interest in and to the Insurance Agreement and the Policy to the Robert G. Culp, III Irrevocable Trust Agreement #3 dated December 27, 1993 (the &#8220;1993 Trust&#8221;) by an agreement dated February 24, 2003; and</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the 1993 Trust assigned all of its right, title and interest in and to the Insurance Agreement to the Trust by an agreement dated December 21, 2012; and</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>WHEREAS, the Insurance Agreement contains provisions providing for termination of the Agreement and purchase of the Policy by the Employee (and his Assignee, the Trust) prior to the last to die of the Employee or the Employee&#8217;s spouse; and</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>WHEREAS, the Employee, the Trust and Corporation desire to terminate the Insurance Agreement and to transfer the Policy to the Trust by having the Trust purchase the Policy from the Corporation, in accordance with the terms of the Insurance Agreement, and to enter into other arrangements as set forth herein;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>NOW, THEREFORE, in consideration of the premises and the mutual promises contained herein, the parties hereto agree as follows:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Insurance Agreement between the Corporation and the Employee, as assigned to the Trust, is hereby terminated in accordance with the terms of the Insurance Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Trust, as Employee&#8217;s Assignee, hereby exercises its option to purchase the policy from the Corporation, as provided in the Insurance Agreement.&#160;&#160;The purchase price for the Policy shall be cash in the amount of the cash surrender value (CSV) of the Policy, which amount is agreed to be $625,595.28.&#160;&#160;Upon receipt of such amount, the Corporation agrees to transfer all of its right, title and interest in and to the Policy to the Trust, by the execution and delivery of an appropriate instrument of transfer.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In recognition of termination of the Insurance Agreement, of suspended premium payments during a portion of the period covered by the Insurance Agreement, and in recognition of Employee&#8217;s continuing valuable services to the Corporation, the Corporation agrees that during the period of Employee&#8217;s continued employment with the Corporation, but in no event for a period longer than twelve (12) years from the date hereof, the Corporation will make an annual payment to the Employee in the amount of $60,000 per year.&#160;&#160;Such payments will be treated as regular compensation to Employee and will be subject to tax withholding and other similar requirements.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except as expressly provided herein, the Corporation, the Employee and the Trust will have no further obligations under the Insurance Agreement.</font></div>

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