<SEC-DOCUMENT>0001157523-20-000498.txt : 20200410
<SEC-HEADER>0001157523-20-000498.hdr.sgml : 20200410
<ACCEPTANCE-DATETIME>20200410123554
ACCESSION NUMBER:		0001157523-20-000498
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200408
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20200410
DATE AS OF CHANGE:		20200410

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:			0503

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12597
		FILM NUMBER:		20786365

	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
<SEQUENCE>1
<FILENAME>a52202141.htm
<DESCRIPTION>CULP, INC. 8-K
<TEXT>
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    <div style="text-align: center; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
    <div>
      <div style="text-align: center;"><font style="font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font> </div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C.&#160; 20549</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">FORM 8-K</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">CURRENT REPORT PURSUANT</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TO SECTION 13 OR 15(d) OF THE</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SECURITIES EXCHANGE ACT OF 1934</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><u>Date of Report (Date of earliest event reported) April 8, 2020</u></div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;"><u>Culp, Inc.</u></div>
      <div style="text-align: center;">(Exact Name of Registrant as Specified in its Charter)</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z42489664dd624c0f987e28881fb9f5a4">

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            <td style="width: 31.21%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">North Carolina</div>
            </td>
            <td style="width: 2.82%; vertical-align: top;">&#160;</td>
            <td style="width: 37.6%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">1-12597</div>
            </td>
            <td style="width: 2.82%; vertical-align: top;">&#160;</td>
            <td style="width: 25.56%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">56-1001967</div>
            </td>
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            <td style="width: 31.21%; vertical-align: top;">
              <div style="text-align: center;">(State or Other Jurisdiction</div>
              <div style="text-align: center;">of Incorporation)</div>
            </td>
            <td style="width: 2.82%; vertical-align: top;">&#160;</td>
            <td style="width: 37.6%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(Commission File Number)</div>
            </td>
            <td style="width: 2.82%; vertical-align: top;">&#160;</td>
            <td style="width: 25.56%; vertical-align: top;">
              <div style="text-align: center;">(I.R.S. Employer</div>
              <div style="text-align: center;">Identification No.)</div>
            </td>
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            <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; text-align: center;">
              <div>1823 Eastchester Drive</div>
              <div>High Point, North Carolina&#160; 27265</div>
            </td>
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            <td style="width: 100%; vertical-align: top;">
              <div style="text-align: center;">(Address of Principal Executive Offices)</div>
              <div style="text-align: center;">(Zip Code)</div>
            </td>
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      <div><br>
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      <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z947d9448976a45ea9b09686e8ef524e3">

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            <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(336) 889-5161</div>
            </td>
          </tr>
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            <td style="width: 100%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(Registrant&#8217;s Telephone Number, Including Area Code)</div>
            </td>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Not Applicable</div>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(Former name or address, if changed from last report)</div>
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      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; text-indent: 18pt;">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
        (see General Instruction A.2. below):</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; text-indent: 18pt;">&#9744;&#160;&#160;&#160; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; text-indent: 18pt;">&#9744;&#160;&#160;&#160; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; text-indent: 18pt;">&#9744;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; text-indent: 18pt;">&#9744;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Securities registered pursuant to Section 12(b) of the Act:</div>
      <div><br>
      </div>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Title of each class</div>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Trading Symbol</div>
            </td>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Name of exchange on which registered</div>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Common stock, par value $0.05 per share</div>
            </td>
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              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">CULP</div>
            </td>
            <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">New York Stock Exchange</div>
            </td>
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      </table>
      <div><br>
      </div>
      <div style="background-color: #FFFFFF;">
        <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).&#160; Emerging growth
          company &#9744;</div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;">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. &#9744;</div>
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      <div style="font-family: 'Times New Roman',Times,serif; font-weight: 400;">
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 5.02 &#8211; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory
          Arrangements of Certain Officers</div>
        <div><br>
        </div>
        <div style="background-color: #FFFFFF;">
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">On April 8, 2020, Robert G. Culp, IV was elected to the board of directors (the &#8220;Board&#8221;) of Culp, Inc. (the &#8220;Company&#8221;).&#160; Mr. Culp
            was appointed by the current members of the Board to fill a vacancy created by the expansion of the size of the Board from six to seven members in accordance with the Company&#8217;s bylaws.&#160; Mr. Culp&#8217;s term commenced upon his election on April 8,
            2020 and will expire at the next annual meeting of shareholders on September&#160;30, 2020, or when his successor has been elected and qualified.&#160;</div>
        </div>
        <div style="background-color: #FFFFFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
        </div>
        <div style="background-color: #FFFFFF;">
          <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Since January 1, 2020, Mr. Culp has served as chief executive officer of the Company.&#160; Mr. Culp has been employed by the Company
            since 1998 and has served in various capacities, including president of the Culp Home Fashions division from 2004 to 2019.&#160; He was elected by the Board as chief operating officer in October 2018 and as president of the Company in March 2019.</div>
        </div>
        <div style="background-color: #FFFFFF;">
          <div><br>
          </div>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">There is no arrangement or understanding between Mr. Culp and any other person relating to his election to the Board.&#160; <font style="background-color: rgb(255, 255, 255);">As previously disclosed in the Company&#8217;s 2019 proxy statement, the Company leases an industrial facility from an entity owned
            by Susan Culp, the mother or Robert G. Culp, IV.&#160; The lease was assumed by the Company in connection with its August 2008 acquisition of the knitted mattress fabrics operation of Bodet &amp; Horst USA, LP.&#160; The facility contains 63,522 square
            feet of floor space and is located in High Point, North Carolina.&#160; Currently, this facility is being leased on a month to month basis at an amount of $13,100 per month.&#160; The lessor is generally responsible for maintenance only of roof and
            structural portions of the leased facility.&#160; The facility is leased on a &#8220;triple net&#8221; basis, with the Company responsible for payment of all property taxes, insurance premiums, and maintenance (other than structural maintenance).&#160; The Company
            believes that the terms of this lease are no less favorable to the tenant than could have been obtained in arm&#8217;s length transactions with unaffiliated persons.&#160; The total amount of rent paid by the Company under this related party lease totaled
            $158,000 in fiscal 2019 and $156,000 in fiscal 2018 and 2017, respectively.</font></div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SIGNATURES</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">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.</div>
      <div><br>
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                <div style="font-weight: bold;">&#160;</div>
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              <td style="width: 4%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;">CULP, INC.</div>
              </td>
            </tr>
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              <td style="width: 50%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 4%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;">(Registrant)</div>
              </td>
            </tr>
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              <td style="width: 50%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 4%;">
                <div style="font-weight: bold;">&#160;</div>
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              <td style="width: 45%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
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              <td rowspan="1" style="width: 50%;">&#160;</td>
              <td rowspan="1" style="width: 4%;">&#160;</td>
              <td rowspan="1" style="width: 45%;">&#160;</td>
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                <div style="font-weight: bold;">&#160;</div>
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              <td style="width: 4%;">
                <div style="font-weight: bold;">By:</div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;"><u>/s/ Kenneth R. Bowling</u></div>
              </td>
            </tr>
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              <td style="width: 50%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 4%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;">Chief Financial Officer</div>
              </td>
            </tr>
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              <td style="width: 50%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 4%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;">(principal financial officer)</div>
              </td>
            </tr>
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              <td style="width: 50%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 4%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
            </tr>
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              <td style="width: 50%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 4%;">
                <div style="font-weight: bold;">By: <br>
                </div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;"><u>/s/ Thomas B. Gallagher, Jr.</u></div>
              </td>
            </tr>
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              <td style="width: 50%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 4%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;">Corporate Controller</div>
              </td>
            </tr>
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              <td style="width: 50%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 4%;">
                <div style="font-weight: bold;">&#160;</div>
              </td>
              <td style="width: 45%;">
                <div style="font-weight: bold;">(principal accounting officer)</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: 400;"> <br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Dated:&#160; April 10, 2020</u><br>
      </div>
    </div>
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    </font></div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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