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Ownership Document
|
| Schema Version: X0206 |
| Document Type: 3 |
| Period of Report: 1/1/20 |
| No Securities Owned: 0 |
| Issuer: |
| Issuer CIK: 723603 |
| Issuer Name: CULP INC |
| Issuer Trading Symbol: CULP |
| Reporting Owner: |
| Reporting Owner ID: |
| | Owner CIK: 1799536 |
| | Owner Name: Brown Cassandra J |
| Reporting Owner Address: |
| | Owner Street 1: 1823 EASTCHESTER DRIVE |
| | Owner Street 2: |
| | Owner City: HIGH POINT |
| | Owner State: NC |
| | Owner ZIP Code: 27265 |
| | Owner State Description: |
| Reporting Owner Relationship: |
| | Is Director? No |
| | Is Officer? Yes |
| | Is Ten Percent Owner? No |
| | Is Other? No |
| | Officer Title: President, Culp Home Fashions |
| Non-Derivative Table: |
| Non-Derivative Holding: |
| | Security Title: |
| | | Value: Common Stock |
| | Post-Transaction Amounts: |
| | | Shares Owned Following Transaction: |
| Value: 9,725 |
| | Ownership Nature: |
| | | Direct or Indirect Ownership: |
| Value: D |
| Derivative Table: |
| Derivative Holding: |
| | Security Title: |
| | | Value: Restricted Stock Units |
| | | Footnote ID: F1 |
| | Conversion or Exercise Price: |
| | | Value: 0 |
| | Exercise Date: |
| | | Footnote ID: F2 |
| | Expiration Date: |
| | | Footnote ID: F2 |
| | Underlying Security: |
| | | Underlying Security Title: |
| Value: Common Stock |
| | | Underlying Security Shares: |
| Value: 10,243 |
| Footnote ID: F2 |
| | Ownership Nature: |
| | | Direct or Indirect Ownership: |
| Value: D |
| Derivative Holding: |
| | Security Title: |
| | | Value: Restricted Stock Units |
| | | Footnote ID: F1 |
| | Conversion or Exercise Price: |
| | | Value: 0 |
| | Exercise Date: |
| | | Footnote ID: F3 |
| | Expiration Date: |
| | | Footnote ID: F3 |
| | Underlying Security: |
| | | Underlying Security Title: |
| Value: Common Stock |
| | | Underlying Security Shares: |
| Value: 2,400 |
| Footnote ID: F3 |
| | Ownership Nature: |
| | | Direct or Indirect Ownership: |
| Value: D |
| Derivative Holding: |
| | Security Title: |
| | | Value: Restricted Stock Units |
| | | Footnote ID: F1 |
| | Conversion or Exercise Price: |
| | | Value: 0 |
| | Exercise Date: |
| | | Footnote ID: F4 |
| | Expiration Date: |
| | | Footnote ID: F4 |
| | Underlying Security: |
| | | Underlying Security Title: |
| Value: Common Stock |
| | | Underlying Security Shares: |
| Value: 2,400 |
| Footnote ID: F4 |
| | Ownership Nature: |
| | | Direct or Indirect Ownership: |
| Value: D |
| Footnotes: |
| Footnote - F1: Contingent right to receive issuance of Culp, Inc. common stock. |
| Footnote - F2: 1/2 of these restricted stock units (3,414 RSUs) vest and convert into the right to receive one share of common stock per RSU (3,414 total shares of common stock) at the end of three years if the participant remains employed by the company as of such date; the remaining 1/2 of these restricted stock units (3,414 RSUs) could vest up to 2 shares of common stock (6,829 total shares of common stock) if the company achieves certain performance criteria over a three year period beginning April 29, 2019 and ending May 1, 2022, per the terms of the award agreement. |
| Footnote - F3: These restricted stock units could vest up to a maximum of 2 shares of common stock per unit (2,400 total shares of common stock) if the company achieves certain performance criteria over a three year period beginning April 30, 2018 and ending May 2, 2021, per the terms of the award agreement. |
| Footnote - F4: These restricted stock units could vest up to a maximum of 2 shares of common stock per unit (2,400 total shares of common stock) if the company achieves certain performance criteria over a three year period beginning May 1, 2017 and ending May 3, 2020, per the terms of the award agreement. |
| Remarks: Exhibit List Exhibit 24 - Power of Attorney - CE |
| Owner Signature: |
| Signature Name: /s/ Ashley C. Durbin, Attorney-in-Fact |
| Signature Date: 1/10/20 |
