UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) May 6, 2005
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Culp, Inc.
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(Exact Name of Registrant as Specified in its Charter)
North Carolina 0-12781 56-1001967
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
1823 Eastchester Drive
High Point, North Carolina 27265
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(Address of Principal Executive Offices)
(Zip Code)
(336) 889-5161
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(Registrant's Telephone Number, Including Area Code)
Former Address: 101 South Main Street
High Point, North Carolina 27260
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(Former name or address, if changed from last report)
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):
[] 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))
Item 1.01. Entry into a Material Definitive Agreement.
On May 6, 2005, Culp, Inc. (the "Company") entered into a Severance
Agreement and Waiver of Claims (the "Agreement") with Rodney A. Smith, the
Company's former President of the Culp Decorative Fabrics division in connection
with Mr. Smith's resignation, effective as of April 19, 2005, from his position
with the Company. The Agreement provides that the Company will continue Mr.
Smith's current salary ($230,000 annually) through April 30, 2006, payable in
accordance with the Company's standard payroll practices (the "Continuation
Period"). During the Continuation Period, Mr. Smith will be allowed to continue
to participate in certain benefit plans, including continuing to pay the regular
employee rate under the Company's health benefit plan. Stock options held by Mr.
Smith will continue to vest and will be exercisable until July 30, 2006, subject
to the terms of the options and the plans under which they are granted and
subject to Company policies regarding transactions in Company securities. The
Agreement also provides that Mr. Smith will receive up to twelve months of
outplacement assistance. In addition, the Agreement contains a standard release
of claims by Mr. Smith in favor of the Company. Under the terms of the
Agreement, Mr. Smith has the right to revoke the Agreement in writing within the
seven-day period following the date that the Agreement was executed.
The foregoing description of the Agreement is qualified in its entirety by
reference to the Agreement, a copy of which is included in Item 9.01 of this
Current Report on Form 8-K as Exhibit 10.1, and incorporated herein by
reference.
Item 9.01. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
10.1 - Severance Agreement and Waiver of Claims dated
May 6, 2005.
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.
Date: May 11, 2005
Culp, Inc.
By: /s/ Kenneth M. Ludwig
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Kenneth M. Ludwig
Senior Vice President
EXHIBIT INDEX
Exhibit Number Exhibit
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10.1 Severance Agreement and Waiver of Claims dated
May 6, 2005