Company: CULP
Filing Date: 2025-06-20
Form Type: 11-K
Source: 0000950170-25-088317
Chunk: 3

Company: CULP INC
Filing Date: 2025-06-20
Form: 11-K
Chunk 3
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8,517,892 | ) |
| NET ASSETS AVAILABLE FOR BENEFITS                            |     |      |            |   |     |      |            |   |     |      |            |   |
| Beginning of year                                            |     |      | 41,776,912 |   |     |      | 40,774,612 |   |     |      | 49,292,504 |   |
| End of year                                                  |     | $    | 44,747,445 |   |     | $    | 41,776,912 |   |     | $    | 40,774,612 |   |

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NOTE A - DESCRIPTION OF PLAN The following description of the Culp, Inc. Employees’ Retirement Builder Plan (the “Plan”) provides only general information. Participants should refer to the summary plan description for a more complete description of the Plan’s provisions. General The Plan is a defined contribution plan covering all full-time employees of Culp, Inc., and its subsidiaries (the “Company”) who have three months of continuous service and are at least 21 years of age. Employees who elect to participate in the Plan may do so in the next available payroll period. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). Contributions Each year, participants may contribute compensation, as defined in the Plan document, subject to certain Internal Revenue Code (“IRC”) limitations. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan currently offers various registered investment company funds, one common and collective trust fund, and Culp, Inc. common stock as investment options for participants. The Company makes matching safe harbor contributions equal to 100 % of the participant’s contribution up to the first 4 % of annual compensation contributed to the Plan. An employee who is eligible to participate in the Plan but does not either affirmatively elect to decline participation or designate a specified amount to be contributed to the Plan, is required to have their compensation reduced by 3 %, which is in turn contributed into the Plan’s MassMutual Select T. Rowe Price Retirement Series. Employees who elect to participate in the Plan are required to contribute at least 2 % of their annual compensation to the Plan