Document:

EXHIBIT 10.1

                                   CULP, INC.
                           2007 EQUITY INCENTIVE PLAN
                           --------------------------

                          STOCK OPTION AWARD AGREEMENT
                          ----------------------------

         THIS STOCK OPTION AWARD AGREEMENT (this  "Agreement"),  made  effective
as of  ____________,  2008  (the  ---------  "Grant  Date"),  is by and  between
_____________________  (the  "Participant")  and  Culp,  Inc.  (the  "Company").

                              BACKGROUND STATEMENT
                              --------------------

         The Company  maintains the Culp,  Inc. 2007 Equity  Incentive Plan (the
"Plan"), which is incorporated into and forms a part of this Agreement,  and the
Participant has been selected by the Compensation Committee of the Board or such
other committee of the Board as the Board may designate,  which  administers the
Plan (the  "Committee"),  to receive  the  Awards  specified  in this  Agreement
pursuant to the Plan. On the Grant Date, the  Participant was granted the Awards
described herein under the Plan and to be evidenced by this Agreement, which may
be physically executed and delivered after the Grant Date.

         NOW,  THEREFORE,  IT IS AGREED,  by and  between  the  Company  and the
Participant, as follows:

         1. Terms of Stock Option Award.

         (a) Grant of Options.  Pursuant to the Plan, the Company  hereby grants
to the  Participant,  as of the Grant Date,  options (the "Options") to purchase
all or any part of an aggregate of _______ shares of the Company's  Common Stock
(the  "Option  Shares"),  subject  to,  and in  accordance  with,  the terms and
conditions  set forth in this Agreement and the Plan. The exercise price for the
Options (the "Exercise Price") is $______ per Option Share. The Options and this
Agreement  are  subject to all of the terms and  conditions  of the Plan,  which
terms and  conditions  are hereby  incorporated  by  reference,  and,  except as
otherwise  expressly  set  forth  herein,  the  capitalized  terms  used in this
Agreement shall have the same definitions as set forth in the Plan.

         (b) Qualified  Stock  Options.  To the extent allowed under  applicable
law, the Options are intended to constitute  "incentive  stock  options" as that
term is used in Section 422 of the Internal Revenue Code, as amended.

         (c) Period of Exercise.  Subject to the  limitations of  this Agreement
(including,  without  limitation,  the vesting  requirements  specified  in this
Agreement) and the Plan,  the Options shall be  exercisable  for a period of ten
years  beginning  on the  Grant  Date and  ending  on  ____________,  2018  (the
"Expiration Date").

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          (d) Vesting.  The Options shall vest in  accordance  with the terms of
paragraph 2 of this Agreement.

          (e) Exercise of Options.  Subject to the terms of this  Agreement  and
the Plan,  the vested  Options  may be  exercised  in whole or in part by giving
written notice to the [Vice  President,  Human  Resources] of the Company at its
corporate  headquarters  prior  to  the  Company's  close  of  business  on  the
Expiration  Date, or if the  Expiration  Date is not a business day, on the last
business day that occurs prior to the Expiration Date. Such notice shall specify
the number of Option Shares that the Participant  elects to purchase,  and shall
be accompanied by payment of the Exercise Price for the Option Shares  indicated
by the Participant's  election.  Payment shall be by cash (or its equivalent) or
in  accordance  with  Section  2.5 of the Plan,  subject to such rules as may be
established by the  Committee,  if any, as established by the Committee for such
purpose from time to time.  The Options shall not be  exercisable  if and to the
extent the Company  determines that such exercise would violate applicable state
or  federal  securities  laws or the rules  and  regulations  of any  securities
exchange on which the  Company's  common stock is traded.  If the Company  makes
such a determination,  it shall use all reasonable  efforts to obtain compliance
with such laws, rules and regulations.  In making any  determination  hereunder,
the Company may rely on the opinion of counsel for the Company.

          (f) No Rights as Shareholder.  Except as provided in the Plan, or this
Agreement,  a Participant  holding  Options shall not have, with respect to such
instruments,  any of the rights of a shareholder  of the Company or any right to
receive  dividends  until a stock  certificate  has been duly  issued  following
exercise of the Options as provided herein.

          2.  Vesting.  The  Options  are not vested as of the Grant  Date,  but
rather will vest according to the following schedule:

              2009     -      20% shares

              2010     -      20% shares

              2011     -      20% shares

              2012     -      20% shares

              2013     -      20% shares

          3. Transferability. Except as provided for in Section 7.2 of the Plan,
an Award granted  pursuant to this Agreement is not  transferable  other than as
designated by the Participant by will, the laws of descent and distribution or a
qualified domestic relations order.

          4.  Administration.  The authority to manage and control the operation
and  administration  of this Agreement  shall be vested in the Committee,  which
shall have all powers with  respect to this  Agreement as it has with respect to
the Plan (to the fullest extent  permitted by the Plan). Any  interpretation  of
the  Agreement by the  Committee and any decision made by it with respect to the
Agreement is final and binding on all persons.

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          5. Plan  Governs.  Notwithstanding  anything in this  Agreement to the
contrary, the terms of this Agreement shall be subject to the terms of the Plan,
a  copy  of  which  is  attached  hereto.  This  Agreement  is  subject  to  all
interpretations,  amendments, rules and regulations promulgated by the Committee
from time to time  pursuant  to the  Plan.  If and to the  extent of a  conflict
between  this  Agreement  and the terms of the Plan,  the terms of the Plan will
govern.

          6. No Right to  Employment.  None of the  actions  of the  Company  in
establishing  the  Plan,  the  actions  taken by the  Company,  the Board or the
Committee  under  the  Plan,  or the  granting  of any  Award  pursuant  to this
Agreement  shall be  deemed  (a) to  create  any  obligation  on the part of the
Company  or any  Subsidiary  to retain  the  Participant  in the  employ  of, or
continue the provision of services to, the Company or any Subsidiary,  or (b) to
be evidence of any  agreement  or  understanding,  express or implied,  that the
Participant  has a right to continue as an employee for any period of time or at
any particular rate of compensation.

          7. Notices.  Any written notices provided for in this Agreement or the
Plan shall be in writing and shall be deemed  sufficiently  given if either hand
delivered or if sent by fax or overnight courier, or by postage paid first-class
mail.  Notices sent by mail shall be deemed  received  three business days after
mailing but in no event later than the date of actual receipt.  Notices shall be
directed,  if to the Participant,  at the Participant's address indicated by the
Company's  records,   or  if  to  the  Company,   at  the  Company's   corporate
headquarters.

          8. Amendment.  Subject to the terms of the Plan, this Agreement may be
amended or modified by (i)  unilateral  action of the  Committee or (ii) written
agreement of the Participant  and the Company,  in each case without the consent
of any other person.

          9. Governing Law. This Agreement shall be governed by and construed in
accordance  with the laws of the  State of North  Carolina,  without  regard  to
conflicts of law principles thereof.

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         IN WITNESS  WHEREOF,  the Participant has executed this Agreement,  and
the  Company  has caused  this  Agreement  to be executed in its name and on its
behalf, effective as of the Grant Date.

                                   PARTICIPANT:

                                   ---------------------------------------------
                                   Print Name:
                                              ----------------------------------

                                   CULP, INC.

                                   By:
                                        ----------------------------------------
                                   Its:
                                         ---------------------------------------

                                       4Exhibit 10.2

Written Summary of Culp Home Fashions Division
Management Incentive Plan

The plan provides for annual cash bonuses to certain  employees of the Culp Home
Fashions (CHF) division, on the following basis:

Each  participant  in the plan has a stated  Management  Incentive  Plan ("MIP")
target bonus  opportunity,  stated as a percentage of the  participant's  annual
salary. The target bonus opportunity for each participant varies from 10% to 50%
of salary,  as determined by the CHF Division  management (or in the case of any
executive officer, by the Compensation Committee of the board of directors). The
plan sets forth target levels of three performance measures for the CHF Division
- operating income, free cash flow and return on capital, in each case excluding
certain extraordinary and non-recurring items, such as restructuring and related
charges,  goodwill  write-offs,  prepayment  fees on debt,  other  non-recurring
items,  and  acquisitions.  If the division  reaches the target  levels for each
performance  measure,  bonuses  in  the  amount  of  100%  of the  target  bonus
opportunity  will be paid.  There is also a  minimum  threshold  level  for each
performance  measure that will cause  bonuses to be paid in the amount of 10% of
the target bonus  opportunity,  a maximum  threshold level for each  performance
measure  that will cause  bonuses to be paid in the amount of 150% of the target
bonus opportunity,  and a super maximum threshold level that will causes bonuses
to be paid in the  amount of 200% of the target  bonus  opportunity.  Thus,  the
bonus  amounts  under  the  plan  could  range  from 1% of  salary  for  certain
participants  to  as  much  as  100%  of  salary  for  other  participants.  The
performance  measures are  "weighted"  such that  achieving a certain level with
respect to each  performance  measure will have a varying  effect on determining
the overall bonus. The weights assigned to each respective  performance  measure
are as follows:  55% weight to operating  income,  30% weight to free cash flow,
and 15% weight to return on capital. In addition, the plan provides that bonuses
will only be paid if the company as a whole reports positive earnings, excluding
restructuring and related expenses and other extraordinary items.

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