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Unassociated Document

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      OPTION
AGREEMENT

      

      

      This Option Agreement is entered into
as of July 10, 2008 by and among Future Energy Solutions, Inc. and each of Peter
Kolokouris, Michael Hughes and Charles LaLoggia (collectively, the
“Investors”).

      

      NOW, THEREFORE, the parties
hereto agree as follows:

      

      1.           Future
Energy Solutions, Inc. (the “Company”) hereby grants to the Investors an option
to purchase an aggregate of 500,000 shares of common stock of the Company at a
cost of $1 per share (the “Option”).

      

      2.           The
Option shall vest and become exercisable upon the occurrence of the common stock
of the Company being traded or listed on an exchange or a stock market,
including the NASDAQ market.

      

      3.           The
term of the Option is eight months.

      

      4.           The
Option may be assigned by the investors.  The Option shall be governed
by New York law.

      

      5.           The
Company acknowledges that Michael Hughes is an attorney and has represented the
Investors and has not represented the Company.

      

      
        	 
      	
                FUTURE
      ENERGY SOLUTIONS, INC.

              
	 
      	 
      
	 
      	 
      
	 
      	
                   /s/ Gerald
      Brock

              
	 
      	
                Gerald
      Brock, President

              
	 
      	 
      
	 
      	 
      
	 
      	
                   /s/ Peter
      Kolokouris

              
	 
      	
                Peter
      Kolokouris

              
	 
      	 
      
	 
      	 
      
	 
      	
                   /s/ Charles
      LaLoggia

              
	 
      	
                Charles
      LaLoggia

              
	 
      	 
      
	 
      	 
      
	 
      	
                   /s/ Michael
      Hughes

              
	 
      	
                Michael
      HughesUnassociated Document

    Exhibit
10.19

    

    Written
Description of Compensation Plan for Non-employee Directors of Culp,
Inc.

    

    Each
non-employee director will be paid an annual retainer of $32,500 (except the
Lead Director, who will receive a $37,500 retainer), plus an annual grant of
options to purchase 2,000 shares of the Company’s common stock.  The
options are to be granted under the Company’s 2007 Equity Incentive Plan, which
provides for options to be granted to directors with an exercise price equal to
the fair market value of the Company’s common stock on the date of
grant.  The options will be immediately exercisable upon grant and
remain outstanding for a period of 10 years from the
date of grant.a6004041ex10_36.htm

    EXHIBIT 10.36

    

    

     

    CULP,
INC.

    DEFERRED
COMPENSATION PLAN FOR CERTAIN SELECTED KEY EMPLOYEES

    

    

    Section
1 - Purpose

    

    Effective
May 1, 2002, Culp, Inc. (the “Company”) adopted the Culp, Inc. Deferred
Compensation Plan for Certain Selected Key Employees (the
“Plan”).  Effective July 1, 2009, the Company desires to amend and
restate the Plan.  The Company, in consideration for future services
to be performed by Participants, hereby sponsors this Plan for the purpose of
providing deferred compensation for its Participants.  It is intended
that the Plan constitute an unfunded arrangement maintained exclusively for the
purpose of providing deferred compensation for a select group of management or
highly compensated employees, for purposes of Title I of the Employee Retirement
Income Security Act of 1974 (AERISA@),
as amended.

    

    

    Section
2 - Definitions and Other Provisions

    

    Account - A separate
account maintained by the Company, on its books and records, for each separate
Participant in the Plan.  At the time set forth herein, on the
Company’s books and records, each separate Participant’s Account shall be
credited with all of the following amounts: (i) the principal amount of a
Participant’s Bonus Deferral under the Plan; (ii) the principal amount of a
Participant’s Salary Deferral under the Plan; (iii) the principal amount of
Nonelective Contributions under the Plan; and (iv) Interest, as defined below,
on the entire amount credited to a Participant’s Account, under the
Plan.

    

    Beneficiary - On a
form that may be obtained from the Company, a Participant may designate one or
more persons (including an estate or a trust) as a Beneficiary to receive a
distribution in the event of the Participant’s death.  If no
Beneficiary is designated, or, if the designated Beneficiary is not alive at the
time of the Participant’s death, the Participant’s benefits, payable under the
Plan, will be paid to the Participant’s estate.

    

    Bonus - Remuneration
paid from the Company to a Participant, which is not part of a Participant’s
Salary.

    

    Bonus Deferral - Any
Bonus deferred under the Plan, pursuant to a Participant’s Bonus Deferral
Election.

    

    Bonus Deferral
Election - A Participant’s written election to defer the receipt of a
stipulated amount of Bonus, that may be earned by the Participant during the
succeeding calendar year.

     

    
      
        
        

      

      
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    Company - Culp, Inc.
a North Carolina corporation, or its successor.

    

    Compensation - The
total remuneration paid from the Company to a Participant during any Plan Year,
including Salary and Bonus.

    

    Deferred Compensation
Committee - The group of individuals that administer the Plan, consisting
of the following officers of the Company: (i) President and Chief Executive
Officer; (ii) the Chief Financial Officer; and (iii) the Vice President, Human
Resources.  Any member of the Deferred Compensation Committee may also
be a Participant in the Plan.  The Deferred Compensation Committee
shall have the power to construe and interpret the provisions of the Plan, and
such other discretionary power as provided in the Plan, or as may be needed to
administer the Plan.

    

    Effective Date - The
effective Date of the Plan was May 1, 2002.  The effective date of the
amendment and restatement of the Plan is July 1, 2009.

    

    Interest
-  An amount, determined each calendar quarter, and then credited to
each Participant's Account on the Company’s
books and records, at a rate determined by the Company’s Compensation Committee
of the Company’s Board of Directors, in their sole and absolute discretion, from
time-to-time.  Currently, the amount of such interest is the same as
the interest rate on a thirty year Treasury note plus two and one-half percent
(22%).

    

    Nonelective
Contribution  - Any contribution made by the Company under the
Plan on behalf of any Participant, which is not part of such Participant’s Bonus
Deferral or Salary Deferral.

    

    Participant - An
employee of the Company, that is considered to be a highly compensated employee,
or within a select group of management, for purposes of ERISA, who is designated
by the Committee as eligible to participate in the Plan, and who is actually
participating in the Plan.

    

    Plan
-  This the Culp, Inc. Deferred Compensation Plan For Certain Selected
Key Employees.

    

    Plan Year - The Plan
Year shall begin on January 1 and end on December 31.

    

    Salary - All
remuneration, including commissions, paid from the Company to a Participant
during any Plan Year, except for any Bonus.

    

    Salary Deferral - Any
Salary deferred under the Plan, pursuant to a Participant’s Salary Deferral
Election.

    

    Salary Deferral
Election - The Participant’s written election to forego the receipt of a
stipulated amount of Salary to be earned by the Participant during the
succeeding Plan Year.

    

    

    
      
        
        

      

      
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    Section
3 - Deferral Elections

    

    Prior to
the beginning of any Plan Year, a Participant may execute and deliver to the
Committee a Salary Deferral Election, under which the Participant may elect to
defer a stipulated amount of Salary, which would otherwise be earned by the
Participant during the succeeding Plan Year.  The amount of Salary
that a Participant may elect to defer under the Plan, in any Plan Year, may not
exceed seventy-five percent (75%) of the Salary otherwise payable to a
Participant.

    

    Prior to
the beginning of any Plan Year, a Participant may execute and deliver to the
Committee a Bonus Deferral Election by which the Participant may elect to defer
a stipulated amount of Bonus, which could otherwise be earned by the Participant
during the succeeding Plan Year.  The amount of Bonus that a
Participant may defer under the Plan, any year, may not exceed seventy-five
percent (75%) of any Bonus otherwise payable to a Participant.

    

    Any Bonus
Deferral Election and/or Salary Deferral Election will continue until suspended
or modified, in writing, and delivered by the Participant to the Deferred
Compensation Committee, which new Bonus Deferral Election and/or Salary Deferral
Election shall apply only to Salary and/or any Bonus otherwise payable to the
Participant after the end of the Plan Year in which such Bonus Deferral Election
and/or Salary Deferral Election is delivered to the Committee.

    

    

    Section
4 - Nonelective Contributions

    

    Subject to
the approval of the Compensation Committee of the Company’s Board of Directors,
on the first (1st) day of July of each year, until Franklin N. Saxon’s (Saxon)
employment with the Company terminates, the Compensation Committee of the
Company’s Board of Directors will compute an amount equal to fifteen percent
(15%) of Saxon’s annual Salary, then in effect; and, one-twelfth of the amount
so computed will credited to Saxon’s Account under the Plan, on behalf of Saxon,
after the end of each successive fiscal month during which Saxon earned
it.

    

    Subject to
the approval of the Compensation Committee of the Company’s Board of Directors,
on the first (1st) day of July of each year, until Robert G. Culp, IV's (“Culp, IV”) employment with the Company
terminates, the Compensation Committee of the Company's Board of Directors will compute an amount equal to
seven and one-half percent (72%) of Culp, IV’s annual Salary, then in effect;
and, one-twelfth of the amount so computed, will be credited to Culp IV's Account under the Plan, on behalf of Culp, IV,
after the end each successive fiscal month during which Culp IV earned
it.

    

    Subject to
the approval of the Compensation Committee of the Company’s Board of Directors,
on the first (1st) day of July of each year, until Kenneth R. Bowling's (“Bowling”) employment with the Company terminates,
the Compensation Committee of the Company’s Board of Directors will compute an
amount equal to seven and one-half percent (72%) of Bowling's annual Salary, then in effect; and, one-twelfth of
the amount so computed, will be allocated to Bowling’s Account under the Plan,
on behalf of Bowling, after the end of each successive fiscal month during which
Bowling earned it.

    

    Any FICA
taxes payable by Saxon, Culp, IV, and/or Bowling, attributable to the
Company's Nonelective Contribution, shall be
paid by the Company, at the time(s) any FICA taxes become payable.

    

    
      
        
        

      

      
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    Section
5 - Distribution

    

    Subject to
the last paragraph of this Section 5, if a Participant’s employment with the
Company terminates, for any reason other than death, the entire amount then
credit to the Participant’s Account shall be paid from the Company to the
Participant, in a lump sum payment, within thirty (30) days after the
Participant's employment with the Company
terminates.

    

    If a
participant’s employment with the Company terminates because of the
Participant’s death, the entire amount then credit to the Participant’s Account
shall be paid from the Company to the Participant’s Beneficiary, in a lump sum
payment, within thirty (30) days after the Participant’s death.

    

    Upon
request by a Participant, the Committee, in its sole and absolute discretion,
may grant an early distribution to a Participant, of all or any portion of the
amount credited to the Participant’s Account, but, only if the Committee
determines that a financial hardship exists involving unexpected, unforeseeable,
emergency medical expenses that are caused by an event beyond the control of the
Participant.  To qualify for this distribution, the medical expense
cannot readily be met from other funds reasonably available to the Participant,
and, if the distribution is not permitted, the Participant will incur a severe
financial hardship.  Any distribution for such medical hardship will
be limited to the amount needed to meet such medical expense.  Any
Participant, who is a member of the Committee, shall not participate in any
decision that affects whether or not such Participant shall receive a
distribution under the terms of this paragraph.

    

    Notwithstanding
anything herein to the contrary, upon the separation from service for any
reason, other than death, of any Participant in the Plan who either: (i) owns
more than five percent (5%) of the outstanding stock of the Company; (ii) owns
more than one percent (1%) of the outstanding stock of the Company and earns One
Hundred and Fifty Thousand ($150,000) or more per year; or (iii) is an officer
of the Company earning more than One Hundred and Thirty Thousand (as indexed for
cost-of-living adjustments) per year, shall not be made until six (6) months
after such Participant separates from service.

     

    
      
        
        

      

      
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    Section
6 - Participant’s Rights Unsecured

    

    Participants
are general unsecured creditors of the Company; and, the Plan constitutes a mere
promise by the Company to make benefit payments in the future.  It is
the intention of the parties that this arrangement be unfunded for tax purposes
and for purposes of Title I of ERISA.

    

    

    Section
7 - Amendment and Termination

    

    Subject to
the approval of the Compensation Committee of the Company’s Board of Directors,
the Deferred Compensation Committee may, at any time amend the
Plan.  The Compensation Committee of the Company’s Board of Directors
may, at any time, terminate the Plan.  No amendment, modification, or
termination of all of any portion of this Plan shall, without the consent of the
Participant, adversely affect such Participant under this Plan with respect to
the then current balance of the amount credited to the Participant’s
Account.

    

    In the
event of the termination of the Plan, distributions, due to the termination of
the Plan, may be made no earlier than twelve (12) months after all action
necessary, to make the termination of the Plan effective, has been completed;
and, all amounts, then credited to each Participant’s Account, shall be
distributed no earlier than twenty-four (24) months after the date of the
termination of the Plan.

    

    

    Section
8 - Nonassignability

    

    A
Participant’s rights to benefit payments under the Plan are not subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment, or garnishment by creditors of the Participant or the
Participant’s Beneficiary.

    

    

    Section
9 - Governing Law

    

    This Plan
shall be governed by and construed in accordance with the laws of the State of
North Carolina.

    

    
      
        
        

      

      
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    IN WITNESS
WHEREOF, this Plan has been amended and restated, by duly authorized action, as
of the 22nd day of June, 2009.

     

    
      
        
          
            
              
                
                  	 	

                          DEFERRED
      COMPENSATION COMMITTEE

                        	 
	 	 	 
	 	

                          /s/
      Franklin N. Saxon, President and Chief Executive Officer

                        	 
	 	 	 
	 	

                          /s/
      Kenneth R. Bowling, Secretary and Chief Financial Officer

                        	 
	 	 	 
	 	

                          /s/
      Teresa A. Huffman, Vice President, Human Resources

                        	 

                

              

            

          

        

      

    

     

    6

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