SEC Contract Filing

Filing Date: 2021-09-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>culp-ex102_179.htm
<DESCRIPTION>EX-10.2
<TEXT>
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culp-ex102_179.htm
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">EXHIBIT 10.2</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">RESTRICTED STOCK UNIT AGREEMENT</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">THIS RESTRICTED STOCK UNIT AGREEMENT <font style="font-weight:normal;">(the &#8220;</font>Agreement<font style="font-weight:normal;">&#8221;), dated as of ________________, is between </font>CULP, INC.<font style="font-weight:normal;">,</font> <font style="font-weight:normal;">a North Carolina corporation (the &#8220;</font>Corporation<font style="font-weight:normal;">&#8221;), and_________________ (&#8220;</font>Recipient<font style="font-weight:normal;">&#8221;).</font></p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Background Statement</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Corporation desires to grant to Recipient Restricted Stock Units (the &#8220;<font style="font-weight:bold;">Units</font>&#8221;) pursuant to the Culp, Inc. 2015 Equity Incentive Plan (the &#8220;<font style="font-weight:bold;">Plan</font>&#8221;).&nbsp;&nbsp;Capitalized terms used but not defined in this Agreement shall have the meanings given to them in the Plan.</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">STATEMENT OF AGREEMENT</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">NOW<font style="font-weight:normal;">,</font> THEREFORE<font style="font-weight:normal;">, the parties hereby agree as follows:</font></p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-style:normal;color:#auto;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">Section 1.</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">Grant of Units</font><font style="font-weight:normal;color:#000000;">.&nbsp;&nbsp;The Corporation hereby grants to Recipient ______ Units, ______ of which shall vest in accordance with Section 2(a) herein (the &#8220;</font><font style="color:#000000;">Time-Based Units</font><font style="font-weight:normal;color:#000000;">&#8221;) upon a final determination by the Compensation Committee (the &#8220;</font><font style="color:#000000;">Committee</font><font style="font-weight:normal;color:#000000;">&#8221;) of the satisfaction of the vesting conditions set forth herein and the number of Time-Based Units that have vested in connection therewith; and ______ of which shall vest in accordance with Section 2(b) herein (the &#8220;</font><font style="color:#000000;">Performance-Based Units</font><font style="font-weight:normal;color:#000000;">&#8221;) upon a final determination by the Committee of the satisfaction of the vesting conditions set forth herein and the number of Performance-Based Units that have vested in connection therewith, in each case pursuant to the terms set forth in this Agreement and the Plan.&nbsp;&nbsp;Each Time-Based Unit shall entitle Recipient to receive, upon vesting thereof in accordance with this Agreement and the Plan, one (1) share of common stock, par value $0.05 per share, of the Corporation (&#8220;</font><font style="color:#000000;">Common Stock</font><font style="font-weight:normal;color:#000000;">&#8221;).&nbsp;&nbsp;Each Performance-Based Unit shall entitle Recipient to receive, upon vesting thereof in accordance with this Agreement and the Plan, up to ______ shares of Common Stock.&nbsp;&nbsp;Except as permitted by the Plan, the Units may not be assigned, pledged, hypothecated or transferred in any manner.&nbsp;&nbsp;Recipient shall not have, with respect to any Units, any rights of a shareholder of the Corporation, including without limitation any right to vote as a shareholder of the Corporation or any right to receive distributions from the Corporation in respect of the Units.</font></p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-style:normal;color:#auto;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">Section 2.</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="color:#000000;">Vesting</font><font style="font-weight:normal;color:#000000;">.</font></p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:7.69%;text-indent: