Culp (CULP) 10-Q2015 Q1 Quarterly report

Filed: 12 Sep 14, 12:00am

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New words: accomodate, adapt, amplified, authoritative, award, behalf, Bowling, category, Certification, compete, complexity, constrtuction, construction, contract, delivery, die, dismissed, diversify, duly, earliest, effort, employee, EURO, exceptionally, Exhibit, experience, fashionable, foreseeable, Gallagher, guidance, hospitality, incorporated, Incorporation, initial, irrevocable, Jr, Kenneth, large, modified, move, mutual, Notably, overtime, ownership, permanently, permit, policy, premium, previously, priority, prospectively, pursue, quickly, recreational, registrant, regular, retained, retrospectively, revenue, sale, satisfy, September, show, space, split, spouse, staffing, strategy, Subsequently, target, terminated, termination, thereunto, throughput, typical, uncertainty, undersigned, underway, vehicle

Removed: carryforward, catalyst, consummated, development, experienced, forma, gain, informational, limit, manage, matrix, necessarily, periodically, prepared, pro, produce, profitable, projection, reduction, remained, review, significantly, transition, understand, vest

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Exhibit 10.1

Written Description of Non-employee Director Compensation

Each non-employee Director is paid an annual retainer of $50,000 (except the Lead Director, who receives a $55,000 retainer), plus an annual grant of 1,000 shares of the Company’s stock. The stock is granted under the Company’s 2007 Equity Incentive Plan.