Thomas Bernard Gallagher JR - Jul 22, 2021 Form 4 Insider Report for CULP INC (CULP)

Role: VP of Finance
Signature: /s/ Ashley C. Durbin, Attorney-in-Fact
Stock symbol: CULP
Transactions as of: Jul 22, 2021
Transactions value $: $0
Form type: 4
Date filed: 7/26/2021, 05:22 PM
Previous filing: Aug 25, 2021
Next filing: Aug 22, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CULP	Restricted Stock Units	Award	$0	+2K		$0.00	2K	Jul 22, 2021	Common Stock	3K	$0.00	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Contingent right to receive issuance of Culp, Inc. common stock.
F2	1/2 of these restricted stock units (1,000 RSUs) vest and convert into the right to receive one share of common stock per RSU (1,000 total shares of common stock) at the end of three years if the participant remains employed by the company as of such date; the remaining 1/2 of these restricted stock units (1,000 RSUs) could vest and convert into the right to receive up to 2 shares of common stock per RSU (2,000 total shares of common stock) if the company achieves certain performance criteria over a three year period beginning May 3, 2021, and ending April 28, 2024, per the terms of the award agreement.

Content

Contingent right to receive issuance of Culp, Inc. common stock.

1/2 of these restricted stock units (1,000 RSUs) vest and convert into the right to receive one share of common stock per RSU (1,000 total shares of common stock) at the end of three years if the participant remains employed by the company as of such date; the remaining 1/2 of these restricted stock units (1,000 RSUs) could vest and convert into the right to receive up to 2 shares of common stock per RSU (2,000 total shares of common stock) if the company achieves certain performance criteria over a three year period beginning May 3, 2021, and ending April 28, 2024, per the terms of the award agreement.