Material Agreement Form 8 K

Item 1.01 Entry into a Material Definitive Agreement.

On August 8, 2024, Culp, Inc. (the "Company") approved the execution of an Indemnification Agreement (the "Agreement") between the Company and each of the following persons (each, an "Indemnitee"): Robert G. Culp, IV, Franklin N. Saxon, Fred A. Jackson, John A. Baugh, Perry E. Davis, Sharon A. Decker, Kimberly B. Gatling, Alexander B. Jones, Jonathan L. Kelly, Kenneth R. Bowling, Thomas M. Bruno, Mary Beth Hunsberger, Ashley C. Durbin, Teresa A. Huffman, and Forest E. Buck.

Mr. Culp, Mr. Saxon, Mr. Jackson, Mr. Baugh, Mr. Davis, Ms. Decker, Ms. Gatling, Mr. Jones, and Mr. Kelly are directors of the Company. Mr. Culp is also President and Chief Executive Officer of the Company. Mr. Bowling is Executive Vice President, Chief Financial Officer, and Treasurer of the Company. Mr. Bruno is President of Culp Home Fashions, the Company's mattress fabrics division. Ms. Hunsberger is President of Culp Upholstery Fabrics, the Company's upholstery fabrics division. Ms. Durbin is the Company's Senior Vice President, General Counsel, and Corporate Secretary. Ms. Huffman is the Company's Senior Vice President, Chief Human Resources Officer. Mr. Buck is the Company's Vice President of Information Technology.

The Agreement provides, among other things, that subject to the terms, definitions, limitations and procedures in the Agreement, the Company will indemnify the Indemnitee to the fullest extent permitted by the laws of North Carolina against losses if the Indemnitee becomes a party to or participant in, or is threatened to be made a party to or participant in, any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise, or by reason of an action or inaction by Indemnitee in any such capacity.

The Agreement also sets forth (i) the terms on which the Company will advance expenses actually and reasonably paid or incurred by an Indemnitee in advance of the final disposition of a claim in connection with matters for which an Indemnitee may be entitled to indemnification as described in the preceding paragraph and (ii) obligations of the Company regarding the maintenance of directors' and officers' liability insurance coverage comparable that currently provided with the same rights and benefits to each Indemnitee.

The foregoing summary of the Agreement is qualified in its entirely to by reference to the full text of the form of Agreement attached hereto as Exhibit 10.1 and incorporated herein by reference.