Culp, Inc. Non-Employee Director Compensation Plan Description
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Summary
Culp, Inc. will pay each non-employee director an annual retainer of $32,500, with the Lead Director receiving $37,500. In addition, each non-employee director will receive an annual grant of options to purchase 2,000 shares of Culp, Inc. common stock under the 2007 Equity Incentive Plan. These options are granted at the fair market value on the grant date, are immediately exercisable, and remain valid for 10 years.
EX-10.19 2 a6004041ex10_19.htm EXHIBIT 10.19 Unassociated 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.
