0001193125-17-155781.txt : 20170503 0001193125-17-155781.hdr.sgml : 20170503 20170503131932 ACCESSION NUMBER: 0001193125-17-155781 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20170503 DATE AS OF CHANGE: 20170503 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CULP INC CENTRAL INDEX KEY: 0000723603 STANDARD INDUSTRIAL CLASSIFICATION: BROADWOVEN FABRIC MILLS, COTTON [2211] IRS NUMBER: 561001967 STATE OF INCORPORATION: NC FISCAL YEAR END: 0429 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-34989 FILM NUMBER: 17808355 BUSINESS ADDRESS: STREET 1: 1823 EASTCHESTER DRIVE CITY: HIGH POINT STATE: NC ZIP: 27265 BUSINESS PHONE: 3368895161 MAIL ADDRESS: STREET 1: P O BOX 2686 CITY: HIGH POINT STATE: NC ZIP: 27265 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CULP ROBERT G III CENTRAL INDEX KEY: 0001032869 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 903 FORREST HILL DR CITY: HIGH POINT STATE: NC ZIP: 27262 SC 13D/A 1 d374717dsc13da.htm SC 13D/A SC 13D/A

 

 

SCHEDULE 13D

(Rule 13d-101)

Information to be Included in Statements filed pursuant to Rule 13d-1(a)

And Amendments Thereto Filed Pursuant to Rule 13d-2(a)

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

Under the Securities Exchange Act of 1934

(Amendment No. 8)*

 

 

Culp, Inc.

(Name of Issuer)

Common Stock, Par Value $0.05 per share

(Title of Class of Securities)

230215 10 5

(CUSIP Number)

Robert G. Culp, III

P.O. Box 2686, 1823 Eastchester Drive, High Point, North Carolina 27265

(336) 889-5161

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

April 26, 2017

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box  ☐.

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


  1   

Name of Reporting Person/I.R.S. Identification No. of Above Person (Entities Only)

 

Robert G. Culp, III

  2  

Check the Appropriate Box if a Member of a Group*

(a)  ☐        (b)  ☐

 

  3  

SEC Use Only

 

  4  

Source of Funds

 

N/A

  5  

Check if Disclosure of Legal Proceedings is required Pursuant to Item 2(d) or 2(e)  ☐

 

  6  

Citizenship or Place of Organization

 

United States

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

 

     7    

Sole Voting Power

 

1,175,126

     8   

Shared Voting Power

 

0

     9   

Sole Dispositive Power

 

101,294

   10   

Shared Dispositive Power

 

1,073,832

11  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

1,175,126

12  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*  ☒

 

(excludes 16,863 shares held of record by Reporting Person’s spouse)

13  

Percent of Class Represented by Amount in Row (11)

 

9.5%

14  

Type of Reporting Person*

 

IN

 


PRELIMINARY STATEMENT

This Amendment No. 8 (this “Amendment”) amends the Schedule 13D (the “Initial Statement”) filed by Robert G. Culp, III (the “Reporting Person”) with the Securities and Exchange Commission on November 7, 1989, as amended on or about December 15, 1993, January 3, 1994, February 4, 1997, April 20, 2007, December 18, 2012, November 21, 2014 and January 9, 2015 with respect to the shares (the “Shares”) of common stock, par value $0.05 per share, of Culp, Inc., a North Carolina corporation (the “Issuer”). This Amendment reports the sale of 195 Shares held of record by Atlantic Trust Company, N.A., as Trustee of the Robert G. Culp, Jr. Family Trust (the “Family Trust”) at a price of $34.00 per Share in an open market sale pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Under the terms of the Family Trust, the Reporting Person has the sole power to vote or direct the voting of all Shares held by the Family Trust, but the Reporting Person shares with the Trustee the power to dispose or direct the disposition of those Shares.

The following items of the Initial Statement, as amended, are hereby amended and restated as follows.

Item 1. Security and Issuer.

This Amendment relates to the Shares. The principal executive offices of the Issuer are located at 1823 Eastchester Drive, High Point, North Carolina 27265.

Item 2. Identity and Background.

This Statement is filed by the Reporting Person. The business address of the Reporting Person is 1823 Eastchester Drive, High Point, North Carolina 27265. The Reporting Person is Chairman of the Board of the Issuer. During the past five years, the Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). During the past five years, the Reporting Person was not a party to a civil proceeding of a judicial or administrative body of competent jurisdiction that, as a result, subjects or subjected him to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. The Reporting Person is a citizen of the United States.

Item 3. Source and Amount of Funds or Other Consideration.

N/A

Item 4. Purpose of Transaction.

The Reporting Person has adopted, and may adopt in the future, trading plans in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in order to sell Shares to diversify holdings of the Family Trust. Otherwise, the Reporting Person has no plans or proposals that relate to or would result in any of the changes or transactions enumerated in subsections (a) - (j) of Item 4 of the General Instructions for Complying with Schedule 13D.

Item 5. Interest in Securities of the Issuer.

(a) As of April 26, 2017, the Reporting Person reports beneficial ownership of 1,175,126 Shares, or approximately 9.5% of the outstanding Shares, which includes 0 immediately exercisable stock options beneficially owned by the Reporting Person. For purposes of this Statement, “immediately exercisable” means options that are currently exercisable or that will become exercisable within 60 days of April 26, 2017 (See Item 6). The number of Shares reported does not include 16,863 Shares held of record by Susan B. Culp (the Reporting Person’s wife). Pursuant to Rule 13d-4, the Reporting Person disclaims beneficial ownership of the Shares held by his wife.

(b) The Reporting Person has sole voting power with respect to 1,175,126 Shares and the sole power to dispose of 101,294 Shares. Of the 1,175,126 Shares beneficially owned by the Reporting Person, 1,073,832


Shares are held of record by Atlantic Trust Company, N.A., as Trustee of the Robert G. Culp, Jr. Family Trust (the “Family Trust”), which holds the Shares in three subtrusts for the benefit of the Reporting Person, Judith Culp Walker (the Reporting Person’s sister) and Harry R. Culp (the Reporting Person’s brother), respectively. Under the terms of the Family Trust, the Reporting Person has the sole power to vote or direct the voting of all Shares held by the Family Trust, but the Reporting Person shares with the Trustee the power to dispose or direct the disposition of those Shares.

(c) On April 26, 2017, 195 Shares were sold by the Family Trust at a price of $34.00 per Share in an open market sale pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

In addition, Shares were sold by the Family Trust on the dates listed below, in the amount and at the per Share price shown for each trade date:

 

Trade Date

  

Number of Shares

  

Average Price Per Share

April 26, 2017    12,400    $33.51
April 26, 2017    8,856    $33.00
April 25, 2017    3,544    $33.00
April 24, 2017    3,655    $32.50
April 21, 2017    228    $32.50
April 20, 2017    3,554    $32.50
April 12, 2017    4,963    $32.50
April 12, 2017    4,544    $32.00
April 11, 2017    811    $32.00
April 10, 2017    947    $32,00
March 23, 2017    137    $32.00
March 21, 2017    58    $32.00
March 20, 2017    85    $32.00
March 17, 2017    5,818    $32.01
March 16, 2017    8,040    $31.53
March 10, 2017    4,299    $31.00
March 9, 2017    4,360    $31.58
March 9, 2017    8,101    $31.07

Each of these sales was made pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

In addition, on March 7, 2017, the Reporting Person exercised options to acquire 10,000 Shares at an exercise price of $8.75 per Share. The Reporting Person paid the exercise price for the acquisition of such Shares and the tax liability in connection therewith through a sale of 5,140 of the Shares acquired by the Reporting Person pursuant to such exercise, with such Shares being sold at an average price of $33.15 per Share.

Other than the twenty transactions specified in paragraph (c) above, the Reporting Person has not effected any transactions in the Shares during the past 60 days.

(d) The Trustee of the Family Trust has the right to receive and the power to direct the receipt of dividends from, or the proceeds from the sale of, 1,073,832 of the 1,175,126 Shares beneficially owned by the Reporting Person.

(e) Not applicable.


Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

The terms of the Robert G. Culp, Jr. Family Trust give sole voting power to the Reporting Person and joint dispositive power to the Reporting Person and the Trustee, as more particularly described in Item 5(b).

Item 7. Materials to Be Filed as Exhibits

N/A

[Intentionally Left Blank]


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Amendment is true, complete and correct.

 

Date: May 3, 2017     Signature:  

/s/ Robert G. Culp, III