CULP INC — Director's Dealing 2011

May 24, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CULP INC (CFI)
CIK: 0000723603
Period of Report: 2011-05-20

Reporting Person: CULP ROBERT G III (Director, Chairman of the Board, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-20	Common Stock	M	30000	$4.52	Acquired	438757	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-20	Incentive Stock Option (Right to Buy)	$4.52	M	30000	Disposed	2011-06-13	Common Stock (30000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1610888	Indirect
Common Stock	49481	Indirect
Common Stock	23433	Indirect

Footnotes

F1: Employee stock option (right to buy)pursuant to the Culp, Inc. 2002 Stock Option Plan in reliance upon exemption provided by Rule 16b- 3(d).

F2: Shares held of record by Atlantic Trust for the benefit of Robert G. Culp, III, Judith C. Walker, and Henry R. Culp, all of which shares Robert G. Culp, III has the right to vote and jointly (with Atlantic Trust) has the right to invest.