Executive Employment AgreementExecutive Employment Agreement • May 14th, 2010 • Polymer Group Inc • Broadwoven fabric mills, man made fiber & silk
If, prior to the expiration date of this Agreement, PGI’s class A common stock ceases (either by the affirmative act of the Company or after the exhaustion of remedies) to be publicly traded either on (x) the Over-The-Counter Bulletin Board (“OTCBB”) or (y) if subsequently listed on an exchange, an exchange, then the equity award of this Section 1.6(i) shall be converted to a cash award, with the initial value of such award being equal to the product of (A) the number of shares to be paid as determined in this Section 1.6(i) assuming the Ending Stock Price is equal to the final closing price of the Company’s class A common stock on the OTCBB or the exchange and (B) the final closing price of the Company’s class A common stock on the OTCBB or the exchange (the “Cash Conversion Value”).
