SEPARATION AGREEMENT AND GENERAL RELEASESeparation Agreement and General Release • February 10th, 2015 • PGI Specialty Materials, Inc.
This Separation Agreement and General Release (“Agreement”) made by and between Michael D. Modak (“Employee”) and Polymer Group, Inc., on behalf of itself and all affiliated entities and subsidiaries (“Employer”), hereinafter jointly referred to as “the parties,” sets forth the terms upon which the parties have agreed to conclude permanently Employee’s employment with Employer.
Re: Severance Protection AgreementProtection Agreement • February 10th, 2015 • PGI Specialty Materials, Inc. • North Carolina
The board of directors (the “Board”) of Polymer Group, Inc. (the “Company”) has determined that it is in the best interests of the Company and its shareholders to assure the continued dedication to the Company of certain senior management personnel. Accordingly, in order to encourage your continued attention and dedication to your assigned duties, the Board has authorized the Company to enter into this “Severance Protection Agreement” (the “Agreement”) in order to provide you with certain compensation and other benefits in the event that your employment with the Company is terminated under the circumstances set forth below.
