**Exhibit 10.1**

 
| STATE OF SOUTH  CAROLINA    | ) | IN THE COURT OF  COMMON PLEAS    |
|-----------------------------|---|----------------------------------|
|                        | ) | FOR THE NINTH  JUDICIAL CIRCUIT  |
| COUNTY OF  CHARLESTON       | ) | CIVIL ACTION  NO.: 03-CP-10-3389 |
|                        | ) |                             |
| The Intertech  Group, Inc., | ) |                             |
|                        | ) |                             |
| Plaintiff,                  | ) | **SETTLEMENT  AGREEMENT,**       |
|                        | ) | **RECEIPT  AND RELEASE**         |
| vs.                         | ) |                             |
|                        | ) |                             |
| Polymer Group,  Inc.,       | ) |                             |
|                        | ) |                             |
| Defendant.                  | ) |                             |
|                        | ) |                             |

 

**SETTLEMENT AGREEMENT, RECEIPT ANDRELEASE**

**FULL, FINAL AND COMPLETE RELEASE.**

**PLEASE READ CAREFULLY.**

**THIS RELEASE ENDS ALL CLAIMS OFEVERY NATURE.**

 

THISSETTLEMENT AGREEMENT, RECEIPT AND RELEASE is entered into as of this 29thday of April, 2005 by and among

 

a)                    TheIntertech Group, Inc., a Delaware corporation, on behalf of itself and its pastand present entities, successors, subsidiaries, divisions, affiliated entities,shareholders, employees, officers, directors, owners, partners, heirs, assigns,agents, attorneys and other representatives, including but not limited to JerryZucker (hereinafter “TIG”), who, with PGI is at times referred to herein as the“parties”;

 

b)                   JerryZucker individually and on behalf of his past and present entities,subsidiaries, divisions, affiliated entities, shareholders, employees,officers, directors, owners, partners, heirs, executors, administrators, assigns, agents, attorneys and otherrepresentatives (hereinafter “Zucker”);

 

c)                    ZS Associates LLC, a South Carolina limitedliability company, formerly ZS Associates, Inc., a South Carolina generalpartnership (hereinafter “ZS Associates”) on behalf of itself and itspast and present entities, successors, subsidiaries, divisions, affiliatedentities, members, managers, shareholders, employees, officers, directors,owners, partners, heirs, assigns, agents, attorneys and other representatives,including but not limited to Zucker;

 

d)                   PolymerGroup, Inc. (hereinafter “PGI”) a Delaware corporation, who, with TIG is attimes referred to herein as the “parties”; and

 

1

----

 

e)                    theMatlinPatterson Releasees as defined in Paragraph 4 of this Agreement.

 

WHEREAS,although ZS Associates, Zucker, and the MatlinPatterson Releasees were notparties to the above captioned action, the parties have agreed as a conditionof settlement that ZS Associates, Zucker, and the MatlinPatterson Releaseesjoin this Settlement Agreement, Receipt and Release for the purpose ofreleasing PGI and others as set forth below.  ZS Associates, Zucker, and the MatlinPatterson Releasees have agreed todo so and therefore join in and agree to be bound by this Settlement Agreement,Receipt and Release.  Further, theparties, ZS Associates and Zucker, believe that the releases provided to theMatlinPatterson Releasees are in the best interests of the parties, ZSAssociates and Zucker in light of the valuable consideration this SettlementAgreement, Receipt and Release provides to TIG, ZS Associates and Zucker. TIG,ZS Associates and Zucker have agreed to release the MatlinPatterson Releaseesas set forth herein. TIG, ZS Associates, and Zucker believe that the settlementof the instant action is of value to them and constitutes valuableconsideration to them as that term is defined under South Carolina law.

 

WHEREAS,TIG is the lessee of a certain lease, as amended, (hereinafter “the Lease”)between itself and ZS Associates, for the real property located at 4838 JenkinsAvenue in North Charleston, South Carolina (hereinafter “the Leased Property”).

 

WHEREAS,PGI is a sub-lessee of the Lease, having subleased from TIG an 85% undividedinterest in the Leased Property (hereinafter “the Sublease”).  The Lease between TIG and ZS Associates andthe Sublease between PGI and TIG are more fully and completely described in theComplaint filed in the instant action and such description is incorporated byreference herein.

 

WHEREAS,in the instant action TIG has alleged that, in addition to PGI’s obligations toTIG under the Sublease, PGI is liable to TIG under the terms of a certainServices Agreement, as amended, (hereinafter “the Services Agreement”) forcertain services provided to it from TIG in association with the Sublease.  The Services Agreement between TIG and PGI ismore fully and completely described in the Complaint filed in the instantaction and such description is incorporated by reference herein.

 

WHEREAS,PGI no longer occupies the real property which is the subject of the Lease,Sublease, and alleged Services Agreement, nor does it receive services underthe alleged Services Agreement.

 

WHEREAS,in August 2003, TIG filed the instant action against PGI and said actionis still pending.

 

WHEREAS,TIG has agreed to accept the payment described below on behalf of itself, ZSAssociates and Zucker as full and final payment of all amounts due and owing orto become due and owing to TIG by PGI under the Lease, Sublease, and allegedServices Agreement and any amounts owed by the PGI Releasees (as defined in 

 

2

----

 

Paragraph 3 of thisAgreement) and the MatlinPatterson Releasees to TIG, ZS Associates and Zuckerfor whatever reason, and for any and all other claims in the instant action andfor the releases set forth in this Settlement Agreement, Receipt And Release.

 

NOW,THEREFORE, in consideration of the mutual promises and obligations set forthherein, and other good and valuable consideration, the receipt and sufficiencyof which are hereby acknowledged, the parties, ZS Associates and Zucker, heretoagree as follows:

 

**1.****                                      Payment by PGIto TIG. **TIG, on behalf of TIG, ZS Associates and Zucker, herebyacknowledges and accepts from PGI the payment of Three Million One Hundred Thousandand No/100 ($3,100,000.00) Dollars as full and final payment of all amounts dueand owing to TIG by PGI under the Lease, Sublease, alleged Services Agreement,for any and all other claims in the instant action, and as full and finalpayment of any and all amounts due and owing to TIG, ZS Associates and Zuckerby the PGI Releasees and the MatlinPatterson Releasees and as consideration forthe releases referenced in this Settlement Agreement, Receipt And Release.  PGI and TIG agree that TIG shall immediatelydismiss the instant action with prejudice. The parties shall bear their own costs and fees, if any, in relation toany such dismissal.

 

**2.****                                      Intent ofSettlement Agreement, Receipt and Release.   **Theparties, ZS Associates and Zucker, recognize that over the last several yearsthey have had a variety of disputes, interactions and business dealings witheach other, the instant action being one of them.   It is the intent of the parties, ZSAssociates and Zucker, that this instant Settlement Agreement, ReceiptAnd Release resolve not only the claimsset forth in the instant action, but to also resolve any claims by TIG, ZSAssociates, and Zucker, whether known or unknown, ripe or inchoate, asserted orwithheld, whether arising from claims arising from or related to the Lease, Sublease and alleged ServicesAgreement or otherwise against the PGI Releasees and the MatlinPattersonReleasees.

 

Further, it is the intent of the parties, ZSAssociates and Zucker, that TIG, ZS Associates, and Zucker release the PGIReleasees and the MatlinPatterson Releasees, from any and all charges, complaints, promises, covenants, contracts, agreements,controversies, variances, damages, judgments, extents, executions, remedies,actions, suits, dues, sums of money, accounts, reckonings, bonds, bills, specialties, costs, losses, trespassesdebts, duties, liabilities, obligations, claims, rights, demands,actions or causes of actions andexpenses (including attorneys’ fees and costs), howsoever arising, andof any nature or description whatsoever, known or unknown, asserted orunasserted, liquidated or unliquidated,ripe or inchoate, at law or in equity including, without limitation, anyclaim for equity or equity-related compensation, incentive compensation, or anyother compensation or remuneration whatsoever based on any alleged promises orundertakings by or agreements with the PGI Releasees and/or the MatlinPattersonReleasees from the beginning of time until as of the date of this Agreement.

 

3

----

 

**3.****                                      TIG, ZSAssociates, and Zucker Release. **TIG,ZS Associates and Zucker hereby unconditionally and irrevocably release andforever discharge PGI, its past and present entities, successors, subsidiaries,divisions, affiliated entities, shareholders, employees, officers, directors,owners, partners, heirs, assigns, agents, attorneys and other representatives (“PGIReleasees”) and the MatlinPatterson Releasees from any and all claims whichTIG, ZS Associates and Zucker now have, has had or may hereafter claim to haveagainst the PGI Releasees or the MatlinPatterson Releasees whether arising fromor related to the Lease, Sublease and Services Agreement or otherwise.  Further, TIG, ZS Associates and Zucker herebyunconditionally and irrevocably release and forever discharge the PGI Releaseesand the MatlinPatterson Releasees from any and all debts, duties, liabilities,obligations, claims, rights, demands, actions or causes of action, howsoeverarising, and of any nature whatsoever, known or unknown, asserted orunasserted, liquidated or unliquidated, ripeor inchoate, at law or in equity including, without limitation, anyclaim for equity or equity-related compensation, incentive compensation, or anyother compensation or remuneration whatsoever based on any alleged promises orundertakings by or agreements with the PGI Releasees and/or the MatlinPattersonReleasees from the beginning of time until as of the date of this Agreement.

 

TIG,ZS Associates and Zucker hereby represent that TIG, ZS Associates and Zucker,have not filed, and agree that they will not file, any additional demands forarbitration, claims, complaints, charges or lawsuits against the PGI Releasees orthe MatlinPatterson Releasees for claims, whether at law or equity, or for damagesunder the Lease, Sublease, and alleged Services Agreement or arising from orrelated to the Lease, Sublease, and alleged Services Agreement orotherwise.  TIG, ZS Associates and Zuckerhereby further represent that TIG, ZS Associates and Zucker have not filed, andagree that they will not file, any additional demands for arbitration, claims,complaints, charges or lawsuits against the PGI Releasees or theMatlinPatterson Releasees for claims, debts, duties, liabilities, obligations,rights, demands, actions or causes of action, howsoever arising, and of anynature whatsoever, known or unknown, asserted or unasserted, liquidated orunliquidated, ripe or inchoate, atlaw or in equity including, without limitation, any claim for equity orequity-related compensation, incentive compensation, or any other compensation orremuneration whatsoever based on any alleged promises or undertakings by oragreements with the PGI Releasees and/or the MatlinPatterson Releasees from thebeginning of time until as of the date of this Agreement.

 

**4.****                                      MatlinPattersonReleasees.**The parties, ZSAssociates and Zucker, agree that the MatlinPatterson Releasees asreferenced in this Settlement Agreement, Receipt and Release shall include, butare not limited to, MatlinPatterson Global Opportunities Partners L.P.,MatlinPatterson Global Opportunities Partners (Bermuda) L.P., andMatlinPatterson Global Opportunities Partners B, L.P. and their relatedentities, including, without limitation, MatlinPatterson Global Partners LLC,MatlinPatterson Global Advisers LLC, MatlinPatterson Asset Management LLC,MatlinPatterson LLC and all of their subsidiaries, parent entities, affiliatedcompanies, limited liability companies, limited partnerships, joint venturersand other related entities, and all of the foregoing entities’ respectivepredecessors, successors, heirs, assigns, 

 

4

----

 

officers, directors,partners, limited partners, members, managers, stockholders, employees, agentsand representatives, and any and all persons acting by, through, under, or inconcert with any of them (all of the foregoing in their capacities asshareholders and in any other capacity collectively, the “MatlinPattersonReleasees”).

 

**5.****                                      PGIand MatlinPatterson Release.**   ThePGI Releasees and the MatlinPatterson Releasees hereby unconditionally andirrevocably release and forever discharge TIG, ZS Associates and Zucker, theirpast and present entities, successors, subsidiaries, divisions, affiliatedentities, shareholders, employees, officers, directors, owners, partners,heirs, assigns, agents, attorneys and other representatives (the “TIG Releasees”)from any and all claims which the PGI Releasees or MatlinPatterson Releaseesnow have, have had or may hereafter claim to have against the TIG Releaseeswhether arising from or related to the Lease, Sublease and Services Agreementor otherwise.  Further, the PGI Releaseesand MatlinPatterson Releasees hereby unconditionally and irrevocably releaseand forever discharge the TIG Releasees from any and all debts, duties,liabilities, obligations, claims, rights, demands, actions or causes of action,howsoever arising, and of any nature whatsoever, known or unknown, asserted orunasserted, liquidated or unliquidated, ripeor inchoate, at law or in equity including, without limitation, anyclaim for equity or equity-related compensation, incentive compensation, or anyother compensation or remuneration whatsoever based on any alleged promises orundertakings by or agreements with the TIG Releasees from the beginning of timeuntil as of the date of this Agreement.

 

ThePGI Releasees and the MatlinPatterson Releasees hereby represent that they havenot filed, and agree that they will not file, any additional demands forarbitration, claims, complaints, charges or lawsuits against the TIG Releaseesfor claims, whether at law or equity, or for damages under the Lease, Sublease,and alleged Services Agreement or arising from or related to the Lease,Sublease, and alleged Services Agreement or otherwise.  The PGI Releasees and the MatlinPattersonReleasees hereby further represent that they have not filed, and agree thatthey will not file, any additional demands for arbitration, claims, complaints,charges or lawsuits against the TIG Releasees for claims, debts, duties,liabilities, obligations, rights, demands, actions or causes of action,howsoever arising, and of any nature whatsoever, known or unknown, asserted orunasserted, liquidated or unliquidated, ripeor inchoate, at law or in equity including, without limitation, anyclaim for equity or equity-related compensation, incentive compensation, or anyother compensation or remuneration whatsoever based on any alleged promises orundertakings by or agreements with the TIG Releasees from the beginning of timeuntil as of the date of this Agreement.

 

**6.****                                      Acknowledgments. **Each of the parties, ZS Associates,Zucker, and the MatlinPatterson Releasees acknowledge, represent and warrant asfollows, with the understanding that the PGI Releasees and the MatlinPattersonReleasees are relying thereon:

 

5

----

 

(a)                                  Theyfully comprehend and understand all the terms of this Settlement Agreement,Receipt and Release and its legal effects;

 

(b)                                 Theywarrant that all corporate approvals necessary for execution of this SettlementAgreement, Receipt and Release on behalf of the signing entities have beenproperly obtained and the individuals executing this Settlement Agreement,Receipt and Release are legally competent and duly authorized to do so;

 

(c)                                  ThisSettlement Agreement, Receipt and Release is executed knowingly and voluntarilyand without reliance upon any statement or representation of any third party orits representatives;

 

(d)                                 ThisSettlement Agreement, Receipt and Release is enforceable against them inaccordance with its terms;

 

(e)                                  Theyhave had the benefit of legal counsel of their own choice and have beenafforded an opportunity to review this Settlement Agreement, Receipt andRelease with their legal counsel and that this Settlement Agreement, Receiptand Release shall be construed as if collectively drafted by them and theirlegal counsel; and

 

(f)                                    Theyhave not assigned, pledged, transferred, or otherwise conveyed any rights inthis instant action or any claims of any nature whether related or unrelated inwhole or in part to, the Lease, Sublease, and alleged Services Agreement orotherwise, in whole or in part or any interest therein, to any third party norhave they purported to do so.

 

**7.****                                      Counterparts. **This Settlement Agreement, Receipt andRelease may be executed simultaneously in several counterparts, each of whichshall be deemed an original and all of which together shall constitute one andthe same agreement.

 

**8.****                                      Modification****and Entire Agreement.**                                              Nomodification, amendment, change, or addition to this Settlement Agreement,Receipt and Release shall be binding upon the parties, ZS Associates, Zucker,and the MatlinPatterson Releasees, unless reduced to writing and signed by theparties, ZS Associates, Zucker, and MatlinPatterson Global Advisers LLC onbehalf of the MatlinPatterson Releasees. This Settlement Agreement, Receipt and Release constitutes the entireagreement between the parties, ZS Associates, Zucker, and the MatlinPattersonReleasees, and is an integrated agreement as that term applies under SouthCarolina law.

 

**9.****                                      SettlementNot an Admission.**  It isunderstood and agreed that this Settlement Agreement, Receipt and Release isthe result of a good faith compromise settlement of disputed claims and thatthe parties, ZS Associates, Zucker, and the MatlinPatterson Releasees, areentering into this Settlement Agreement, Receipt and Release to avoid theexpense, disruption and uncertainty of further litigation regarding theirrespective claims and defenses.  Entryinto this Settlement Agreement, Receipt 

 

6

----

 

and Release does notconstitute any admission of liability on the part of any signatory, andliability from PGI or the MatlinPatterson Releasees to any signatory to thisSettlement Agreement, Receipt and Release is expressly denied.

 

**10.**                               **Headings.**  The headings of this Settlement Agreement,Receipt and Release are for the convenience of the parties, ZS Associates,Zucker, and the MatlinPatterson Releasees, only and shall not limit, expand,modify, or aid in the interpretation or constructions of this SettlementAgreement, Receipt and Release.

 

**11.****                               Successors andAssigns. **This SettlementAgreement, Receipt and Release shall be binding upon and inure to the benefitof the parties, ZS Associates, Zucker, and the MatlinPatterson Releasees, theirrespective past and present entities, subsidiaries, divisions, affiliatedentities, shareholders, employees, successors, officers, directors, owners, partners,heirs, assigns, agents, attorneys and other representatives.

 

**12.****                               GoverningLaw**.  This Settlement Agreement,Receipt and Release shall be governed by and construed under the laws of theState of South Carolina.

 

**13.**                               **Attorney’s Fees**.       The parties, ZS Associates, Zucker, and theMatlinPatterson Releasees, agree that they shall each be responsible for theirown attorney’s fees and costs which they have incurred as a result of theinstant action.

 

**14.**                               **Representation of Comprehension of Document**.                             Inentering into this Settlement Agreement, Receipt and Release the parties, ZSAssociates, Zucker, and the MatlinPatterson Releasees represent that they haverelied upon the legal advice of their attorneys who are the attorneys of theirown choice and that the terms of this Settlement Agreement, Receipt and Releasehave been completely read and explained to them by their attorneys, and thatthose terms are fully understood and voluntarily accepted by each signatory tothis Settlement Agreement, Receipt and Release.

 

**15.****                               Non-Disparagement.**  The parties, ZS Associates, Zucker, and theMatlinPatterson Releasees agree that, except as may be required by law, theywill not disparage the other, or their respective officers, employees, andagents for a time period of one year from the date of this Agreement, and ifasked about the other, they shall state simply that “our business relationshiphas ended.  We had some issues that weworked through and now we have settled them satisfactorily” or wordssubstantially to that effect.

 

**16.****                               Non-Waiver.**   The failure of any of the signatories tothis Agreement to insist upon or enforce strict performance of any provision ofthis Agreement or to exercise any rights or remedies thereunder will not beconstrued as a waiver by said signatory to assert or rely upon any suchperformance right or remedy in that or any other instance.

 

**17.****                               Confidentiality.**   The signatories to this Agreement agree andunderstand that this Agreement and the terms and conditions of the settlementreflected herein are confidential and shall not be disclosed to third partiesexcept to the 

 

7

----

 

signatories’representative legal, accounting, or tax advisors or as may be required by lawor by any governmental, judicial, regulatory, or tax authority or as requiredin connection with the fulfillment of any reporting responsibilities in theordinary course of business.  Thesignatories to this Agreement acknowledge that officers, directors,shareholders, and employees of the parties may learn of this settlement in thenormal course of their employment, and it is agreed that such knowledge is nota violation of this paragraph.

 

**18.****                               Stipulation ofDismissal With Prejudice.**   Uponthe execution of this Agreement, the parties will execute a Stipulation ofDismissal with Prejudice in the action The Intertech Group, Inc. vs. PolymerGroup, Inc., Civil Action No. 03-CP-10-3389 which will promptly be filed inthe Court of Common Pleas for Charleston County, South Carolina in the formattached as Exhibit A to this Agreement.

 

**19.****                               Severability.**   The parties, ZS Associates, Zucker, and theMatlinPatterson Releasees agree that the provisions contained herein are notknown or believed to be in violation of any federal, state, or local law, ruleor regulation.  In the event a court ofcompetent jurisdiction finds any provision herein or subpart thereof to beillegal or unenforceable, the parties, ZS Associates, Zucker, and theMatlinPatterson Releasees agree that the court shall modify said provisions orsubparts thereof to make said provisions or subparts thereof in this Agreementvalid and enforceable.

 

**20.****                               AdditionalDocuments.**                     Theparties, ZS Associates, Zucker, and the MatlinPatterson Releasees agree tocooperate fully and execute any and all supplementary documents and take alladditional actions which may be necessary or appropriate to give full force andeffect to the basic terms and intent of this Settlement Agreement, Receipt andRelease.

 

**21.****                               EffectiveDate.**                   This SettlementAgreement, Receipt and Release shall be effective as of the date that theparties, ZS Associates, Zucker, and the MatlinPatterson Releasees execute thisAgreement.

 

8

----

 

WITNESSWHEREOF, each of the undersigned has executed this Settlement Agreement,Receipt and Release under seal as of the date first written above.

 

 
| WITNESSES: | **THE INTERTECH GROUP** |
|------------|-------------------------|
|       |                    |   |
|       |                    |   |   |
|       |                    | Jerry Zucker |   |
|       |                    |   |
|       |                    | Its: |   |   |
|       |                    |   |
|       |                    |   |
|       |                    | (CORPORATE SEAL) |
|            |                         |  |  |  |

 

SWORNto and subscribed before me this

 

            dayof                               ,2004.

 
|               |   |
|--------------------|--------|
| Notary Public for  |   |
| My notary expires: |   |   |
|                    |        |  |

 

 
| WITNESSES: |   |
|------------|--------|
|       |   |   |
|       |   |   |   |
|       |   | Jerry Zucker |   |
|       |   |   |
|       |   | Individually and on behalf of his past and present entities,  subsidiaries, divisions, affiliated entities, shareholders, employees,  officers, directors, owners, partners, heirs, executors, administrators,  assigns, agents, attorneys and other representatives |
|       |   |

 

SWORNto and subscribed before me this

 

            dayof                               ,2004.

 
|               |   |
|--------------------|--------|
| Notary Public for  |   |   |
| My notary expires: |   |   |
|                    |        |  |  |  |

 

9

----

 
| WITNESSES: | **ZS ASSOCIATES, LLC** |
|------------|------------------------|
|       |                   |   |
|       |                   |   |   |
|       |                   | Jerry Zucker |   |
|       |                   |   |
|       |                   | Its: |   |   |
|       |                   |   |
|       |                   |   |
|       |                   | (CORPORATE SEAL) |
|            |                        |  |  |  |

 

SWORNto and subscribed before me this

 

            dayof                               ,2004.

 
|               |   |
|--------------------|--------|
| Notary Public for  |   |
| My notary expires: |   |   |
|                    |        |  |

 

 
| WITNESSES: | **POLYMER  GROUP, INC.** |
|------------|--------------------------|
|       |                     |   |
|       |                     |   |   |
|       |                     | James Schaeffer |   |
|       |                     |   |
|       |                     | Its: Chief Executive Officer |   |
|       |                     |   |
|       |                     |   |
|       |                     | (CORPORATE SEAL) |

 

SWORNto and subscribed before me this

 

            dayof                               ,2004.

 
|               |   |
|--------------------|--------|
| Notary Public for  |   |
| My notary expires: |   |   |
|                    |        |  |

 

10

----

 
| WITNESSES: | **MATLINPATTERSON GLOBAL  ADVISERS LLC, ON BEHALF OF ITSELF  AND THE MATLINPATTERSON  RELEASEES** |
|------------|---------------------------------------------------------------------------------------------------|
|       |                                                                                              |   |
|       |                                                                                              |   |   |
|       |                                                                                              | Name: |   |
|       |                                                                                              |   |
|       |                                                                                              | Its: |   |   |
|       |                                                                                              |   |
|       |                                                                                              |   |
|       |                                                                                              | (CORPORATE SEAL) |
|            |                                                                                                   |  |  |  |

 

SWORNto and subscribed before me this

 

            dayof                               ,2004.

 
|               |   |
|--------------------|--------|
| Notary Public for  |   |
| My notary expires: |   |   |
|                    |        |  |

 

11

----

 
| STATE OF SOUTH  CAROLINA    | ) | IN THE COURT OF  COMMON PLEAS      |
|-----------------------------|---|------------------------------------|
|                        | ) | FOR THE NINTH  JUDICIAL CIRCUIT    |
| COUNTY OF  CHARLESTON       | ) | CIVIL ACTION  NO.: 03-CP-10-3389   |
|                        | ) |                               |
| The Intertech  Group, Inc., | ) |                               |
|                        | ) |                               |
| Plaintiff,                  | ) | **Stipulation  of Dismissal with** |
|                        | ) | **Prejudice**                      |
| vs.                         | ) |                               |
|                        | ) |                               |
| Polymer Group,  Inc.,       | ) |                               |
|                        | ) |                               |
| Defendant.                  | ) |                               |
|                        | ) |                               |

 

The issues in theabove-captioned action having been settled to the satisfaction of all parties,now, therefore, pursuant to Rule 41(a)(1)(B), SCRCP, it is hereby

 

STIPULATED,that the above-captioned action be, and hereby is, dismissed with prejudice.

 
|                    |                     |                           |   |
|-------------------------|--------------------------|--------------------------------|--------|
| Richard M. Smith        |                     | Ben F. Easterlin, IV,  Esquire |   |
| Michael Scardato        | King & Spalding, LLP |
| MCNAIR LAW FIRM, P.A.   | 191 Peachtree Street.    |
| Post Office Drawer 418  | Atlanta Georgia 30303    |
| Georgetown, SC  29442   |                     |
|                    |                     |
| Attorneys for Defendant | Attorney for Plaintiff   |

 

12

----