Exhibit 10.13


 


Effective – December 18, 2008


 


Polypore
Administrative Policy—Severance


 


Purpose


 


In the event of the termination of employment of a Polypore salaried
employee for reason other than Cause, the employee may be eligible for
severance payment.


 


Eligibility


 


Salaried exempt employees with more than one year of service, who are
terminated for reason other than Cause. 
Examples include job elimination, workforce reduction, or inability to
satisfactorily perform the duties assigned. 
Eligibility will be determined by the Senior Vice President of Human
Resources in consultation with the Senior Leadership Team member responsible
for the employee.


 


The following guidelines will be used to determine the number of weeks
of severance provided to the terminated employee.


 


	
   

  	
   

  	
  Age Plus Service

  
	
   

  	
   

  	
  < 30

  	
   

  	
  30-39

  	
   

  	
  40-49

  	
   

  	
  50+

  
	
  Professional Level

  	
   

  	
  4 wks

  	
   

  	
  6 wks

  	
   

  	
  8 wks

  	
   

  	
  12 wks

  
	
  Managerial Level

  	
   

  	
  8

  	
   

  	
  10

  	
   

  	
  12

  	
   

  	
  16

  
	
  Director Level

  	
   

  	
  12

  	
   

  	
  14

  	
   

  	
  16

  	
   

  	
  20

  
	
  VP Level

  	
   

  	
  14

  	
   

  	
  18

  	
   

  	
  22

  	
   

  	
  26

  
	
  SLT Level

  	
   

  	
  26

  	
   

  	
  39

  	
   

  	
  52

  	
   

  	
  52

  



 


The severance payment will be equal to the employee’s annual base pay
divided by 52 times the number of weeks indicated on the above matrix.  Such severance payments shall become payable
immediately following the employee’s “involuntary separation from service” (as
defined in Treasury Regulation 1.409A-1(n)(1)). 
The Company reserves the right to determine if the payments will be made
in a lump sum or salary continuation; provided that to the extent that the
employee’s severance amount is greater than two times the maximum amount that
may be taken into account under a qualified plan for the year of termination
pursuant to Section 401(a)(17) of the Internal Revenue Code of 1986, as
amended (the “Code”), such excess shall in no event be paid after March 15
of the year following the year in which the employee’s 


 

















 


termination occurs; provided further that the portion of the employee’s
severance amount that is equal to or less than two times such maximum amount
shall in no event be paid after the end of the second year following the year
in which the employee’s termination occurs. 
To the extent a severance amount is paid in installments, each
installment shall be deemed a separate payment for the purposes of Section 409A
of the Code.


 


In addition to the severance payment, the employee will be eligible to
continue in the Polypore Medical Plan under COBRA at their current employee
contribution rate for the same number of weeks. 
After the expiration of the number of weeks of severance, the terminated
employee may continue medical coverage at the normal COBRA rates.


 


Non-exempt employees may be eligible for 4 weeks of severance under
this policy, subject to the same payment provisions set forth above for exempt
employees.


 


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