TERMINATION
OF YOUR EMPLOYMENT AT ANY TIME AS A RESULT OF YOUR DISABILITY, ATTAINMENT OF
YOUR RETIREMENT DATE, OR DEATH; AND UPON THE OCCURRENCE OF ANY SUCH EVENTS, YOU
SHALL RECEIVE ONLY THOSE BENEFITS TO WHICH YOU WOULD HAVE BEEN OTHERWISE
ENTITLED PRIOR TO A CHANGE IN CONTROL OF THE COMPANY.
(B)
SUCCESSORS.
(I)
THE COMPANY WILL REQUIRE ANY SUCCESSOR (WHETHER
DIRECT OR INDIRECT, BY PURCHASE, MERGER, CONSOLIDATION OR OTHERWISE) TO ALL OR
SUBSTANTIALLY ALL OF THE BUSINESS AND/OR ASSETS OF THE COMPANY, TO ASSUME AND
AGREE TO PERFORM THIS AGREEMENT IN THE SAME MANNER AND TO THE SAME EXTENT THAT
THE COMPANY WOULD BE REQUIRED TO PERFORM THIS AGREEMENT IF NO SUCH SUCCESSION
HAD TAKEN PLACE.
FAILURE OF THE COMPANY TO OBTAIN SUCH ASSUMPTION OR AGREEMENT
PRIOR TO THE EFFECTIVENESS OF ANY SUCH SUCCESSION SHALL BE A BREACH OF THIS
AGREEMENT.
(II)
THIS AGREEMENT SHALL INURE TO THE BENEFIT OF AND BE ENFORCEABLE
BY YOUR PERSONAL OR LEGAL REPRESENTATIVES, EXECUTORS, ADMINISTRATORS,
SUCCESSORS, HEIRS, DISTRIBUTEES, DEVISEES AND LEGATEES.
IF YOU SHOULD DIE WHILE
ANY AMOUNTS WOULD STILL BE PAYABLE TO YOU HEREUNDER IF YOU HAD CONTINUED TO
LIVE, ALL SUCH AMOUNTS, UNLESS OTHERWISE PROVIDED HEREIN, SHALL
9
BE PAID IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT TO YOUR DEVISEE, LEGATEE
OR OTHER DESIGNEE OR, IF THERE BE NO SUCH DESIGNEE, TO YOUR ESTATE.
(C)
NOTICE.
NOTICES PROVIDED FOR IN THE AGREEMENT SHALL BE IN WRITING
AND SHALL BE DEEMED TO HAVE BEEN DULY GIVEN WHEN DELIVERED IN PERSON OR MAILED
BY UNITED STATES REGISTERED MAIL, RETURN RECEIPT REQUESTED, POSTAGE PREPAID, TO
YOU AT THE ADDRESS SET FORTH ON THE FIRST PAGE OF THIS AGREEMENT, OR TO THE
COMPANY AT POLYMER GROUP, INC., 9335 HARRIS CORNERS PARKWAY, SUITE 300,
CHARLOTTE, NC 28269, ATTN: VICE PRESIDENT, GLOBAL HUMAN RESOURCES, OR TO SUCH
OTHER ADDRESS AS EITHER PARTY MAY HAVE FURNISHED TO THE OTHER IN WRITING, EXCEPT
THAT NOTICES OF CHANGE OF ADDRESS SHALL BE EFFECTIVE ONLY UPON RECEIPT BY THE
OTHER PARTY.
(D)
MODIFICATIONS.
NO PROVISION OF THIS AGREEMENT MAY BE MODIFIED,
WAIVED OR DISCHARGED UNLESS SUCH MODIFICATION, WAIVER, OR DISCHARGE IS AGREED TO
IN WRITING AND IS SIGNED BY YOU AND THE COMPANY.
NO WAIVER BY EITHER PARTY
HERETO AT ANY TIME OF ANY BREACH BY THE OTHER PARTY HERETO OF, OR COMPLIANCE
WITH, ANY CONDITION OR PROVISION OF THIS AGREEMENT TO BE PERFORMED BY SUCH OTHER
PARTY SHALL BE DEEMED A WAIVER OF SIMILAR OR DISSIMILAR PROVISIONS OR CONDITIONS
AT THE SAME OR AT ANY PRIOR OR SUBSEQUENT TIME.
(E)
INTERPRETATION.
THE VALIDITY, INTERPRETATION, CONSTRUCTION AND
PERFORMANCE OF THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
NORTH CAROLINA.
THE INVALIDITY OR UNENFORCEABILITY OF ANY PROVISIONS OF THIS
AGREEMENT SHALL NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF ANY OTHER PROVISION
OF THIS AGREEMENT, WHICH SHALL REMAIN IN FULL FORCE AND EFFECT.
(F)
OTHER AGREEMENTS.
THIS AGREEMENT SHALL SUPERCEDE ALL OTHER
AGREEMENTS, ARRANGEMENTS, UNDERSTANDINGS OR POLICIES, RELATED TO THE PAYMENT OF
SEVERANCE AMOUNTS BETWEEN YOU AND