AND SIMILAR EXPRESSIONS REFER TO THIS
AGREEMENT AND NOT TO ANY PARTICULAR SECTION OR OTHER PORTION HEREOF. UNLESS
SOMETHING IN THE SUBJECT MATTER OR CONTEXT IS INCONSISTENT THEREWITH, REFERENCES
TO SECTIONS AND CLAUSES ARE TO SECTIONS AND CLAUSES OF THIS AGREEMENT.
24.
NUMBER. IN THIS AGREEMENT, WORDS IMPORTING THE SINGULAR NUMBER
ONLY SHALL INCLUDE THE PLURAL AND VICE VERSA, AND WORDS IMPORTING THE MASCULINE
GENDER SHALL INCLUDE THE FEMININE AND NEUTER GENDERS AND VICE VERSA, AND WORDS
IMPORTING PERSONS SHALL INCLUDE INDIVIDUALS, PARTNERSHIPS, ASSOCIATIONS, TRUSTS,
UNINCORPORATED ORGANIZATIONS AND CORPORATIONS.
25.
INDEPENDENT ADVICE. THE COMPANY AND THE EXECUTIVE ACKNOWLEDGE AND
AGREE THAT THEY HAVE EACH OBTAINED INDEPENDENT LEGAL ADVICE IN CONNECTION WITH
THIS AGREEMENT AND THEY FURTHER ACKNOWLEDGE AND AGREE THAT THEY HAVE READ,
UNDERSTAND AND AGREE WITH ALL OF THE TERMS HEREOF AND THAT THEY ARE EXECUTING
THIS AGREEMENT VOLUNTARILY AND IN GOOD FAITH.
26.
COPY OF AGREEMENT. THE EXECUTIVE HEREBY ACKNOWLEDGES RECEIPT OF A
COPY OF THIS AGREEMENT DULY SIGNED BY THE COMPANY.
27.
TERMINATION PRIOR TO EFFECTIVE DATE. IN THE EVENT OF A TERMINATION
OF EMPLOYMENT OF THE EXECUTIVE PRIOR TO THE EFFECTIVE DATE, THIS AGREEMENT SHALL
BE TERMINATED AND SHALL HAVE NO FURTHER FORCE OR EFFECT.
28.
CURRENCY. ALL DOLLAR AMOUNTS SET FORTH OR REFERRED TO IN THIS
AGREEMENT REFER TO U.S. CURRENCY.
29.
EFFECTIVENESS. ONCE THIS AGREEMENT HAS BEEN DULY EXECUTED AND
DELIVERED BY EACH PARTY HERETO, ALL OF THE PROVISIONS SHALL BECOME EFFECTIVE AS
OF APRIL 1, 2006, AS IF THIS AGREEMENT HAD BEEN ENTERED INTO AT SUCH TIME,
INCLUDING THE COMPENSATION PROVISIONS CONTAINED IN SECTION 3.
*
*
*
*
11
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first written above.
:
Polymer Group, Inc.
By:
Its:
Willis C. Moore, III
12
Exhibit A
GENERAL RELEASE
I, Willis C. Moore, III, in
consideration of and subject to the performance by
Polymer Group, Inc., a Delaware corporation (together with its subsidiaries, the
"Company"), of its obligations under the Employment Agreement, entered into on
March 24, 2006, (the "Agreement"), do hereby release and forever discharge as of
the date hereof the Company and its affiliates and all present and former
directors, officers, agents, representatives, employees, successors and assigns
of the Company and its affiliates and the Company's direct or indirect owners
(collectively, the "Released Parties") to the extent provided below.
1.
I understand that any payments or
benefits paid or granted to me under paragraph 4(b) of the Agreement represent,
in part, consideration for signing this General Release and are not salary,
wages or benefits to which I was already entitled. I understand and agree that I
will not receive the payments and benefits specified in paragraph 4(b) of the
Agreement unless I execute this General Release and do not revoke this General
Release within the time period permitted hereafter or breach this General
Release. Such payments and benefits will not be considered compensation for
purposes of any employee benefit plan, program, policy or arrangement maintained
or