Exhibit 10.15
Execution Version
POLYMER GROUP, INC.
SEPARATION AGREEMENT
THIS SEPARATION AGREEMENT is entered into on October 15, 2009, between Polymer
Group, Inc., a Delaware corporation (the "Company"), and Robert J. Kocourek
("Executive").
WHEREAS, the Company and Executive are parties to a certain change in control
severance compensation agreement entered into on January 23, 2008, as amended by
Amendment No. 1 to change in control severance compensation agreement (the
"Change in Control Agreement"); and
WHEREAS, the Company and Executive wish to end the employment relationship.
In consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1.
END OF EMPLOYMENT.
(A)
THE COMPANY AND EXECUTIVE HEREBY AGREE THAT THE EMPLOYMENT OF
EXECUTIVE WITH THE COMPANY AND ITS SUBSIDIARIES SHALL END ON APRIL 16, 2010 (THE
"RESIGNATION DATE").
EXECUTIVE ALSO AGREES THAT HIS SERVICE AS AN OFFICER OF
THE COMPANY AND ITS SUBSIDIARIES SHALL END ON THE EARLIER OF THE APPOINTMENT OF
A SUCCESSOR OR THE DAY AFTER THE COMPANY FILES ITS PERIODIC REPORT ON FORM 10-Q
FOR THE PERIOD ENDED OCTOBER 3, 2009.
EXECUTIVE SHALL TAKE SUCH ACTIONS
REASONABLY REQUESTED BY THE COMPANY IN FURTHERANCE OF THE FOREGOING TO EVIDENCE
THE END OF SUCH EMPLOYMENT AND SUCH SERVICE AS AN OFFICER.
EXECUTIVE SHALL ALSO
PROVIDE SUCH SERVICES AS REASONABLY NECESSARY TO ENSURE A SMOOTH AND ORDERLY
TRANSITION IMMEDIATELY FOLLOWING THE DATE OF THIS AGREEMENT THROUGH AND
INCLUDING THE RESIGNATION DATE (THE "TRANSITION PERIOD").
AT ALL TIMES DURING
THE TRANSITION PERIOD, THE EXECUTIVE WILL REPORT DIRECTLY TO THE CEO OF THE
COMPANY.
(B)
FOR PURPOSES OF THIS AGREEMENT, "SUBSIDIARIES" SHALL MEAN ANY
CORPORATION OR OTHER ENTITY OF WHICH THE SECURITIES OR OTHER OWNERSHIP INTERESTS
HAVING THE VOTING POWER TO ELECT A MAJORITY OF THE BOARD OF DIRECTORS OR OTHER
GOVERNING BODY ARE, AT THE TIME OF DETERMINATION, OWNED BY THE COMPANY, DIRECTLY
OR THROUGH ONE OF MORE SUBSIDIARIES, INCLUDING WITHOUT LIMITATION THOSE ENTITIES
SET FORTH ON ANNEX I ATTACHED HERETO.
2.
COMPENSATION AND BENEFITS.
(A)
SALARY.
EXECUTIVE SHALL BE ENTITLED TO
RECEIVE HIS BASE SALARY THROUGH THE RESIGNATION DATE.
AS PAYMENT OF SEVERANCE
UNDER THIS AGREEMENT, EXECUTIVE SHALL BE ENTITLED TO RECEIVE HIS BI-WEEKLY BASE
SALARY IN AN AMOUNT EQUAL TO $14,730.00 (THE "BASE SALARY PAYMENTS"), UNTIL
OCTOBER 16, 2010 AND, THEREAFTER, UNTIL THE EARLIER OF APRIL 16, 2011 OR THE
DATE
ON WHICH EXECUTIVE OBTAINS ALTERNATE EMPLOYMENT (THE "PAYMENT END DATE").
PRIOR
TO THE PAYMENT END DATE, EXECUTIVE SHALL NOTIFY THE COMPANY IMMEDIATELY UPON
OBTAINING ALTERNATE EMPLOYMENT.
EXECUTIVE SHALL NOT BE ENTITLED TO RECEIVE ANY
BASE SALARY PAYMENTS FOR ANY PERIOD AFTER THE PAYMENT END DATE.
SUCH BASE
SALARY PAYMENTS SHALL BE MADE BI-WEEKLY IN ACCORDANCE WITH THE COMPANY'S CURRENT
PAYROLL PRACTICES.
EXECUTIVE SHALL ALSO BE ENTITLED TO AN ADDITIONAL PAYMENT
FOR UNUSED VACATION DAYS OR UNUSED PAID TIME OFF DAYS, WHICH PAYMENT SHALL BE
MADE IMMEDIATELY FOLLOWING THE RESIGNATION DATE.
(B)
EXPENSES.
THE COMPANY SHALL REIMBURSE EXECUTIVE FOR ALL REASONABLE