Exhibit 10.2
POLYMER GROUP, INC.
EXECUTIVE EMPLOYMENT AGREEMENT
THIS AGREEMENT is entered into on March 24, 2006, between Polymer Group, Inc., a
Delaware corporation (the "Company"), and Willis C. Moore, III ("Executive").
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.
EMPLOYMENT PERIOD. THE COMPANY SHALL EMPLOY EXECUTIVE, AND
EXECUTIVE HEREBY ACCEPTS EMPLOYMENT WITH THE COMPANY, UPON THE TERMS AND
CONDITIONS SET FORTH IN THIS AGREEMENT FOR THE PERIOD BEGINNING ON AND AS OF
APRIL 1, 2006 AND ENDING ON MARCH 31, 2009, UNLESS OTHERWISE TERMINATED EARLIER
AS PROVIDED IN PARAGRAPH 4 HEREOF (THE "EMPLOYMENT PERIOD").
2.
POSITION AND DUTIES.
(A)
DURING THE EMPLOYMENT PERIOD, EXECUTIVE SHALL SERVE AS THE VICE
PRESIDENT AND CHIEF FINANCIAL OFFICER OF THE COMPANY AND SHALL HAVE THE NORMAL
DUTIES, RESPONSIBILITIES, FUNCTIONS AND AUTHORITY OF THE CHIEF FINANCIAL
OFFICER, SUBJECT TO THE POWER AND AUTHORITY OF THE BOARD TO EXPAND OR LIMIT SUCH
DUTIES, RESPONSIBILITIES, FUNCTIONS AND AUTHORITY WITHIN THE SCOPE OF DUTIES,
RESPONSIBILITIES, FUNCTIONS AND AUTHORITY ASSOCIATED WITH THE POSITION OF CHIEF
FINANCIAL OFFICER. DURING THE EMPLOYMENT PERIOD, EXECUTIVE SHALL RENDER SUCH
EXECUTIVE AND MANAGERIAL SERVICES TO THE COMPANY AND ITS SUBSIDIARIES WHICH ARE
CONSISTENT WITH EXECUTIVE'S POSITION AND AS THE BOARD MAY FROM TIME TO TIME
DIRECT.
(B)
DURING THE EMPLOYMENT PERIOD, EXECUTIVE SHALL REPORT TO THE CHIEF
EXECUTIVE OFFICER AND SHALL DEVOTE HIS BEST EFFORTS AND HIS FULL BUSINESS TIME
AND ATTENTION (EXCEPT FOR PERMITTED VACATION PERIODS AND REASONABLE PERIODS OF
ILLNESS OR OTHER INCAPACITY) EXCLUSIVELY TO THE BUSINESS AND AFFAIRS OF THE
COMPANY AND ITS SUBSIDIARIES. EXECUTIVE SHALL PERFORM HIS DUTIES,
RESPONSIBILITIES AND FUNCTIONS TO THE COMPANY AND ITS SUBSIDIARIES HEREUNDER TO
THE BEST OF HIS ABILITIES IN A DILIGENT, TRUSTWORTHY, PROFESSIONAL AND EFFICIENT
MANNER AND SHALL COMPLY WITH THE COMPANY'S AND ITS SUBSIDIARIES' POLICIES AND
PROCEDURES IN ALL MATERIAL RESPECTS. IN PERFORMING HIS DUTIES AND EXERCISING HIS
AUTHORITY UNDER THE AGREEMENT, EXECUTIVE SHALL SUPPORT AND IMPLEMENT THE
BUSINESS AND STRATEGIC PLANS APPROVED FROM TIME TO TIME BY THE BOARD AND SHALL
SUPPORT AND COOPERATE WITH THE COMPANY'S AND ITS SUBSIDIARIES' EFFORTS TO EXPAND
THEIR BUSINESSES AND OPERATE PROFITABLY AND IN CONFORMITY WITH THE BUSINESS AND
STRATEGIC PLANS APPROVED BY THE BOARD. SO LONG AS EXECUTIVE IS EMPLOYED BY THE
COMPANY, EXECUTIVE SHALL NOT, WITHOUT THE PRIOR WRITTEN CONSENT OF THE BOARD,
ACCEPT OTHER EMPLOYMENT OR PERFORM OTHER SERVICES FOR COMPENSATION.
(C)
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.
3.
COMPENSATION AND BENEFITS.
(A)
DURING THE EMPLOYMENT PERIOD, EXECUTIVE'S BASE SALARY SHALL BE
$325,000 PER ANNUM, EFFECTIVE ON AND AFTER APRIL 1, 2006, OR SUCH HIGHER RATE AS
THE BOARD MAY