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Attachment 1

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 


 

FORM 8-K

 

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported):  January 7, 2010

 

POLYMER GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

1-14330

57-1003983

(Commission File Number)

(IRS Employer Identification No.)

 

 

9335 Harris Corners Parkway, Suite 300, Charlotte, North Carolina

28269

(Address of Principal Executive Offices)

(Zip Code)

 

(704) 697-5100

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 5.02.             Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

(e) Compensatory Arrangement with Chief Operating Officer.   On January 7, 2010, Polymer Group, Inc. (the “Company”) entered into a Change in Control Severance Compensation Agreement (the “Severance Agreement”) with Michael W. Hale, its Chief Operating Officer.  The Severance Agreement provides for the lump sum payment of base salary and target bonus components of Mr. Hale’s compensation upon termination of employment in the amount of 24 months of base salary plus the greater of two times current year target bonus or prior year actual bonus. The Severance Agreement also includes non-competition and non-solicitation provisions for a period of 24 months.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

POLYMER GROUP, INC.

 

 

 

 

Date: January 12, 2010

By: 

/s/ Dennis E. Norman

 

 

Dennis E. Norman

 

 

Chief Financial Officer

 

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