Executive Employment Agreement
This Executive Employment Agreement (the “ Agreement ”) is entered into between Polymer
Group, Inc., (“ PGI ”) a Delaware corporation, and Veronica M. Hagen (“ Executive ”) effective as of
April 23, 2010 (the “ Effective Date ”). PGI and Executive agree as follows:
ARTICLE 1: EMPLOYMENT, COMPENSATION AND BENEFITS
1.1 Term and Position . PGI agrees to employ Executive and Executive agrees to be employed by
PGI as Chief Executive Officer of PGI. As Chief Executive Officer, Executive shall be a member of PGI’s
Board of Directors (the “ Board ”). Executive shall have the normal duties, responsibilities, functions and
authority of the Chief Executive Officer and shall devote full working time to the successful conduct of the
business of PGI; however, Executive shall be permitted to serve on the board of directors of two for-profit
corporations (provided any such corporation is not in competition with PGI) and one not-for-profit corporation.
Executive will report directly to the Board and Executive’s specific duties shall be determined by the Board. The
term of the Agreement shall be for a period of 3 years, commencing on April 23, 2010 and ending on April 22,
2013 (the “ Term ”)
1.2 Compensation .
a. Base Compensation . For all services rendered by Executive during the Term,
Executive shall receive base compensation at a rate of $765,000 per annum (“ Base Compensation ”), payable
in accordance with PGI’s then existing payroll practices, less such deductions as are authorized or required by
law. Executive’s Base Compensation shall be subject to review annually by the Board.
b. Bonus . Executive shall be entitled to participate in the Polymer Group, Inc. Short-Term
Incentive Compensation Plan (the “ Bonus Plan ”) to the extent such a plan is implemented for any given year.
Executive’s annual target cash bonus potential under any such Bonus Plan will be, and shal