1. The public company with limited liability PGI NONWOVENS B.V. , incorporated under the laws of the
Netherlands, hereafter to be referred to as: “PGI”, having its statutory seat in Cuijk, the Netherlands.
2. MR R. ALTDORF , domiciled at Kleve (4190), Germany, at the Hirschpfuhl 20, hereafter referred to as:
Hereafter together to be referred to as: “the Parties”,
a) Mr Altdorf has been employed by PGI since October 1, 1985. The current position of Mr Altdorf at PGI is
b) Recently, the Parties have discussed a possible termination of the employment of Mr Altdorf with PGI and
of his positions as Managing Director of PGI and Vice President & Managing Director, Europe of Polymer
Group, Inc., an affiliate of PGI. In order to prevent any uncertainty about such termination and the
consequences thereof, the Parties have consulted with one another and have come to agreement about this,
which agreement is laid down in this termination agreement (“the Termination Agreement”).
HAVE AGREED AS FOLLOWS :
Section 1. Termination Date
Mr. Altdorf’s employment with PGI will come to an end as per June 30, 2006 (“the Termination Date”) in mutual
Section 2. Resignation of Offices
2.1 As per the Termination Date, Mr Altdorf shall resign as Managing Director of PGI, as Vice President,
Managing Director, Europe of Polymer Group, Inc., and other similar positions (if any) which he may hold
of PGI or of any affiliated companies.
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2.2 PGI shall procure that, at the coming annual shareholders meetings of PGI, Mr Altdorf is granted a
customary discharge (“ décharge ”) by the appropriate entities in respect of the performance of his duties
as Managing Director of these companies until his resignation