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Exhibit 10.2
AMENDMENT NO. 1 TO CHANGE IN
CONTROL/
SEVERANCE COMPENSATION
AGREEMENT
This Amendment No.1 (the
“Amendment”) to the Change in Control Severance
Compensation Agreement effective as of January 23, 2008 (the
“Agreement”) is entered into on April 10, 2008,
and is between Polymer Group, Inc. (the “Company”)
and Robert Kocourek (“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 to amend the Agreement as follows:
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1.
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Insert the following new sub-section
(vi) to Section 3(D) of the Agreement:
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“; or (vi) Executive and the Company
are unable to agree upon the proper reporting of any financial
matter which Executive reasonably believes is appropriate in order
to comply with the rules and regulations of the United States
Securities and Exchange Commission or in order for the
Company’s financial statements to be prepared in conformity
with generally accepted accounting principles.”
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2.
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Delete sub-paragraph (A) of Section 4
of the Agreement and replace it with the following:
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“(A) The Company shall pay to you in
a lump sum payment within five (5) business days following the
Date of Termination, an amount that is the sum of
(i) twenty-four (24) times your monthly base salary at the
rate in effect at the time a Notice of Termination is given and
(ii) two times the greater of (x) your
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