Exhibit 10.8
AMENDMENT TO
EMPLOYMENT AGREEMENT
This Amendment (this “
Amendment ”) to the Employment Agreement
(the “ Employment Agreement ”), dated
April 28, 2008, by and between Polypore
International, Inc. (the “ Company ”),
and Robert B. Toth (the “ Executive ”) is
entered into as of this December 18, 2008, to be effective as
of the date hereof.
WHEREAS, the Company and the
Executive are parties to the Employment Agreement; and
WHEREAS, each of the Company and the
Executive wishes to amend the Employment Agreement in order to
comply with the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended.
NOW, THEREFORE, the Employment
Agreement is hereby amended as follows (with terms not otherwise
defined in this Amendment having the same meaning as set forth in
the Employment Agreement):
1.
The last sentence
of Section 4 is hereby replaced in its entirety to read as
follows:
“Each
Annual Bonus, to the extent earned with respect to a given fiscal
year, shall be paid to Executive no later than March 15 of the
year after the year to which such Annual Bonus
relates.”
2.
Section 8(b)(ii)(B) is
hereby amended in its entirety to read as follows:
“Any unpaid
Annual Bonus in respect of any completed fiscal year which has
ended prior to the date of such termination, which amount shall be
paid at the same time such Annual Bonus would have been paid
pursuant to Section 4 of this Agreement had such termination
not occurred;”
3.
Section 8(c)(ii)(D) is
hereby amended in its entirety to read as follows:
“Continuation of medical
benefits for Executive (as applicable) and his covered dependents,
at the same cost paid by Executive (and his dependents, as
applicable) immediately prior to the date of such termination, with
the Company-provided portion of any applicable insurance premium to
be paid directly to the medical insurance carrier on a monthly
basis, until the earlier of (x) the twenty-four (24) month
anniversary of the date of such termination and (y) the date
Executive and/or his dependents elect to cease continuation of such
benefits.”
4.
Section 8(c)(ii)(B) is
hereby amended in its entirety to read as follows:
“Any unpaid
Annual Bonus in respect of any completed fiscal year which has
ended prior to the date of such termination, which amount shall be
paid at the same time such
