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Exhibit 10.13
Effective – December 18,
2008
Polypore Administrative
Policy—Severance
Purpose
In the event of the termination of
employment of a Polypore salaried employee for reason other than
Cause, the employee may be eligible for severance
payment.
Eligibility
Salaried exempt employees with more
than one year of service, who are terminated for reason other than
Cause. Examples include job elimination, workforce reduction,
or inability to satisfactorily perform the duties assigned.
Eligibility will be determined by the Senior Vice President of
Human Resources in consultation with the Senior Leadership Team
member responsible for the employee.
The following guidelines will be
used to determine the number of weeks of severance provided to the
terminated employee.
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Age Plus Service
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|
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< 30
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30-39
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40-49
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50+
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Professional Level
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4 wks
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6 wks
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8 wks
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12 wks
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Managerial Level
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8
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10
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12
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16
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Director Level
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12
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14
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16
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20
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VP Level
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14
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18
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22
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26
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SLT Level
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26
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39
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52
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52
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The severance payment will be equal
to the employee’s annual base pay divided by 52 times the
number of weeks indicated on the above matrix. Such severance
payments shall become payable immediat
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