Resignation and Transition Agreement between James Ide and Pliant Corporation (January 2005)

Summary

James Ide and Pliant Corporation have agreed on the terms of Mr. Ide's resignation. Mr. Ide will continue working through February 2005, unless asked to leave earlier, and will help ensure a smooth transition. He will receive a $70,000 bonus for 2004 as previously guaranteed. Both parties will agree on the wording of internal and external communications about his departure. Mr. Ide will speak positively about his experience at Pliant, and the company will reference his key accomplishments in any future inquiries. Mr. Ide will also make best efforts to complete the 2005 Business Plan process.

EX-10.63 4 a2154755zex-10_63.txt EXHIBIT 10.63 Exhibit 10.63 JAMES IDE 412 CUMNOCK RD. INVERNESS, IL 60067 Pliant Corporation 1475 Woodfield Dr. Schaumburg, IL 60173 January 26, 2005 As we discussed, I have elected to resign my employment at Pliant to pursue other interests. I have appreciated the opportunity to work at Pliant. Following is how I understand we will proceed with my termination: - - I will remain working at Pliant through the month of February (unless I am asked to leave sooner). I will keep Pliant's best interest in mind, and do what I can to minimize disruption and ensure a smooth and positive transition. - - I will receive the $70,000 bonus for 2004 which was guaranteed in my offer letter. - - We will mutually agree on wording for the internal announcement and external press release insofar as they relate to me or my reasons for resigning (which are indicated above). - - In the event I am asked about Pliant or why I resigned, I will indicate that my experience with the company, senior management and Board were positive, that I believe the turnaround is well under way, and that I left the company solely to pursue other interests which were a better fit to my long term personal goals. In the event of reference inquires, Pliant agrees to refer to the following accomplishments: upgrading the external reports (10-Q) and earnings disclosure; recognizing the liquidity implications of increasing resin costs and obtaining a bank amendment for an additional $25 million; leading a financial reporting system upgrade (Hyperion); bringing in three team members whom I'd worked with before; and leading the effort to maintain trade credit with Dow and Exxon. - - I will attempt to complete the 2005 Business Plan process on a best efforts basis Please countersign below if you agree with this handling. Sincerely, /s/ Jim Ide Jim Ide Pliant Corporation, by /s/ Harold Bevis -------------------------------