Polypore Administrative Severance Policy Effective August 10, 2006

Contract Categories: Human Resources › Severance Agreements
Summary

This policy outlines the severance benefits for salaried employees of Polypore who are terminated for reasons other than cause, such as job elimination or workforce reduction. Eligible employees with more than one year of service may receive severance pay based on their age, years of service, and job level, as detailed in a provided matrix. Severance may be paid as a lump sum or through salary continuation. Eligible employees can also continue their medical coverage under COBRA at the employee rate for the severance period. Non-exempt employees may receive four weeks of severance.

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EX-10.23 3 a2176639zex-10_23.htm EXHIBIT 10.23
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Effective August 10, 2006


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.

 
   AGE PLUS SERVICE
 
   < 30
   30-39
   40-49
   50+
Professional Level   4 wks   6 wks   8 wks   12 wks
Managerial Level   8   10   12   16
Director Level   12   14   16   20
VP Level   14   18   22   26
SLT Level   26   39   52   52

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. The Company reserves the right to determine if the payments will be made in a lump sum or salary continuation.

In addition to the severance payment, the employee will be eligible to continue in the Polypore Medical Plan under COBRA at their current employee contribution rate for the same number of weeks. After the expiration of the number of weeks of severance, the terminated employee may continue medical coverage at the normal COBRA rates.

Non-exempt employees may be eligible for 4 weeks of severance under this policy.



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Polypore Administrative Policy—Severance