Amendment to Offer Letter Regarding Severance Payments – Polypore International, Inc. and Mitchell J. Pulwer
Polypore International, Inc. and Mitchell J. Pulwer have agreed to amend Pulwer's April 4, 2006, offer letter to comply with changes in federal tax law. The amendment specifies that any severance payments due to Pulwer after an involuntary separation without cause will be paid in nine monthly installments, in accordance with Section 409A of the Internal Revenue Code. Pulwer accepted the amendment by signing the letter on December 18, 2008.
Exhibit 10.10
December 18, 2008
Mitchell J. Pulwer
2609 Houston Branch Road
Charlotte, NC 28273
Dear Mitch:
Due to recent changes in federal tax law, the severance provision in your April 4, 2006, offer letter must be revised to be made compliant with Section 409A of the Internal Revenue Code. Please sign where indicated below to acknowledge that your offer letter shall be amended hereby to provide that all severance payments to which you may become entitled pursuant thereto will paid in 9 monthly installments immediately following your “involuntary separation from service” without cause (as defined in Treasury Regulation 1.409A-1(n)(1)).
Please acknowledge your acceptance of this amendment by signing below and returning this letter to me. If you have any questions regarding this required amendment, please do not hesitate to contact me.
Regards,
| /s/ John O’Malley |
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| Name: | John O’Malley |
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| Title: | VP Human Resources |
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| Polypore International, Inc. |
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| Agreed and Accepted: |
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| /s/ Mitchell J. Pulwer |
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| Mitchell J. Pulwer |
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| Date: Dec. 18, 2008 |
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