ASSIGNMENT AND ASSUMPTION AGREEMENT
Exhibit 10.8
[Execution Copy]
THIS ASSIGNMENT AND ASSUMPTION AGREEMENT is entered into as of January 28, 2010 by and between
Scorpio Acquisition Corporation (the “Assignor”) and Polymer Group, Inc. (the
“Assignee”).
WHEREAS, the Assignor is a party to an employment agreement with Xxxxxxxx X. Xxxxx entered
into as of October 4, 2010 (the “Employment Agreement”);
WHEREAS, the Employment Agreement provides that following the Effective Time (as defined in
the Employment Agreement), the Employment Agreement may be assigned by the Assignor to the
Assignee; and
WHEREAS, the Assignor wishes to assign, and the Assignee wishes to assume, all of the
Assignor’s rights and obligations under the Employment Agreement.
NOW, THEREFORE, in consideration of the mutual promises contained herein and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties agree as follows:
1. Effective as of January 28, 2010, the Assignor hereby assigns, transfers and conveys to
Assignee and Assignee hereby accepts the assignment of, all rights and obligations with respect to
the Employment Agreement.
2. This Assignment and Assumption Agreement will inure to the benefit of and bind the
respective successors of the parties hereto.
3. This Assignment and Assumption Agreement, together with the Employment Agreement,
collectively represent the entire understanding and agreement among the parties hereto with respect
to the subject matter hereof and supersedes all prior written or oral discussions or agreements
among the parties hereto with respect to the subject matter hereof. This agreement may not be
altered, modified, or amended except by written instrument signed by the parties hereto.
4. This Assignment and Assumption Agreement shall be governed by and construed in accordance
with the laws of the State of North Carolina, without regard to conflicts of laws principles
thereof.
IN WITNESS WHEREOF, this Assignment and Assumption Agreement has been duly executed and delivered
as of the date first above written.
| SCORPIO ACQUISITION CORPORATION |
||||
| By: | /s/ Xxxxx Xxxxxxxx | |||
| Name: | Xxxxx Xxxxxxxx | |||
| Title: | Authorized Person | |||
| POLYMER GROUP, INC. |
||||
| By: | /s/ Xxxxxx X. Xxxxxx | |||
| Name: | Xxxxxx X. Xxxxxx | |||
| Title: | Secretary | |||
Accepted and agreed to on this 28th day of January:
| /s/ Xxxxxxxx X. Xxxxx | ||||
| Xxxxxxxx X. Xxxxx | ||||
2
