**Exhibit 10.2****AGREEMENT AND RELEASE**     WHEREAS, Brad Reed (hereinafter referred to as “Employee”), worked for Celgard, LLC; andWHEREAS, Employee’s employment with Celgard, LLC has been terminated as of April 17, 2006;     WHEREAS, to resolve any dispute which may exist between Employee and Celgard, LLC, as to thecircumstances surrounding Employee’s employment with, or termination from, Employer; and     WHEREAS, Employee and Celgard, LLC, its subsidiaries, its parent companies, affiliatedcorporations, officers, directors, employees, agents, successors and assigns, and each of them(hereafter referred to collectively as “Employer”) desire to resolve any such dispute and to thatend are willing to make mutual concessions in order that the differences which may exist betweenthem be now and forever settled.     IT IS THEREFORE AGREED that in consideration of the promises of Employer hereinafter setforth, which Employee acknowledged that he is otherwise not entitled to receive, Employee agrees tothe following: (1) Employee, for himself, his heirs, executors, administrators and assigns,releases and forever discharges Employer, from all matter of claims, actions, causes ofaction, suits, judgments, rights, demands, wages, debts, attorneys fees, damages, oraccountings of whatever nature, legal, equitable, or administrative.  (2) Employee specifically understands and agrees that his signature on thisdocument releases any and all claims that Employee may have against Employer, includingclaims arising from or by reason of his employment with or termination from Employer,including claims concerning the termination of his insurance benefits. This releasespecifically includes, but is not limited to, claims pursuant to Title VII of the CivilRights Act of 1964, (“Title VII”), the Age Discrimination in Employment Act (ADEA), 29U.S.C. 621 *et seq.*, the Employee Retirement Income Security Act (ERISA), 29 U.S.C. 1001*et seq.*, or any other state or federal law, including but not limited to, any claims ofdiscrimination, retaliation, infliction of emotional distress, outrage, wrongfultermination, whistle-blowing, public policy, promissory estoppel, claims or demandsarising under either express or implied contract, breach of contract, tort, the commonlaw, or any federal, state, or local statute, ordinance, regulation or constitutionalprovision or other liabilities, suits, debts, claims for back pay, front pay,compensatory or punitive damages, costs, reinstatement, attorneys’ fees, bonuses, knownor unknown, contingent or otherwise, whether specifically mentioned or not, that theparties now have or have had or which may exist or which might be claimed to exist ator prior to the date of this Agreement. This Agreement is not intended to waive anyrights that may arise after the execution of this Agreement.     Employee BWR     Employer JJO
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 (3) A. Employee will keep this Agreement and the terms herein confidential and,except as otherwise required by law, not discuss it with anyone except immediatefamily, legal counsel, accountants, financial advisors, or a government taxingauthority; provided, however, that before disclosing any such information to any suchperson or entity, Employee shall advise such person or entity that the terms of thisAgreement are confidential, and further that the disclosure of such terms is prohibitedexcept under the conditions contained in this paragraph.    B. Employee acknowledges that any intellectual property developed by him during theterm of his employment by Employer was a work made for hire and any rights he had tosuch work belong exclusively to Employer. Employee acknowledges that he is notentitled to receive any ongoing royalties, license fees or other payments related toany such property. Employee agrees to reasonably cooperate (at no additional chargeso long as the time commitment required is less than 20 hours in total) withEmployer to prosecute any patents or otherwise protect any intellectual propertyresulting from Employee’s efforts during his tenure with Employer.  (4) It is expressly recognized and acknowledged by Employee that (i) Employer hasdeveloped and established a valuable and extensive trade in the merchandise and productservices it provides on a global scale; (ii) that Employer’s business connections andcustomers have been established and maintained at great expense and are of great valueto Employer; (iii) by virtue of Employee’s employment, Employee has become personallyacquainted with its customers, its merchandise, product services, designs,manufacturing and trade of Employer; and (iv) that Employer will suffer great loss anddamage if, following Employee’s employment, Employee should, whether directly orindirectly on his behalf, or on behalf of any other person, firm, corporation, orentity, engage in or assist in engaging in the business of merchandising, providingservices, designing, manufacturing and products of those offered and/or sold byEmployer. A. Accordingly, Employee agrees that for a period of one (1) yearfrom the date of his termination, Employee shall not, directly or indirectly,on Employee’s own behalf or on behalf of any other person, firm, corporation(including parent and subsidiary corporations), or entity (whether as anemployee, agent, partner, shareholder, investor, director, consultant, or inany other capacity): (1) Solicit, or attempt to solicit, divert or takeaway any of Employer’s clients, customers, accounts; or  (2) Compete against Employer directly or indirectlyor render like or similar products and merchandise as those whichEmployer currently offers, within the following geographical areas: (i) the United States;     Employee BWR     Employer JJO
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 (ii) Japan;  (iii) China;  (iv) Taiwan;  (v) Korea;  (vi) Holland;  (vii) Germany;  (viii) Great Britain;  (ix) Canada;  (x) North Carolina; and  (xi) a fifty (50) mile radius ofEmployee’s place of primary employment. (3) Accept employment or work indirectly for acompany involved in competitive activity, including but not limited to, (i) Tonen Chemical;  (ii) Asahi Kasei;  (iii) Ube;  (iv) Entek;  (v) DSM;  (vi) Mitsui;  (vii) SK Corp.;  (viii) Nitto Denko; and  (ix) Degussa-Creavis.   For the purposes of this Agreement, clients, customers, or accounts refersto the following: (a) Any client, customer, or account serviced byEmployer during the twelve (12) month period prior to the effectivedate of termination;   and (b) Any client, customer, or account serviced whowas introduced to the Employee by Employer or an employee of Employeeduring the twelve (12) month period prior to the effective date oftermination.   Employee acknowledges the reasonableness of the geographic scope and timelimitations set forth above and further agrees and acknowledges that thegeographic scope and time limitations are necessary to adequately protectthe rights and expectations of the Employer given Employer’s global reachand nature of its business, and Employee’s experience and position on behalfof Employer.     Employee BWR     Employer JJO
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 B. Employee further agrees that for a period of two (2) yearsfollowing the date of his termination with Employer, he will not solicit or inany manner encourage employees to leave the employ of Employer. Employeefurther agrees that during such two (2) year period, he will not offer or causeto be offered employment to any person who is employed by Employer, and wasemployed by Employer at any time during the twelve (12) months immediatelyprior to the termination of Employee’s employment with Employer without itswritten consent.  C. In the event of a violation by Employee of any one or more ofthe covenants contained in this section, it is agreed that the term of eachsuch covenant violated shall be automatically extended for one (1) year fromthe date on which Employee permanently ceased such violation or for a period of(1) year from the date of the entry in a court of competent jurisdiction of afinal order or judgment enforcing such covenant, whichever is later.  D. It is understood by and between Employee and Employer that theforegoing restrictive covenants set forth in this section are essentialelements of this Agreement and that but for the agreement of Employee to complywith such covenants, Employer would not have entered into this severanceagreement.  E. Employee acknowledges and agrees that a breach of this section,Section (4), of this Agreement by Employee will cause serious and irreparabledamage to Employer that will be difficult to quantify and for which monetarydamages alone will not be adequate. Accordingly, Employee agrees that in theevent he breaches or threatens to breach any of the provisions contained inthis section of this Agreement, Employer shall be entitled to temporary and/orpermanent injunctive relief without the need for posting a bond. Employeewaives the defense in any judicial proceeding that there is an adequate remedyat law for any such breach. The parties agree that this section of thisAgreement shall be governed by and construed in accordance with the laws of thestate of North Carolina and further agree that any litigation initiated underthe provision of the Agreement shall be brought and litigated in the state orfederal courts of North Carolina. Accordingly, Employer consents to personaljurisdiction in the state and federal courts of North Carolina. Nothing inthis Agreement shall be construed to prohibit Employer from pursuing any otherlegal or equitable remedy.     IT IS FURTHER AGREED that in consideration of the promises of Employee set forth above, theEmployer will do the following: (5) Employer will pay the Employee a lump sum of $19,548.10 for all his unused andaccrued vacation. In addition, Employer will pay the Employee $152,475 of     Employee BWR     Employer JJO
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   severance pay. Severance wages and vacation pay will be subject to all applicabletax withholding requirements. Employee will receive this severance pay in 19biweekly installments of $7,819.24, and one final installment of $3,909.44.Severance payments will begin on the nearest pay date after the Employee fullyexecutes this Agreement and only after the seven (7) day revocation period set forthbelow has expired. (6) Under COBRA, Employee and any covered family member will be offeredcontinuation coverage under Employer’s group health plan that covered Employee and hisdependents at the time of his separation from employment. Provided that Employeeelects to exercise his rights to COBRA continuation coverage under the group healthplan at the current levels, and further provided that Employee complies with the termsof this Agreement, Employee will agree to pay an amount toward the cost of his COBRAcontinuation coverage equal to the amount that he had been contributing for his monthlygroup health coverage as of the date of his termination of employment, through anduntil the earlier of the date on which Employee ceases to comply with this Agreement,the date that the Company terminates the health insurance plan for its other employees,or through April 17, 2007 following the full execution of this Agreement and upon suchtime as it becomes binding. Under no circumstances, however, will Employer waive thepremiums due for COBRA continuation coverage individually elected by Employee’s spouseor his current or former dependents. Employee acknowledges that all COBRA premiumspaid by the Company under this Agreement may constitute taxable income for him in theyear that they are paid. Employee agrees that he will be solely responsible for allstate and federal income taxes that are due as a result of any such payments.  (7) Employer agrees to provide Employee with six (6) months outplacement serviceswith a placement firm of its choosing. The six (6) months will commence from the dateof the first meeting.  (8) Employer agrees that it will not contest your application for unemploymentbased on this Agreement.  (9) Employee currently enjoys the use of an automobile provided by Employer.Employer will transfer title to this automobile to Employee. Employee will beresponsible for any tax liability associated with this transfer and for maintainingappropriate insurance on the vehicle after the transfer.  (10) Except as expressly set forth above, and except for the vested amounts in anyapplicable employee benefit plan as it presently exists, if any, and any appreciationthereto, Employee will cease to be a participant in and no longer have any coverage orentitlement to benefits or contributions under any of Employer’s employee benefitsplans as of the date of his termination. Employee acknowledges that he is not entitledto receive any “bonus” or similar     Employee BWR     Employer JJO
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   supplemental payment from the Employer, other than amounts expressly spelled out inthis Agreement.     IT IS FURTHERMORE AGREED that in consideration of the promises made by and to the Employee andthe Employer, the parties mutually agree that: (11) This Agreement may be used in a subsequent proceeding in which either of theparties alleges a breach of this Agreement.  (12) If a specific clause of this Agreement is found to be illegal under eitherfederal or state law, the remainder of the Agreement, including but not limited to,Employee’s release of claims, is not affected by such ruling and shall remain in force.With respect to any provision or covenant of Section (4)A-(4)E finally determined by acourt of competent jurisdiction to be unenforceable, Employee, and Employer herebyagree that such court shall have jurisdiction to reform such provision or covenant sothat it is enforceable to the maximum extent permitted by law, and the parties agree toabide by such court’s determination. If any of the provisions or covenants of Section(4)A-(4)E are determined to be wholly or partially unenforceable in any jurisdiction,such determination shall not be a bar to or in any way diminish the rights of Employer,as applicable, to enforce any such provision or covenant in any other jurisdiction.  (13) This Agreement does not constitute an admission by Employer of a violation ofany state, federal, or local law.  (14) This Agreement contains the entire and only agreement between Employer and theEmployee. Any oral or written promises or assurances not contained in this Agreementare waived, abandoned, withdrawn, and without legal effect.  (15) The language of all parts of this Agreement shall be construed as a whole andaccording to its fair meaning, and not strictly for or against either party. It isexpressly understood and agreed that any rule requiring construction of this Agreementagainst its drafter shall not be applied in this ease.  (16) Employee agrees not to make disparaging remarks about Employer, its employees,or products regardless of the truthfulness or falsity of such remarks.  (17) Employee’s Family Trust currently holds certain ownership units and stockoptions in the Employer and/or its parent companies. As part of this Agreement,Employer agrees to acquire, and the Employee agrees sell, and to cause his Family Trustto sell, all of the Employee’s and his Family Trust’s equity ownership in the Employer,including all vested and unvested stock options, and all of Employee’s and his FamilyTrust’s ownership interest in PP Holdings LLC. Employee agrees to execute, and tocause his Family Trust to execute the attached Assignment of LLC Interest and StockOptions. Employee acknowledges that he has had an adequate opportunity to review therelevant financial information     Employee BWR     Employer JJO
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   regarding the value of his ownership interest and options. Employee acknowledgesthat the information available to him was adequate to assess the fair market valueof these interests and that the price to be paid for these units and optionsadequately reflects their Fair Market Value.     ADDITIONALLY, Employer advises Employee to discuss the terms of this Agreement prior tosigning it with legal counsel of his choosing. Employee has up to a maximum of 21 consecutivecalendar days from the date he was provided a copy of this Agreement to consider the terms.Employee acknowledges that he may sign this Agreement at any time within the 21 consecutivecalendar days from his receipt of this Agreement. Employee acknowledges that he has a period ofseven (7) calendar days following his signing of this Agreement to revoke it. Any such revocationof the Agreement must be in writing, signed by him, and delivered to John O’Malley within the seven(7) day period. Any revocation hereunder shall not affect Employee’s termination of employment.This Agreement will not take effect until the seven (7) day revocation period has expired and assuch no payment shall be made under provisions or covenants (5), (6), and (8) until the Agreementbecomes final and binding upon the parties.     By signing below, Employee is certifying that he has been given the opportunity to discuss theterms of this Agreement with legal counsel or other advisor, that the Employee had adequate timefor such consultation, that Employee fully understands the Agreement including its final andbinding effect, and that Employee fully and voluntarily agrees to its terms.     IN WITNESS WHEREOF, we have hereunto set our hand and seal on this 18th day of April, 2006.       /s/ Bradley W. Reed     (EMPLOYEE)         SWORN TO before me this 18day of April, 2006             /s/             Notary Public for North Carolina      My Commission Expires: 6-16-08               (EMPLOYER)           By: /s/ John J. O’Malley                  Title: SVPHR       Employee BWR     Employer JJO
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**Assignment of LLC Interest****and Stock Options**In consideration for the payment of US$108,706.50:(i) Brad Reed and the Bradley W. Reed Family Trust (the “Trust”) hereby assign toPP Holdings LLC all of their right, title and interest in and to 150 Class A Units inPP Holdings LLC (the “LLC”); and(ii) Brad Reed and the Trust hereby assign to Polypore International, Inc. all oftheir right, title and interest in and to all vested and unvested stock options toacquire shares in Polypore International, Inc. (“Parent”), under Parent’s 2004Stock Option Plan.       /s/ Bradley W. Reed         Bradley W. Reed, as trustee for the    Bradley W. Reed Family Trust       /s/ Bradley W. Reed     Mr. Brad Reed, Individually    Date: April 18, 2006