Exhibit 10.17


Term Sheet

for Employment Arrangement

Frank Nasisi


This Term Sheet outlines the
material provisions of the proposed employment agreement between Frank Nasisi
(the “Executive”) and Polypore, Inc., a Delaware corporation (the “Company”).


EMPLOYMENT


	
  Current
  Title

  	
  President and Chief Executive Officer of the Company.

  
	
  Duties

  	
  Commensurate with responsibilities normally associated with
  Title.  The Executive will serve as a
  member of the Board of Directors of the Company (the “Board”) during
  the Term and if elected or appointed, as a member of the boards of directors
  of any of the Company’s subsidiaries and/or in one or more executive offices
  of any entities owned by the Company.

  
	
  Effective
  Date

  	
  Upon consummation of the acquisition of the Company by affiliates of
  Warburg Pincus Private Equity VIII (on or about April 15, 2004) (the “Effective
  Date”).

  
	
  Term

  	
  The term of employment under the Agreement is for the term beginning
  on the Effective Date and ending on the second anniversary of the Effective
  Date (the “Term”); provided, that, unless earlier terminated pursuant
  to the terms of the employment agreement (including by either party giving
  written notice of intention not to renew), the Agreement shall automatically
  renew for an additional one-year period.

  
	
  COMPENSATION
  AND BENEFITS

  	
   

  
	
  Annual
  Base Salary

  	
  $435,000 (the “Base Salary”), which may be increased by the
  Compensation Committee of the Board (the “Compensation Committee”).

  
	
  Bonuses

  	
  The Executive is eligible to receive an annual cash bonus based upon
  achievement of applicable EBITDA targets as follows:

  



 


 

















 


	
   

  	
  % of EBITDA Target Achieved

  	
  Bonus Amount

  
	
   

  	
  <80%

  	
  $0

  
	
   

  	
  80%

  	
  $145,000

  
	
   

  	
  90%

  	
  $174,000

  
	
   

  	
  100%

  	
  $290,000

  
	
   

  	
  105%

  	
  $304,500

  
	
   

  	
  >110%

  	
  $319,000

  
	
   

  	
   

  	
   

  
	
  Long Term
  Incentive

  Compensation

  	
  The Executive is entitled to participate in the Company’s 2004
  Management Incentive Option Plan (the “Option Plan”), subject to its
  terms and conditions.  A summary of
  the material terms and conditions of the Option Plan are set forth as Exhibit
  A to this Term Sheet.

  
	
  Expenses

  	
  The Company shall reimburse the Executive for expenses and costs
  incurred by Executive in connection with the performance of his duties under
  the Agreement.

  
	
  Benefits

  	
  The Executive will participate in all benefit plans applicable to the
  senior officers of the Company.

  
	
  SEVERANCE BENEFITS

  	
   

  
	
  Termination
  Events entitling

  the Executive to Severance

  	
  The Company will pay the Executive severance benefits upon the
  occurrence of any of the following events (a “Qualifying Termination”):

  
	
   

  	
  (a)            The
  Company terminates the Executive’s employment without Cause (other than by
  reason of death or disability); or

  
	
   

  	
  (b)           The
  Executive terminates his employment with Good Reason.

  



 


 

















 


 


	
   

  	
  “Cause” means a good faith determination by the Board of: (i)
  gross negligence or willful misconduct by Executive in connection with
  Executive’s employment duties (including, but not limited to, Executive’s
  lack of capacity or diligence, a failure by Executive to conform to the usual
  standards of conduct, or other culpable or inappropriate behavior); (ii)
  failure by Executive to perform in any material respect his duties or
  responsibilities after notice and reasonable opportunity to cure; (iii)
  misappropriation by Executive of the assets or business opportunities of the
  Company or its affiliates; (iv) embezzlement or other financial fraud
  committed by Executive or at his direction, or with his knowledge; (v)
  Executive’s indictment for, conviction of, admission to, or entry of pleas of
  no contest to any felony or any crime involving moral turpitude; (vi)
  Executive’s abuse of alcohol and/or any use of illegal drugs which, in the
  Company’s judgment, materially interferes with the performance of Executive’s
  duties; or (vii) Executive’s breach of any material provision of the
  employment agreement.

  
	
   

  	
  “Good Reason” means, without Executive’s consent, (i) a
  substantial and material diminution in Executive’s title, duties,
  responsibilities, reporting relationship or positions, or (ii) a breach by
  the Company of any material provision of the employment agreement.

  
	
  Salary
  Continuation Amount

  	
  Upon a Qualifying Termination, the Company will continue the
  Executive’s Base Salary for the period beginning on the date of termination
  and ending on the date that is eighteen (18) months thereafter (the “Severance
  Period”).

  
	
  Welfare
  Benefit Continuation

  	
  Upon a Qualifying
  Termination, the Company will pay the his benefits for the Severance Period,
  including the cost of COBRA coverage for him and his dependents.

  
	
  OTHER PROVISIONS 

  	
   

  
	
  Confidentiality

  	
  Standard.

  
	
  Non-competition

  	
  During the Term and for an
  18 month period following any termination of employment for any reason,
  unless the Executive obtains written consent of the Board.

  
	
  Indemnification

  	
  Fullest extent permitted
  under Delaware law, and coverage under Company’s D&O policy during the
  Term.

  



 

















 


The foregoing represents the
agreement of the parties set forth below regarding the principal terms of the
Executive’s employment, which will be evidenced by a formal employment
agreement to be effective upon the Effective Date.


AGREED AND ACCEPTED on
this           day of January 2004:


 


	
  /s/ Frank Nasisi

  	
   

  
	
  Frank Nasisi

  	
   

  



 


 


PP Acquisition Corporation


 


 


	
  /s/ David Barr

  	
   

  
	
  By:

  	
   

  
	
  Title: