Document:

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                                                                   Exhibit 10.17

          Confidential Materials omitted and filed separately with the
         Securities and Exchange Commission. Asterisks denote omissions.

                                SUPPLY AGREEMENT

      THIS SUPPLY AGREEMENT (the "Agreement") dated as of October 26, 2004, by
and between B. BRAUN MEDIZINTECHNOLOGIE GMBH, a corporation organized under the
laws of Germany having offices at Schwarzenberger Weg 73-79, 34212 Melsungen,
Germany, ("B. Braun") and NxStage Medical, Inc., a Delaware corporation, having
offices at 439 South Union Street, 5th Floor, Lawrence, Massachusetts, USA
("Company").

                                   BACKGROUND

      Company desires to purchase from B. Braun, and B. Braun desires to supply
Company with, the products described herein, under and subject to the terms and
conditions set forth in this Agreement.

                                    AGREEMENT

      NOW, THEREFORE, in consideration of the foregoing premises and the mutual
covenants and agreements provided herein, the parties hereto, intending to be
legally bound hereby, agree as follows:

1. Definitions. When used in this Agreement, capitalized terms, including their
plural form, shall have the following meanings:

      1.1   "Agreement" means this Agreement and all appendixes, exhibits and
schedules hereto, and all modifications, amendments and supplements hereof.

      1.2   "Company Trademarks" means, collectively, the trademarks, the
service marks and related intellectual property rights, which Company owns or
has the right to use, as appropriate, all as more fully set forth on Appendix C
attached hereto.

      1.3   "Contract Year" means each twelve (12) month period during the term
of this Agreement, commencing on January 1, 2005 and each annual anniversary of
this date, and ending one day prior to the commencement of the succeeding
Contract Year.

      1.4   "Delivery Date" means the date on which the Products are delivered
to a European seaport mutually acceptable to both parties.

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Technical Agreement between NxStage and BMT
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      1.5   "GMP" or "Good Manufacturing Practice" means the part of quality
assurance which ensures that medicinal products are consistently produced and
controlled to the quality standards appropriate to their intended use, as
reflected in the pharmaceutical and medical device industry standards for the
European Union and the FDA in the USA and the similar guidelines of any other
recognized national regulatory body applicable to the Territory, as amended from
time to time in force at the relevant time during the term of this Agreement.

      1.6   "Product" means, individually and collectively, the Products listed
on Appendix A hereto, as further described in the Technical Agreement.

      1.7   "Specifications" means the Product Specifications included as part
of the Technical Agreement.

      1.8   "Technical Agreement" means the Technical Agreement signed by the
parties attached as Appendix B hereto, which includes the Product
Specifications, and hereby made a part of this Agreement, and any modifications,
amendments and supplements thereof and thereto.

      1.9   "Territory" means Canada and the United States of America, including
Puerto Rico and the U.S. Virgin Islands, but no other U.S. territories or
possessions.

2. Manufacture and Supply of Product.

      2.1   During the term of this Agreement and any extension or renewal
thereof, B. Braun shall manufacture and supply to Company and Company shall
purchase from B. Braun on a non-exclusive basis the Products for sale in the
Territory. Company shall not market, sell or distribute, directly or indirectly,
any Products manufactured by B. Braun for Company outside the Territory or to
any party for use outside the Territory. Company further agrees that all
bicarbonate-based Products shall only be sold to customers within the Territory
that are using the NxStage System One, or its successor product. All Products
shall be manufactured and supplied to Company in accordance with GMP.

      2.2   Company shall submit binding purchase orders for Products not less
than [**] prior to the requested Delivery Date for Products, together with a
rolling non-binding forecast of orders of Products for the succeeding nine
months. Each purchase order shall specify the name, Product number and
quantities of each of the Products to be purchased, the desired Delivery Dates
and shipping instructions. Orders placed for each type of Product shall be in a
minimum quantity of one batch per each requested Delivery Date as more
specifically described in Appendix A. Delivered quantity for each item code will
be +/- [**]% of order quantity.

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Technical Agreement between NxStage and BMT
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      2.3   During each Contract Year hereunder, Company agrees to purchase the
minimum number of units of Products as provided in Appendix A of this Agreement
("Minimum Purchase Requirement"). If the Agreement terminates prior to the full
duration of any Contract year, then the Minimum Purchase Requirement will be
pro-rated in proportion to the number of months in such Contract Year prior to
termination. Company acknowledges that the Minimum Purchase Requirement is a
material term of this Agreement and is a material inducement for B. Braun to
grant the pricing and other terms of this Agreement as provided herein, and if
Company fails to achieve the Minimum Purchase Requirement in any Contract Year,
or partial Contract Year, as the case may be, then Company will pay to B. Braun
[**]% of the Average Product Price (as defined below) multiplied by the amount
of the shortfall. For purposes hereof, "Average Product Price" shall mean the
quotient of Company's gross purchases in a Contract Year divided by the total
number of units of Products purchased by Company during the Contract Year.

      2.4   Company shall use all reasonable endeavors when placing purchase
orders with B. Braun to ensure that purchase orders correspond to anticipated
requirements set forth in the rolling forecasts delivered to B. Braun. B. Braun
shall use all reasonable endeavors to accept purchase orders that are in line
with rolling forecasts and that are not in excess of Maximum Order Quantities
defined in Appendix A. B. Braun shall use all reasonable endeavors to satisfy
purchase orders that are not in line with the rolling forecasts or Maximum Order
Quantities on a date that shall be agreed between both companies. Company and B.
Braun shall agree to monthly Maximum Order Quantities for the succeeding
Contract Year at least 30 days prior to the end of the then-current Contract
Year.

      2.5   In the event Company cancels any accepted purchase orders for
Products, Company shall be responsible to pay B. Braun (a) the full price for
the cancelled Products for which delivery is scheduled within the next [**], and
(b) the average gross margin (assumed for purposes of this Agreement to be [**]%
of the pricing outlined in Appendix A) for the remainder of the Products covered
by the order.

3. Product Specifications; Manufacturing Processes; Etc.

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Technical Agreement between NxStage and BMT
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      3.1   Company represents, warrants and agrees that the Specifications for
the Products satisfy Company's requirements for its intended use of the
Products. If at any time during the term of this Agreement, Company desires to
modify the Specifications, Company shall have the right to modify or change the
Specifications, subject to B. Braun's approval, which approval shall not be
unreasonably withheld. Upon receipt by B. Braun of notice requesting a
Specification change, B. Braun shall have the right (i) to adjust the price of
the Product to reflect any actual and necessarily incurred changes in the cost
of raw materials, direct labor and overhead that will result from such
modification or change (provided that B. Braun has reasonable documentation of
the basis for such change and provides the Company notice of such price change
before accepting Company's order for the new Products), and (ii) to the extent
necessary, extend the Delivery Dates for the Products. Following a change to
Product Specifications, Company shall (a) purchase all Products made for Company
that are in B. Braun's inventory (if such Products were made pursuant to
accepted purchase orders) and (b) reimburse B. Braun for the cost of all raw
materials and components purchased on behalf of Company, if such materials and
components are unique to Company or cannot be used in the manufacture of
products by B. Braun for other customers or in the manufacture of future
Products for Company and if the quantities ordered of such materials and
components are consistent with Company's forecasted demand for Products over the
succeeding three-month period, and (c) reimburse all reasonable termination fees
with its suppliers and reasonable administrative termination costs with respect
thereto, if applicable, again to the extent the fees and costs relate to orders
with suppliers that are consistent with Company's forecasted demand for Products
over the succeeding three-month period.

      3.2   B. Braun shall have the right to modify or change the manufacturing
procedures or practices used to make or assemble the Product; provided that,
following such modification or change, the Product continues to meet the
Specifications. B. Braun shall inform Company about such modification. Company
shall not assert any right to the design of the Products in contravention of B.
Braun's rights.

      3.3   At Company's request, B. Braun may from time to time furnish
technical and design assistance, advice and information with respect to the
Products, which assistance, advice and information is provided at no additional
cost to Company and at Company's own risk. No agent, employee or other
representative has the right to modify or expand B. Braun's warranty applicable
to the Products or to make any representations other than those warranties and
representations expressly provided in Section 6 of this Agreement, and if made,
should not be relied upon by Company. Company is solely responsible for making
its own independent determination whether the Products and the Specifications
will suit its needs and intended uses (even if B. Braun is aware of Company's
needs and intended uses), and Company acknowledges that it does not rely upon,
and will not rely upon any representation or warranty of B. Braun, except for
the express representations and warranties provided in this Agreement.

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Technical Agreement between NxStage and BMT
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      3.4   All Product provided by B. Braun will contain Company's labeling for
sale to end user customers and/or distributors of Company. The labeling will
contain a statement that the Product is "Manufactured for NxStage" and such
other labeling as may be required by law. Company shall be responsible for all
regulatory requirements relating to the labeling and sale of Products, and shall
review and approve, and be solely responsible for all Product labels/labeling
and instructions for use included with the Product. Any additional costs due to
copy and artwork changes shall be borne by Company.

      3.5   Company hereby grants to B. Braun a non-exclusive, non-transferable,
royalty-free license to use the Company Trademarks without alteration or
modification solely with respect to B. Braun's labeling of the Products during
the term of this Agreement and not for any other purpose. B. Braun acknowledges
Company's ownership of or right to use the Company Trademarks. B. Braun further
acknowledges that neither this Agreement nor the use by B. Braun of the Company
Trademarks shall create any right, title or interest in or to the Company
Trademarks by B. Braun. This Agreement is not intended to convey and does not
convey to B. Braun the right to use any trademarks or service marks of Company
other than the Company Trademarks for the use set forth herein. This license
shall include the right of B. Braun to sublicense the Company Trademarks to any
of B. Braun's suppliers of the Product or Product components for similar
labeling purposes and under similar conditions.

      3.6   As of the date hereof, B. Braun has no actual knowledge of any
issued U.S. third-party patents concerning the containers or flexible bags used
in the Products or the procedures used in manufacturing the Products that would
be infringed by selling or marketing the Products in the Territory. As of the
date hereof, Company has no actual knowledge of any issued U.S. third-party
patents concerning the dialysate formulations used in the Products that would be
infringed by selling or marketing the Products in the Territory. If at any time
during the term of this Agreement, a third-party U.S. or European (including
especially German or Swiss) patent infringement or misappropriation of trade
secret suit relating to any Product is (i) threatened against B. Braun or
Company (and either B. Braun or Company, respectively, reasonably determines
that such threat is credible) or (ii) filed against either B. Braun or Company,
then B. Braun or Company, respectively, may cease supplying or purchasing,
respectively, such Product (and only such Product) without any liability
hereunder immediately upon providing written notice to the other party.

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Technical Agreement between NxStage and BMT
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4. Price and Payment.

      4.1   The price of the Products shall be as set forth in Appendix A
hereto. The price for Products shall remain firm for the first Contract Year of
this Agreement. At least [**] prior to the end of each Contract Year, the
parties shall meet in person or by phone to negotiate new Product pricing to
account for changes in Product volumes, process improvements, and other changes
to direct manufacturing costs (provided that B. Braun has reasonable
documentation of the basis for such change). If B. Braun and Company do not
reach an agreement, following good faith negotiations, on the new Product
pricing until the end of a Contract Year, the agreement may be terminated by
either party by three (3) months written notice. Until said agreement on
purchase pricing or said termination, the purchase price then existing will
remain in effect.

      4.2   B. Braun shall bear all taxes based upon or measured by its net
income. Any other tax, however denominated and howsoever measured, imposed upon
the Products or upon its storage, inventory, sale, transportation, delivery, use
or consumption shall be the responsibility of Company. Company shall provide B.
Braun with all appropriate tax exemption certificates acceptable to the taxing
authorities imposing such taxes, if Company desires not to make such payments.

      4.3   B. Braun shall invoice Company concurrently with any shipment of
Products and Company shall make full payment to B. Braun, at the address
specified on the invoice, no later than [**] days from the Delivery Date. Any
amounts not paid within such [**] period shall accrue interest at the rate of
[**] percent ([**]%) per month. If it becomes necessary for B. Braun to employ
any agents or attorneys to collect any amounts due to it under this Agreement,
the reasonable fees and costs of collection will be added to any amounts owed by
Company hereunder.

      4.4   Title to the Products shall remain with B. Braun until the purchase
price for such Products has been paid in full. As long as Company has not paid
in full it is not permitted to deposit or assign the Products. Company may sell
Products in the ordinary course of its business before payment has been made in
full. Company herewith assigns to B. Braun all future rights and claims
including all ancillary rights, including but not limited to customer bank
guarantees, towards Company's customers resulting from the sales of Products for
which the purchase price has not yet been paid in full. Upon request of B.
Braun, and if Company is in payment default, Company shall be obligated to
notify its customers holding Products to which B. Braun legally retains title
hereunder of the assignment and to furnish B. Braun with all information
required for collection of the claim and to provide B. Braun with all necessary
documents. As long as B. Braun has no doubt about the Company's ability to pay,
Company shall have no obligation to notify its customers of the assignment of
title until [**] after receiving a notice of B. Braun mentioning the default and
B. Braun shall not contact such customers prior to the expiration of such 20 day
period. As far as not otherwise stipulated by B. Braun, Company is entitled and
obliged to collect the proceeds of Products resold, which proceeds shall, in the
event the purchase price therefore has not yet been fully paid by Company,
become ipso jure property of B. Braun, and which shall be held by Company
separately from other means of payment for B. Braun's benefit until payment in
full of the purchase price has been made. In case of any doubts, retention of
title remains effective until Company proves that it has paid the purchase price
for such Products in full. In the event a third party asserts a claim to
Products in which

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Technical Agreement between NxStage and BMT
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B. Braun continues to retain title (by means of attachment or through a claim to
proceeds, or otherwise), Company shall inform B. Braun without any delay and
notify the third party making such a claim of B. Braun's rights under this
Section.

5. Delivery.

      5.1   All shipments of Products shall be made F.O.B. mutually agreed
European seaport. B. Braun will attempt to arrange shipments as nearly in
accordance with the Delivery Dates set forth in a purchase order as its shipping
facilities and manufacturing schedules permit. Risk of loss shall pass to
Company upon delivery of the Products to the carrier at European seaport.
Company shall be responsible for the cost of all freight, shipping and handling,
and insurance in connection with all deliveries from the European seaport.

      5.2   Company shall have the obligation to inspect the Products for
compliance concerning identity without undue delay. Notwithstanding the
provisions of Section 4.3 hereof, Company shall not be required to accept or pay
for any Product that fails to conform to the Specifications, provided that the
claimed failure is not ascribable to wrong transport, handling or storage for
which B. Braun is not responsible. Company shall perform such inspections
without undue delay, but in any event within [**] days after receipt at
Company's headquarters or another location designated by Company, and shall
immediately notify B. Braun in writing if any Product fails to conform to the
Specifications. In the event Company has inspected the Products within the
aforementioned period and has notified B. Braun without undue delay of a failure
and within the warranty period (6.1) and therefore rejects any Product shown and
documented to be defective, B. Braun agrees to replace such Product at B.
Braun's sole cost and expense (including freight charges) or, at B. Braun's
option, reimburse Company the purchase price paid for such Product, plus the
cost of freight paid by Company. The acceptance of the Products hereunder shall
not be deemed a waiver by the Company of the Warranties set forth in Section 6
hereof.

6. Warranties.

      6.1   B. Braun represents and warrants to Company that, at the time of
delivery, the Product delivered by B. Braun to Company under this Agreement is
free from defects in material and workmanship, and in accordance with the
applicable Specifications for such Product, as attached hereto as Appendix B.
All warranties for Product shall continue for (agreed) Product shelf life.
Company's sole remedy in the event of a breach by B. Braun of any of the
warranties contained herein shall be at B. Braun's option, either the repair or
replacement by B. Braun of the defective Product (along with the cost of
freight) or the reimbursement to Company of the purchase price Company paid for
such defective Product (plus the cost of freight paid by the Company for such
Product). B. Braun's warranty, as provided herein shall be void if any repairs,
changes through the manufacturing process, alterations or other work has been
performed on such Product, or if the alleged defect is a result of abuse,
misuse, improper maintenance, accident or the actions or inactions of any party
other than B. Braun, or if the alleged defect or harm is caused by the use of
the Product in a manner that diverges from its U.S. FDA approval or Canadian
Ministry of Health approval, as applicable. The warranty set forth herein is
conditioned upon the proper storage and use of the Product. The warranty
furnished hereunder does not extend to damages to, or resulting in whole or in
part from the use of, components, accessories, parts or supplies.

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Technical Agreement between NxStage and BMT
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      6.2   THE LIMITED WARRANTY SET FORTH IN SECTION 6 HEREOF IS IN LIEU OF ALL
OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY
AND ANY WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. B. BRAUN HEREBY DISCLAIMS
LIABILITY FOR INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES FOR BREACH OF ANY
EXPRESS OR IMPLIED WARRANTY, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY
AND ANY IMPLIED WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE
PRODUCTS. EXCEPT AS OTHERWISE PROVIDED UNDER SECTION 10, WITH RESPECT TO
INDEMNIFICATION FOR THIRD PARTY CLAIMS, THE SOLE AND EXCLUSIVE REMEDIES FOR
BREACH OF ANY WARRANTY IS LIMITED TO THE REMEDIES PROVIDED IN THIS SECTION 6 AND
SECTION 5.2.

7. Regulatory Matters.

      7.1   Complaints. Company shall be responsible for interfacing with its
customers regarding all Product complaints and inquiries and promptly passing
all such information on to B. Braun, and Company shall be responsible for
handling all complaints, inquiries and any federal or state adverse device
experience reporting requirements related to the Products, including any related
investigation and Product testing. B. Braun shall provide technical support for
investigating any complaints. If B. Braun receives any information regarding
adverse reactions or defects of the Products, B. Braun shall inform Company
thereof. Each party shall reasonably cooperate with the other in sharing any
information that may constitute an adverse experience or complaint related to
the Products and shall designate a representative responsible for the exchange
of such information.

      7.2   Recalls. Company shall have the right to reasonably declare any
recall of, or field corrective action to, any Products supplied by B. Braun
after consultation with B. Braun. Although Company shall in good faith consider
B. Braun's recommendations relating to potential Product recalls, the decision
as to whether to declare a recall shall belong exclusively to Company.
Notwithstanding the foregoing Company shall be obligated to declare a recall in
the event B. Braun is convinced that specific Products might cause serious
damage to a person. In the event of any such recall or field corrective action
attributable to a breach of the warranties provided in Section 6 of this
Agreement, B. Braun shall credit Company's account for the Products recovered
and returned to it as a result of any recall (or destroyed at B. Braun's
request). In all other cases, Company shall bear all costs of any recall and
shall reimburse B. Braun for any of its reasonable out-of-pocket costs in
connection therewith. B. Braun and Company shall reasonably cooperate with each
other in the event of any recall of any Product

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Technical Agreement between NxStage and BMT
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      7.3   Inspections. In accordance with applicable laws and regulations
governing regulatory inspections, and without waiving any rights and protections
afforded under such laws and regulations, B. Braun shall permit authorized
representatives of relevant regulatory authorities, including FDA, to audit and
inspect B. Braun's Product manufacturing facilities. Either party hereto shall
promptly notify the other of any governmental regulatory inspections of which it
becomes aware in relation to the Product. B. Braun shall have primary
responsibility for preparing any responses that relate to its premises or any of
its obligations under this Agreement, which may be required by the authorities,
and Company shall, upon request of B. Braun, make all reasonable endeavors to
support B. Braun in preparing such responses. B. Braun shall advise Company of
the findings of any such audits or inspections and B. Braun shall correct all
deficiencies identified in the course of such audit or inspection relating to
the manufacture of the Product.

      7.4   B. Braun shall be responsible for the archiving and retention of all
relevant documentation fully in compliance with GMP.

      7.5   On request, Company and B. Braun shall provide to each other all
available regulatory registration documentation and supporting data (including,
without limitation, 510(k) and CE mark filings) necessary for the registration
of Products in the Territory. The use of these documentation and data for
registration purposes by either party shall not be deemed as a breach of
confidentiality hereunder.

8. Compliance with Laws. B. Braun represents, warrants and covenants to Company
that it shall, at all times, comply with all applicable laws, rules and
regulations and standards applicable to manufacturing of the Products in
Germany, as well as GMP, and Company represents, warrants and covenants to B.
Braun that it shall, at all times, comply with all applicable laws, rules and
regulations and standards applicable to the marketing, distribution and sale of
the Products, including, without limitation the U.S. Food, Drug and Cosmetic
Act, as amended, and the rules and regulations promulgated thereunder.

9. Insurance. Each party represents and warrants to the other that it is
currently insured and covenant that at all times during the term of this
Agreement it will maintain a comprehensive general liability insurance policy,
including without limitation, product liability insurance, which (i) is
sufficient to adequately protect against the risks associated with its ongoing
business, including the risks which might possibly arise in connection with the
transactions contemplated by this Agreement, and (ii) shall not be terminated or
canceled without giving the other party thirty (30) days' prior written notice.
From time to time upon the request of a party, the other party shall provide to
such party a certificate of insurance evidencing that such insurance coverage is
in full force and effect. This Section 9 shall survive termination for a period
of six (6) years.

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Technical Agreement between NxStage and BMT
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10 Indemnification.

      10.1  B. Braun hereby indemnifies and agrees to defend and hold Company,
its officers, directors, agents and employees and their successors and assigns
(individually and collectively, "Company Parties") harmless from and against any
and all damages, liabilities, penalties, losses or expenses including, without
limitation, reasonable legal fees (collectively, a "Loss" or, the "Losses"),
arising out of or relating to any claims, actions, demands or proceedings
asserted by a third party (collectively, a "Claim") to the extent such Claim
results from or arises out of B. Braun's breach of any warranty, representation
or agreement of B. Braun in this Agreement, to the extent such Claim could have
been, but need not have been, brought against B. Braun.

      10.2  Company hereby indemnifies and agrees to defend and hold B. Braun,
its officers, directors, agents and employees and their successors and assigns
(individually and collectively, "B. Braun Parties") harmless from and against
any and all Losses arising out of or relating to any third party Claim to the
extent such Claim results from or arises out of Company's breach of any
warranty, representation or agreement of Company in this Agreement, to the
extent such third party Claim could have been, but need not have been, brought
against Company.

      10.3  Upon receiving notice of any third party Claim under this Section
10, the indemnified party shall notify the indemnifying party in writing within
five (5) business days following receipt of the notice; provided, however, that
the right of an indemnified party to be indemnified hereunder in respect of
claims made by a third party shall not be adversely affected by a failure to
give such notice, unless, and then only to the extent that an indemnified party
is materially prejudiced thereby.

      10.4  The indemnifying party shall undertake and control the defense
thereof by reputable counsel chosen by it, subject to the approval of the
indemnified party, which consent shall not be unreasonably withheld. The
indemnified party shall be entitled to join any defense of a claim at its sole
cost and expense. If any claim is asserted and the indemnifying party fails to
contest and defend such claim within a reasonable period of time after the
indemnified party's notice is given, then the indemnified party may take such
reasonable action in connection therewith as the indemnified party deems
necessary or desirable, including controlling the defense of such claim, subject
to the provisions of subsection 10.5 below, and retaining counsel of its own
choosing with the reasonable costs and expenses of such defense being borne by
the indemnifying party. The reimbursement for all reasonable costs and expenses
incurred by an indemnified party pursuant to this subsection 10.4 shall be paid
as and when incurred within thirty (30) days after receipt of an invoice
therefore.

      10.5  If requested by the indemnifying party, the indemnified party agrees
to cooperate with the indemnifying party and its counsel. The indemnified party
shall not settle or compromise such claim without the prior written consent of
the indemnifying party, which consent shall not be unreasonably withheld. At the
request of the indemnifying party, the indemnified party shall settle a claim;
provided, however, that (i) such settlement involves only the payment of
monetary damages and no injunctive relief binding on the indemnified party, and
such monetary damages are paid by the indemnifying party, (ii) the indemnified
party does not admit any liability, and (iii) the indemnified party is released
from all further liability with respect to such claim.

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Technical Agreement between NxStage and BMT
Page 11

      10.6  The obligations of this Section 10 shall survive any termination or
expiration of this Agreement and shall not terminate until after the expiration
of all applicable statutes of limitation that could apply to any actions,
claims, proceedings or demands that could be asserted by a third party.

11. Term; Termination; Default & Remedies.

      11.1  This Agreement shall commence on the date set forth above and shall
continue until December 31, 2009, unless sooner terminated in accordance with
the provisions hereof. Thereafter, the Agreement shall continue for an
indefinite period. Either party may terminate the Agreement with 12-months prior
written notice of its intent to terminate the Agreement, though at the earliest
with effect to December 31, 2009.

      11.2  Either party may terminate this Agreement, effective upon delivery
of a termination notice, if the other party (i) files in any court pursuant to
any statute of the United States or of any individual state, a petition in
bankruptcy or insolvency or for reorganization or for an arrangement or at the
appointment of a receiver or trustee of the party of its assets, (ii) is served
with an involuntary petition against it, filed in any insolvency proceeding, and
such petition shall not be dismissed within sixty (60) days after filing
thereof, (iii) is a party to any dissolution or liquidation, (iv) makes an
assignment for the benefit of creditors, or (v) discontinues its operations for
any reason whatsoever.

      11.3  Either party may terminate the Agreement effective twelve (12)
months after giving notice in the event of a change in the legal or beneficial
ownership in the other party if a competitor of Company or the B. Braun Group
holds the majority of the stock/shares of, or otherwise controls, the other
party.

      11.4  In addition to all other rights granted to the parties hereunder,
either party may terminate this Agreement effective thirty (30) days after
giving notice of intent to terminate, if the other party fails or neglects to
perform any material covenant or provision of this Agreement, and such default
is not materially cured within [**] after receiving written notice with respect
to such default. In addition to, and notwithstanding the foregoing, if Company
fails to make any payment when due as provided in this Agreement or if Company
becomes insolvent or bankrupt, B. Braun, at its option and without prejudice to
its other rights and remedies herein or at law or equity, may withhold further
shipment of Product until all legally overdue balances are made current, and may
require payment for future orders prior to delivery thereof for a commercially
reasonable period of time.

      11.5  Termination of this Agreement shall not relieve either party from
its duty to discharge all obligations accruing prior to such termination,
including parties' obligations pursuant to any purchase order outstanding on the
date of such termination and for payment for all raw materials and components
purchased on behalf of Company, if such materials and components are unique to
Company or cannot be used in the manufacture of products by B. Braun for other
customers, and if the quantities ordered of such materials and components are
consistent with Company's forecasted demand for Products over the succeeding
three-month period.

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Technical Agreement between NxStage and BMT
Page 12

      11.6  Upon termination of this Agreement for any reason whatsoever, (i)
Company shall return to B. Braun all B. Braun confidential information and
documents relating to or containing B. Braun confidential information, together
with all copies made thereof and extracts made therefrom, and (ii) B. Braun
shall return to Company all Company confidential information and documents
relating to or containing Company confidential information, together with all
copies made thereof and extracts made therefrom; provided that the parties shall
be entitled to retain one copy of the Confidential Information in their legal
department files for the purpose of insuring compliance with their obligations
under Sections 7, 8 and 15.1 and complying with any applicable governmental
rules and regulations.

12. Limitation of Liability. The total liability of B. Braun arising from this
Agreement or the Products is limited to US$ two million five hundred thousand
(US Dollar 2,500,000). This limitation does not apply in the event B. Braun acts
with gross negligence or willful misconduct. In no event, regardless of any
claim or action, whether brought in contract, tort (including without
limitation, negligence), warranty or otherwise, shall B. Braun or Company be
liable for any indirect, special, punitive, incidental or consequential damages
from any cause whatsoever, regardless if any remedy herein fails, including
without limitation, damages for loss of profits, loss of enterprise valuation or
opportunity and cost of substitute products or services.

13. Intellectual Property. Except as expressly provided herein, neither party
shall be deemed to have granted to the other party any right to any patents or
other intellectual property owned, licensed or controlled by a party. All
intellectual property rights which may arise in any documents, drawings, items,
designs, processes, software or any other thing developed jointly by B. Braun or
any of its employees or agents and the Company or any of its employees or agents
in performance of this Agreement shall be held jointly by the parties, unless
otherwise agreed in writing between the parties. All intellectual property which
may arise in any documents, drawings, items, designs, processes, software or any
other thing developed solely by B. Braun or any of its employees or agents or
Company or any of its employees or agents shall be the sole and exclusive
property of B. Braun or Company, respectively.

14. Force Majeure.

      14.1  If B. Braun becomes unable to perform any of its obligations
hereunder, in whole or in part, by reason of an event of Force Majeure (as
defined below), such failure of performance shall be excused during the
continuance of and to the extent of such Force Majeure event; provided that if
as a consequence of any such Force Majeure the total demands for the Products
cannot be supplied by B. Braun, B. Braun will allocate its available supply to
its customers on such basis as B. Braun may deem fair and practicable, without
liability for any failure to perform this Agreement. B. Braun will promptly
notify Company of any occurrence of an event of Force Majeure and of the
termination thereof. Company may terminate this Agreement in the event the Force
Majeure event continues for more than [**].

<PAGE>

Technical Agreement between NxStage and BMT
Page 13

      14.2  Force Majeure shall mean any cause beyond Company's, B. Braun's or
its supplier's or subcontractor's reasonable control, such as acts of God,
delays caused by shortage of raw materials, manufacturing problems, delivery or
labor problems, shortages in energy supply or interruption in transportation,
acts of government, regulatory agencies or judicial bodies, civil or military
authorities, fires, strikes, floods, wars, riots and other causes of a similar
nature.

15. Miscellaneous Terms and Conditions.

      15.1  Confidentiality. Each party agrees to hold in confidence and refrain
from using, distributing, disseminating or disclosing to others any information
of the other party, including without limitation business and Product
information and the terms of this Agreement, that is disclosed between the
parties during the term of this Agreement or pursuant hereto, or from making or
causing to be made, or selling or distributing, any product embodying
confidential information, other than pursuant to this Agreement. The
restrictions set forth in the preceding sentence shall not apply to confidential
information that a receiving party proves: (a) was, at the time of disclosure
hereunder, in the public domain or becomes at a later date reasonably available
to the public through no fault of the recipient; (b) was in the possession of
recipient prior to disclosure hereunder, as evidenced by recipient's written or
tangible evidence; (c) was disclosed to recipient by a third party that has an
independent right to disclose the information; (d) was independently developed
by recipient as evidenced by competent proof, or (e) was required to be
disclosed by judicial order, statute or governmental regulation, provided that
the disclosing party is given, where feasible, reasonable prior written notice
of any such required disclosure and the opportunity to seek to limit such
disclosure or otherwise to preserve its confidential nature. This Section shall
survive termination of this Agreement and any extension thereof, for a period of
[**].

      15.2  Independent Contractors. The parties hereto shall be deemed to have
the status of independent contractors, and shall have the relationship of buyer
and seller. Nothing in this Agreement shall be deemed to place the parties in
the relationship of partners, principal-agent or joint venturers, etc. Neither
party shall be deemed to be an agent or representative of the other party, and
neither party shall have any right or authority to create or assume any
obligation or to bind the other party in any manner whatsoever.

      15.3  Assignment. Neither party shall assign this Agreement or their
rights hereunder without the prior written consent of the other party; provided
that this Section shall not apply to an assignment by either party to an
affiliated company. This Agreement shall inure to the benefit of, and be binding
upon, the permitted assigns of the parties hereto, and their respective
successors, including any purchaser of their respective businesses through
merger, sale of stock, assets, business line, or otherwise.

      15.4  Notices. Any notice or request required or permitted to be given
under or in connection with this Agreement shall be in writing and shall be
deemed given only if delivered personally, sent by fax, by registered or
certified mail, return receipt requested, or by overnight delivery service to
the applicable address set forth above or such other address as a party may have
specified in a notice duly given to the other party as provided herein.

<PAGE>

Technical Agreement between NxStage and BMT
Page 14

      15.5  Entire Agreement; Amendment; Waiver; Etc. This Agreement, including
the Appendixes attached hereto (and any future addenda referencing this
Agreement) contains the entire agreement and understanding between the parties
with respect to the subject matter hereof and supersedes all prior proposals and
agreements between the parties, whether oral or written, and there are no other
promises or representations relating to the subject matter hereof that is not
incorporated herein. No addition to, amendment of, or waiver or modification of,
any provision of this Agreement shall be binding unless in writing and signed by
a duly authorized representative of each party. Without limiting the generality
of the foregoing, no modification or amendment shall be effected by, or result
from, the receipt, acceptance, signing or acknowledgment of any party's purchase
orders, order acknowledgments, invoices, shipping documents or other business
forms containing terms or conditions in addition to, or different from, the
terms and conditions set forth in this Agreement. Such documentation is
permitted only as a convenience to the parties, and all such purchase orders and
other documentation shall be governed and superceded by the terms and conditions
of this Agreement. Any failure by either party to enforce any of their
respective rights herein shall not be deemed a waiver of such rights, and it
may, from time to time, and at its option, enforce any of its rights hereunder,
notwithstanding any course of dealing or performance. Notwithstanding the
termination of this Agreement, the provisions of Sections 3.1, 3.6, 4.3, 6, 7,
8, 9, 10, 11.5, 11.6, 12, 13 and 15 of this Agreement shall survive the
termination of this Agreement in accordance with their terms.

      15.6  Technical Agreement. The detailed instructions in the Technical
Agreement attached as Appendix B shall control the way in which the parties
shall perform. To the extent that any provision of the Technical Agreement is in
conflict with the terms of this Agreement, the terms of the Technical Agreement
shall control.

      15.7  Binding Obligation. Each party represents and warrants that (i) it
has the right to enter into this Agreement and to perform all of its obligations
hereunder, and (ii) this Agreement, when executed and delivered, will be a
legal, valid, and binding obligation of such party, enforceable against such
party in accordance with its terms.

      15.8  Severability. The provisions of this Agreement shall be severable
from each other and from the rest of this Agreement, and in the event that any
portion of this Agreement shall be held invalid, void, unenforceable, or
ineffective by a court of competent jurisdiction, the remaining portions thereof
shall remain in full force and effect. If any of the terms or provisions of this
Agreement are in conflict with any applicable statute or rule of law, then such
terms or provisions shall be deemed inoperative to the extent that they may
conflict therewith, and shall be deemed to be modified to conform with such
statute or rule of law and as far as possible economically corresponds with the
invalid provision.

      15.9  Governing Law and Dispute Resolution.

            (a)   This Agreement (and any dispute, controversy, proceeding, or
claim of whatever nature arising out of or in any way relating to this Agreement
or its formation) shall be governed by and interpreted in accordance with Swiss
substantive laws, excluding conflicts of law provisions. The parties hereto
expressly reject the application of the United Nations Convention on Contracts
for the International Sale of Goods.

<PAGE>

Technical Agreement between NxStage and BMT
Page 15

            (b)   In the event of any dispute, claim or controversy (a "Claim")
arising out of or relating to this Agreement or the purchase of Products
hereunder, the parties agree to make a good faith attempt to negotiate an
amicable resolution to any and all such Claims. Sole venue shall be Zurich,
Switzerland. Language of the proceeding shall be English.

      15.10 Heading. The Headings in this Agreement are included for ease of
reference only and shall have no legal effect.

      15.11 Signatures. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be one and the same Agreement.

      IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the date set forth above.

B. BRAUN Medizintechnologie GmbH                   NXSTAGE MEDICAL, INC.

By: /s/ M. Juchem                                  By: /s/ Jeffrey H. Burbank
    ------------------------------------------         -------------------------
    Name:  Dr. M. Juchem                               Name:  Jeffrey H. Burbank
    Title: VP Marketing & Development Dialysis         Title: President & CEO

B. BRAUN Medizintechnologie GmbH                   NXSTAGE MEDICAL, INC.

By: /s/ W. Feller                                  By: _________________________
    ------------------------------------------
    Name:  Dr. W. Feller                               Name:
    Title: President                                   Title:

<PAGE>

Technical Agreement between NxStage and BMT
Page 16

                                   APPENDIX A

                             PRODUCT LIST AND PRICES

<TABLE>
<CAPTION>
                                                     Maximum
                                   Annual min.       Order*
                                     Purchase     Quantity Per  Price per Bag* FOB
Product Description  Batch Size   Requirement**      Month       Glandorf, Germany
-------------------  ----------   --------------  ------------  ------------------
<S>                  <C>          <C>             <C>           <C>
[**] (See Technical   [**] bags   [**] bags (all    [**] bags        EURO [**]
Agreement for                        Product
specific Product                  purchases are
numbers)                          counted toward
                                   this number
[**] (See Technical   [**] bags    collectively)    [**]             [**] bags
Agreement for                                                        [**] EURO
specific Product
numbers)                                                             [**] bags
                                                                     [**] EURO

                                                                     [**] bags
                                                                     [**] EURO
</TABLE>

* To be reset for the following Contract Year at least [**] prior to the
expiration of the then-current Contract Year, by mutual agreement of the
parties, subject to the limitation herein.

** Company's total Product orders shall be considered in the aggregate when
determining whether minimum Purchase Requirements have been met. [**] bags
assumes not more than [**] different Product numbers. Should more than [**]
Product numbers be required, minimum purchase requirements shall be
renegotiated.

*** NxStage shall pay for Products based on the volume of Products purchased
during the entire Contract Year. Volume discounts apply to all Product purchases
during the Contract Year, not just volumes purchased after the above volume
thresholds are met. At the end of the year, B. Braun shall recalculate pricing
for the Contract Year, and either credit or invoice NxStage for any difference
to reflect discrepancies between the price charged and the pricing to which
NxStage was entitled over the Contract Year due to actual volumes purchased.

<PAGE>

Technical Agreement between NxStage and BMT
Page 17

[**][**] solutions

<TABLE>
<CAPTION>
          mEq/l
          --------------
<S>       <C>       <C>
[**]      [**]      [**]
[**]      [**]      [**]
[**]      [**]      [**]
[**]      [**]      [**]
[**]      [**]      [**]
[**]      [**]      [**]

          [**]
[**]      [**]      [**]
</TABLE>

[**] solutions

<TABLE>
<CAPTION>
          mEq/l
          --------------
<S>       <C>       <C>
[**]      [**]      [**]
[**]      [**]      [**]
[**]      [**]      [**]
[**]      [**]      [**]

[**]      [**]      [**]
[**]      [**]      [**]
          [**]
[**]      [**]      [**]
</TABLE>

Product List Lactate Buffered Solutions

<TABLE>
<CAPTION>
NxStage Product code  Product Name  B. Braun Product code
--------------------  ------------  ---------------------
<S>                   <C>           <C>
RFP 200                             1081
RFP 206                             1086
RFP 208
</TABLE>

Product List Bicarbonate Buffered Solutions

<TABLE>
<CAPTION>
NxStage Product code  Product Name  B. Braun Product code
--------------------  ------------  ---------------------
<S>                   <C>           <C>
RFP 400
</TABLE>

<PAGE>

                                   APPENDIX B

                               TECHNICAL AGREEMENT

<PAGE>

Technical Agreement between NxStage and BMT
Page 19

                               TECHNICAL AGREEMENT

THIS TECHNICAL AGREEMENT (this "Agreement") is made on January 24, 2003

BETWEEN:

1. NXSTAGE MEDICAL Inc., whose principal place of business is at 439 S. Union
      Street, Lawrence, MA 01843, United States of America (NxStage) and

2. B. BRAUN MEDIZINTECHNOLOGIE GmbH site Glandorf, located at Kattenvenner
      Strasse 32, 49219 Glandorf, Germany ("BMT"), as a subsidiary of B. BRAUN
      MEDIZINTECHNOLOGIE GmbH, whose principal place of business is at
      Schwarzenberger Weg 73-79, 34212 Melsungen, Germany

WHEREAS:

      1.    Both BMT and NxStage hold current manufacturing licenses, which
            enable them to manufacture the medical devices listed in Appendix 1.

      2.    This Agreement sets forth manufacturing, quality control and product
            release procedures to be followed for the purpose of ensuring
            compliance with medical device laws, rules, regulations and
            guidelines.

OPERATIVE PROVISIONS:

1. Definitions and Applicability

      1.1   This Agreement applies to supply arrangements pursuant to which BMT
manufactures medical devices in the capacity of contract manufacturer for
NxStage in the capacity of final manufacturer in accordance with the Supply
Agreement to be entered into between BMT and NxStage.

      1.2   This Agreement shall form an appendix of the Supply Agreement to be
concluded between NxStage and BMT and shall remain in force as long as the
Supply Agreement.

      1.3   The term "Products" and other terms and expressions defined in the
Supply Agreement shall have the same meanings when used herein as therein.

2. Appendices

            The following documents are appended to, and shall form an integral
            part of, this Agreement:

      List of Products and Product Codes                            Appendix 1

<PAGE>

Technical Agreement between NxStage and BMT
Page 20

      NxStage Product Specifications                                Appendix 2
      BMT Test Specifications                                       Appendix 3
      Qualified Persons and Emergency Contact Numbers               Appendix 4

3. General

      3.1   BMT shall:

            (a)   manufacture, test, package and label the Products on behalf of
NxStage at its premises in accordance with:

the product specifications provided by NxStage and detailed in Appendix 2
hereto;

the test specifications provided by BMT and approved by NxStage and detailed in
Appendix 3 hereto;

            (b)   provide and maintain clean and safe storage of the Products
until their dispatch from BMT.

<PAGE>

Technical Agreement between NxStage and BMT
Page 21

      3.2   In the manufacture of the Products, BMT shall utilize all know how
available to it, taking into account the current state of the scientific and
technological art, and shall comply with all applicable legal requirements,
rules, regulations and guidelines of the Federal Republic of Germany and the
European Community, including Directive 93/42 EEC concerning medical devices and
21 CFR Part 820 FDA Current Good Manufacturing Practices.

      3.3   The party which provides documentation hereunder shall be
responsible for the proper quality of such documentation and for compliance of
the documentation with all applicable laws, rules, regulations and guidelines
referred to in clause 3.2.

      3.4   NxStage shall ensure that the manufacturing and test specifications
conform to all requirements contained in the pursuant marketing authorization
documentation.

      3.5   NxStage shall ensure that this Agreement and the Appendices hereto
conform to regulatory requirements in all countries where the Products are sold
and that any change in such requirements are notified to BMT and reflected in
appropriate amendments.

      3.6   BMT shall on a regular basis perform internal audits and inspections
in accordance with the demands of EN/ISO 9001, EN/ISO 46001, and 21 CFR Part 820
FDA Current Good Manufacturing Practices concerning medical devices and shall
promptly remedy any deficiencies found during such audits and inspections.

      3.7   Subject to the Confidentiality sections of the Supply Agreement to
be entered between NxStage and BMT, NxStage may perform audits and inspections
of BMT's facilities, processes and procedures as far as these are involved in
the manufacturing and testing of the Products.

4. Qualified Person

      4.1   Each party shall appoint a Qualified Person who shall be responsible
for performing, or supervising and ensuring the performance of, as appropriate,
such party's duties and tasks under this Agreement.

      4.2   Promptly after the signature of this Agreement, each party shall
notify the other of the particulars of its Qualified Person (name, postal and
e-mail address, telephone and telecopier nos.).

5. Starting and Packaging Materials

            BMT shall use starting and packaging materials and suppliers thereof
            specified in the materials specifications for the Products. BMT
            shall perform quality control of all starting materials to ensure
            that they conform to the starting materials specifications and shall
            be responsible for the proper condition and quality of materials.

<PAGE>

Technical Agreement between NxStage and BMT
Page 22

6. Batch Size and Designation

      6.1   Minimum batch size shall be 3000 liters and maximum batch size shall
be 17000 liters with standard batch sizes 5000 liters, 10000 liters and 15000
liters.

      6.2   BMT shall designate a number for each batch of Product. Such number
shall be used on all documentation relating to the particular batch.

7. Batch Documentation

      7.1   BMT shall prepare for each batch of Product a manufacturing protocol
which shall contain at least the following details:

            (a)   [**]

            (b)   [**]

            (c)   [**]

            (d)   [**]

            (e)   [**]

            (f)   [**]

            (g)   [**]

            (h)   [**]

            (i)   [**]

            (j)   [**]

<PAGE>

Technical Agreement between NxStage and BMT
Page 23

      7.2   The manufacturing protocol may refer to other documentation
regarding individual data.

      7.3   In the event there occurs any significant deviation from specified
or validated data or processes in the manufacture of the Products, such
deviating data or process shall be fully explained and documented by BMT in an
attachment, entitled "Remarks", to the manufacturing protocol and be promptly
forwarded to NxStage. Any deviation shall be justified and approved by BMT's
Qualified Person and consented by NxStage prior to batch release, which consent
shall not be unreasonably withheld.

      7.4   At request, BMT shall promptly furnish NxStage with copies of full
batch documentation. BMT shall retain original documentation for regulatory
inspection compliance and shall make the documentation available for inspection
by the competent regulatory authorities and NxStage.

8. Quality Control and Test Protocol

      8.1   BMT shall perform in-process testing and finished product quality
control in accordance with the manufacturing and test specifications. BMT will
inform NxStage when in its opinion the test specifications and test methods used
are no longer in accordance with the state of the scientific and technological
art and no longer suitable for assessment of the quality of the Product.

      8.2   BMT shall record the results of tests and quality control measures
in a test protocol.

9. Release of Product

      9.1   If (i) the tests and other quality control measures have shown that
the batch of Product meets the required quality and are in compliance with the
product specifications, (ii) the manufacturing and test protocols have been duly
signed, and (iii) the batch file has been approved by BMT's Qualified Person,
BMT shall release the batch for delivery and shall furnish NxStage with a
certificate of analysis, as signed by BMT's Qualified Person.

            For handling of deviations from specified processes in the
            manufacture or testing of the Products refer to clause 7.3 of this
            Agreement.

<PAGE>

Technical Agreement between NxStage and BMT
Page 24

      9.2   NxStage shall be responsible for release of the Product for
commercial sale (final release).

10. Bag Print, Instructions for Use, Carton label

      10.1  NxStage shall be responsible that bag prints, instructions for use
and carton labels are in accordance with the marketing authorization and all
other applicable regulations.

      10.2  NxStage shall provide BMT with the artwork necessary to prepare the
printing plates for the Product. Contact prints shall be approved by NxStage
before BMT uses the plates for manufacture of the Product.

11. Sample Retention

            BMT shall retain two samples (single units) of each batch of Product
            until one year after the expiry of the Product.

12. Complaints and Recalls

      12.1  NxStage shall be responsible for initial handling of customer
complaints relating to the Products and shall give prompt written notice to BMT
of the same. BMT shall then take prompt action to make such internal
investigations as are called for in the circumstances and report its findings to
NxStage.

      12.2  NxStage shall be responsible for initiating any recall action
involving the Products and shall keep BMT appropriately informed of the same.

      12.3  Emergency contact numbers are set out in Appendix 4.

13. Changes and Amendments

      13.1  BMT may not relocate the manufacture or testing of the Products from
its premises without NxStage's prior written consent.

      13.2  BMT may not without NxStage's prior written consent make any change
in processes, equipment or facilities which may adversely affect the quality of
the Products. Without limiting the foregoing, BMT may not make any change to the
Product specification without NxStage's prior written consent.

      13.3  Any amendment to this Agreement or to any Appendix hereto shall be
made in writing and be agreed to and duly signed on behalf of both parties.
Neither party may refuse to accept any amendment required to comply with laws,
rules and regulations or requests by regulatory authorities.

IN WITNESS WHEREOF, this Agreement has been duly executed in duplicate as of the
date first above written.

NXSTAGE MEDICAL Inc.

By: /s/ Jeffrey H. Burbank
    ----------------------------
Name:  Jeffrey H. Burbank
Title: President & CEO

B. BRAUN MEDIZINTECHNOLOGIE GmbH

By: /s/ Uwe Mau                       /s/  B.Gelleri          /s/ J.Windisch
    ----------------------------      ----------------        --------------
Name:  Uwe Mau                        Dr. B. Gelleri          J. Windisch
Title: QA                             QC Manager              Production Manager

<PAGE>

Appendix 1

to Technical Agreement between

NXSTAGE MEDICAL Inc. and
B. BRAUN  MEDIZINTECHNOLOGIE GmbH

List of Products and Product Codes

Lactate Buffered Solutions

<TABLE>
<CAPTION>
Product name        NxStage product code  BMT product code
------------------  --------------------  ----------------
<S>                 <C>                   <C>
Premixed Dialysate        RFP-200               1081
Premixed Dialysate        RFP-206               1086
Premixed Dialysate        RFP-208               1087
</TABLE>

Bicarbonate Buffered Solutions

<TABLE>
<CAPTION>
Product name                   NxStage product code  BMT product code
-----------------------------  --------------------  ----------------
<S>                            <C>                   <C>
Pureflow Solution Bicarbonate        RFP 400               4234
</TABLE>
<PAGE>

Appendix 2

to Technical Agreement between

NXSTAGE MEDICAL Inc. and
B. BRAUN MEDIZINTECHNOLOGIE GmbH

NxStage Product Specifications

LACTATE BUFFERED SOLUTIONS

<TABLE>
<CAPTION>
     DOCUMENT TYPE                 TITLE                       DOCUMENT NO.   REVISION
----------------------   -----------------------------------   ------------   ---------
<S>                      <C>                                   <C>            <C>
Assembly Specification   Premixed Dialysate, 4500ml, Germany      RFP-200      Rev A

Assembly Specification   Premixed Dialysate, 4500ml, Made in      RFP-206      Rev A
                         Germany, Lactate 40

Assembly Specification   Premixed Dialysate, 4500ml, Made in      RFP-208      Rev A
                         Germany, Lactate 45
</TABLE>

BICARBONATE BUFFERED SOLUTIONS

<TABLE>
<CAPTION>
    DOCUMENT TYPE                    TITLE                     DOCUMENT NO.   REVISION
----------------------   -----------------------------------   ------------   ---------
<S>                      <C>                                   <C>            <C>
Assembly Specification   Pureflow Solution - Bicarbonate,        RFP-400        Rev 1
                         5000ml, Germany
</TABLE>

<PAGE>

<TABLE>
<S>                      <C>                                   <C>
NXSTAGE                         Assembly Specification            RFP-200
                         PREMIXED DIALYSATE, 4500ML, GERMANY        Rev A
                                                               Page 1 of 3
</TABLE>

                                BILL OF MATERIALS
                     (Label Contents controlled by NxStage)

<TABLE>
<CAPTION>
PART NUMBER             DESCRIPTION
-------------------    ------------
<S>                    <C>
NxStage Controlled:
     NC0155                [**]
     NC0156                [**]
     NC0130                [**]
B. Braun Controlled:
   PMS-754320              [**]
     653191                [**]
     602005                [**]
     613256                [**]
     613217
     640280                [**]
</TABLE>

           CHEMICAL COMPOSITION

<TABLE>
<CAPTION>
           Eq/l  mmol/l  Tolerance
           ----  ------  ---------
<S>        <C>   <C>     <C>
[**]       [**]   [**]     [**]
[**]       [**]   [**]     [**]
[**]       [**]   [**]     [**]
[**]       [**]   [**]     [**]
[**]       [**]   [**]     [**]
[**]       [**]   [**]     [**]
[**]       [**]   [**]     [**]
</TABLE>

        CHEMICAL COMPOSITION

<TABLE>
<CAPTION>
           g/l
<S>        <C>
[**]       [**]
[**]       [**]
[**]       [**]
[**]       [**]
[**]       [**]
[**]       [**]

</TABLE>

      Osmolarity        [**]
      pH                [**]

                                  CONFIDENTIAL
 THIS DOCUMENT AND THE ATTACHED PAGES ARE THE PROPERTY OF NXSTAGE MEDICAL, INC.
 AND MAY NOT BE REPRODUCED WITHOUT THE WRITTEN PERMISSION OF THE MANAGEMENT OF
                             NXSTAGE MEDICAL, INC.

<PAGE>

<TABLE>
<S>        <C>                                   <C>
NXSTAGE           Assembly Specification            RFP-200
           PREMIXED DIALYSATE, 4500ML, GERMANY        Rev A
                                                 Page 2 of 3
</TABLE>

      B. Braun Product Part Number: 1081
      B. Braun Finished Product Specification Document Number:
      FPS-05-310, rev B

CONTAINER MATERIALS - FLUID CONTACTING:

<TABLE>
<CAPTION>
COMPONENT    SUPPLIER   MATERIAL
---------    --------   --------
<S>          <C>        <C>
Film          [**]      PVC 9006
                        PVC 3256

Tubing        [**]      PVC 9006
                        PVC 3274

Connectors    [**]      Lexan 164R
                        Makrolon 2858
</TABLE>

GENERAL SPECIFICATIONS:

<TABLE>
<CAPTION>
#      ATTRIBUTE         REQUIREMENT
-----  ----------------  -----------
<S>    <C>               <C>
1      Container              [**]
2      Connectors             [**]
3      Ingredients            [**]
4      Shelf-life             [**]
5      Appearance             [**]
6      Particulate            [**]
7      Aluminum               [**]
8      Sterility              [**]
9      Endotoxins             [**]
10     Biocompatibility       [**]
11     Labeling               [**]
</TABLE>

SUPPLIER

B. Braun Medizintechnologie GmbH
Kattenvenner Strasse 32
D-49219 Glandorf
Germany

RECORD OF REVISIONS

<TABLE>
<CAPTION>
REVISION  DCO NO.   DESCRIPTION OF CHANGES
--------  -------   ----------------------
<S>       <C>       <C>
  1       DCO01571  Initial Release
</TABLE>

                                  CONFIDENTIAL
 THIS DOCUMENT AND THE ATTACHED PAGES ARE THE PROPERTY OF NXSTAGE MEDICAL, INC.
 AND MAY NOT BE REPRODUCED WITHOUT THE WRITTEN PERMISSION OF THE MANAGEMENT OF
                             NXSTAGE MEDICAL, INC.

<PAGE>

<TABLE>
<S>       <C>                                   <C>
NXSTAGE           Assembly Specification          RFP-200
          PREMIXED DIALYSATE, 4500ML, GERMANY      Rev A
                                                Page 3 of 3
</TABLE>

<TABLE>
<S>       <C>       <C>
  A       ECO00792  Initial alpha release in preparation of manufacturing; Add
                    additional bag materials that meet biocompatibility
                    requirements of SOP076 (see TR0505); update shelf life [**]
                    as B. Braun data supports [**] claim (see TR0496); Added B.
                    Braun packaging materials to BOM; update B. Braun name from
                    Schiwa to Medizintechnologie GmbH
</TABLE>

                                  CONFIDENTIAL
THIS DOCUMENT AND THE ATTACHED PAGES ARE THE PROPERTY OF NXSTAGE MEDICAL, INC.
AND MAY NOT BE REPRODUCED WITHOUT THE WRITTEN PERMISSION OF THE MANAGEMENT OF
                             NXSTAGE MEDICAL, INC.

<PAGE>

<TABLE>
<S>       <C>                                                <C>
NXSTAGE                 Assembly Specification               RFP-400
          PUREFLOW SOLUTION - BICARBONATE, 5000ML, GERMANY    Rev 1
                                                             Page 1 of 4
</TABLE>

                                BILL OF MATERIALS
                     (Label Contents controlled by NxStage)

<TABLE>
<CAPTION>
PART NUMBER                               DESCRIPTION
-------------------  -----------------------------------------------------------
<S>                  <C>
NxStage Controlled:
       NC0737        PureFlow Solution - Bicarbonate bag label, RFP-400, 5000ml,
                     Germany

       NC0738        PureFlow Solution - Bicarbonate carton label, RFP-400,
                     5000ml, Germany

       NC0736        PureFlow Solution - Bacarbonate IFU RFP-4XX
</TABLE>

B. Braun Controlled:
See B. Braun Product Specification FPS-01-3352

                       CHEMICAL COMPOSITION - AFTER MIXING

<TABLE>
<CAPTION>
          mEq/l  mmol/l  Tolerance
          -----  ------  ---------
<S>       <C>    <C>     <C>
[**]      [**]   [**]      [**]
[**]      [**]   [**]      [**]
[**]      [**]   [**]      [**]
[**]      [**]   [**]      [**]
[**]      [**]   [**]      [**]
[**]      [**]   [**]      [**]
                 [**]
[**]      [**]   [**]      [**]
</TABLE>

                           CHEMICAL COMPOSITION - G/L
                           BICARBONATE SOLUTION 4445ML

<TABLE>
<CAPTION>
           g/l
<S>       <C>
[**]      [**]
[**]      [**]
[**]      [**]
</TABLE>

                                  CONFIDENTIAL
THIS DOCUMENT AND THE ATTACHED PAGES ARE THE PROPERTY OF NXSTAGE MEDICAL, INC.
AND MAY NOT BE REPRODUCED WITHOUT THE WRITTEN PERMISSION OF THE MANAGEMENT OF
                             NXSTAGE MEDICAL, INC.

<PAGE>

<TABLE>
<S>       <C>                                                <C>
NXSTAGE                 Assembly Specification               RFP-400
          PUREFLOW SOLUTION - BICARBONATE, 5000ML, GERMANY    Rev 1
                                                             Page 2 of 4
</TABLE>

                           CHEMICAL COMPOSITION - G/L
                           ELECTROLYTE SOLUTION 555 ML

<TABLE>
<CAPTION>
         g/l
<S>     <C>
[**]    [**]
[**]    [**]
[**]    [**]
[**]    [**]
[**]    [**]
[**]    [**]
[**]    [**]
</TABLE>

      Osmolarity    [**]
      pH            [**]

B. Braun Finished Product Specification (as manufactured): FPS-01-3352, rev B
B. Braun Specification of the Ready-to-Use Solution (after mixing): FPS-01-3352,
rev B

RAW MATERIAL SPECIFICATIONS:

<TABLE>
<CAPTION>
RAW MATERIAL  PH. EUR. MONOGRAPH
<S>           <C>
  [**]             [**]
  [**]             [**]
  [**]             [**]
  [**]             [**]
  [**]             [**]
  [**]             [**]
  [**]             [**]
  [**]             [**]
  [**]             [**]
</TABLE>

* [**]

                                  CONFIDENTIAL
THIS DOCUMENT AND THE ATTACHED PAGES ARE THE PROPERTY OF NXSTAGE MEDICAL, INC.
AND MAY NOT BE REPRODUCED WITHOUT THE WRITTEN PERMISSION OF THE MANAGEMENT OF
                             NXSTAGE MEDICAL, INC.

<PAGE>

<TABLE>
<S>       <C>                                                <C>
NXSTAGE                 Assembly Specification               RFP-400
          PUREFLOW SOLUTION - BICARBONATE, 5000ML, GERMANY    Rev 1
                                                             Page 3 of 4
</TABLE>

CONTAINER MATERIALS:

<TABLE>
<CAPTION>
COMPONENT  SUPPLIER  MATERIAL
---------  --------  --------
<S>        <C>       <C>
  [**]       [**]      [**]
  [**]       [**]      [**]
  [**]       [**]      [**]
  [**]       [**]      [**]
  [**]       [**]      [**]
  [**]       [**]      [**]
</TABLE>

GENERAL SPECIFICATIONS:

<TABLE>
<CAPTION>
#          ATTRIBUTE  REQUIREMENT
---------  ---------  -----------
<S>        <C>        <C>
1          [**]       [**]
2          [**]       [**]
3          [**]       [**]
4          [**]       [**]
5          [**]       [**]
6          [**]       [**]
7          [**]       [**]
8          [**]       [**]
9          [**]       [**]
10         [**]       [**]
10         [**]       [**]
11         [**]       [**]
</TABLE>

SHIPPING INSTRUCTIONS:

Product to be palletized when shipped. Parcel shipments require an additional
over carton with cushioning material to support the primary package.

SUPPLIER:

B. Braun Medizintechnologie GmbH
Kattenvenner Strasse 32
D-49219 Glandorf
Germany

RECORD OF REVISIONS

<TABLE>
<CAPTION>
REVISION  DCO NO.  DESCRIPTION OF CHANGES
--------  -------  ----------------------
<S>       <C>      <C>
1         02214    Initial release

</TABLE>

                                  CONFIDENTIAL
THIS DOCUMENT AND THE ATTACHED PAGES ARE THE PROPERTY OF NXSTAGE MEDICAL, INC.
AND MAY NOT BE REPRODUCED WITHOUT THE WRITTEN PERMISSION OF THE MANAGEMENT OF
                             NXSTAGE MEDICAL, INC.

<PAGE>

<TABLE>
<S>       <C>                                                <C>
NXSTAGE                 Assembly Specification               RFP-400
          PUREFLOW SOLUTION - BICARBONATE, 5000ML, GERMANY    Rev 1
                                                             Page 4 of 4
</TABLE>

                                  CONFIDENTIAL
 THIS DOCUMENT AND THE ATTACHED PAGES ARE THE PROPERTY OF NXSTAGE MEDICAL, INC.
 AND MAY NOT BE REPRODUCED WITHOUT THE WRITTEN PERMISSION OF THE MANAGEMENT OF
                             NXSTAGE MEDICAL, INC.

<PAGE>

<TABLE>
<S>             <C>               <C>
B.BRAUN         FINISHED PRODUCT  Document No:  FPS-05-310
MEDIZINTECHNIK

                SPECIFICATION          Page: 1 of 2
</TABLE>

                    PREM. DIALYSATE RFP-200, NXSTAGE REF 1081

1   COMPOSITION

<TABLE>
<CAPTION>
1000 ml solution contain:        concentration  mmol/l
<S>                        <C>   <C>            <C>
    [**]                   [**]  [**]           [**]
    [**]                   [**]  [**]           [**]
    [**]                   [**]  [**]           [**]
    [**]                   [**]  [**]           [**]
    [**]                   [**]  [**]           [**]
    [**]                   [**]  [**]           [**]
    [**]                   [**]  [**]           [**]
    [**]                   [**]
</TABLE>

2   DOSAGE FORM

    Solution for dialysis

3   IDENTITY

    The identity is given by each specific assay

4   TESTS

4.1 [**]     Requirement:     [**]
    [**]

4.2 [**]     Requirement:     [**]
    [**]
    [**]

4.3 [**]
    [**]     Limit:           [**]
    [**]                      [**]
                              [**]
4.4 [**]     Limit:
    [**]
                              [**]
4.5 [**]     Limit:
    [**]

                                  CONFIDENTIAL
 THIS DOCUMENT AND THE ATTACHED PAGES ARE THE PROPERTY OF NXSTAGE MEDICAL, INC.
 AND MAY NOT BE REPRODUCED WITHOUT THE WRITTEN PERMISSION OF THE MANAGEMENT OF
                             NXSTAGE MEDICAL, INC.

<PAGE>

<TABLE>
<S>             <C>               <C>
B.BRAUN         FINISHED PRODUCT  Document No:  FPS-05-310
MEDIZINTECHNIK

                SPECIFICATION          Page: 2 of 2
</TABLE>

4.6 [**]     Limit:           [**]
    [**]

4.7 [**]     Limit:
    [**]
                              [**]
4.8 [**]     Requirement:
    [**]

5.  [**]

5.1 [**]     Nominal:         [**]
    [**]     Limit:           [**]

5.2 [**]     Nominal:         [**]
    [**]     Limit:           [**]

5.3 [**]     Nominal:         [**]
    [**]     Limit:           [**]

5.4 [**]     Nominal:         [**]
    [**]     Limit:           [**]

5.5 [**]     Nominal:         [**]
    [**]     Limit:           [**]

5.6 [**]     Nominal:         [**]
    [**]     Limit:           [**]

5.7 [**]     Nominal:         [**]
    [**]     Limit:           [**]
    [**]

6   [**]     [**]

<TABLE>
<S>          <C>                       <C>                                  <C>
Prepared:  H. Bruns                  Date: 2003-01-13   Signature: H. Bruns
           Quality Control
Released:  Dr. B. Gelleri            Date: 2003-01-14   Signature: Dr. B. Gelleri
           Head of Quality Control

                                END OF DOCUMENT

</TABLE>

                                  CONFIDENTIAL
 THIS DOCUMENT AND THE ATTACHED PAGES ARE THE PROPERTY OF NXSTAGE MEDICAL, INC.
 AND MAY NOT BE REPRODUCED WITHOUT THE WRITTEN PERMISSION OF THE MANAGEMENT OF
                             NXSTAGE MEDICAL, INC.

<PAGE>

<TABLE>
<S>             <C>               <C>
B.BRAUN         FINISHED PRODUCT  Document No:  FPS-05-310
MEDIZINTECHNIK

                SPECIFICATION          Page: 2 of 2
</TABLE>

                    PREM. DIALYSATE RFP-200, NXSTAGE REF 1081

                             INFORMATION OF REVISION

<TABLE>
<CAPTION>
NO.        DATE                      KIND OF REVISION
-----   ----------   ---------------------------------------------------
<S>     <C>          <C>
 A      2002-11-01   First issue
 B      2003-01-15   Editorial change and new bacterial endotoxins limit
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
_____   __________   ___________________________________________________
</TABLE>

                                  CONFIDENTIAL
 THIS DOCUMENT AND THE ATTACHED PAGES ARE THE PROPERTY OF NXSTAGE MEDICAL, INC.
 AND MAY NOT BE REPRODUCED WITHOUT THE WRITTEN PERMISSION OF THE MANAGEMENT OF
                             NXSTAGE MEDICAL, INC.

<PAGE>

                                   Appendix 3

                         to Technical Agreement between

                            NXSTAGE MEDICAL Inc. and

                        B. BRAUN MEDIZINTECHNOLOGIE GmbH

                             BMT Test Specifications

LACTATE BUFFERED SOLUTIONS

<TABLE>
<CAPTION>
         DOCUMENT TYPE                                TITLE                DOCUMENT NO. REVISION
------------------------------  -----------------------------------------  -----------  --------
<S>                             <C>                                        <C>          <C>
Finished Product Specification  Prem. Dialysate RFP-200, NxStage Ref 1081  FPS-05-310      B
Finished Product Specification  Prem. Dialysate RFP-206, NxStage Ref 1086  FPS-05-312      A
Finished Product Specification  Prem. Dialysate RFP-208, NxStage Ref 1087  FPS-05-314      A
</TABLE>

BICARBONATE BUFFERED SOLUTIONS

<TABLE>
<CAPTION>
         DOCUMENT TYPE                                TITLE                DOCUMENT NO. REVISION
------------------------------  -----------------------------------------  -----------  --------
<S>                             <C>                                        <C>          <C>
Finished Product Specification  2C-BIC-02                                  FPS-01-3352     B
</TABLE>

                                  CONFIDENTIAL
 THIS DOCUMENT AND THE ATTACHED PAGES ARE THE PROPERTY OF NXSTAGE MEDICAL, INC.
 AND MAY NOT BE REPRODUCED WITHOUT THE WRITTEN PERMISSION OF THE MANAGEMENT OF
                             NXSTAGE MEDICAL, INC.

<PAGE>

                                    2C-BIC-02

    LARGE CHAMBER (4445 ML)

1   COMPOSITION

    [**]                   [**]        [**]
    [**]          [**]     [**]        [**]
                           [**]        [**]
    [**]          [**]     [**]        [**]
    [**]          [**]

2   DOSAGE FORM
    [**]

3   IDENTITY

3.1 The identity is given by each specific assay

4   TESTS

4.1 [**]        Requirement:           [**]
    [**]

4.2 [**]        Requirement:           [**]
    [**]
    [**]

4.3 [**]
    [**]        Limit:                 [**]
    [**]                               [**]

4.4 [**]        Release specification: [**]
    [**]        Shelf life limit:      [**]

<PAGE>

4.5 [**]        Release specification: [**]
    [**]        Shelf life limit:      [**]
    [**]

4.6 [**]        Limit:                 [**]
    [**]
    [**]

4.7 [**]        Limit:                 [**]
    [**]

4.8 [**]        Requirement:           [**]
    [**]
5.  [**]

5.1 [**]        Nominal:               [**]
    [**]        Limit:                 [**]
    [**].

5.2 [**]        Nominal:               [**]
    [**]        Limit:                 [**]
    [**]

5.3 [**]        Nominal:               [**]
    [**]        Limit:                 [**]
    [**]

    SMALL CHAMBER (555 ML)

1   COMPOSITION

1000 ml solution contain:        concentration  mmol/l
<TABLE>
<CAPTION>
<S>                        <C>   <C>            <C>
[**]                       [**]      [**]       [**]
[**]                       [**]      [**]       [**]
[**]                       [**]      [**]       [**]
[**]                       [**]      [**]       [**]
[**]                       [**]      [**]       [**]
[**]                       [**]      [**]       [**]
[**]                       [**]
</TABLE>

2   DOSAGE FORM

    [**]

                                       -3-
<PAGE>

3   IDENTITY

3.1 The identity is given by each specific assay

4   TESTS

<TABLE>
<S>          <C>            <C>
4.1 [**]     Requirement:            [**]
    [**]

4.2 [**]     Requirement:            [**]
    [**]
    [**]

4.3 [**]
    [**]     Limit:                  [**]
    [**]                             [**]

4.4 [**]     Limit:                  [**]
    [**]

4.5 [**]     Release specification:  [**]
    [**]     Shelf life limit:       [**]
    [**]

4.6 [**]     Limit:                  [**]
    [**]
    [**]

4.7 [**]     Limit:                  [**]
    [**]
</TABLE>

                                      -4-
<PAGE>

<TABLE>
<S>          <C>            <C>
4.8 [**]     Requirement:   [**]
    [**]

5   [**]

5.1 [**]     Nominal:       [**]
    [**]     Limit:         [**]
    [**]
</TABLE>

<TABLE>
<S>        <C>                      <C>               <C>
Prepared:  H. Bruns                 Date: 2003-05-28  Signature: H. Bruns
           Quality Control
Released:  Dr. B. Gelleri           Date: 2003-05-29  Signature: Dr. B. Gelleri
           Head of Quality Control
</TABLE>

                                      -5-<PAGE>

                                                                   Exhibit 10.18

          Confidential Materials omitted and filed separately with the
         Securities and Exchange Commission. Asterisks denote omissions.

                                SUPPLY AGREEMENT

EIR MEDICAL, INC., a company organized and existing under the laws of
Massachusetts having offices at Schlachthofstr. 4, 37124 Rosdorf, Germany
(hereinafter referred to as "EIR").

NxStage Medical, Inc., a company organized and existing under the laws of
Delaware having offices at 439 South Union Street, Lawrence, MA 01843 (hereafter
referred to as "NxStage").

and

MEMBRANA GMBH, a company organized and existing under the laws of Germany having
offices at Oehder Str. 28, D-42289 Wuppertal, Germany (hereinafter referred to
as "Membrana").

WHEREAS, Membrana is engaged, inter alia, in the manufacture and sale of
membranes for medical applications, in particular capillary membranes for
hemodialysis, and is interested in selling such membranes to EIR;

WHEREAS, EIR is a medical products company and is engaged, inter alia, in the
ESRD therapy business and intends to manufacture, among other things,
hemofilters with capillary membranes and, therefore, is interested in purchasing
capillary membranes from Membrana for incorporation into such filters.

NOW, THEREFORE, the parties have agreed upon the following:

Article 1: Scope of the Agreement

This Agreement shall govern all deliveries from Membrana to EIR of all blood
contacting capillary membrane types for renal replacement therapy ("Products"),
including without limitation, hemofiltration, hemodialysis, ultrafiltration and
hemodiafiltration, that can be made available to EIR, especially including
SYNPHAN(R) HF 600T and PUREMA(R) H capillary membranes as specified in the data
sheets attached hereto in ANNEX I, Sheet no. 080/0105/000 and the "Specification
for Primary Bundles", Sheet no. 080/0000/000 for SYNPHAN (collectively, the
`SYNPHAN Specifications'), Sheet no. 084/0126/000 and the `Specification for
Primary Bundles,' Sheet no. 084/0000/000 for PUREMA (collectively, the "PUREMA
Specifications"). Membrana shall notify EIR in writing of any change which may
have an effect on the following aspects of the Products: (i) SYNPHAN
Specifications, (ii) PUREMA Specifications, or (iii) any material change to the
quality control system or manufacturing process.

<PAGE>

Article 2: Specification of Bundles

Membrana shall produce SYNPHAN and PUREMA bundles for EIR according to the
specifications listed below and attached hereto as ANNEX II:

<TABLE>
<S>                                                                   <C>
Specification Fiber Bundle SYNPHAN(R) HF600T                          S-108
Specification Fiber Bundle PUREMA(R) H                                S-119
</TABLE>

The parties may agree to modify the above specifications and/or add additional
specifications, according to EIR's needs and Membrana's capabilities. In case of
a switch to a new specification, EIR shall commit to order all bundles that have
been produced by Membrana pursuant to confirmed and accepted purchase orders.

If other dialysis membrane types in addition to SYNPHAN HF 600T or PUREMA will
be supplied by Membrana to EIR, then a signed supplement will be added to this
Agreement before the first shipment of such membranes, detailing pricing and
membrane specifications. All other terms of the Agreement will remain unchanged.

Article 3: Prices

3.1   The parties agree on the following volume discounted price schedule for
      SYNPHAN HF 600T and PUREMA bundles.

<TABLE>
<CAPTION>
  Annual Volume,
 (Calendar Year)
  Km of SYNPHAN
  HF 600T and/or               Average Price
PUREMA (x 10/\-6)                [euro/km]
-----------------              -------------
<S>                            <C>
      [**]                          [**]
      [**]                          [**]
      [**]                          [**]
      [**]                          [**]
</TABLE>

      For purposes of calculating prices under this table "purchases" will be
      calculated as the sum of kilometres invoiced during one calendar year less
      any returned material for which a refund has been given.

      The final price for annual volumes is calculated via linear interpolation
      [**], rounding volumes to the closest 1,000 kilometers. The resulting
      price will be rounded to two decimal places (i.e., hundredths of Euro).

      In other words, the adjusted price will be equal to the price associated
      with [**] associated with the [**], by (b) the quantity obtained by
      dividing (i) [**] by (ii) [**].

      For illustration and by way of example only, if actual annual volume
      equals [**] km, then the average price for purchases will be:

                                       2
<PAGE>

      [**] = actual price

      or

      [**]At the conclusion of the calendar year, when all invoices have been
      made out, the cumulative annual volume will be determined and the
      foregoing calculation shall be made by Membrana and communicated in
      writing to EIR by January 31 of the following year. If EIR's total
      kilometers of SYNPHAN(R) and/or PUREMA purchased for the year exceed the
      amount used to set the invoice price for that year, then Membrana shall
      pay EIR a refund so that EIR's total purchase expenditure is made equal to
      the expenditure that would have occurred if the price for the actual
      volume had been invoiced all year. Such payment shall be made by February
      28 of the following year. Conversely, if EIR's total kilometers of
      SYNPHAN(R) and/or PUREMA purchased are less than the quantity used to set
      the invoice price, then EIR shall pay Membrane a refund so that EIR's
      total purchase expenditure is made equal to the expenditure that would
      have occurred if the price for the actual volume had been invoiced all
      year. Such payment shall be made by February 28 of the following year.

3.2   Net Invoice Pricing

      Each year in November an agreement will be made on invoice price for the
      following year. The price is set according to the pricing table above
      (paragraph 3.1), and the volume reasonably and jointly expected for the
      following year.

      At the end of each calendar quarter (ending March 31, June 30, September
      30 and December 31) the invoice price will be revised under consideration
      of (a) the actual quantities purchased by EIR and (b) the parties'
      estimate of EIR's purchases over the balance of the year.

      Each month EIR shall provide Membrana with a non-binding forecast
      indicating its demand for the next three months.

      The delivered volume per bundle type may exceed or fall below the
      ordered/confirmed amount by [**]%. The quantity actually delivered will be
      invoiced.

      If Membrana cannot meet EIR's requirements for any reason, and EIR has
      placed the corresponding orders in time as per article 4 and MEMBRANA has
      accepted these orders for production and has informed EIR about the
      scheduled shipping date as per article 4, Membrana will reserve production
      capacity for EIR according to the ratio between EIR's total annual
      purchase volume and the total annual purchase volume of Membrane's other
      customers for SYNPHAN(R) HF600T and PUREMA.

                                       3
<PAGE>

Article 4: Payment and Delivery Terms

4.1   Products shall, be ordered by EIR under a purchase order. EIR shall send
      the purchase orders at least [**] before shipment date, indicating the
      membrane type, bundle specification, number of bundles, and the requested
      shipping date.

4.2   Membrana will send EIR an order confirmation accepting the details of the
      relevant order and providing a definite date of shipment. Membrana shall
      accept and timely supply all orders that are within the volumes forecasted
      for the period by EIR. Membrana shall use its best efforts to accept and
      timely supply all orders in excess of EIR's forecasted amount for the
      period or requesting delivery in less than [**] from the order date, and
      shall notify EIR in writing if Membrana anticipates that it will not be
      able to satisfy such orders by the delivery dates indicated.

4.3   Accepted purchase orders may be cancelled by EIR at any time prior to
      Product production for the order. If EIR sends notice of an order
      cancellation, Membrana shall use best efforts to ensure that Product
      production is promptly stopped with respect to that order.

4.4   EIR shall effect the payment of the purchase price in Euro as follows:
      Payment shall be made within [**] after date of invoice, net. Payment
      shall be made by wire transfer to Membrana's account [**]. Taxes and
      duties, if any, will be borne by EIR in accordance with German Law.

4.5   All deliveries shall be effected free carrier (as defined in the Incoterms
      2000 of the International Chamber of Commerce) at Membrana's premises in
      Wuppertal. Packaging shall be included in the price.

4.6   EIR shall duly examine all deliveries of membrane bundles received for any
      apparent defects. In case there should be any reason for complaints, EIR
      shall notify MEMBRANA of such complaint in writing within [**] after the
      respective installment of membrane bundles has been received; in case of
      hidden defects notice of complaints shall be given by EIR immediately
      after discovery, but no later than the expiration date of the finished
      dialyzer. In its notice, EIR shall specify the quantity found defective,
      the corresponding invoice, packing units, fabrication numbers and
      production days of the bundles in question. EIR makes no representation
      that it will inspect all bundles delivered and Membrana understands that
      it is fully responsible for ensuring that its bundles meet the
      Specifications. EIR agrees that Membrana shall not be responsible for
      defects to membranes caused directly by EIR's manufacturing processes.

4.7   Membrana shall reimburse EIR for the cost of replacing all finished
      products into which Membrana out-of-Specification fibers have been
      incorporated and shall replace all out-of-Specification bundles not yet
      incorporated into finished product. In addition, Membrana shall reimburse
      EIR for all recall expenses incurred by EIR or its affiliates relating to
      products incorporating out-of-Specification fibers, up to the amount of
      double the net invoice sum for the delivery(ies) containing
      out-of-Specification fibers.

Article 5: Retention of Title

                                       4
<PAGE>

5.1   Title to the membrane bundles supplied by Membrana shall remain with
      Membrana until the purchase price for such bundles has been paid in full.
      EIR may not pledge or give a security interest in bundles supplied by
      Membrana until the purchase price has been paid in full.

5.2   EIR may sell products incorporating the bundles in the ordinary course of
      its business before payment has been made in full. EIR hereby assigns to
      Membrana all future rights and claims towards EIR's customers resulting
      from the sales of products incorporating Membrana bundles for which the
      purchase price has not yet been paid in full; provided that (a) EIR shall
      have no obligation to notify its customers of this assignment unless it is
      in payment default for a period of [**] following written notice from
      Membrana, and (b) Membrana agrees that it shall not exercise any rights
      against such customers until providing EIR [**] prior written notice of
      the payment default and its intent to recover against customers. Membrana
      shall exercise no rights against such customers in the event payment is
      made within [**] of this notice.

5.3   EIR is entitled to collect the proceeds of products sold incorporating
      Membrana bundles, which proceeds shall, to the extent of, and in the event
      the purchase price therefore has not yet been fully paid by EIR, become
      ipso jure property of Membrana, and which shall be held by EIR separately
      from other means of payment for Membrana's benefit until payment in full
      of the purchase price has been made. Thereafter, all rights of Membrana in
      such proceeds shall be void.

5.4   In the event Membrana's retention of title loses its validity, EIR shall
      be obligated to grant Membrana, without delay, reasonable security for the
      bundles not yet paid for.

5.5   EIR shall obtain commercially reasonable insurance for bundles subject to
      retention of title to cover any loss of such bundles, and shall provide
      Membrana a certificate of this insurance coverage upon its request.

5.6   In the event EIR does not pay for the bundles within [**] of written
      notice of a payment default, or if EIR becomes insolvent, EIR must, at the
      request of Membrana, surrender the bundles in its possession that are
      subject to retention of title to Membrana. The taking back of goods
      subject to retention of title does not constitute a termination of the
      Agreement.

Article 6: Quality Data & Technical & Scientific Support, Regulatory Matters

6.1   Membrana shall provide EIR with each shipment of membrane bundles the `QC
      Data List' and the `Attachment to QC-Specification' as shown by example in
      ANNEX III. This shall include, among other things, a certification that
      the membrane bundles meet the Specification, and that the Products have
      been manufactured in accordance with applicable laws and regulations.

6.2   Membrana shall provide reasonable assistance to EIR in connection with all
      regulatory filings made by EIR or its affiliates relating to products
      incorporating the membranes supplied by Membrana. Membrana, however, shall
      not be liable for any damages resulting from the given technical advice or
      the provided assistance.

                                       5
<PAGE>

6.3   EIR and its representatives and affiliates shall get the opportunity with
      prior written consent of Membrana, during regular business hours, to audit
      Membrana's facilities where the membranes are manufactured, packaged and
      stored and to make any further examination reasonably necessary to
      ascertain compliance with the membrane Specifications and this Agreement.

6.4   Membrana shall give EIR immediate notice if Membrana becomes aware of any
      defect or condition which in any way alters the membrane Specifications or
      the quality of any of the membranes supplied.

6.5   Membrana shall trace and maintain records regarding the source and lot
      number of each membrane shipment. These records shall be delivered to EIR
      upon EIR's request or upon the termination of this Agreement.

6.6   Membrana shall promptly notify EIR of the occurrence of any regulatory
      inspections and of any changes in regulatory status.

Article 7: Exclusivity

EIR and NxStage intend to purchase the majority, and potentially all, of their
blood-contacting ESRD therapy membranes from Membrana, and agree to work in good
faith with Membrana to preserve Membrane's position as the primary supplier of
blood-contacting ESRD therapy membranes for EIR and NxStage. Membrana, however,
acknowledges that EIR and NxStage may need to maintain alternative sources of
membrane supply in order to protect against supply shortfalls, membrane failures
or other potential disruptions in membrane supply, and that EIR and NxStage may
obtain such supply without penalty hereunder.

Article 8: Confidentiality, Intellectual Property, Infringement Matters

8.1   EIR and NxStage shall keep strictly confidential any information disclosed
      by Membrana during the term of this Agreement which is confidential by
      nature or expressly marked as confidential, and Membrana will keep
      strictly confidential all information disclosed by EIR or NxStage during
      the term of this Agreement which is confidential by nature or expressly
      marked as confidential. Without limiting the foregoing, Membrana shall
      treat the purchase orders of EIR as strictly confidential, especially
      prices, quantities and membrane specifications. The Parties' obligations
      to keep information confidential shall survive for [**] following the
      termination of this Agreement.

For purposes of this Agreement, confidential information shall not include:

      -     Information, which was, or becomes, in the public domain through no
            fault or action of the non-disclosing party;

      -     Information which was already known by the non-disclosing party, as
            shown by its written records;

      -     Information which becomes known by the non-disclosing party from a
            third party not under an obligation of confidentiality to the
            disclosing party; and

      -     Information which is independently developed by the non-disclosing
            party.

                                       6
<PAGE>

8.2   All ideas, developments and inventions made or conceived by Membrana
      during the term of this Agreement and for [**] thereafter which relate to
      EIR's or NxStage's confidential information or which are made or conceived
      by Membrana jointly with representatives of EIR or NxStage shall be the
      sole and exclusive property of EIR.

8.3   Membrana represents and warrants that it is not aware of any third party
      patent rights which could be infringed by SYNPHAN HF600T or PUREMA. In the
      event that such a right is asserted against either party, however, the
      respective party shall immediately inform the other party and both parties
      shall discuss subsequent actions.

      (a)   If after due evaluation Membrana or EIR decides to reduce or stop
            the supply or use of SYNPHAN HF600T or PUREMA in compliance with
            such assertion, then Membrana will buy back from EIR unused
            inventories of SYNPHAN HF600T or PUREMA, s the case may be, at the
            same price as EIR has paid for SYNPHAN HF600T or PUREMA,
            respectively.

      (b)   If the parties agree to continue the supply and use of SYNPHAN
            HF600T or PUREMA in spite of such an assertion, they shall jointly
            organize their defense and shall agree on a fair sharing of costs
            required for an appropriate defense.

Article 9: Liability

9.1   Membrana shall not be liable for representations made during contract
      negotiations, including without limitation, for incorrect advice given to
      EIR or NxStage during such negotiations.

9.2   If Membrana gives technical advice to EIR or NxStage without respect to
      the processing or treatment of bundles, it is agreed that such advice is
      given without any liability on Membrana.

9.3   Without limiting the foregoing, Membrana shall not be liable for minor
      violations of the Agreement which do not result in material harm to EIR or
      NxStage or physical injury to a person (it being specifically understood
      without limitation that the delivery of out-of-Specification bundles shall
      not constitute a minor violation of the Agreement), unless such minor
      violations are the result of Membrana's or its agents' or affiliates'
      gross negligence or willful misconduct.

9.4   In no event shall either party be liable to the other party under this
      Agreement for any consequential, incidental, special or other indirect
      damages arising under this Agreement.

9.5   Each party ("the Indemnifying Party") agrees to indemnify and hold the
      other party (the other party and its affiliates and the officers,
      employees and directors of the other party and its affiliates,
      collectively hereinafter referred to as the "Indemnified Party") harmless
      from any and all third party claims, damages, costs and expenses that may
      be claimed or asserted against the Indemnified Party, arising out of the
      negligence of the Indemnifying Party in performing its obligations
      hereunder, the breach of the Indemnifying Party of

                                       7
<PAGE>

      any terms hereunder, or the supply of a defective product or component by
      the Indemnifying Party hereunder. The obligation of the Indemnifying Party
      to indemnify the Indemnified Party pursuant to this Section shall be
      conditioned upon the Indemnified Party giving reasonably prompt notice of
      any such claim for indemnification to the Indemnifying Party, and giving
      the Indemnifying Party authority to conduct the defense of any action;
      provided, however, that the Indemnified Party may retain additional
      counsel at its own expense and participate in any such litigation.

Article 10: Term

This Agreement shall enter into force upon signature of the last signing party
and shall remain valid for four years.

This Agreement may be renewed for an additional term, subject to the mutual
written agreement of the parties. Either party shall have the right to terminate
this Agreement if the other party breaches any of its obligations under this
Agreement and fails to cure such breach within [**] of receiving written notice
from the non-breaching party. In addition, EIR shall have the right to terminate
this Agreement in the event Membrana materially fails to perform its supply
obligations hereunder for a period of at least [**], including without
limitation, failures due to a continued force majeure event. In case of
termination of this Agreement all confirmed orders have to be fulfilled and to
be paid for.

Article 11: Representations and Warranties

11.1  EIR and Membrana each hereby represent and warrant as follows:

      11.1.1 It is a corporation duly organized, validly existing and in good
             standing under the laws of the jurisdiction of its incorporation
             and has the full corporate power and authority to enter into this
             Agreement and perform its agreements and covenants to be performed
             hereunder.

      11.1.2 The execution and delivery of this Agreement and its performance of
             the covenants and agreements hereunder have been duly authorized by
             all necessary corporate action and, when executed and delivered,
             shall be valid and binding upon it.

      11.1.3 Neither the execution and delivery of this Agreement nor the
             performance by it of the transactions contemplated herein will
             violate any provision of its certificate of incorporation or bylaws
             or any rule, law, regulation, judgment, decree or other order of
             any court, government, or governmental agency or instrumentality,
             or conflict with or result in any breach of any of the terms of, or
             the creation or imposition of any charge or encumbrance pursuant
             to, any contract or agreement to which it is a party or by which
             it, or any of its assets and properties are bound.

                                       8
<PAGE>

11.2  Membrane warrants that the bundles delivered to EIR under this Agreement
      shall comply with the Specifications.

Article 12: Choice of Law, Arbitration

12.1  All disputes arising in connection with this Agreement shall be finally
      settled under the Rules of Conciliation and Arbitration of the
      International Chamber of Commerce by one or more arbitrators appointed in
      accordance with said rules and according to German Law. Venue shall be
      Dusseldorf, Germany; language of the arbitration shall be English.

Article 13: Force Majeure

13.1  Neither Membrana nor EIR shall be liable for any failure to perform under
      this Agreement, including any failure or delay in delivering Products,
      that is caused by an event of force majeure. For purposes hereof, force
      majeure shall mean any cause beyond Membrana's or EIR's reasonable
      control, including, but not limited to, acts of God, war, riots, flood,
      fire, explosion, strikes, lock-out and epidemic.

Article 14: Miscellaneous

14.1  EIR shall have the right to market and advertise products incorporating
      membranes supplied by Membrana under EIR's or its affiliates' name,
      trademarks, labels or other designations and the same shall remain the
      sole and exclusive property of EIR or its affiliates. In addition, EIR and
      its affiliates shall have the right to reference Membrana's name and logo
      on EIR's or its affiliates' products Incorporating Membrane fibers in
      accordance with this Supply Agreement, with Membrane's prior written
      consent, which shall not be unreasonably withheld.

14.2  If any provision of this Agreement should become invalid this shall in no
      way interfere the validity of the remaining provisions. The parties will
      replace the provision declared invalid by another provision coming the
      closest possible to the provision declared invalid.

14.3  Membrana's General Conditions of Sale, in the form attached hereto as
      ANNEX IV, shall apply to all sales of membranes hereunder provided that if
      such conditions of sale conflict with any terms hereunder, the terms of
      this Agreement shall govern. Notwithstanding the foregoing, the parties
      agree that [**] shall not apply to sales of membranes hereunder or to EIR
      under this Agreement.

14.4  The rights and obligations under this Agreement shall not be assignable
      without the prior written consent of the other party. Notwithstanding the
      foregoing, the terms of this Agreement shall survive a change-in-control
      of either party; provided that any successor or acquirer of EIR or
      Membrane may terminate this Agreement upon 12 months prior written notice
      within the first 12 months following any such change-in control of EIR or
      Membrana.

14.5  Any modifications of this Agreement must be in writing.

                                       9
<PAGE>

14.6  This Agreement constitutes the entire agreement between EIR and Membrana
      and supersedes any previous agreement between the parties relating to the
      subject matter of this agreement.

EIR Medical, Inc.                    Membrana GmbH

By: /s/ Jeffrey Burbank              By:  /s/ Ulf Seidel
Jeffrey Burbank                      Ulf Seidel

Lawrence, MA    September 30, 2004   Wuppertal,                 October 25, 2004

                                     Anthony Mancusi /s/ Anthony Mancusi

                                     Charlotte, NC              October 1, 2004

REVIEWED AND AGREED:

NxStage Medical, Inc.

By:  /s/ Jeffrey Burbank
Jeffrey Burbank

Lawrence, MA    September 30, 2004

                                       10
<PAGE>

                                   ATTACHMENTS

Annex I Specifications for SYNPHAN and PUREMA Dialysis Membranes

      Four (4) pages of Confidential Materials omitted and filed separately
                  with the Securities and Exchange Commission.

                                       11
<PAGE>

Annex II Specification for SYNPHAN and PUREMA Fiber Bundles

     Three (3) pages of Confidential Materials omitted and filed separately
                  with the Securities and Exchange Commission.

                                       12
<PAGE>

Annex III QC Data and QC Data List Examples (SYNPHAN and PUREMA)

      Two (2) pages of Confidential Materials omitted and filed separately
                  with the Securities and Exchange Commission.

                                       13
<PAGE>

Annex IV MEMBRANA General Terms and Conditions

                                       14
<PAGE>

MEMBRANA

Underlining Performance

Conditions of Sale

GENERAL CONDITIONS OF SALE OF MEMBRANA GMBH

I. EXCLUSIVE VALIDITY OF OUR CONDITIONS OF SALE

All of our quotations and tenders are based on our General Conditions of Sale.
We accept purchase orders exclusively on these terms. General terms and
conditions of the purchaser or agreements deviating from our Commercial Code
shall be binding on us only if we expressly recognise them in writing. With the
placing of an order or the acceptance of work of services the purchaser
recognises the validity of our General Terms and Conditions not only for the
business transaction in question, but also for all future business transactions.

II. AREA OF APPLICATION

Our General Terms and Conditions shall apply only to legal transactions with
companies in the sense of the German Civil Code.

III. DELIVERY

1. As soon as the goods leave our works or our warehouse or are made available
to the Buyer ready for shipping in a manner establishing default in acceptance,
all transport risks shall pass to the Buyer.

2. Periods and deadlines agreed upon for our services and work shall only be
deemed to be binding, if they are expressly designated as such by us. A delivery
period or a delivery date shall be deemed to have been adhered to, if the goods
have left our works or our sales warehouse by the expiry of the period.

3. Force Majeure and other obstructions which are beyond our control such as
war, mobilisation, fire, strike and lockout and suchlike shall exempt us, for
the duration of such disturbance and its consequences, from the obligation to
deliver. Should such circumstances occur, after we have defaulted, the
consequences of default shall remain excluded for the duration of their
effectiveness. If the delivery period agreed upon is exceeded by more than two
months, the Buyer and the Seller shall be entitled to cancel the part of the
contract not performed.

4. The Buyer must, if the delivery period is exceeded, set a reasonable
extension of the period in writing. If we have not performed the work or service
within this additional period, the Buyer shall be entitled to cancel the
contract.

                                       15
<PAGE>

5. From the exceeding of a period for performance or a performance date or from
performance default the Buyer shall not be entitled to derive any claims for
damages against us, unless the exceeding of the period or deadline is due to
wilful intent or gross negligence on the part of one of our statutory
representative or of one of our vicarious agents.

6. We shall be entitled to effect part deliveries and to invoice each part
delivery in itself, as far as a part delivery is tolerable for the Buyer. The
re-sale of the goods delivered using make-up and packaging material owned by us
shall require our prior written consent.

7. Seller may deliver against any order an excess or deficiency of up to 10 % of
the quantity ordered. The quantity actually delivered will be invoiced.

IV. PAYMENT

1. Besides the prices agreed, the Buyer must pay the statutory value-added or
turnover tax at the currently applicable rate.

2. Retention of due payments or offsetting shall be possible only on the basis
of claims of the purchaser which have been the subject of non-appealable court
decisions or have been recognised by us in writing.

3. All costs arising in connection with the contract in the country of the Buyer
including fees and taxes which were not known at the time of the conclusion of
the contract shall be borne by the Buyer.

4. If, after the conclusion of the contract, circumstances come to our knowledge
which appear to make the credit worthiness of the purchaser doubtful, we can, at
our discretion, demand cash in advance or provision of securities.

5. In case of late payment by Buyer, Buyer shall, without prejudice to any other
right of Seller, be liable to pay interest at a yearly rate of 8 % in excess of
the basic interest rate (Euribor).

V. RETENTION OF TITLE

1. The goods supplied by us shall remain our property up to the complete
settlement of all of our receivables from the reciprocal business relationship
including any possible current account balance. The goods may not be pledged to
others or transferred as security.

2. Should we as a result of a combination of the goods supplied by us with the
goods of the purchaser not acquire co-ownership, but lose our property, the
ownership or co-ownership of the Buyer of the new item shall immediately pass to
us upon its creation. All expectant rights which could lead to such an
acquisition of ownership or co-ownership by the Buyer, are now already assigned
to us by the latter. Any possible transfer necessary by us for the acquisition
of the ownership or co-ownership shall be replaced by the agreement that the
party ordering the goods preserves the item for us like a borrower, or, if the
party ordering a good does not own the item, by

                                       16
<PAGE>

the assignment of the entitlement to surrender against the owner to us already
agreed hereby. The ownership or co-ownership arising for us is to be treated
legally like the original goods. Otherwise the goods supplied by us and subject
to retention of title are also to be treated with care.

3. If the Buyer, despite default, does not pay or if the Buyer threatens to
become insolvent, the Buyer must, at our request, surrender the goods subject to
retention of title for our free disposal. The taking-back of goods subject to
retention of title does not constitute any cancellation of the contract.

4. All receivables of the Buyer from re-sale of goods of which we have ownership
or coownership (goods subject to retention of title) shall already pass to us
upon the conclusion of the transaction of sale. This shall apply whether the
goods are sold to one or to several customers. The purchaser must collect the
receivables assigned. We can revoke this authority, if the purchaser does not
punctually meet one of his obligations towards us or if circumstances come to
our knowledge which make our rights appear threatened.

5. We undertake, at the request of the Buyer, to release the securities (goods
and accounts receivable) to which we are entitled according to the above rules
at our discretion, if their value exceeds the claims to be secured by more than
20 %. For the valuation of the security their realisable value (securing value)
is decisive.

6. If our retention of title loses its validity in the case of supplies abroad
or for other reasons, the purchaser shall be obliged to grant to us without
delay security for the items supplied or any other security for our accounts
receivable which will be effective according to the law applicable in each case
and come as close as possible to the retention of title according to German law.

7. The Buyer shall be obliged to insure the goods subject to retention of title
with the due care and diligence of a prudent businessman and on request to
provide evidence to the effect that this insurance has been taken out. The Buyer
already now assigns to us his claims under this insurance by way of security.

VI. INCOTERMS

The usual commercial terms such as FOB and CIF shall apply in accordance with
the INCOTERMS of the International Chamber of Commerce in the version as of the
conclusion of the contract.

VII. CLAIMS CONCERNING DEFECTS

1. Notices of defects must be sent in writing at the latest within 30 days of
receipt of the goods - in the case of hidden defects without delay after their
discovery - stating the invoice and packaging unit. Deviations with regard to
the raw or colour shade of the goods supplied shall not be deemed to be

                                       17
<PAGE>

defects, unless they lead to a considerable deterioration in the usability of
the products made therefrom.

2. In the case of notices of defects sent in good time and justifiably we shall,
at our discretion, have the right to reduce the purchase price by a reasonable
amount or to supply a replacement. In the event of a failed delivery of
replacement the purchaser shall have the choice between repeat delivery of a
replacement, reasonable reduction of the price and returning of the goods after
the refunding of the purchase price. Defects in one part of our performance
shall not entitle the Buyer to complain about the performance as a whole.

3. If the Buyer wishes to further process the goods despite identifiable
defects, he shall give us an opportunity to make comments in good time prior to
this.

4. Claims of the purchaser based on defects shall be subject to the statute of
limitations 12 months after the delivery of the goods.

5. Our warranties shall expire, if the goods are modified by others, moreover,
our warranty shall expire, if the Buyer does not follow our instructions for
use.

VIII. LIABILITY

1. For consequences

a) of errors which occur during contract negotiations, in particular for the
consequences of inadequate or incorrect advice given to the Buyer,

b) the violation of non-essential contractual duties (subsidiary duties), for
example a consulting or protection obligation,

c) an unlawful act, unless it consists of injury for life and limb or the
impairing of the health of the Buyer, we shall only accept liability if these
consequences are due to wilful intent or gross negligence of one of our
statutory representatives or one of our vicarious agents.

2. Should the Buyer suffer disadvantages as a result of the fact that we violate
non-essential contractual obligations (subsidiary obligations), for example a
consulting or protection obligation, we shall likewise only accept liability if
these consequences are due to wilful intent or gross negligence of one of our
statutory representatives or one of our vicarious agents.

3. For consequences, as long as they do not consist of injury of life and limb
or the impairing of the health of the Buyer, or unlawful acts which one of our
statutory representatives or one of our vicarious agents commit, we shall only
accept liability if these consequences were brought about by wilful intent or
gross negligence.

4. Where Seller gives technical advice to Buyer with respect to the processing
or treatment of the goods, it is agreed that such advice is given without any
liability on Seller's part.

IX. MAKE-UP AND PACKAGING MATERIAL

                                       18
<PAGE>

If the Buyer does not return make-up and packaging material which remains our
property within a time limit to be determined by us on the terms and conditions
laid down and in a state capable of being used we shall be entitled to invoice
the Buyer for the replacement price and to demand immediate payment for it. If
the Buyer provides evidence of damage considerably below the replacement price,
only this is to be refunded.

X. MARKS AND SIGNS

Marks and signs under which the goods are supplied must not be used for the
products produced therefrom without our prior written consent.

XI. OTHER PROVISIONS

1. The sales contract shall be subject to German law. The use of the Convention
of the United Nations of 11.04.1980 concerning contracts on international
purchase of goods shall be excluded.

2. The exclusive venue for all disputes about and resulting from the contract
shall be Wuppertal. We shall, however, have the right to sue the Buyer at any
other venue applicable to him.

3. Should any provision of this contract be or become ineffective, or should a
gap emerge in this contract, the effectiveness of the remaining provisions shall
not be affected by this.

4. In place of the ineffective provisions or in order to fill the gap a
reasonable provision shall be inserted which, as far as legally possible, comes
as close as possible to what the parties concluding the contract wanted or would
have wanted according to the sense and purpose of the contract, if they had
considered the point.

                                       19

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