Document:

EXHIBIT 4.3

                        FORM OF 2007 D WARRANT AMENDMENT

               AMENDMENT NO. 1 TO COMMON STOCK PURCHASE WARRANT D

         This AMENDMENT NO. 1 TO COMMON STOCK PURCHASE WARRANT D dated as of
December 20, 2007 (this "Amendment"), among Geron Corporation, a Delaware
corporation (the "Company"), __________ (the "Buyer"), amends the Geron
Corporation Common Stock Purchase Warrant D issued on February 26, 2007 (the
"Warrant").

         WHEREAS, the Company and Holder are entering into an Agreement of even
date herewith (the "Agreement") pursuant to which the parties are agreeing,
among other things, to amend certain provisions of the Warrant; and

         WHEREAS, the Company and the Holder desire to amend certain provisions
of the Warrant, all subject to the terms, conditions and limitations set forth
herein;

         NOW, THEREFORE, in consideration of the foregoing and the agreements
contained herein, the parties hereby agree as follows:

          1.   Capitalized Terms.

         Capitalized terms used herein which are defined in the Warrant have the
same meanings herein as therein, except to the extent that such meanings are
amended hereby.

          2.   Amendment.

                  2.1. The Company and the Holder agree that the first sentence
of the Warrant is hereby deleted in its entirety and replaced with the
following:

              "THIS CERTIFIES THAT, for value received, _________. or its
              registered assigns (the "Holder"), is entitled to purchase from
              Geron Corporation, a Delaware corporation (the "Company"), at any
              time or from time to time during the period specified in Paragraph
              2 hereof, ___________ (______) fully paid and nonassessable shares
              of the Company's common stock, par value $0.001 per share (the
              "Common Stock"), at a per share exercise price equal to the lesser
              of (i) average of the closing bid prices of the Common Stock on
              the Principal Exchange (as defined in that certain Agreement dated
              as of February 26, 2007, by and among the Company and the Buyers
              listed therein (the "Purchase Agreement")) for the five (5)
              Trading Day (as defined in the Purchase Agreement) period ending
              on December 15, 2009 and (ii) $7.50 (the "Exercise Price");
              provided, however, that the Exercise Price shall not be less than
              $6.80, except as adjusted pursuant to Section 4 hereof."

                  2.2. The Company and the Holder agree that Paragraph 2 of the
Warrant is hereby deleted in its entirety and replaced with the following:

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              "2. Period of Exercise. This Warrant is exercisable at any time or
from time to time on or after June 13, 2007 ("Exercise Period Start Date") and
before 5:00 p.m., New York City time on December 15, 2011 (the "Exercise
Period"); provided, however, that the Exercise Period may be extended pursuant
to Section 4.13 of the Purchase Agreement."

                  2.3. The Company and the Holder agree that Paragraph 4(c) of
the Warrant is deleted in its entirety and is replaced with the following:

             "Consolidation, Merger or Sale. (i) In case of (1) any
             consolidation of the Company with, or merger of the Company into
             any other corporation or entity, or (2) any sale or conveyance of
             all or substantially all of the assets of the Company other than in
             connection with a plan of complete liquidation of the Company (each
             of clause (1) and (2) shall be referred to as a "Fundamental
             Transaction"), then, as a condition of such Fundamental
             Transaction, adequate provision will be made whereby the Holder
             will thereafter (at any time or from time to time during the
             remainder of the Exercise Period) have the right to acquire and
             receive upon exercise of this Warrant in lieu of the shares of
             Common Stock immediately theretofor acquirable upon the exercise of
             this Warrant, such shares of stock, securities or assets as may be
             issued or payable with respect to or in exchange for the number of
             shares of Common Stock immediately theretofore acquirable and
             receivable upon exercise of this Warrant had such Fundamental
             Transaction not taken place.

             (ii) In any such case, the Company will make appropriate provision
             to insure that the provisions of this Paragraph 4(c) hereof will
             thereafter be applicable as nearly as may be in relation to any
             shares of stock or securities thereafter deliverable upon the
             exercise of this Warrant. The Company will not effect any
             Fundamental Transaction unless, prior to the consummation thereof,
             (1) the successor or acquiring entity (if other than the Company),
             (2) any other entity whose stock, securities or assets the holders
             of the Common Stock of the Company are entitled to receive as a
             result of such Fundamental Transaction and (3) any parent,
             subsidiary or affiliate of such successor, acquiring entity or
             other entity whose common stock this Warrant shall be exercisable
             into by virtue of subparagraph (iii) of this Paragraph 4(c) (any or
             all of such entities being hereafter referred to as a "Successor
             Entity") assumes by written instrument the obligations under this
             Paragraph 4 and the obligations to deliver to the Holder such
             shares of stock, securities or assets as, in accordance with the
             foregoing provisions, the Holder may be entitled to acquire.

             (iii) Furthermore, in the event of a transaction contemplated by
             this Paragraph 4(c) involving the acquisition of the Company by a
             Public Acquirer (as defined below) for consideration consisting of
             all or part cash, at the option of the Holder, in lieu of any cash
             in respect of shares of Common Stock underlying this Warrant, this
             Warrant (or such proportion thereof as is equal to the proportion
             of cash to stock to be paid for the Company) shall thereafter be
             exercisable for the common stock of the Public Acquirer for the
             remainder of the Exercise Period (and otherwise in accordance with
             the terms hereof), with the number of shares thereafter underlying
             this Warrant determined by multiplying the number of shares for
             which this Warrant is exercisable immediately prior to such
             transaction by a fraction, the numerator of which is the cash

                                      - 2-
<PAGE>

             consideration per share paid for the Company and the denominator of
             which is the Market Price of the Public Acquirer's common stock,
             where "Market Price" means the average closing price of the Public
             Acquirer's common stock over the five trading days immediately
             following the closing date of the transaction. In the case of a
             transaction involving partial cash consideration, the proportion of
             this Warrant as is equal to the proportion of stock to cash in such
             transaction shall thereafter be exercisable for stock of the Public
             Acquirer in accordance with the preceding terms of this Paragraph
             4(c), with the number of shares underlying this Warrant adjusted to
             reflect the number of shares of common stock of the Public Acquirer
             to be issued for each share of Common Stock of the Company.
             Following any adjustment hereunder, the Exercise Price shall be
             proportionately adjusted, by multiplying the Exercise Price then in
             effect by a fraction, the numerator of which is the number of
             shares issuable prior to the adjustment and the denominator of
             which is the number of shares issuable after the adjustment.
             "Public Acquirer" means any entity that has publicly traded common
             stock whether publicly traded in the United States or in any other
             jurisdiction, it being understood that (1) "common stock" as used
             in this Paragraph 4(c) includes common equity equivalents, trust
             shares, limited partnership interests, ordinary shares, American
             Depositary Receipts, American Depositary Shares, and any other
             similar securities or derivate thereof, and (2) the Company shall
             be deemed to have been acquired by a Public Acquirer where any
             Successor Entity has publicly traded common stock whether traded in
             the United States or any other jurisdiction, even if such Successor
             Entity is not the direct acquirer or successor to the Company.
             Following any transaction contemplated by this Paragraph 4(c) the
             term Warrant Shares shall be deemed to refer to the shares for
             which this Warrant is thereafter exercisable in accordance with the
             provisions hereof.

             (iv) In addition, if holders of Common Stock are given a choice as
             to the securities, cash (which shall be treated in accordance with
             the preceding paragraph) or property to be received in a
             Fundamental Transaction (including a right to elect to receive any
             particular one or combination of more than one of the foregoing),
             then the Holder shall be given the same choice of consideration
             upon any exercise of this Warrant following such Fundamental
             Transaction, which choice of consideration can be made at the time
             of exercise at any time prior to the expiration of the Exercise
             Period.

             (v) Notwithstanding the foregoing, in the event of a Fundamental
             Transaction by a Successor Entity that is not a Qualified Public
             Acquirer, the Holder may, in its sole discretion, elect to receive
             cash in exchange for this Warrant in an amount equal to the
             Theoretical Value (as defined below) of this Warrant at the time of
             the first public announcement of the Fundamental Transaction (the
             "Announcement Date"); provided, however, that the option to receive
             cash described in this subparagraph (v) shall apply only to the
             extent that the transaction is in whole or in part a cash purchase,
             and only to the extent that the holders of Common Stock are
             receiving cash, and such right to receive cash shall be pari passu
             with and not in preference to the common stockholders right to
             receive cash. In the event of a Fundamental Transaction involving a
             Successor Entity that is a Qualified Public Acquirer, at the option
             of the Holder, such Public Acquirer shall list for trading the
             Warrants, as adjusted pursuant to this Paragraph 4(c), on the AMEX,
             ICE, CBOE and regional options exchanges and quotation systems.

                                     - 3 -
<PAGE>

              (vi) A "Qualified Public Acquirer" means a Public Acquirer that
              (1) has "common stock" publicly traded on the NYSE, NASDAQ Global
              Market, or the primary trading markets of the London Stock
              Exchange, Tokyo Stock Exchange, Euronext, Deutsche Boerse or any
              other stock exchange whose average daily U.S. dollar denominated
              trading volume (based on applicable exchange rates) is at least
              equal to lowest average daily volume of the aforementioned
              exchanges based on the trailing 12-month period ending on the
              Trading Day immediately prior to the Announcement Date.
              "Theoretical Value" means the value calculated using the Black
              Scholes valuation model, where intrinsic value, if any, is added
              to 75% of the difference between full Theoretical Value and
              intrinsic value, and (1) the interest rate used will be tied to
              the yield of closest matching duration U.S. Treasury issue; and
              (2) the volatility figure used will be either (A) if the Company
              has listed options (as it currently does), the volatility
              associated with those listed options, as implied by the average
              price (using the midpoint between the bid and the ask prices) of
              the relevant options (based on closest duration and strike price)
              during the three (3) consecutive Trading Days immediately prior to
              the Announcement Date; or (B) if the Company does not have listed
              options, the thirty (30) day historical volatility of the
              Company's Common Stock calculated by Bloomberg L.P. (or a similar
              source selected by the Holder and the Company) ending on the
              Trading Day immediately prior to the Announcement Date."

          3.   Miscellaneous.

                  (a) Except as specifically amended hereby, all of the terms
and provisions of the Warrants shall remain in full force and effect.

                  (b) This Amendment may be executed in any number of
counterparts, each of which, when executed and delivered, shall be an original,
but all counterparts shall together constitute one instrument. Delivery of an
executed signature page hereto by facsimile transmission shall be effective as
delivery of a manually executed counterpart hereof. At the request of the Buyer
or any assignee, with at least ten business days advance written notice, the
Company will promptly issue an amended and restated version of the Warrant, as
amended hereby, in replacement of the Warrant, as amended hereby.

                  (c) This Amendment shall be governed by the laws of the State
of Delaware and shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns.

                  [Remainder of Page Left Intentionally Blank]

                                     - 4 -
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective authorized officers as of the day and year
first above written.

                                    COMPANY:

                                    GERON CORPORATION

                                    By:
                                        ----------------------------------------
                                        Name     David J. Earp
                                        Title:   Senior Vice President, Business
                                                 Development and Chief Patent
                                                 Counsel

                                    BUYER:

                                    ----------------------------

                                     - 5 -December 20, 2007

Jeffrey A. Graves
834 Paradise Drive
Ambler, PA  19002

Dear Jeff:

            C&D  Technologies,  Inc., a Delaware  corporation  (the  "Company"),
wishes to  continue  to employ  you in an  executive  capacity  and the  Company
desires to encourage such employment by providing certain protections for you by
entering  into  this  Agreement  with you,  in return  for which you agree to be
employed by the Company on the terms set forth  herein,  to refrain from certain
competitive  activity and to provide the Company with  certain  assurances  upon
your departure.  In consideration of same, the Company agrees to employ you, and
you agree to accept such employment, under the following terms and conditions:

            1.    Term of Employment. Your employment under this Agreement shall
continue in effect  until either party shall give to the other party at least 30
days prior written  notice (or such other notice  period as may be  specifically
provided  for in  this  Agreement)  of the  termination  of  this  Agreement  (a
"Termination  Notice"),  or until it is terminated in accordance with Section 8.
If a Termination Notice is given by either party the Company shall,  without any
liability to you, have the right,  exercisable  at any time after such notice is
sent to elect any other  person to the  office or  offices in which you are then
serving and to remove you from such office or offices.  The period  during which
you are employed under this Agreement is hereafter referred to as the "Term."

            2.    Compensation and Benefits.

            (a)   During the Term, you shall receive a salary for performance of
your  obligations  under this Agreement at an initial rate of $525,000 per year,
payable in such manner as is consistent with the Company's payroll practices for
executives  and subject to increase (but not decrease) by the Board of Directors
in its sole discretion. Such salary, as it may be adjusted from time to time, is
hereinafter referred to as the "Base Salary."

            (b)   During the Term, you shall have the benefit of and be entitled
to  participate  in such employee  benefit plans and programs,  including  life,
disability and medical insurance,  savings,  retirement and other similar plans,
as the Company now has or  hereafter  may  establish  from time to time,  and in
which  you are  entitled  to  participate  pursuant  to the terms  thereof.  The
foregoing,  however,  shall not be construed to require the Company to establish
any such plans or to prevent the Company from modifying or terminating  any such
plans, and no such action or failure thereof shall affect this Agreement.

<PAGE>

            (c)   During the Term,  you shall be entitled (i) to  participate in
the Company's  Management  Incentive  Compensation Plan or any successor thereto
each year in accordance  with criteria and for amounts  approved by the Board of
Directors, except as may otherwise be delegated to the Compensation Committee or
other relevant committee, and (ii) to be granted options to acquire stock of the
Company  or  other  equity  awards,  to the  extent  (if  any)  approved  by the
Compensation  Committee or the relevant  committee,  under the  Company's  stock
option or equity  incentive  plans in effect from time to time (all such options
and equity awards,  "Awards").  Without limiting the foregoing, you shall have a
minimum targeted bonus for each fiscal year of 55% of your Base Salary (with the
actual payment of any bonus being dependent on your or the Company's achievement
of targeted objectives except as otherwise set forth in this Agreement). Each of
the actual annual bonuses paid to you each year is hereinafter referred to as an
"Annual Bonus."

            (d)   You shall be entitled to payments and  benefits in  connection
with a Change of Control  Termination  (as  defined in Exhibit A hereto)  and to
certain  additional  payments if you are subjected to the federal  excise tax on
excess parachute payments, as more fully set forth in Exhibit A.

            (e)   To the extent  that any payment  hereunder  or under any plan,
program or policy is determined to be nonqualified deferred compensation that is
noncompliant  with Section 409A ("Section 409A") of the Internal Revenue Code of
1986, as amended (the "Code"),  and is therefore subject to additional taxes and
penalties,  the Company shall provide you with additional payments as more fully
set forth in Exhibit A. Any reference to Section 409A shall be deemed to include
any applicable guidance that has been provided thereunder.

            (f)   You shall be  entitled  to a minimum of four weeks of vacation
each calendar year during the Term. To the extent that Company  policy  provides
additional vacation days, you shall also be entitled to such additional vacation
days.  Any unused  vacation  days in any one year  shall  carry over to the next
calendar year.

            (f)   During  the  Term,  the  Company  shall  provide  you  with an
automobile  allowance  of $1,100 per month that you may use for your  automobile
expenses. You will be taxed on this allowance and such allowance will be subject
to applicable tax withholdings.

            (g)   The Company  will  provide  you at its expense  with an annual
physical examination each year during the Term.

            3.    Duties.

            (a)   During the Term,  you shall serve and the Company shall employ
you as the  President  and Chief  Executive  Officer of the  Company,  with such
executive duties and responsibilities consistent with such positions and stature
as the Board of  Directors of the Company may from time to time  determine.  You
shall report to, and act under the general  direction of, the Board of Directors
of the Company. You shall use your best efforts to carry out the instructions of
the Board of  Directors  of the Company.  You shall be  nominated,  on an annual
basis as long as you continue to be employed under this Agreement,  for election
by the  stockholders  as a director  of the Company  and, if elected,  you shall
serve as a director, without

                                      -2-

<PAGE>

additional  compensation.  In  addition,  you shall  serve as an officer  and/or
director of any of the Company's  subsidiaries,  in all cases in conformity with
the organizational  documents and the policies of the Board of Directors of each
such subsidiary,  without additional compensation.  You will review and agree to
comply with the  Company's  then-current  Code of  Business  Conduct to the same
extent required for other United States-based employees of the Company. You will
perform all of your responsibilities in compliance with all applicable laws. You
acknowledge that in your capacity as principal executive officer of the Company,
you will be expected to execute certain documents on behalf of the Company under
the federal  securities laws, which may include documents covering periods prior
to the date of this  Agreement.  As of the date of this  Agreement,  you have no
reason to  believe  that you would not be  prepared  to  execute  all  documents
required for signature by the Company's  principal  executive officer (e.g., the
Company's  Annual  Report on Form 10-K for the  fiscal  year ended  January  31,
2007),  assuming that the Company's  principal  financial officer and certifying
financial  and other  employees of the Company were also  prepared to execute or
certify such documents as the case may be.

            (b)   During the Term,  you shall devote your entire  business  time
and energies  during  normal  business  hours to the business and affairs of the
Company and its  subsidiaries.  Nothing in this  Section 3 shall be construed as
prohibiting  you from investing your personal assets in businesses in which your
participation  is solely  that of a passive  investor  in such form or manner as
will not violate  Section 5 hereof or require  any  services on your part in the
operation  or  affairs  of  those  businesses.   You  may  also  participate  in
philanthropic  or civic  activities as long as they do not materially  interfere
with  your  performance  of your  duties  hereunder.  Service  on any  board  of
directors other than those of the Company and its subsidiaries must be approved,
in advance, by the Board of Directors of the Company.

            (c)   During the Term, you shall be subject to the Company's rules,
practices and policies applicable to the Company's senior executive employees.

            4.    Expenses.  The Company shall  reimburse you for all reasonable
expenses incurred by you during the Term in connection with your employment upon
presentation  of  appropriate  documentation  therefor  in  accordance  with the
Company's  expense  reimbursement  practices.  In the event  during the Term the
Company's principal executive offices are relocated to a location that increases
your commute to work by more than 35 miles,  the Company  shall  reimburse  your
moving  expenses   (including   reasonable  costs  relating  to  interim  living
accommodations).

            5.    Restrictive Covenants.

            (a)   During the Term, and for the applicable  Restricted Period (as
defined below)  thereafter,  you shall not,  without the written  consent of the
Board of Directors,  directly or  indirectly,  become  associated  with,  render
services  to,  invest  in,  represent,  advise or  otherwise  participate  as an
officer,  employee,  director,  stockholder,  partner  or  agent  of,  or  as  a
consultant for, any business  anywhere in the world that is competitive with the
business  in which the  Company  is engaged  or in which the  Company  has taken
affirmative  steps to  engage  (a  "Competitive  Business")  as of the time your
employment with the Company ceases;  provided,  however, that (i) nothing herein
shall prevent you from investing in up to 5% of the securities of

                                      -3-

<PAGE>

any  company  listed on a national  securities  exchange or quoted on the NASDAQ
quotation  system,  as long as your  involvement with any such company is solely
that of a  stockholder,  and (ii) nothing herein is intended to prevent you from
being employed by, or otherwise rendering services to, any business other than a
Competitive  Business  following the  termination  of your  employment  with the
Company.  The Restricted  Period shall be the two-year period following the date
your employment terminates.  You acknowledge that the provisions of this Section
5 are reasonable in light of the Company's worldwide business operations and the
position in which you will serve at the Company and that the provisions will not
prevent you from obtaining employment after the termination of this Agreement.

            (b)   The parties hereto intend that the covenant  contained in this
Section 5 shall be deemed a series of separate  covenants  for each  appropriate
jurisdiction.  If, in any judicial  proceeding,  a court shall refuse to enforce
all of the separate covenants deemed included in this Section 5 on grounds that,
taken together,  they cover too extensive a geographic  area, the parties intend
that those covenants (taken in order of the least populous jurisdictions) which,
if eliminated,  would permit the remaining  separate covenants to be enforced in
that proceeding, shall, for the purpose of such proceeding, be deemed eliminated
from the provisions of this Section 5.

            6.    Confidentiality, Noninterference and Proprietary Information.

            (a)   In the course of your employment by the Company  hereunder you
will have access to  Confidential  or  Proprietary  Data or  Information  of the
Company.  You shall not at any time divulge or  communicate  to any person,  nor
shall you direct any Company  employee to divulge or  communicate  to any person
(other than to a person bound by  confidentiality  obligations  similar to those
contained  herein  and  other  than  as  necessary  in  performing  your  duties
hereunder)  or use to the  detriment  of the  Company or for the  benefit of any
other person,  any of such  Confidential  or  Proprietary  Data or  Information,
except to the extent the same (i) becomes  publicly  known other than  through a
breach of this  Agreement by you, (ii) was known to you prior to the  disclosure
thereof by the Company to you from a source that was entitled to disclose it, or
(iii) is  subsequently  disclosed  to you by a third  party  who  shall not have
received it under any obligation of confidentiality to the Company. For purposes
of this Agreement,  the term  "Confidential  or Proprietary Data or Information"
shall mean data or information not generally available to the public,  including
personnel information,  financial  information,  customer lists, supplier lists,
product  and  tooling  specifications,  trade  secrets,  information  concerning
product  composition  and  formulas,  tools and dies,  drawings and  schematics,
manufacturing processes, information regarding operations, systems and services,
know-how,  computer  and any  other  electronic,  processed  or  collated  data,
computer programs, and pricing, marketing, sales and advertising data.

            (b)   You  shall  not,  during  the  Term  and  for  the  applicable
Restricted Period after the termination of your employment with the Company, for
your own account or for the account of any other  person,  (i) solicit or divert
to any  Competitive  Business any individual or entity who is then a customer of
the Company or any  subsidiary or affiliate of the Company or who was a customer
of the Company or any subsidiary or affiliate during the preceding  twelve-month
period,  (ii) employ,  retain as a consultant,  attempt to employ or retain as a
consultant,  or solicit or assist  any  Competitive  Business  in  employing  or
retaining as a consultant any

                                      -4-

<PAGE>

individual who is then an employee of the Company or any subsidiary or affiliate
or who was employed by the Company or any  subsidiary  or  affiliate  during the
preceding  twelve-month  period,  or (iii)  otherwise  interfere in any material
respect with the Company's  relationship  with any of its suppliers,  customers,
employees or consultants;  provided,  however,  that you shall not be prohibited
from contacting suppliers or customers after termination of your employment with
regard to matters that do not violate your  non-competition  or  confidentiality
obligations  contained  in Sections  5(a) and 6(a) or  interfere in any material
respect with the Company's relationship with such parties.

            (c)   You shall at all times  promptly  disclose to the Company,  in
such form and manner as the Company  reasonably  may  require,  any  inventions,
improvements or procedural or  methodological  innovations,  programs,  methods,
forms,  systems,  services,  designs,  marketing  ideas,  products or  processes
(whether or not capable of being trademarked, copyrighted or patented) conceived
or developed  or created by you during and in  connection  with your  employment
hereunder  and  which  relate  to the  business  of the  Company  ("Intellectual
Property").  All such  Intellectual  Property  shall be the sole property of the
Company.  You shall execute such instruments and perform such acts as reasonably
may be  requested  by the  Company to transfer to and perfect in the Company all
legally  protectable  rights in such  Intellectual  Property.  If the Company is
unable for any reason to secure your signature on such  instruments,  you hereby
irrevocably  appoint the Company and its  officers and agents as your agents and
attorneys-in-fact  to execute  such  instruments  and to do such things with the
same legal force and effect as if executed or done by you.

            (d)   All written, electronic and other tangible materials,  records
and documents made by you or coming into your possession  during your employment
concerning any products, processes or equipment,  manufactured, used, developed,
investigated  or considered by the Company or otherwise  concerning the business
or affairs of the Company,  shall be the sole property of the Company,  and upon
termination of your  employment,  or upon the request of the Company during your
employment,  you  shall  deliver  the same to the  Company.  In  addition,  upon
termination  of your  employment,  or upon  request of the  Company  during your
employment,  you shall deliver to the Company all other Company property in your
possession or under your control,  including Confidential or Proprietary Data or
Information and all Company credit cards and computer and telephone equipment.

            7.    Equitable Relief.  With respect to the covenants  contained in
Sections 5 and 6 of this Agreement,  you acknowledge  that any remedy at law for
any breach of said covenants may be inadequate and that the Company, in addition
to its rights at law,  shall be entitled to  specific  performance  or any other
mode of injunctive or other equitable relief to enforce its rights hereunder.

            8.    Termination  of  Term.  The  Term  shall  terminate  upon  the
following terms and conditions:

            (a)   The Term shall automatically terminate upon your death.

            (b)   The  Term  may  be   terminated   by  the  Company  upon  your
Disability.  For  purposes  of this  Agreement,  "Disability"  shall  mean  your
inability, due to reasons of physical or

                                      -5-

<PAGE>

mental  health,  to  discharge  properly a  substantial  portion of your  duties
hereunder for any 180 days (whether or not consecutive) during any period of 365
consecutive  days,  as  determined  in the  opinion  of a  physician  reasonably
satisfactory  to both you and the  Company.  If the  parties  do not  agree on a
mutually  satisfactory  physician within ten days after written demand by one or
the other,  a physician  shall be selected by the president of the  Pennsylvania
Medical Association,  and the physician shall, within 30 days thereafter, make a
determination as to whether  Disability  exists and certify the same in writing.
The services of the physician shall be paid for by the Company.  You shall fully
cooperate with the examining  physician,  including  submitting yourself to such
examinations as may be requested by the physician for the purpose of determining
whether you are disabled.

            (c)   The Term shall terminate immediately if the Company terminates
your employment for Cause.  For purposes of this Agreement,  "Cause" shall exist
upon a finding by the Board of Directors of any of the following:  (i) an act or
acts of willful  material  misrepresentation,  fraud or  dishonesty  by you that
results in the  personal  enrichment  of you or another  person or entity at the
expense of the Company;  (ii) your  admission,  confession  or conviction of any
felony or any other crime or offense  involving  misuse or  misappropriation  of
money or other  property;  (iii) any act involving  gross moral turpitude by you
that adversely and materially affects the Company; (iv) your continued breach of
any of your material  obligations under this Agreement 30 days after the Company
has given you notice thereof in reasonable  detail,  if such breach has not been
cured by you during such period; or (v) your willful  misconduct with respect to
your duties or gross misfeasance of office.

                  For purposes of this Section  8(c),  no act or failure to act,
on your part shall be considered  "willful"  unless it is done, or omitted to be
done,  by you in bad faith or  without  reasonable  belief  that your  action or
omission was in the best  interests of the Company.  Any act, or failure to act,
based upon authority given pursuant to a resolution duly adopted by the Board of
Directors  or  based  upon  the  advice  of  counsel  for the  Company  shall be
conclusively  presumed to be done,  or omitted to be done,  by you in good faith
and in the best interests of the Company.  Your  termination of employment shall
not be deemed to be for Cause unless prior to such termination you have received
a copy of a resolution duly adopted by the  affirmative  vote of not less than a
majority of the disinterested  membership of the Board of Directors at a meeting
of such Board of Directors  called and held for such purpose  (after  reasonable
notice is provided to you and you are given an  opportunity  to be heard  before
such Board of  Directors),  stating  the clause  pursuant  to which the Board of
Directors  has  effected  your  termination.  If you  appeal  this  decision  to
arbitrators  pursuant to Section 23, the arbitrators shall be required to make a
de novo  review  of the  circumstances  of your  termination  and  independently
determine whether facts exist to support such termination.

            (d)   The Term shall terminate if your employment is terminated in a
Change of Control Termination (as defined in Exhibit A).

            (e)   The Term shall  terminate  upon the  expiration  of the thirty
(30) day period after  delivery of a  Termination  Notice if your  employment is
terminated by the Company  without Cause or voluntarily by you (a termination by
you not due to Breach or a termination by you without Good Reason).

                                      -6-

<PAGE>

            9.    Compensation  Upon  Termination of Employment.  Separation pay
shall be paid in accordance with the schedule set forth below upon a termination
of employment  that  constitutes  a  "separation  from service" as defined under
Section 409A  ("Separation  from Service").  If a termination of employment does
not constitute a Separation  from Service,  separation pay shall be paid at such
later  time  that a  Separation  from  Service  occurs.  For  purposes  of  this
Agreement,  the default  definition of  Separation  from Service under the Final
Regulations promulgated under Section 409A shall be employed.

        (a) For Any Reason.  Upon  termination  of  employment:  (i) you or your
estate,  as applicable,  shall be paid within  fifteen  business days after your
date of termination  (A) your accrued and unpaid Base Salary through the date of
termination,  (B) any  then-vested  and unpaid  Annual Bonus or other  incentive
compensation  that you may have earned  pursuant to the terms of any  applicable
incentive  compensation  or bonus plan of the Company with respect to any fiscal
year or other  performance  period  completed prior to your date of termination,
and (C) any  then-unused  accrued  vacation pay;  (ii) you,  your  beneficiaries
and/or  your  estate,  as  applicable,  shall be entitled  to any  payments  and
benefits under the benefits and incentive  plans and perquisite  programs of the
Company,  in accordance with the respective  terms of those plans and perquisite
programs (including without  limitation,  any conversion option available to you
under the Company's life insurance  plan(s));  and (iii) you or your estate,  as
applicable,  shall be reimbursed  for your business  expenses  incurred prior to
termination in accordance with Section 4 above.

        (b) Change of Control Termination. Upon the termination of employment by
reason of a Change of Control  Termination,  you shall  receive the payments and
benefits set forth in Exhibit A.

        (c) Termination   without  Cause  or  Breach   Termination.   Upon   the
termination  of  employment  that  is not  by  reason  of a  Change  of  Control
Termination,  but results from either (1) a termination  by the Company  without
Cause (excluding a termination due to death or Disability), or (2) a termination
by you which is a Breach  Termination (as defined below), you shall also receive
the  following  payments;  provided,  however,  that any payment made under this
Section  9(c) shall be reduced by any amount paid or payable to you with respect
to the same type of payment  under any other plan  maintained  by the Company to
avoid duplication of payments:

                  (i)   The Company shall pay you an amount equal to two times
            your Base  Salary  at the rate in effect on the date of  termination
            plus  $10,000.  Payment of such amount will  commence in the form of
            normal payroll  installments through the period ending as of the end
            of the second month  following the later of (A) the calendar year in
            which your termination of employment  occurs or (B) the taxable year
            of the Company in which your termination of employment  occurs.  The
            balance of such payments  shall be made in a single lump sum payable
            within the fifteen day period  immediately  following the end of the
            month in which installment payments are to cease.

                  (ii)  The Company shall pay you an amount equal to twice your
            Targeted Bonus Amount (as defined  below).  This bonus shall be paid
            when bonuses are paid to other senior  executives of the Company for
            the year in which

                                      -7-

<PAGE>

            your  termination  of  employment  occurs but,  notwithstanding  the
            foregoing,  it shall be paid no later than the 15th day of the third
            month  following  the earlier of (A) the calendar year in which your
            termination  of  employment  occurs or (B) the  taxable  year of the
            Company in which your termination of employment occurs.

                  (iii) The Company  shall, until the earlier of 18 months after
            the date of  termination  and such time that the  Executive  obtains
            alternative  coverage,  pay  or  reimburse  the  Executive  for  the
            Company's  and the  Executive's  portion of the cost to provide  the
            Executive and the Executive's eligible beneficiaries (if applicable)
            health and medical  coverage under the Company's  health and medical
            plans provided that the Executive  timely elects COBRA coverage upon
            termination of employment. In addition, for two years after the date
            of  termination,  the Company shall provide the Executive  with life
            insurance  coverage  under  the  Company's  life  insurance  policy.
            Notwithstanding the foregoing,  to the extent the Company's plans do
            not permit the continued  participation  by the Executive and/or the
            Executive's eligible  beneficiaries or such participation would have
            an adverse tax impact on such plans or on the other  participants in
            such plans or the continued participation is otherwise prohibited by
            applicable law, or if such continuance would constitute nonqualified
            deferred  compensation  that does not comply with Section 409A,  the
            Company may instead provide  materially  equivalent  benefits to the
            Executive and/or the Executive's eligible beneficiaries outside such
            plans.  For  purposes  of  this  Agreement,  "materially  equivalent
            benefits"  means the aggregate  premiums that the Company would have
            paid to maintain the Executive's coverage under the health,  medical
            and life  insurance  plans.  The  Executive  agrees to complete such
            forms  and take  such  physical  examinations  as may be  reasonably
            requested by the Company in connection with life insurance coverage.

            As used in this Section  9(c),  your  "Targeted  Bonus Amount" shall
mean (x) the higher of 55% and the  percentage of your targeted  bonus in effect
before the date of termination for purposes of determining your Annual Bonus for
the year in which  your  termination  occurs,  times (y) the amount of your Base
Salary as in effect for the year in which your termination occurs. Also, as used
in this  Section  9(c),  a  "Breach  Termination"  means a  termination  of your
employment by you by written  Termination  Notice given to the Company within 90
days after the occurrence of any action or inaction that  constitutes a material
breach by the  Company  of the  Agreement.  A  Termination  Notice  for a Breach
Termination  shall indicate the specific action or inaction that constitutes the
material   breach,   shall  set  forth  in  reasonable   detail  the  facts  and
circumstances  claimed to provide a basis for the Breach Termination,  and shall
provide  the  Company a  minimum  of 30 days in which to  remedy  such  facts or
circumstances. Your failure to set forth in such Termination Notice any facts or
circumstances  which contribute to the showing of Breach  Termination  shall not
constitute  your waiver of any right  hereunder or preclude  you from  asserting
such fact or  circumstance in enforcing your rights  hereunder.  The Termination
Notice for a Breach Termination shall provide for a date of termination not less
than 30 nor more than 60 days after the date such Termination Notice is given.

            Notwithstanding the foregoing, should a termination of employment by
the Company without Cause or a Breach  Termination occur within six months prior
to, or within two

                                      -8-
<PAGE>

years after, a Change of Control,  your termination shall be considered a Change
of Control Termination and you shall vest in the payments and benefits set forth
in Exhibit A. Any such  payments or benefits  shall be offset by any payments or
benefits  that you may have been already paid or received due to the  occurrence
of the  termination of employment  prior to the Change of Control,  and shall be
paid in accordance with Exhibit A.

            (d)   The  payment  by  the  Company  of  any  compensation  or  the
provision of benefits,  if any,  pursuant to Section 9(c) and Exhibit A shall be
conditioned on your execution, without revocation, of a Release (a "Release") in
a form  provided  by and  acceptable  to the  Company.  Such  Release  shall  be
substantially in the form of Exhibit B hereto but may be modified by the Company
in its sole  discretion  as it deems  appropriate  to reflect  changes in law or
circumstances arising after the date of this Agreement;  provided, however, that
no such  modification  shall reduce your rights or increase your  obligations to
the Company over those  contemplated in this  Agreement,  including the Exhibits
hereto.  No Release shall be required for any benefits to which you are entitled
under the terms of any plan.

            10.   Indemnification. At all times, prior to, on or after a  Change
of Control,  the  Company  shall  indemnify  you for your acts as an officer and
director to the fullest  extent  permitted by law.  Further,  the Company  shall
provide you with advance attorneys fees and expenses to you as they are incurred
subject to presentation of invoices.

            11.   Representations. You hereby represent and warrant that you are
not subject to any  employment  agreement,  non-competition  or  confidentiality
agreement or other  commitment  that either  would be violated by your  entering
into or performing your obligations  under this Agreement or that would restrict
in any manner or interfere with the performance of your  obligations  under this
Agreement.  You hereby further  represent and warrant that you have not revealed
to the Company or any employee of the Company any  confidential  information  of
any former employer, and you agree that you will not do so in the future.

            12.   Entire Agreement; Modification;  Construction. This Agreement,
together  with the  Exhibits  hereto,  all employee  benefit  plans in which you
participate, and any outstanding awards, including,  without limitation,  equity
awards,  constitute  the full and complete  understanding  of the  parties,  and
supersede all prior agreements and understandings,  oral or written, between the
parties, including, but not limited to the offer letter dated June 15, 2005, the
Employment  Agreement dated June 21, 2005, and Amendment No. 1 to the Employment
Agreement  dated  February 1, 2006,  with respect to the subject  matter hereof.
Exhibit A and Exhibit B are hereby  incorporated by reference and made a part of
this   Agreement.   Each   party  to  this   Agreement   acknowledges   that  no
representations,  inducements,  promises or agreements,  oral or otherwise, have
been made by either party, or anyone acting on behalf of either party,  that are
not set forth or  referred  to herein.  This  Agreement  may not be  modified or
amended except by an instrument in writing signed by the parties.

            13.   Severability. Any term or provision of  this Agreement that is
held to be  invalid  or  unenforceable  in any  jurisdiction  shall,  as to that
jurisdiction,  be ineffective to the extent that invalidity or  unenforceability
without rendering invalid or unenforceable the remaining terms and provisions of
this Agreement or affecting the validity or  enforceability  of any of the terms
or provisions of this Agreement in any other jurisdiction.

                                      -9-

<PAGE>

            14.   Waiver of Breach.  The  waiver by either  party of a breach of
any  provision  of  this  Agreement,  which  waiver  must  be in  writing  to be
effective,  shall not operate as or be construed  as a waiver of any  subsequent
breach.

            15.   Notices.  All notices  hereunder shall be in writing and shall
be sent by messenger or by certified or registered mail, postage prepaid, return
receipt  requested,  if to you, to your residence set forth above, and if to the
Company,  to the Vice  President-Human  Resources,  at the Company's address set
forth above,  or to such other address as either party to this  Agreement  shall
specify to the other.

            16.   Assignability;  Binding  Effect.  This Agreement  shall not be
assignable by either party,  except that it may be assigned by the Company to an
acquirer  of all or  substantially  all of the  assets of the  Company  or other
successor  to the  Company,  subject  to your  rights  arising  from a Change of
Control as provided in Exhibit A and your other rights hereunder. This Agreement
shall  be  binding   upon  and  inure  to  the   benefit  of  you,   your  legal
representatives,  heirs and distributees, and shall be binding upon and inure to
the benefit and detriment of the Company, its successors and assigns. Prior to a
Change of Control, any successor to the Company shall be required to acknowledge
in writing its  obligations  hereunder as successor to the Company to the extent
that the  Company  has not  fulfilled  its  obligations  prior to the  Change of
Control  or any  amounts  or  benefits  are still due to you after the Change of
Control.

            17.   No Mitigation Required.  No Offset.  Following any termination
of your  employment  hereunder,  you  shall  have no  obligation  to seek  other
employment but shall not be prohibited from doing so, and no  compensation  paid
to you as the result of any other employment shall reduce any payment or benefit
required to be provided by the Company hereunder. Not in limitation of any other
rights which the Company may have,  including without limitation,  injunctive or
other  equitable  relief,  in  the  event  of a  violation  by you of any of the
covenants  set forth in Section 5,  Section 6 or Section 19 hereof,  the Company
may cease paying any compensation  and benefits,  if any, to you under Section 9
hereof and may seek recovery of any such amount paid to you during any period in
which you were in violation of the provisions of Section 5, Section 6 or Section
19. The cessation  and/or  recovery of any of the payments  described in Section
9(c) in connection  with any such  violation  shall not be deemed to be evidence
that monetary  damages are  sufficient to cure any damage to the Company for any
such violation.

            18.   Governing  Law.  All  questions  pertaining  to the  validity,
construction, execution and performance of this Agreement shall be construed and
governed  in  accordance  with the  laws of the  Commonwealth  of  Pennsylvania,
without giving effect to the conflicts or choice of law provisions thereof.

            19.   Nondisparagement.  You  agree  not to  publicly  or  privately
disparage the Company,  its personnel,  products or services  either during your
employment by the Company or during the Restricted Period.

            20.   Survival.  All of the  provisions  of this  Agreement  that by
their  terms are to be  performed  or that  otherwise  are to  endure  after the
termination of this Agreement and/or the

                                      -10-

<PAGE>

termination of your employment, including, without limitation, Sections 5, 6, 7,
10, 17 and 19,  shall  survive  the  termination  of your  employment  and shall
continue in effect for the respective periods therein provided or contemplated.

            21.   Headings.  The headings in this Agreement are intended  solely
for convenience of reference and shall be given no effect in the construction or
interpretation of this Agreement.

            22.   Counterparts.  This  Agreement  may  be  executed  in  several
counterparts,  each of which shall be deemed to be an original  but all of which
together shall constitute one and the same instrument.

            23.   Dispute  Resolution.  In the event of any claim or controversy
arising out of or relating to this Agreement or the  performance,  construction,
interpretation,  enforcement  or breach hereof  (excluding  injunctive and other
equitable relief regarding a dispute over the covenants contained in Sections 5,
6, and 19 hereof) (a "dispute"), the parties shall settle disputes in accordance
with this Section 23.

            (a)   Notice and Selection of  Arbitrators.  The parties shall first
attempt to settle any disputes amicably between themselves.  Should they fail to
do so,  either  party may,  upon written  demand from the claiming  party of the
specific nature of any purported  claims and the amount of damages  attributable
to each such  claim,  served  upon the  other,  submit  such  dispute to binding
arbitration.  The arbitration  panel shall consist of three  arbitrators,  shall
take place in  Philadelphia,  Pennsylvania  and shall proceed in accordance with
the employment dispute resolution rules of the American Arbitration  Association
("AAA").

            Within 15 days after the  commencement of  arbitrations,  each party
shall select one arbitrator  from a list of  arbitrators  provided by the AAA. A
third neutral arbitrator shall be designated by the arbitrators  selected by the
parties within 15 days of their appointment. In the event that any arbitrator is
not appointed within the prescribed time period,  then either party may apply to
the AAA for the  appointment of such  arbitrator.  Prior to the  commencement of
hearings, each of the arbitrators appointed shall provide an oath or undertaking
of impartiality.

            (b)   Hearings.   After  the  arbitrators  have  been  appointed  as
provided  above,  the  arbitrators  shall  hold  such  meetings  as a party  may
reasonably  request and at such  meetings  hear and consider any evidence that a
party  desires to  present.  Within 60 days after the  appointment  of the third
arbitrator, the arbitrators shall make their determination.

            (c)   Determinations.   The  determination  of  a  majority  of  the
arbitrators shall be final and binding on the parties, regardless of whether one
of  the  parties  fails  or  refuses  to  participate  in the  arbitration.  The
arbitrators  shall  have the power and  authority  to grant any remedy or relief
they deem just and equitable,  including injunctive relief, specific performance
(excluding,  however,  equitable  relief  regarding a dispute over the covenants
contained in Sections 5, 6 and 19 hereof),  and reasonable costs and expenses of
such  arbitration  and  attorneys'  fees.  Absent any  specific  order of -- the
arbitrators,  the costs and expenses of the arbitration shall be paid equally by
the  parties.  The  arbitration  award,  decree or order shall be in writing and
shall be  accompanied  by a  reasoned  opinion.  The award may be entered in any
court

                                      -11-

<PAGE>

of competent jurisdiction, and any judgment, decree or order entered in any such
court and any related  orders may be enforced as any other  judgment,  decree or
order of such court. The arbitration proceedings and all materials,  submissions
and  documents  relating  thereto  shall be  confidential,  and except as may be
required by law neither a party nor an  arbitrator  may disclose the  existence,
contents  or results of any  arbitration  hereunder  without  the consent of all
parties  hereto.  All disputes shall be resolved in accordance  with the laws of
the Commonwealth of Pennsylvania.

            (d)   Qualifications  of  Arbitrators.  Any arbitrator  chosen by or
through the AAA shall be chosen from a class of disinterested  experts qualified
by education, training and/or experience to resolve the particular issue(s) in a
dispute in an informed and efficient manner.

            (e)   Preservation  of  Remedies.   Notwithstanding   the  preceding
binding  arbitration  provisions,   the  parties  agree  to  preserve,   without
diminution, certain remedies that any party may exercise before, during or after
an  arbitration  proceeding  is  brought.  The  parties  shall have the right to
proceed in any court of proper  jurisdiction  or by  self-help  to  exercise  or
prosecute  the following  remedies,  as  applicable:  obtaining  provisional  or
ancillary remedies,  including injunctive and other equitable relief with regard
to disputes over the covenants contained in Sections 5, 6 and 19 hereof.

                                      -12-

<PAGE>

            If you  are  in  agreement  with  the  foregoing,  please  sign  the
duplicate original in the space provided below and return it to the Company.

                                      C&D TECHNOLOGIES, INC.

                                      By: /s/ William Harral, III
                                         ------------------------
                                             William Harral, III
                                      Title: Chairman of the Board of Directors

Agreed as of the date
above written:
/s/ Jeffrey A. Graves
--------------------------------------
Jeffrey A. Graves
President & Chief Executive Officer

                                      -13-

<PAGE>

                                    EXHIBIT A
                    TO EMPLOYMENT AGREEMENT (THE "AGREEMENT")
                       OF JEFFREY A. GRAVES ("EXECUTIVE")

(Capitalized terms used herein and not otherwise defined have the meanings given
to them in the Agreement.)

      I.    Change of Control  Termination.  A "Change  of Control  Termination"
            means the  occurrence  of any of the  following  within  six  months
            before or within 24 months  after a Change of  Control  (as  defined
            below):   (a)  the  Executive's   employment  with  the  Company  is
            terminated by the Executive pursuant to (1) a Breach Termination, if
            the  termination  occurs  within  six  months  prior to a Change  of
            Control, or (2) a Termination for Good Reason (as defined below), if
            the  termination  occurs  after  a  Change  of  Control;  or (b) the
            Executive's employment with the Company is terminated by the Company
            for any reason other than death, Disability or for Cause.

      II.   Certain Other Definitions.

                  (a)  Change of  Control.  For  purposes  of the  Agreement,  a
            "Change of Control" shall mean the first to occur of:

                       1.     The acquisition by any individual, entity or group
                       (within  the  meaning of Section  13(d)(3) or 14(d)(2) of
                       the  Securities  Exchange  Act of 1934,  as amended  (the
                       "Exchange  Act")) (a  "Person") of  beneficial  ownership
                       (within the meaning of Rule 13d-3  promulgated  under the
                       Exchange   Act)  of  30%  or  more  of  either   (A)  the
                       then-outstanding  shares of common  stock of the  Company
                       (the  "Outstanding  Company  Common  Stock")  or (B)  the
                       combined  voting  power  of the  then-outstanding  voting
                       securities of the Company  entitled to vote  generally in
                       the  election  of  directors  (the  "Outstanding  Company
                       Voting  Securities");   provided,   however,   that,  for
                       purposes   of  this   Section   II(a)1,   the   following
                       acquisitions  shall not  constitute  a Change of Control:
                       (i) any acquisition  directly from the Company,  (ii) any
                       acquisition by the Company,  (iii) any acquisition by any
                       employee  benefit  plan (or related  trust)  sponsored or
                       maintained   by  the   Company   or  any   majority-owned
                       subsidiary of the Company, or (iv) any acquisition by any
                       corporation  pursuant to a transaction that complies with
                       Subsections  (A),  (B) and (C) of Section  II(a)3  below.
                       Separation payments that constitute nonqualified deferred
                       compensation  set  forth in this  Exhibit A shall be paid
                       upon a Change in Control  Termination  that constitutes a
                       Separation from Service.  For purposes of this Exhibit A,
                       the default definition of "Separation from Service" under
                       the Final  Regulations  promulgated  under  Section  409A
                       shall be employed.

                       2.     Individuals who, as of the date hereof, constitute
                       the Board of Directors (the "Incumbent Board") cease, for
                       any  reason,  to  constitute  at least a majority  of the
                       Board  of   Directors;   provided,   however,   that  any
                       individual  becoming a director subsequent to the date of
                       the Agreement whose election,  or nomination for election
                       by the Company's stockholders,  was approved by a vote of
                       at least

                                      A-1

<PAGE>

                       two-thirds of the directors then comprising the Incumbent
                       Board shall be considered as though such  individual were
                       a member of the Incumbent Board, but excluding,  for this
                       purpose,  any such individual whose initial assumption of
                       office  occurs as a result  of an  actual  or  threatened
                       election  contest with respect to the election or removal
                       of directors or other actual or  threatened  solicitation
                       of proxies or consents by or on behalf of a Person  other
                       than the Board of Directors.

                       3.     Consummation   of   a   reorganization,    merger,
                       statutory    share    exchange,    recapitalization    or
                       consolidation or similar corporate  transaction involving
                       the Company or any of its  subsidiaries,  a sale or other
                       disposition of all or substantially  all of the assets of
                       the  Company,  or the  acquisition  of assets or stock of
                       another entity by the Company or any of its  subsidiaries
                       (each,  a "Business  Combination"),  in each case unless,
                       following   such   Business   Combination,   (A)  all  or
                       substantially  all of the  individuals  and entities that
                       were the  beneficial  owners of the  Outstanding  Company
                       Common   Stock  and  the   Outstanding   Company   Voting
                       Securities immediately prior to such Business Combination
                       beneficially own,  directly or indirectly,  more than 50%
                       of the  then-outstanding  shares of common  stock and the
                       combined  voting  power  of the  then-outstanding  voting
                       securities  entitled to vote generally in the election of
                       directors,  as  the  case  may  be,  of  the  corporation
                       resulting  from  such  Business  Combination  (including,
                       without  limitation,  a corporation  that, as a result of
                       such   transaction,   owns   the   Company   or   all  or
                       substantially all of the Company's assets either directly
                       or through one or more subsidiaries) in substantially the
                       same proportions as their ownership  immediately prior to
                       such  Business  Combination  of the  Outstanding  Company
                       Common   Stock  and  the   Outstanding   Company   Voting
                       Securities,  as the case may be, (B) no Person (excluding
                       any corporation  resulting from such Business Combination
                       or any employee  benefit  plan (or related  trust) of the
                       Company or such corporation  resulting from such Business
                       Combination)  beneficially owns,  directly or indirectly,
                       30% or more of, respectively, the then-outstanding shares
                       of common stock of the  corporation  resulting  from such
                       Business  Combination or the combined voting power of the
                       then-outstanding  voting  securities of such corporation,
                       except to the extent that such ownership existed prior to
                       the Business Combination,  and (C) at least a majority of
                       the members of the board of directors of the  corporation
                       resulting from such Business  Combination were members of
                       the  Incumbent  Board at the time of the execution of the
                       initial  agreement  or of  the  action  of the  Board  of
                       Directors providing for such Business Combination; or

                       4.     Approval by the  stockholders  of the Company of a
                       complete liquidation or dissolution of the Company.

                  (b)  Termination for Good Reason. For purposes of this Exhibit
            A, a  "Termination  for  Good  Reason"  means a  termination  of the
            Executive's  employment  by the  Executive  by  written  Termination
            Notice given to the Company  within 90 days after the  occurrence of
            the Good Reason event.  A Termination  Notice for a Termination  for
            Good Reason shall  indicate the specific  provision in Section II(c)
            relied  upon,  shall set forth in  reasonable  detail  the facts and
            circumstances  claimed to provide a basis for  Termination  for Good
            Reason,  and shall provide the Company a minimum of 30 days in which
            to

                                      A-2

<PAGE>

            remedy such facts or circumstances.  The failure by the Executive to
            set forth in such  Termination  Notice  any  facts or  circumstances
            which  contribute  to the showing of Good Reason shall not waive any
            right  of  Executive   hereunder  or  preclude  the  Executive  from
            asserting  such  fact  or   circumstance  in  enforcing  his  rights
            hereunder.  The Termination Notice for a Termination for Good Reason
            shall  provide for a date of  termination  not less than 30 nor more
            than 60 days after the date such Termination Notice is given.

                  (c) Good Reason. For purposes of this Exhibit A, "Good Reason"
            shall mean the occurrence,  without the Executive's  express written
            consent,  of  any  of  the  following  circumstances,   unless  such
            circumstances  are fully  corrected prior to the date of termination
            specified  in the  Termination  Notice  for a  Termination  for Good
            Reason as  contemplated  in  Section  II(b)  above:  (i) a  material
            diminution    in   the    Executive's    authority,    duties,    or
            responsibilities;  (ii) a  material  diminution  in  the  authority,
            duties, or  responsibilities of the supervisor to whom the Executive
            is required to report,  including, if applicable. a requirement that
            the Executive  report to a corporate  officer or employee instead of
            reporting  directly  to the  board of  directors;  (iii) a  material
            diminution in the budget over which the Executive retains authority;
            (iv) a material  relocation  of the  Company's  principal  executive
            offices (or such other office to which the  Executive is required to
            report); (v) a material diminution in the Executive's Base Salary or
            (vi) any other action or inaction that constitutes a material breach
            by the Company of the Agreement.

      III.  Payments and Benefits.

            Separation pay upon a Change of Control Termination shall be paid in
            accordance  with this  Section III  provided  that such  termination
            constitutes  a  "separation  from  service" as defined under Section
            409A ("Separation from Service"). If a Change in Control Termination
            does not constitute a Separation from Service,  separation pay shall
            be paid at such later time that a Separation from Service occurs.

            Upon a Separation  from Service  occurring upon or after a Change of
            Control  Termination,  the  Executive  shall be entitled to receive,
            subject to the  execution of the Release,  the payments and benefits
            set  forth  below  in  this  Section  III  in  consideration  of the
            Executive's  agreements  under  the  Agreement,  including  but  not
            limited to the Executive's agreement not to compete with the Company
            for a period of two  years  after a Change  of  Control  Termination
            pursuant to Section 5(a) of the Agreement;  provided,  however, that
            any payment made or benefit provided under this Section III shall be
            reduced by any amount  paid or payable to the  Executive  and/or the
            Executive's  family  with  respect  to the same type of  payment  or
            benefit  under any other  plan  maintained  by the  Company to avoid
            duplication of payments or benefits,  including without  limitation,
            any amounts that were paid upon  termination of employment  prior to
            the Change of Control:

                  (a) The Company shall pay to the Executive within fifteen days
            following the Change of Control Termination, a lump sum amount equal
            to (i)  three  times  the sum of (x) the Base  Salary  as in  effect
            immediately  before  the  date  of  termination   (disregarding  any
            reduction thereof in violation of Section 2(a) of the Agreement) and
            (y) the Annual

                                      A-3

<PAGE>

            Bonus  Amount,  plus (ii)  $10,000.  The "Annual Bonus Amount" shall
            mean the  greater of (i) the average of the Annual  Bonuses  paid to
            the  Executive  with  respect  to each of the  three  most  recently
            completed fiscal years of the Company before the date of termination
            for  which a bonus has been  paid or (ii) the  Executive's  Targeted
            Bonus Amount. The Executive's "Targeted Bonus Amount" shall mean (x)
            the higher of 55% and the  percentage  of the  Executive's  targeted
            bonus in effect  before  the date of  termination  for  purposes  of
            determining the  Executive's  Annual Bonus for the year in which the
            termination  occurs,  times (y) the amount of the  Executive's  Base
            Salary  as  in  effect  for  the  year  in  which  the   Executive's
            termination occurs  (disregarding any reduction thereof in violation
            of Section 2(a) of the Agreement).

                  (b) The Company  shall,  until the earlier of 18 months  after
            the date of the Change of Control Termination and such time that the
            Executive  obtains  alternative  coverage,   pay  or  reimburse  the
            Executive for the Company's and the Executive's  portion of the cost
            to provide the Executive and the Executive's eligible  beneficiaries
            (if  applicable)  health and medical  coverage  under the  Company's
            health and medical plans  provided that the Executive  timely elects
            COBRA coverage upon termination of employment.  In addition, for two
            years  after the date of the Change of Control,  the  Company  shall
            provide  the  Executive  with  life  insurance  coverage  under  the
            Company's life insurance policy.  Notwithstanding the foregoing,  to
            the  extent  the  Company's   plans  do  not  permit  the  continued
            participation  by the  Executive  and/or  the  Executive's  eligible
            beneficiaries or such participation would have an adverse tax impact
            on such  plans or on the  other  participants  in such  plans or the
            continued  participation is otherwise  prohibited by applicable law,
            or  if  such  continuance  would  constitute  nonqualified  deferred
            compensation that does not comply with Section 409A, the Company may
            instead  provide  materially  equivalent  benefits to the  Executive
            and/or the Executive's  eligible  beneficiaries  outside such plans.
            For purposes of this  Agreement,  "materially  equivalent  benefits"
            means the  aggregate  premiums  that the Company  would have paid to
            maintain the Executive's coverage under the health, medical and life
            insurance  plans.  The  Executive  agrees to complete such forms and
            take such physical  examinations  as may be reasonably  requested by
            the Company in connection with life insurance coverage.

                  (c) All outstanding  Options and restricted  stock awards that
            have been  granted to the  Executive  by the Company at any time but
            have not yet expired or vested and upon which vesting depends solely
            upon  the  Executive's  remaining  employed  by  the  Company  for a
            specified  period  of  time,   shall   immediately  vest  or  become
            nonforfeitable,  as the case may be, and the Company  shall,  in the
            case of Options  that are not  exercised  or cashed out,  extend the
            period  during  which such  Options may be exercised to the greatest
            extent  permitted  by the  applicable  plan,  Section  409A or other
            applicable  law. The Company  agrees to take all steps  necessary to
            implement the foregoing sentence.

                  (d) The Company,  at its expense,  shall provide the Executive
            with  outplacement  services  at a level  appropriate  for the  most
            senior level of executive  employees through an outplacement firm of
            the Executive's choice for a period of up to one year after the date
            of the Change of Control Termination.

                                      A-4

<PAGE>

      IV.   Certain Additional Payments.

                  (a)  Anything  in the  Agreement  and  this  Exhibit  A to the
            contrary  notwithstanding,  in the event it shall be determined that
            any  Payment  or any other  amounts  or  benefits  delivered  to the
            Executive under the Agreement or any other agreement,  plan,  policy
            or program, including,  without limitation,  equity awards, would be
            subject to the Excise Tax, then the  Executive  shall be entitled to
            receive an additional payment (the "Gross-Up  Payment") in an amount
            such  that,  after  payment by the  Executive  of all taxes (and any
            interest  or   penalties   imposed  with  respect  to  such  taxes),
            including,  without  limitation,  any income taxes (and any interest
            and penalties  imposed with respect  thereto) and Excise Tax imposed
            upon the  Gross-Up  Payment and after the payment of all  additional
            taxes and interest  imposed under Code Section  409A(a)(1)(B) on the
            Gross-Up  Payment and any  separation  payment made to the Executive
            hereunder,  the Executive  retains an amount of the Gross-Up Payment
            equal to the Excise Tax imposed upon the  Payments.  Notwithstanding
            the  foregoing  provisions  of this  Section  IV(a),  if it shall be
            determined  that the Executive is entitled to the Gross-Up  Payment,
            but that the Parachute Value of all Payments does not exceed 110% of
            the Safe Harbor  Amount,  then no Gross-Up  Payment shall be made to
            the Executive and the amounts  payable under this Agreement shall be
            reduced  so  that  the  Parachute  Value  of  all  Payments,  in the
            aggregate,  equals the Safe  Harbor  Amount.  The  reduction  of the
            amounts  payable  hereunder,  if applicable,  shall be made by first
            reducing the  payments  under  Section  III(a) of this Exhibit A and
            shall  be made in such a  manner  as to  maximize  the  Value of all
            Payments  actually made to the  Executive.  For purposes of reducing
            the Payments to the Safe Harbor Amount,  only amounts  payable under
            this  Agreement  (and no other  Payments)  shall be reduced.  If the
            reduction  of the amounts  payable  under this  Agreement  would not
            result in a reduction of the Parachute  Value of all Payments to the
            Safe Harbor Amount,  no amount payable under the Agreement  shall be
            reduced  pursuant to this Section IV(a).  The company's  obligations
            under this Section IV shall not be conditioned  upon the Executive's
            termination of employment and they shall survive the  termination of
            the  Executive's  employment.  In furtherance of the foregoing,  the
            provisions of this IV(a) shall supersede any provision of any equity
            award or  agreement  that limits  payment of such award or agreement
            due to Section 280G or 4999 of the Code,  and the Company shall take
            any necessary  action to amend such every such award or agreement to
            comply with this provision.

                  (b)  Anything  in the  Agreement  and  this  Exhibit  A to the
            contrary  notwithstanding,  in the event it shall be determined that
            any  amounts  or  benefits  delivered  to the  Executive  under  the
            Agreement or any other agreement,  plan,  policy or program shall be
            deemed to be nonqualified deferred compensation that does not comply
            with  Section  409A  ("Noncompliant  409A  Payment"),  and  that  is
            therefore subject to the taxes and penalties under Section 409A (the
            "409A  Taxes"),  then the Executive  shall be entitled to receive an
            additional  payment (the "409A Gross-Up  Payment") in an amount such
            that,  after payment by the Executive of all taxes (and any interest
            or penalties imposed with respect to such taxes), including, without
            limitation, any income taxes (and any interest and penalties imposed
            with  respect  thereto)  and taxes  imposed  upon the 409A  Gross-Up
            Payment,  the Executive  shall retain an amount of the 409A Gross-Up
            Payment equal to the 409A Taxes imposed upon the Payments.

                                       A-5

<PAGE>

                  (c)  Subject  to  the   provisions  of  Section   IV(d),   all
            determinations  required to be made under this Section IV, including
            whether  and when a  Gross-Up  Payment or 409A  Gross-Up  Payment is
            required,  the  amount of such  Gross-Up  Payment  or 409A  Gross-Up
            Payment,  and the  assumptions  to be  utilized  in arriving at such
            determination,  shall be made by any nationally recognized certified
            public  accounting  firm as may be designated by the Executive  (the
            "Accounting  Firm").  The  Accounting  Firm shall  provide  detailed
            supporting calculations both to the Company and the Executive within
            15 business  days of the receipt of notice from the  Executive  that
            there has been a Payment or a payment that the Executive  reasonably
            believes to be a Noncompliant 409A Payment,  or such earlier time as
            is requested by the Company.  In the event that the Accounting  Firm
            is serving as  accountant or auditor for the  individual,  entity or
            group  effecting  the Change of Control,  the  Executive may appoint
            another   nationally   recognized   accounting   firm  to  make  the
            determinations  required hereunder (which accounting firm shall then
            be  referred  to as the  Accounting  Firm  hereunder).  All fees and
            expenses  of the  Accounting  Firm  shall  be  borne  solely  by the
            Company.   Any  Gross-Up  Payment,  or  409A  Gross-Up  Payment,  as
            determined pursuant to this Section IV, shall be paid by the Company
            to the  Executive  within five  business  days of the receipt of the
            Accounting Firm's  determination,  which determination shall be made
            no later than the end of the second month following the later of (1)
            the  calendar  year in which  the  Executive's  employment  with the
            Company  terminates and (2) the taxable year of the Company in which
            the Executive's  employment with the Company terminates.  Payment of
            the Gross-Up  Payment or the 409A Gross-Up  Payment shall be made as
            soon as practicable  after such  determination has been made, but in
            no event shall payment be made later than the end of the Executive's
            taxable year next  following the  Executive's  taxable year in which
            the Executive shall have remitted the related taxes.

                  Any determination by the Accounting Firm shall be binding upon
            the Company and the Executive. As a result of the uncertainty in the
            application of Sections 4999 and 409A of the Code at the time of the
            initial  determination  by  the  Accounting  Firm  hereunder,  it is
            possible that Gross-Up Payments and 409A Gross-Up Payments that will
            not have  been  made by the  Company  should  have  been  made  (the
            "Underpayment"),  consistent  with the  calculations  required to be
            made  hereunder.  In the event the  Company  exhausts  its  remedies
            pursuant to Section IV(c) and the  Executive  thereafter is required
            to make a payment of any Excise Tax or 409A  Taxes,  the  Accounting
            Firm  shall  determine  the  amount  of the  Underpayment  that  has
            occurred  and any such  Underpayment  shall be promptly  paid by the
            Company to or for the benefit of the Executive.

                  (d) The  Executive  shall notify the Company in writing of any
            claim by the Internal  Revenue  Service that, if  successful,  would
            require the payment by the  Company of the  Gross-Up  Payment or the
            409A Gross-Up Payment.  Such notification  shall be given as soon as
            practicable, but no later than ten business days after the Executive
            is informed in writing of such claim.  The  Executive  shall apprise
            the  Company  of the nature of such claim and the date on which such
            claim is  requested  to be paid.  The  Executive  shall not pay such
            claim prior to the  expiration  of the 30-day  period  following the
            date on which the  Executive  gives such  notice to the  Company (or
            such  shorter  period  ending on the date that any  payment of taxes
            with  respect to such claim is due).  If the  Company

                                      A-6

<PAGE>

            notifies the  Executive in writing  prior to the  expiration of such
            period that the Company desires to contest such claim, the Executive
            shall:

                        (1)   give  the   Company  any   information  reasonably
                        requested  by the  Company  relating to such claim,

                        (2)   take such action  in  connection  with  contesting
                        such claim as the Company  shall  reasonably  request in
                        writing   from   time  to   time,   including,   without
                        limitation,  accepting legal representation with respect
                        to such claim by an attorney  reasonably selected by the
                        Company,

                        (3)   cooperate with the  Company in good faith in order
                        to effectively contest such claim, and

                        (4)   permit   the   Company   to   participate   in any
                        proceedings relating to such claim;

                  provided,  however,  that  the  Company  shall  bear  and  pay
            directly all costs and expenses  (including  additional interest and
            penalties)  incurred  in  connection  with such  contest,  and shall
            indemnify and hold the Executive  harmless,  on an after-tax  basis,
            for any Excise Tax or income tax (including  interest and penalties)
            imposed as a result of such  representation and payment of costs and
            expenses.  Without  limitation on the  foregoing  provisions of this
            Section IV(c),  the Company shall control all  proceedings  taken in
            connection  with such  contest,  and,  at its sole  discretion,  may
            pursue or forgo  any and all  administrative  appeals,  proceedings,
            hearings and  conferences  with the applicable  taxing  authority in
            respect of such claim and may, at its sole discretion, either direct
            the Executive to pay the tax claimed and sue for a refund or contest
            the claim in any  permissible  manner,  and the Executive  agrees to
            prosecute such contest to a determination  before any administrative
            tribunal,  in a court  of  initial  jurisdiction  and in one or more
            appellate courts, as the Company shall determine; provided, however,
            that if the Company  directs the Executive to pay such claim and sue
            for a refund,  the Company  shall advance the amount of such payment
            to the Executive, on an interest-free basis, and shall indemnify and
            hold the Executive harmless,  on an after-tax basis, from any Excise
            Tax or income tax  (including  interest or  penalties) or 409A Taxes
            imposed  with respect to such advance or with respect to any imputed
            income in connection with such advance; and provided,  further, that
            any extension of the statute of  limitations  relating to payment of
            taxes for the taxable  year of the  Executive  with respect to which
            such contested amount is claimed to be due is limited solely to such
            contested amount. Furthermore,  the Company's control of the contest
            shall be  limited  to issues  with  respect  to which  the  Gross-Up
            Payment or 409A Gross-Up Payment would be payable hereunder, and the
            Executive  shall be entitled  to settle or contest,  as the case may
            be, any other issue  raised by the Internal  Revenue  Service or any
            other taxing authority.

                  (e) If,  after the  receipt  by the  Executive  of a  Gross-Up
            Payment  or 409A  Gross-Up  Payment  or an  amount  advanced  by the
            Company pursuant to Section IV(d), the Executive becomes entitled to
            receive  any  refund  with  respect  to the Excise Tax to which such
            Gross-Up  Payment  relates  or  with  respect  to  such  claim,  the
            Executive shall

                                      A-7

<PAGE>

            (subject to the Company's complying with the requirements of Section
            IV(c), if applicable) promptly pay to the Company the amount of such
            refund  (together  with any interest paid or credited  thereon after
            taxes applicable thereto). If, after the receipt by the Executive of
            an amount  advanced by the  Company  pursuant  to Section  IV(c),  a
            determination  is made that the  Executive  shall not be entitled to
            any  refund  with  respect to such  claim and the  Company  does not
            notify the Executive in writing of its intent to contest such denial
            of  refund   prior  to  the   expiration   of  30  days  after  such
            determination,  then such advance shall be forgiven and shall not be
            required to be repaid and the amount of such advance  shall  offset,
            to the extent thereof, the amount of Gross-Up Payment required to be
            paid.

                  (f)  Notwithstanding  any other  provision of this Section IV,
            the Company  may, in its sole  discretion,  withhold and pay over to
            the  Internal  Revenue  Service  or  any  other  applicable   taxing
            authority,  for the benefit of the Executive,  all or any portion of
            any Gross-Up  Payment or 409A  Gross-Up  Payment,  and the Executive
            hereby consents to such withholding.

                  (g)  Definitions. The following terms shall have the following
            meanings for purposes of this Section IV.

                       (i) "Code" shall mean the Internal  Revenue Code of 1986,
            as amended,  or any successor thereto.

                       (ii)  "Excise  Tax" shall mean the excise tax  imposed by
            Section  4999 of the Code,  together  with any interest or penalties
            imposed with respect to such excise tax.

                       (iii)  "Parachute  Value"  of a  Payment  shall  mean the
            present  value as of the date of the change of control for  purposes
            of  Section  280G of the Code of the  portion of such  Payment  that
            constitutes  a "parachute  payment"  under  Section  280G(b)(2),  as
            determined  by the  Accounting  Firm  for  purposes  of  determining
            whether  and to what  extent  the  Excise  Tax  will  apply  to such
            Payment.

                       (iv) "Payment"  shall mean any payment or distribution in
            the nature of compensation (within the meaning of Section 280G(b)(2)
            of the Code) to or for the benefit of the Executive, whether paid or
            payable pursuant to this Agreement or otherwise.

                       (v) "Safe Harbor Amount" means 2.99 times the Executive's
            "base amount," within the meaning of Section 280G(b)(3) of the Code.

                       (vi) "Value" of a Payment shall mean the economic present
            value of a  Payment  as of the date of the  change  of  control  for
            purposes  of  Section  280G  of  the  Code,  as  determined  by  the
            Accounting   Firm  using  the  discount  rate  required  by  Section
            280G(d)(4) of the Code.

                  (h) The Company's  obligations under this Section IV shall not
            be conditioned upon the Executive's  termination of employment,  and
            they shall survive the termination of the Executive's employment and
            the Term with  respect to any  Payments or other  payments

                                      A-8

<PAGE>

            that  are  determined  by  the  Accounting  Firm  to be  either  (i)
            contingent  on a "change of control"  (as defined in Section 280G of
            the Code) of the  Company  that  occurs  during  the  Term,  or (ii)
            nonqualified deferred compensation that does not comply with Section
            409A.

                  (i) Any Gross-Up  Payment or 409A  Gross-Up  Payment  shall be
            made no later than the end of the Executive's taxable year following
            the taxable year in which the Executive remits the related taxes.

      V.    Legal Fees. If, following a Change of Control,  the Company fails to
            perform any of its  obligations  under this Agreement or the Company
            or any other person  asserts the invalidity of any provision of this
            Agreement  and  the  Executive  incurs  any  costs  in  successfully
            enforcing  or defending  any of the  provisions  of this  Agreement,
            including legal fees and expenses and court costs, the Company shall
            reimburse the Executive for all such costs  incurred by him,  unless
            the trier of fact in such dispute  determines that the Executive has
            not  been at  least  partially  successful  in such  enforcement  or
            defense.  Any  reimbursement  under this  Section V shall be made no
            later than the end of calendar  year  following the calendar year in
            which such costs are incurred by the Executive.

                                      A-9

<PAGE>

                                    EXHIBIT B

                                     RELEASE

            This Release is made this _____ day of _______________,  ____ by and
between C&D Technologies, Inc. ("Employer") and Jeffrey A. Graves ("Employee").

                                    Recitals:

            WHEREAS,  the parties are parties to an  Employment  Agreement  (the
"Employment  Agreement") dated December 20, 2007, pursuant to which Employee was
employed by Employer; and

            WHEREAS,  Employee's  employment  and the Term,  as  defined  in the
Employment Agreement, have terminated; and

            WHEREAS, the execution and delivery of this Release by Employee is a
condition to the Employer's  obligations to pay certain compensation and provide
certain benefits to Employee under the Employment Agreement;

            NOW THEREFORE, the parties hereto, intending to be legally bound, in
consideration  of the mutual  promises and  undertakings  set forth  herein,  do
hereby agree as follows:

            1.    As of ___________________________, ____, Employee's employment
with  Employer  shall  terminate,   and  Employee  shall  have  no  further  job
responsibilities to perform for Employer; provided, however, that Employee shall
cooperate  with Employer in  transitioning  Employee's job  responsibilities  as
Employer shall reasonably  request,  provided that Employee shall be entitled to
receive reasonable compensation for any services rendered prior to such date and
shall  not be  obligated  to take  any  action  that  would  interfere  with any
subsequent  employment of Employee or otherwise  result in economic  hardship to
Employee.

            2.    Employer  shall pay and  provide to  Employee  the amounts and
benefits  contemplated  pursuant to Section 9 [and Exhibit A] of the  Employment
Agreement, less applicable deductions; provided however, the first payment shall
not be due and  payable  until ten days  after the  execution  by  Employee  and
delivery to Employer of this Release..

            3.    For and in  consideration  of the monies and benefits  paid to
Employee by Employer,  as more fully described in Section 2 above, and for other
good and valuable  consideration,  Employee hereby waives,  releases and forever
discharges  Employer,  its assigns,  predecessors,  successors,  and  affiliated
entities,  and  its  current  or  former  stockholders,   officers,   directors,
administrators,   agents,   servants   and   employees,   individually   and  as
representatives of the corporate entity (hereinafter collectively referred to as
"Releasees"), from any and all claims, suits, debts, dues, accounts, reckonings,
bonds,  bills,  specialties,   covenants,   contracts,  bonuses,  controversies,
agreements,  promises,  charges,  complaints,  damages, sums of money, interest,
attorney's fees and costs, or causes of action of any kind or nature  whatsoever
whether in law or equity,  including, but not limited to, all claims arising out
of his employment or termination of employment with Employer, such as all claims
for wrongful discharge, breach of contract, either

                                       B-1

<PAGE>

express or implied,  interference  with  contract,  emotional  distress,  fraud,
misrepresentation,  defamation,  claims  arising  under the Civil Rights Acts of
1964 and  1991,  as  amended,  the  Americans  With  Disabilities  Act,  the Age
Discrimination  in Employment Act (ADEA),  the National Labor Relations Act, the
Fair Labor  Standards Act, the Employee  Retirement  Income Security Act of 1974
(ERISA),  as amended,  the Family and Medical Leave Act, the Pennsylvania  Human
Relations Act, the Pennsylvania  Wage Payment & Collection Law, the Pennsylvania
Minimum Wage Act of 1968, the Pennsylvania  Equal Pay Law, and any and all other
claims   arising  under  federal,   state  or  local  law,   rule,   regulation,
constitution, ordinance or public policy whether known or unknown, arising up to
and including the date of execution of this Release; provided, however, that the
parties do not release  each other from any claim of breach of the terms of this
Release.  This  release of rights does not extend to claims that may arise after
the date of this Release, including without limitation, for payments or benefits
described in Section 2 of this  Release,  nor to claims under  employee  benefit
plans that are qualified under Section 401(a) of the Internal  Revenue Code, nor
to any rights of  indemnification  by the Company or  advancement of expenses to
which the  Employee is  otherwise  entitled,  nor to any equity  awards that are
outstanding on the date of  termination.  Employee agrees that Employee will not
initiate  any charge or  complaint  or  institute  any claim or lawsuit  against
Releasees or any of them based on any fact or  circumstance  occurring up to and
including  the date of the  execution by Employee of this  Release  based upon a
claim that is released hereunder.

            4.    Employee  agrees   that   the   payments    made   and   other
consideration  received  pursuant to this  Release are not to be construed as an
admission  of legal  liability by Releasees or any of them and that no person or
entity shall utilize this Release or the consideration received pursuant to this
Release as evidence of any admission of liability since Releasees expressly deny
liability.

            5.    Employee affirms that the only  consideration  for the signing
of this Release are the terms stated herein and in the Employment  Agreement and
that no other  promise or agreement of any kind has been made to Employee by any
person or entity whatsoever to cause Employee to sign this Release.

            6.    Employee and Employer  affirm that the  Employment   Agreement
and this Release set forth the entire agreement between the parties with respect
to  the  subject   matter   contained   herein  and   supersede   all  prior  or
contemporaneous agreements or understandings between the parties with respect to
the subject matter  contained  herein.  Further,  there are no  representations,
arrangements  or  understandings,  either oral or written,  between the parties,
which  are  not  fully  expressed  herein.   Finally,  no  alteration  or  other
modification  of this  Release  shall be  effective  unless  made in writing and
signed by both parties.

            7.    Employee acknowledges that Employee has been given a period of
at least 21 days within which to consider this Release.

            8.    Following the execution of this Release, Employee has a period
of seven  days from the date of  execution  to  revoke  this  Release,  and this
Release shall not become  effective or enforceable  until the revocation  period
has expired.

                                      B-2

<PAGE>

            9.    Employee  certifies that Employee has returned to Employer all
keys,  identification  cards, credit cards, computer and telephone equipment and
other property or information of Employer in Employee's possession,  custody, or
control including, but not limited to, any information contained in any computer
files  maintained  by  Employee  during  Employee's  employment  with  Employer.
Employee  certifies  that  Employee has not kept the  originals or copies of any
documents,  files,  or other  property of Employer  which  Employee  obtained or
received during Employee's employment with Employer.

            10.   Employee  acknowledges  and agrees that the  execution of this
Release does not supercede any of the  provisions  of the  Employment  Agreement
which  otherwise  survive the  termination  of  Employee's  employment  with the
Employer, including without limitation, Section 5, 6, 7 and 19 thereof.

            11.   Employee   acknowledges  that  Employer  advised  Employee  to
consult with an attorney prior to executing this Release.

            12.   Employee   affirms  that  Employee  has  carefully  read  this
Release,  that  Employee  fully  understands  the  meaning  and  intent  of this
document,  that Employee has signed this Release voluntarily and knowingly,  and
that Employee intends to be bound by the promises  contained in this Release for
the aforesaid consideration.

            IN WITNESS WHEREOF,  Employee and the authorized  representative  of
Employer have executed this Release on the dates indicated below:

                                          C&D TECHNOLOGIES, INC.

Dated:                                    By:
       --------------------------------       ----------------------------------

                                          Title:
                                                 -------------------------------

Dated:
       --------------------------------   --------------------------------------
                                          Jeffrey A. Graves

                                      B-3

<PAGE>

                                   ENDORSEMENT

            I, Jeffrey A. Graves, hereby acknowledge that I was given 21 days to
consider the foregoing  Release and voluntarily  chose to sign the Release prior
to the expiration of the 21-day period.

            I  declare   under   penalty  of  perjury  under  the  laws  of  the
Commonwealth of Pennsylvania that the foregoing is true and correct.

            EXECUTED   this  ________  day  of  ___________________,  _____,  at
____________________________, Pennsylvania.

                                          -----------------------------------
                                          Jeffrey A. Graves

                                      B-4

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