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EXHIBIT 10.24  

Confidential
materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. Asterisks denote such omissions. 

 
 

AMENDMENT NO. 2 TO SUPPLY CONTRACTS    
    

        This Agreement ("Amendment No. 2") is entered into this 11th day of July, 2002 by and between Daramic, Inc. ("Daramic") and Exide Technologies
(formerly known as Exide Corporation) and all of its worldwide Affiliates ("Exide"). 

        RECITALS:

        A.    Exide
and Daramic are parties to a Supply Agreement known as the North American, Australian and New Zealand Supply Agreement for automotive separators (the "NA
Agreement"), the Automotive and Industrial Supply Agreement and the Golf Cart Separator Supply Agreement. The NA Agreement was amended the first time on the    day of July, 2001 pursuant
to an amendment agreement between the parties. 

        B.    Exide
and Daramic now desire to further amend the terms and conditions of the NA Agreement. 

        NOW,
THEREFORE, the parties agree as follows: 

	1.
	Delivery
Terms. 

        (A)  Section 8.2
of the NA Agreement is amended by deleting that section and substituting the following subparagraph therefor: 

Daramic
will use its commercially reasonable efforts to ensure that all domestic, North American, Austral-Asian, and European orders, scheduled for pick up or delivery, will be available for pick up
or delivered on the dates reasonably requested by Exide. Further, Daramic will use its commercially reasonable efforts to continue to maintain inventories of Exide specific products in order to meet
the delivery schedules reasonably requested by Exide. Exide shall make required forecasts and shall order product in amounts reasonably consistent with prior ordering volumes and Exide's business
requirements. However, in no event shall the above standards be construed to be at a level greater than historically practiced by Daramic on behalf of Exide. Further, any inventory produced by Daramic
on behalf of Exide which is reasonably consistent with Exide's prior ordering volumes and Exide's forecasts will be purchased by Exide pursuant to the payment terms of this Agreement, should Exide
discontinue the need for any such specific product(s) maintained in inventory by Daramic on behalf of Exide. Exide shall promptly notify Daramic upon Exide's discontinuing the need for any such
specific product(s). However, in no event shall Exide be required to purchase any inventory maintained by Daramic on Exide's behalf, after such notification by Exide, in excess of a
[*****] supply of any product type, which shall be determined by taking the average [*****] actual purchases by Exide over the previous
six-month period or the average forecasts by Exide over the previous six-month period, whichever is greater. If Daramic is unable to deliver product ordered by Exide pursuant
to this Agreement, then Daramic will provide Exide with as much notice as possible of its inability to do so, and Exide will have the right to buy the affected volumes from an alternative source.
These outside purchases will be counted toward satisfaction of Exide's Minimum Purchase Requirement. The parties agree that they shall work together in good faith to obtain for Exide battery
separators which the parties mutually agree to be the best available substitute for the Separators to be provided by Daramic pursuant to this Agreement during such period as Daramic is unable to
deliver product ordered by Exide pursuant to this Agreement. [*****]. Once Daramic is again capable of producing and supplying the required volumes on a timely basis, Exide
shall resume its purchases from Daramic in accordance with this Agreement. 

 

        (B)  Section 10.2
of the Automotive and Industrial Supply Agreement is amended by deleting the first two sentences therein and substituting the following subparagraph
therefor: 

Daramic
will use its commercially reasonable efforts to ensure that all domestic, North American, Austral-Asian, and European orders, scheduled for pick up or delivery, will be available for pick up
or delivered on the dates reasonably requested by Exide. Further, Daramic will use its commercially reasonable efforts to continue to maintain inventories of Exide specific products in order to meet
the
delivery schedules reasonably requested by Exide. Exide shall make required forecasts and shall order product in amounts reasonably consistent with prior ordering volumes and Exide's business
requirements. However, in no event shall the above standards be construed to be at a level greater than historically practiced by Daramic on behalf of Exide. Further, any inventory produced by Daramic
on behalf of Exide which is reasonably consistent with Exide's prior ordering volumes and Exide's forecasts will be purchased by Exide pursuant to the payment terms of this Agreement, should Exide
discontinue the need for any such specific product(s) maintained in inventory by Daramic on behalf of Exide. Exide shall promptly notify Daramic upon Exide's discontinuing the need for any such
specific product(s). However, in no event shall Exide be required to purchase any inventory maintained by Daramic on Exide's behalf, after such notification by Exide, in excess of a
[*****] supply of any product type, which shall be determined by taking the average [*****] actual purchases by Exide over the previous
six-month period or the average forecasts by Exide over the previous six-month period, whichever is greater. 

Also,
Section 10.2 of the Automotive and Industrial Supply Agreement is further amended by deleting the fourth sentence therein (beginning with "If Daramic is unable....") and substituting the
following therefor: 

If
Daramic is unable to deliver Qualified Products ordered by Exide pursuant to this Agreement, then Daramic will within 24 hours provide Exide with notice of its inability to do so. 

        (C)  Section 9.2
of the Golf Cart Separator Supply Agreement is hereby amended by deleting the first two sentences therein and substituting the following subparagraph
therefor: 

Daramic
will use its commercially reasonable efforts to ensure that all domestic, North American, Austral-Asian, and European orders, scheduled for pick up or delivery, will be available for pick up
or delivered on the dates reasonably requested by Exide. Further, Daramic will use its commercially reasonable efforts to continue to maintain inventories of Exide specific products in order to meet
the delivery schedules reasonably requested by Exide. Exide shall make required forecasts and shall order product in amounts reasonably consistent with prior ordering volumes and Exide's business
requirements. However, in no event shall the above standards be construed to be at a level greater than historically practiced by Daramic on behalf of Exide. Further, any inventory produced by Daramic
on behalf of Exide which is reasonably consistent with Exide's prior ordering volumes and Exide's forecasts will be purchased by Exide pursuant to the payment terms of this Agreement, should Exide
discontinue the need for any such specific product(s) maintained in nventory by Daramic on behalf of Exide. Exide shall promptly notify Daramic upon Exide's discontinuing the need for any such
specific product(s). However, in no event shall Exide be required to purchase any inventory maintained by Daramic on Exide's behalf, after such notification by Exide, in excess of a
[*****] supply of any product type, which shall be determined by taking the average [*****] actual purchases by Exide over the previous
six-month period or the average forecasts by Exide over the previous six-month period, whichever is greater. 

2

 

Also,
Section 9.2 of the Golf Cart Separator Supply Agreement is further amended by deleting the fourth sentence therein (beginning with "If Daramic is unable. ..") and substituting the
following therefor: 

If
Daramic is unable to deliver Separators ordered by Exide pursuant to this Agreement, then Daramic will within 24 hours provide Exide with notice of its inability to do so. 

        2.     Lump
Sum Credits. Section 2.7 of the NA Agreement is amended as follows: The Lump Sum Credit for calendar year 2002 shall be [*****]. The
Lump Sum Credits for each of calendar years 2003 through 2009 shall be [*****]. The balance of Section 2.7 shall remain unchanged. 

        3.     Payment
Terms. Section 5 of the NA Agreement shall be amended by adding the following: Exide's total global worldwide credit limit for all products purchased and
other sums due to Daramic under both the NA Agreement and any other supply relationship, including without limitation, the Golf Cart Separator Supply Contract dated    day of July, 2001
between Daramic and Exide (the "Golf Cart Agreement") and the Automotive and Industrial Supply Contract dated    day of July 2001 by and between Daramic and Exide (the "AI
Agreement"), shall not exceed [*****] U.S. Dollars ("Credit Line Cap") during the period that Exide is operating pursuant to and under Title 11 of the United States Bankruptcy
Code. [*****] Once Exide is no longer operating pursuant to and under Title 11 of the United States Bankruptcy Code, the Credit Line Cap shall be increased from
[*****] U.S. Dollars to [*****] U.S. Dollars. 

        [*****]

        4.     Miscellaneous.
Capitalized forms used in this Amendment but not defined herein shall have the meanings set forth in the NA Agreement, the Automotive and Industrial Supply
Agreement and the Golf Cart Separator Supply Agreement. Except as modified by this Amendment No. 2, the NA Agreement, the Automotive and Industrial Supply Agreement, and the Golf Cart Separator
Supply Agreement shall remain in full force and effect as modified previously. 

        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above mentioned. 

	EXIDE TECHNOLOGIES, for itself	 	DARAMIC, INC. and on behalf of all of its present and future, direct and indirect, parent, subsidiary, and affiliated entities on a worldwide basis
	

By: [Illegible]	
 	

By: Jerry Zucker

	Its:	 	 
	 	Its:	 	Chairman, President & CEO

3

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AMENDMENT NO. 2 TO SUPPLY CONTRACTSExhibit 10.25  

        Confidential materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. Asterisks denote
such omissions. 

AMENDMENT TO THE

AUTOMOTIVE AND INDUSTRIAL SUPPLY CONTRACT

("Amendment" or "Program")  

        Daramic, Inc. (together with its subsidiaries and affiliates, "Daramic") and Exide Technologies (together with its subsidiaries and affiliates, "Exide")
are parties to the Automotive and Industrial Supply Contract dated July 31, 2001, as amended (the "AI Contract"). Pursuant to the AI Contract, Daramic agreed to supply certain products
("Products") to Exide in accordance with certain terms and conditions outlined in such contract. 

        Daramic
and Exide would like to amend the AI Contract ("Amendment") in order to provide an option for an alternative method of handling the supply of certain Products in accordance with
this Amendment. This Amendment will cover Products supplied under the AI Contract to the facilities, if any, referenced in Exhibit "A" (the "Facilities") attached hereto and by this reference made a
part hereof. Facilities may be added to Exhibit "A" by mutual written agreement of the parties. For the Products supplied to the Facilities under this Amendment, the following terms shall apply: 

	1.
	Shipments On Consignment. All Products supplied by Daramic to the Facilities subject to and during the term of this Amendment will be
supplied on consignment ("Consigned Products") as described in this Amendment.

	2.
	Full Pallet Quantities. All orders by Exide for Consigned Products shall be in full pallet quantities and shall be clearly marked as a
"Consigned Order."

	3.
	Exide's Usage Reports, Changes, Forecasts.

	(a)
	Once
a day during the term of this Amendment, or next workday should one day be a legal holiday, Exide will send to Daramic (using the Daramic IT System) the pallet numbers from the
pallets of Consigned Products used during the previous day ("the Usage Reports"). Exide agrees that no partial pallet usage reporting shall be permitted and billing by Daramic shall be based on full
pallet quantities. Exide shall submit to Daramic a firm request for shipment of Consigned Products for the two following weeks, on every Thursday, stating the quantity, delivery destination and
requested delivery date. These requests for shipment shall be in addition to and not in place of the forecasts required by the AI Contract.

	(b)
	Daramic
will use commercially reasonable efforts to notify Exide by fax or e-mail of the scheduled manufacturing and shipment dates within twenty-four
(24) hours after receipt of Exide's Weekly Report; and will confirm acceptance of Exide's orders in accordance with the AI Contract. Any change orders requested by Exide must be sent to Daramic
by facsimile or e-mail and are subject to confirmation by Daramic as provided for hereunder.

	(c)
	Frequency
and exact method of forecasting and information flow may be changed at a local plant level in order to support specific operating needs, if both parties are in agreement and
the revised process is documented in writing.

 

	4.
	Shipment and Storage of Inbound Products.

	(a)
	Shipping
and delivery terms will be as described in the AI Contract. Exide will promptly notify Daramic of any Consigned Products it receives that have been damaged in transit. Any
claim against a carrier for Consigned Products damaged in transit will be made by Daramic, provided, however, that Exide will cooperate with Daramic to the reasonable extent needed in order for
Daramic to make and pursue any such claim.

	(b)
	Exide
shall at no cost to Daramic receive, hold, store, insure and safeguard all Consigned Products shipped to Exide on consignment hereunder at an Exide or joint venture partner 

location.
All such Consigned Products shall be segregated from Exide's goods, and the storage area where they are kept shall be clearly labeled to indicate that the Consigned Products belong to
Daramic. Exide's inventory records must also clearly reflect that the Consigned Products belong to Daramic. 

	(c)
	Exide
will bear the risk of loss or damage to the Consigned Products which occurs while in its possession. Exide will insure the Consigned Products, with an insurer selected by Exide
in its sole discretion, for their full value against all loss and will name Daramic as an additional insured under its policies covering such Consigned Products. Exide will provide Daramic, upon its
reasonable request, with current proof of such insurance.

 

	5.
	Daramic's Invoice Covering Purchases Of Consigned Products. Upon receipt of the Usage Reports under Section 3, Daramic will
prepare and send to Exide Daramic's invoice covering the Consigned Products withdrawn by Exide from consigned inventory. Daramic's invoices shall reference the Usage Reports and/or time period to
which they relate. Billing will be at the price in effect at the time of shipment by Daramic as determined in the AI Contract. Exide will pay for Consigned Products within
[*****] days from the date of invoice. 

All
materials not reported on a daily Usage Report, after [*****] days from the date of shipment to Exide will be deemed to have been withdrawn and shall be invoiced by Daramic
immediately thereafter, and all such invoices will be due and payable within [*****] days. Withdrawal of Consigned Products as confirmed in Usage Reports shall constitute a
sale by Daramic to Exide of such Consigned Products in accordance with the AI Contract and title to such Consigned Products shall pass from Daramic to Exide at the time of withdrawal. Such Consigned
Products will be deleted from the inventory of Consigned Products. The parties agree to confer and cooperate from time to time to resolve any reporting errors made by Exide in its daily reports and
any billing or invoicing errors made by Daramic. 

	6.
	Inventory Management. Exide will withdraw Consigned Products on a first in, first out basis and will endeavor to withdraw Consigned
Products within [*****] days of delivery. Daramic shall have the right, upon reasonably adequate advance notice to Exide, to reasonably reduce shipments to control the quantity
of Consigned Product so as not to exceed a ten-day supply of Consigned Products based on Exide's forecast for the Facilities. Daramic's Customer Care Team and Exide's Production and
Inventory Control Department shall jointly manage the consignment inventory program.

	7.
	Physical Audits. Daramic may require and arrange for periodic physical inspection and audit of the Consigned Product, during Exide's
regular business hours and upon reasonable notice to Exide, typically once a year, but more often if Daramic so reasonably determines. Daramic may at its discretion forego such inspection and audit in
any year if upon Daramic's request Exide provides a satisfactory accounting and certifies the accuracy thereof by a responsible officer of Exide; however, failure to conduct an inspection and audit in
any given period will not constitute a waiver of Daramic's right hereunder to inspect and audit.

	8.
	Title And Access. Title to Consigned Product shall remain in Daramic until withdrawal is reported in Usage Reports (or deemed reported
pursuant to Section 5) by Exide. Either party may terminate this Amendment immediately if it determines, in its sole discretion, that there has been a material adverse change in the other
party's financial condition, business or operations, or that the other party has not honored the terms of this Amendment. Exide will be responsible for any and all loss or damage while handling or
storing the Consigned Products hereunder and Exide shall not permit the Consigned Products to be subject to any charges, encumbrances, liens and security interests of others, unless consented to by
Daramic.

	9.
	Returned materials. Exide shall not be entitled to return any material consigned hereunder to Daramic unless such return is allowed
under the AI Contract.

	10.
	Uniform Commercial Code. Daramic shall be responsible for preparing and filing with the appropriate office or agency any Uniform
Commercial Code statements and other instruments as 

Daramic
shall reasonably deem necessary under the laws of the local jurisdictions where the Consigned Products are located in order to reflect Daramic's title in said Consigned Products. Exide shall
provide reasonable assistance with such filings. 

	11.
	Termination. Either Exide or Daramic may terminate this Amendment or remove Facilities from Exhibit "A" at any time by giving written
notice to the other at least [*****] days prior to the date selected for termination or removal. Upon termination of this Amendment or the removal of a Facility from
this consignment program, Exide shall, at the end of such [*****] period, take title to and Daramic will generate invoices for any unused Consigned Products not
previously withdrawn. Such invoices shall thereafter be payable within [*****] days from the date that the Consigned Products in question were originally shipped to Exide. The
termination of this Amendment shall in no way affect the continued validity of the AI Contract. The termination of the AI Contract shall automatically terminate this Amendment.

	12.
	Entire Agreement. This Amendment is intended to amend and not replace the AI Contract, which shall continue to cover Products which are
not Consigned Products hereunder. The provisions of this Amendment shall control over conflicting provisions in the AI Contract to the extent inconsistent therewith. All other provisions of the AI
Contract shall remain in full force and effect; including, but not limited to, those provisions related to tax obligations, pricing for Products, shipping terms, delivery terms, record keeping,
confidentiality, warranties, and legal compliance. No modifications of this Amendment shall be binding on the parties unless in writing and signed by both parties hereto.

	13.
	Expenses. Daramic will incur extra costs and expenses associated with providing Products on a consignment basis. As full compensation
to Daramic for these costs, based on the calculation of these costs by Daramic, both parties agree that Exide shall pay to Daramic a consignment fee of [*****]. This
[*****] fee may be adjusted by mutual agreement of the parties based on changes to Daramic's actual out of pocket expenses directly related to this consignment arrangement. 

Agreed
to this    day of March, 2005 

	

Daramic	
 	

Exide
	

By: Pierre Hauswald
	
 	

By: 

	

Its: General Manager
	
 	

Its:

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