EXHIBIT 10.1 FIRST AMENDMENT TO THE C&D TECHNOLOGIES SAVINGS PLAN WHEREAS, C&D Technologies, Inc. (the "Sponsor") adopted the C&D Technologies Savings Plan (the "Plan"), most recently amended and restated effective October 1, 1997; and WHEREAS, the Sponsor desires to amend the Plan. NOW, THEREFORE, the Sponsor amends the Plan as follows, effective August 1, 1998: 1. The Preamble is hereby amended by adding the following paragraph to read as follows: Effective August 1, 1998, the Power Convertibles Corporation Retirement Savings Plan and Trust is hereby merged into and made a part of the Plan. 2. Section 1.1 is amended by the addition of a definition of "Predecessor Employer" reading as follows: A "PREDECESSOR EMPLOYER" means Power Convertibles Corporation. 3. Section 2.2 of the Plan is amended and restated in its entirety to read as follows: A person shall be credited with an Hour of Service for each hour for which he is paid, or entitled to payment, for the performance of duties for an Employer, a Related Company or any Predecessor Employer. 4. Section 13.5 is amended by deleting the fourth indented paragraph with respect to restrictions on withdrawals from the Rollover Contributions Sub-Account. 5. Section 6.11 is amended by the addition of the following immediately preceding the last paragraph therein: A Participant's vested interest in the portion of his Profit-Sharing and Matching Contributions Sub-Accounts that is attributable to assets transferred to the Plan as a result of the merger of the Power convertibles Corporation Retirement Savings Plan and Trust into the Plan effective August 1, 1998 shall be 100% vested. IN WITNESS WHEREOF, the sponsor has executed this instrument this 28th day of December, 1998. C&D TECHNOLOGIES, INC. By: /s/ Stephen E. Markert, Jr. --------------------------- Title: VP - CFO ---------------------------