<PAGE>   1

                                                                    Exhibit 10.1


HMI INDUSTRIES INC.
EXHIBIT 10
MATERIAL CONTRACTS - CHANGE OF CONTROL AGREEMENTS

<TABLE>
<CAPTION>

                           EFFECTIVE  MAX BONUS  MIN BONUS     SEVERANCE
  PARTICIPANT                DATE       AMOUNT    AMOUNT      AGREEMENT(1)

<S>                        <C>        <C>        <C>        <C>             
James R. Malone            10/31/97   $300,000   $150,000   2yrs base salary
Mark A. Kirk               10/31/97   $300,000   $150,000   2yrs base salary
Carl H.Young III           10/31/97   $300,000   $150,000   2yrs base salary
Robert Benedict            10/31/97   $100,000    $65,000   lyr base salary
Michael Harper             10/31/97   $100.000    $65,000   lyr base salary
Julie Perkowski            10/31/97    $50,000    $35,000   lyr base salary
Mark Ridel                 10/31/97    $30,000    $20,000   9 mos base salary
Ellen Gordon               10/31/97    $30,000    $20,000   9 mos base salary

<FN>
(1)     upon change of control
</TABLE>

see filed exhibit for Mark A. Kirk













                                       1

<PAGE>   2

[HMI INDUSTRIES INC. LOGO]                                      [LOGO]
                                                          PRESIDENT'S "E" AWARD
                                                          FOR EXPORT EXCELLENCE




                October 31, 1997

Mr. Mark A. Kirk
HMI Industries
3631 Perkins Ave.
Cleveland, OH 44114


Dear Mr. Kirk:

                HMI Industries (the "Company") considers it essential to its
best interests to foster the continuous employment of key management personnel.
The Company also recognizes that the proposed sale of Bliss Manufacturing and
the uncertainty and questions which it may raise among management, may result in
the departure or distraction of management personnel to the detriment of the
Company.

                The Company has determined that appropriate steps should be
taken to reinforce and encourage the continued attention and dedication of
members of the Company's management, including yourself, to their assigned
duties without distraction in the face of potentially disturbing circumstances
arising from the possibility of the sale of Bliss and/or HMI

                In order to induce you to remain in the employ of the Company,
the following bonus and severance allowance have been authorized for you. Since
this letter will set forth a private contractual arrangement with you, we would
request that you maintain this letter in confidence.

                In the event you continue to be an employee of the Company at
the time of the Sale of Bliss, as defined below, you will be eligible to receive
a Stay Bonus. If the Sale price is $30 million or more, you will be eligible for
a Stay Bonus equal to $300,000 (less applicable withholding taxes) at the time
of the Sale of Bliss (the "Stay Bonus"). If the Sale price is $25 million or
less, you will be eligible for a Stay Bonus equal to $150,000 (less applicable
withholding taxes). If the Sale price is between $25 million and $30 million,
your Stay Bonus will be interpolated between $150,000 and $300,000. The Stay
Bonus shall be paid within ten (10) days of the Sale of Bliss and irrespective
of whether or not you continue your employment with the Company after such sale.

                "Sale of Bliss" shall mean the sale or transfer of substantially
all of the Company's assets to an entity not affiliated with HMI Industries
Inc., or the purchase by an entity not affiliated with HMI Industries Inc. of
51% or more of the outstanding shares of the common stock of the


--------------------------------------------------------------------------------
       3631 PERKINS AVENUE - CLEVELAND, OHIO 44114 - TEL. (216)432-1990 -
    FAX (216)432-0013 - CUSTOMER SERVICE FAX 1-800-253-1904 - HMAC 432-0412
                - CREDIT FAX 431-0642 - SHIPPING FAX 432-0250

<PAGE>   3

Page 2.

        In addition, to induce you to remain in the employ of the Company after
the Sale of Bliss, the Company agrees that you shall receive the severance
benefits set forth in this letter agreement (the "Agreement") in the event your
employment with the Company is terminated under the circumstances described
below subsequent to a "change in control of the Company." (as defined in section
2.)

        1 - TERM OF AGREEMENT. This agreement shall commence on October 1, 1997,
and shall continue in effect through September 30, 1998; provided, however, that
commencing on October 1, 1998 and each October 1 thereafter, the term of this
Agreement shall automatically be extended for one additional year unless, not
later than July 31 of such year, the Company shall have given notice that it
does not wish to extend this Agreement (provided that no such notice may be
given during the pendency of a potential change in control of the Company as
defined in Section 2); and provided, further, that if a change in control of the
Company, as defined in section 2, shall have occurred during the original or
extended term of this Agreement, this Agreement shall continue in effect for a
period of not less than twelve (12) months beyond the month in which such change
in control occurred. Notwithstanding anything provided herein to the contrary,
the term of this Agreement shall not extend beyond the end of the month in which
you attain "normal retirement age" under the provisions of the HMI Pension Plan
(or successor thereto) or any other tax-qualified retirement plan of the Company
or any of its subsidiaries in which you are participating (any such plan being
referred to herein as the "Company Pension Plan").

        2. CHANGE IN CONTROL; POTENTIAL CHANGE IN CONTROL. (i) No benefits shall
be payable hereunder unless there shall have been a change in control of the
Company, as set forth below. For purposes of the Agreement, a "change in control
of the Company" shall be deemed to have occurred if

        (a) any "Person," as such term is used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended (the "Exchange Act") (other than
the Company, any trustee or other fiduciary holding securities under an employee
benefit plan of the Company, or any Company owned, directly or indirectly, by
the stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company), is or becomes the "beneficial owner" (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 20% or more of either (i) the then
outstanding shares of common stock of the Company or (ii) the combined voting
power of the Company's then outstanding voting securities;

        (b) during any period of two consecutive years (not including any period
prior to the execution of this Agreement), individuals who at the beginning of
such period constitute the Board, and any new director (other than a director
designated by a person who has entered into an agreement with the Company to
effect a transaction described in clause (a), (c), or (d) of this Section) whose
election by the Board or nomination for election by the Company's stockholders

<PAGE>   4

Page 3.

was approved by a vote of at least two-thirds of the directors then still in
office who either were directors at the beginning of the period or whose
election or nomination for election was previously so approved, cease for any
reason to constitute at least a majority thereof,

        (c) the stockholders of the Company approve a reorganization, merger or
consolidation of the Company with any other Company, other than (1) a
reorganization, merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than 50% of the combined voting power
of the voting securities of the Company or such surviving entity outstanding
immediately after such reorganization, merger or consolidation or (2) a
reorganization, merger or consolidation effected to implement a recapitalization
of the Company (or similar transaction) in which no "person" (as hereinabove
defined) beneficially owns, directly or indirectly, 20% or more of the combined
voting power of the Company's then outstanding voting or

        (d) the stockholders of the Company approve a plan of dissolution or
complete liquidation of the Company or an agreement for the sale or disposition
by the Company by the Company of all or substantially all of the Company's
assets.


   (ii) For purposes of this Agreement, a "potential change in control of
the Company" shall be deemed to have occurred if:

        (a) the Company enters in an agreement, the consummation of which would
result in the occurrence of a change in control of the Company;

        (b) any person (including the Company) publicly announces an intention
to take or to consider taking actions which if consummated would constitute a
change in control of the Company;

        (c) any person (other than a trustee or other fiduciary holding
securities under an employee benefit plan of the Company (or a company owned,
directly or indirectly, by the stockholders of the Company in substantially the
same proportions as their ownership of stock of the Company), or a person who is
then currently properly eligible to file and has properly filed a Schedule 13G
(or any successor filing) pursuant to the Exchange Act and the rules and
regulations thereunder, indicating beneficial ownership of securities of the
Company and stating that the securities were acquired in the ordinary course of
business and were not acquired with the purpose nor with the effect changing or
influencing the control of the Company, for so long as such statement is true
and correct) who is or becomes the beneficial owner, directly or indirectly, of
securities of the Company representing 9.5% or more of the combined voting power
of the 

<PAGE>   5

Page 4.

Company's then outstanding securities and, without the written consent of the
ownership of such securities by 3 percentage points or more; or


        (d) the Board adopts a resolution to the effect that, for purposes of
this Agreement, a potential change in control of the Company has occurred.



        3. TERMINATION FOLLOWING CHANGE IN CONTROL (i) GENERAL. If any of the
events described in Section 2 constituting a change in control of the Company
shall have occurred, you shall be entitled to the benefits provided in Section 4
(iii) upon termination of your employment within 12 months following such a
change in control of the Company unless such termination is (a) because of your
death or Disability, (b) by the company for Cause, or (c) by you other than for
Good Reason. In the event your employment with the Company is terminated for any
reason and subsequently a change in control of the Company should have occurred,
you shall not be entitled to any benefits hereunder.

        (ii) DISABILITY. If, as a result of your incapacity due to physical or
mental illness, you shall have been absent from the full-time performance of
your duties with the Company for six (6) consecutive months, and within thirty
(30) days after written notice of termination is given you shall not have
returned to the full-time performance of your duties, your employment may be
terminated for "Disability".

        (iii) CAUSE. Termination by the Company of your employment for "Cause"
shall mean termination (a) upon the commission by you of a willful serious act,
such as embezzlement, against the Company which is intended to enrich you at the
expense of the Company or upon your conviction of a felony involving moral
turpitude or (b) in the event of a willful, gross neglect or willful, gross
misconduct, resulting in either case in material harm to the Company. For
purposes of this Subsection, no act, or failure to act, on your part shall be
deemed "willful" unless done, or omitted to be done, by you not in good faith
and without reasonable belief that your action or omission was in the best
interest of the Company.


        (iv) GOOD REASON. You shall be entitled to terminate your employment for
Good Reason. For purposes of the Agreement, "Good Reason" shall mean, without
your express written consent, the occurrence after a change in control of the
Company of any of the Following circumstances unless such circumstances are
fully corrected prior to the Date of Termination (as defined in Section 3(vi))
specified in the Notice of Termination (as defined in Section 3(v) given in
respect thereof:

<PAGE>   6

Page 5.

        (a) a reduction by the Company in your annual base salary as in effect
on the date hereof or as the same may be increased from time to time except for
across-the-board salary reductions similarly affecting all management personnel
of the Company;

        (b) the Company's requiring you to be based at a Company office more
than 50 miles from the Company's offices at which you are principally employed
immediately prior to the date of the change in control except for required
travel on the Company's business travel obligations;


        (c) the failure by the Company to pay to you any portion of your current
compensation within seven (7) days of the date of such compensation is due or
any portion of your compensation under any deferred compensation program of the
Company within thirty (30) days of the date such compensation is due;

        (d) any purported termination of your employment that is not effected
pursuant to a Notice of Termination satisfying the requirements of Subsection
(v) hereof (and, if applicable, the requirements of Subsection (iii) hereof),
which purported termination shall not be effective for purposes of this
Agreement.

        Your right to terminate your employment pursuant to this Subsection
shall not be affected by your incapacity due to physical or mental illness. Your
continued employment shall not constitute consent to, or a waiver of rights with
respect to any circumstance constituting Good Reason hereunder.

        (v) NOTICE OF TERMINATION. Any purported termination of your employment
by the Company or by you shall be communicated by written Notice of Termination
to the other party hereto in accordance with Section 6. "Notice of Termination"
shall mean a notice that shall indicate the specific termination provision in
this Agreement relied upon and shall set forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination of your employment
under the provision so indicated.

        (vi) DATE OF TERMINATION, Etc. "Date of Termination" shall mean (a) if
your employment is terminated for Disability, thirty (30) days after Notice of
Termination is given (provided that you shall not have returned to the full-time
performance of your duties during such thirty (30)-day period), and (b) if your
employment is terminated pursuant to Subsection (iii) or (iv) hereof or for any
other reason (other than Disability), the date specified in the Notice of
Termination (which, in the case of a termination for Cause shall no be less than
thirty (30) days from the date such Notice of Termination is given, and in the
case of a termination for Good Reason shall not be less than thirty (30) days
nor more than sixty (60) days from the date such Notice of Termination is
given); provided, however, that if within fifteen (15) days after any Notice of
Termination is given, or, if the Notice of Termination is not properly given,
prior to the 

<PAGE>   7


Page 6.

Date of Termination (as determined without regard to an extension of such Date
of Termination as described in this proviso), the party receiving such Notice of
Termination notifies the other party that a dispute exists concerning the
termination, then the Date of Termination shall be the date on which the dispute
is finally determined, either by mutual written agreement of the parties or by a
binding arbitration award; and provided, further, that the Date of Termination
shall be extended by a notice of dispute only if such notice is given in good
faith and the party giving such notice pursues the resolution of such dispute
with reasonable diligence. Notwithstanding the pendency of any dispute, the
Company will continue to pay you your full compensation in effect when the
notice giving rise to the dispute was given (including, but not limited to, base
salary) and continue you as a participant in all compensation, benefit and
insurance plans in which you were participating when the notice giving rise to
the dispute was given, until the dispute is finally resolved in accordance with
this Subsection. Amounts paid until the dispute is finally resolved in
accordance with this Subsection. Amounts paid under this Subsection are in
addition to all other amounts due under this Agreement, and shall not be offset
against or reduce any other amounts due under this Agreement and shall not be
reduced by any compensation earned by you as the result of employment by another
employer.

        4. COMPENSATION UPON TERMINATION OR DURING DISABILITY. Following a
change in control of the Company, you shall be entitled to the following
benefits during a period of disability, or upon termination of your employment,
as the case may be, provided that such period of disability or termination
occurs during the term of this Agreement;

        (i) During any period that you fail to perform your full-time duties
with the Company as a result of incapacity due to physical or mental illness,
you shall continue to receive your base salary at the rate in effect at the
commencement of any such period, together with all compensation payable to you
under the Company's disability plan or program or other similar plan during such
period, until this Agreement is terminated pursuant to Section 3(ii) hereof.
Thereafter, or in the event your employment shall be terminated by reason of
your death, your benefits shall be determined under the Co Company's retirement,
insurance and other compensation programs then in effect in accordance with the
terms of such programs.

        (ii) If your employment shall be terminated by the Company for Cause or
by you other than for Good Reason, the Company shall pay you your full base
salary through the Date of Termination at the rate in effect at the time Notice
of Termination is given, plus all other amounts to which you are entitled under
any compensation plan of the Company at the time such payments are due, and the
Company shall have no further obligations to you under this Agreement.

        (iii) If your employment by the Company should be terminated by the
Company other than for Cause or Disability or if you should terminate your
employment for Good Reason, you shall be entitled to the benefits provided
below: 

<PAGE>   8

Page 7.

        (a) The Company shall pay to you your full base salary through the Date
of Termination at the rate in effect at the time Notice of Termination is given,
plus all other amounts to which you are entitled under any compensation plan of
the Company, at the time such payments are due; and

        (b) in lieu of any further salary payments to you for periods subsequent
to the Date of Termination, the Company shall pay as severance pay to you, at
the time specified in subsection (iv), a lump sum Severance Payment equal to
twenty - four (24) months salary in effect on the Date of Termination.

        (iv) The payments provided for in Subsection (iii) shall be made not
later than the fifth day following the Date of Termination; provided, however,
that if the amounts of such payments cannot be finally determined on or before
such day, the Company shall pay to you on such day an estimate, as determined
in good faith by the Company, of the minimum amount of such payments and shall
pay the remainder of such payments (together with interest at the rate provided
in 1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined
but in  no event later than the thirtieth day after the Date of Termination. In
the event that the amount of the estimated payments exceeds the amount
subsequently determined to have been due, such excess shall constitute a loan
by the Company to you payable on the fifth day after demand therefor by the
Company (together with interest at the rate provided in section 1274(b)(2)(B)
of the Code.)

        (v) You shall not be required to mitigate the amount of any payment
provided for in this Section 4 by seeking other employment or otherwise, nor
shall the amount of any payment or benefit provided for in this Section 4 be
reduced by any compensation earned by you as the result of employment by another
employer, by retirement benefits, by offset against any amount claimed to be
owed by you to the Company, or otherwise.

        (vi) Notwithstanding any provision of this Agreement to the contrary,
the aggregate present value of all "payments in the nature of compensation"
(within the meaning of Section 2800 of the Code) provided to you in connection
with a change in control of the Company or the termination of your employment
shall be one dollar less than the amount that is fully deductible by the Company
under Section 2800 of the Code and, to the extent necessary, payments and
benefits under this Agreement shall be reduced in order that this limitation not
be exceeded. It is the intention of this Subsection (vi) to avoid excise taxes
on you under Section 4999 of the Code or the disallowance of a deduction to the
Company pursuant to Section 280G of the Code.

        5. SUCCESSORS; BINDING AGREEMENT. (i) The Company will require any
successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the
Company to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it
if no such succession had taken place. Failure of the Company to obtain such
assumption and 

<PAGE>   9

Page 8.

agreement prior to the effectiveness of any such succession shall be a breach of
this Agreement and shall entitle you to compensation from the Company in the
same amount and on the same terms to which you would be entitled hereunder if
you terminate your employment for Good Reason following a change in control of
the Company, except that for purposes of implementing the foregoing, the date on
which any such succession becomes effective shall be deemed the Date of
Termination. As used in the Agreement, "Company shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise.

        (ii) This agreement shall inure to the benefit of and be enforceable by
you and your personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If you should die while
any amount would still be payable to you hereunder had you continued to live,
all such amounts, unless otherwise provided herein, shall be paid in accordance
with the terms of this Agreement to your devisee, legatee or other designee or,
if there is no such designee, to your estate.

        (iii) The Company expressly acknowledges and agrees that you shall have
a contractual right to the benefits provided hereunder, and the Company
expressly waives any ability, if possible, to deny liability for any breach of
its contractual commitment hereunder upon the grounds of lack of consideration,
accord and satisfaction or any other defense. In any dispute arising after a
change in control of the Company as to whether you are entitled to benefits
under this Agreement, there shall by a presumption that you are entitled to such
benefits and the burden of proving otherwise shall be on the Company.

        (iv) All benefits to be paid hereunder shall be in addition to any
disability, workers' compensation or other Company benefit plan distribution,
unpaid vacation or other unpaid benefits that you have at the Date of
Termination.

        6. NOTICE. For the purpose of this Agreement, notices and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by the United States
certified or registered mail, return receipt requested, postage prepaid,
addressed to the respective addresses set forth on the first page of this
Agreement, provided that all notice to the Company shall be directed to the
attention of the Board with a copy to the Secretary of the Company, or to such
other address as either party may have furnished to the other in writing in
accordance herewith, except that notice of change of address shall be effective
only upon receipt.

        7. MISCELLANEOUS. No provision of this Agreement may be modified, waived
or discharged unless such waiver, modification or discharge is agreed to in
writing and signed by you and such officer as may be specifically designated by
the Board. No waiver by either party hereto at any time of any breach by the
other party hereto of, or compliance with, any condition or provision of 

<PAGE>   10

Page 9.

this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreements, or representations, oral or otherwise, express
or implied, with respect to the subject matter hereof have been made by either
party which are not expressly set forth in this Agreement. The validity,
interpretation, construction, and performance of this Agreement shall be
governed by the laws of the State of Oklahoma without regard to its conflicts of
law principles. All references to sections of the Exchange Act or the Code shall
be deemed also to refer to any successor provisions to such sections. Any
payments provided hereunder shall be paid net of any applicable withholding
required under federal, state, or local law. In the event of a change in control
of the Company during the term of this Agreement, the obligations of the Company
under Section 4 shall survive the expiration of the term of this Agreement, the
obligations of the Company under Section 4 shall survive the expiration of the
term of this Agreement consistent with the periods referenced in Section 4.

        8. VALIDITY. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.

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

        10. ARBITRATION. Any dispute or controversy arising under or in
connection with this Agreement shall be settled exclusively by arbitration,
conducted before a panel of three arbitrators in the State of Oklahoma, in
accordance with the rules of the American Arbitration Association then in
effect. Judgment may be entered on the arbitrator's award in any court having
jurisdiction; provided, however, that you shall be entitled to seek specific
performance of your right to be paid until the Date of Termination during the
pendency of any dispute or controversy arising under or in connection with this
Agreement.

        11. ENTIRE AGREEMENT. This Agreement does not constitute an employment
agreement between you and the Company. No representation, promise or inducement
has been made by either party that is not embodied in this Agreement, and
neither party shall be bound by or liable for any alleged representation,
promise or inducement not so set forth.

        You acknowledge that you have read this Agreement, understand its terms
and that it has been entered into by you voluntarily. You acknowledge that the
payments to be made hereunder constitute additional compensation to you. You
further acknowledge that you have had sufficient opportunity to consider this
Agreement and discuss it with advisors of your choice, including your attorney
and accountants. You acknowledge that you have been informed that you have the
right to consider this Agreement for a period of at least twenty-one (21) days
prior to entering into it.

<PAGE>   11


Page 10.

You acknowledge that you have taken sufficient time to consider this Agreement
before signing it. You also acknowledge that you have the right to revoke this
Agreement for a period of seven (7) days following the Agreement's execution by
giving written notice to the Company.

        This letter shall be of no further force or effect if a Sale of Bliss
does not occur prior to April 1, 1998, provided, however, that if a contract of
sale for the Company is executed on or before that date, the rights and
obligations set forth in this letter shall continue until the last closing date
permitted under the contract of sale or any extension of the closing date upon
which the parties to the contract may agree.

        12. Effective Date. This Agreement shall become effective as of October
31, 1997. If this letter sets forth our agreement on the subject matter thereof,
kindly sign and return to the Company the enclosed copy of this letter, which
with then constitute our agreement on this subject.

                                        Sincerely,

                                        HMI Industries, Inc.

                                        /s/ James R. Malone
                                        -------------------------
                                        JAMES R. MALONE




Accepted and Agreed this
4th day of November, 1997

/s/ Mark A. Kirk
-------------------------
MARK KIRK