<PAGE>

                                                      DIR-OP:95
   
                         STOCK OPTION AGREEMENT
   
         STOCK OPTION AGREEMENT, dated as of January 1, 1996, between
   ENVIROSOURCE, INC. (the "Corporation") and WALLACE B. ASKINS (the
   "Optionee"), who is a Director of the Corporation.
   
         1.   Shares Subject to Option.  Pursuant to the provisions of the
   EnviroSource, Inc. Stock Option Plan for Non-Affiliate Directors, adopted by
   the Board of Directors of the Corporation as of January 1, 1995 (the "Plan"),
   the Corporation hereby grants to the Optionee a Stock Option to purchase
   5,000 shares of the Common Stock (par value $.05 per share) of the
   Corporation (the "Optioned Shares") at a price equal to $3.00 per share.  The
   Optionee acknowledges receipt of a copy ofthe Plan, all terms and conditions
   of which are incorporated herein by reference.

         2.   Term and Exercise of Option.  The Stock Option hereby granted (the
   "Option"), subject to the conditions set forth in Section 3 hereof, shall
   become exercisable in full on January 1, 1997, and shall expire and may not
   be exercised after the expiration of ten years from the date hereof.  The
   Option may be exercised from time to time in whole or in part by giving
   written notice to the Corporation, which notice shall include the date, the
   number of shares as to which the Option is then being exercised and the
   aggregate purchase price of such shares.  At the time of exercise of the
   Option in whole or in part, the aggregate option price of the shares
   purchased pursuant thereto shall be paid in full at the principal office of
   the Corporation by payment of the full purchase price in cash.

<PAGE>
 
             The Corporation, upon receipt of such option price, will cause
   certificates for such shares to be delivered to the person entitled thereto,
   registered in the name of the person or persons so exercising the Option and,
   if deemed necessary by counsel to the Corporation, legended pursuant to
   paragraph 3 hereof.  In addition, the Corporation shall have the right to
   require a cash payment upon the exercise of the Option in connection with
   any obligation of the Corporation to withhold taxes.  
   
             This Agreement shall not be construed as giving the Optionee any
   right to be retained as a Director of the Corporation or to be employed by
   the Corporation or any subsidiary.
   
         3.   Conditions to Exercise.  Exercise of the Option as hereinabove
   provided shall be subject to the following express conditions precedent:
   
              (a)  The Optionee shall have remained continuously as a member of
           the Board of Directors of the Corporation from the date of grant of
           the Option ("Granting Date") until the date of exercise thereof
           except that (i) in the event of the death of the Optionee after the
           Granting Date and while a Director of the Corporation, or within
           three months after the termination of his services as a Director
           either as a result of a vote of stockholders or otherwise, the
           Option may be exercised (to the extent that the Optionee was entitled
           to do so at the date of his death) at any time within one year after
           his death by the executors or administrators of the Optionee or by
           any person who shall have acquired the Option from the Optionee by
           bequest of inheritance, and (ii) in the event of the termination
           (otherwise than by reason of death) after the Granting Date of the
           Optionee's service as a Director either as a result of a vote of
           stockholders or otherwise the Option may be exercised (to the extent
           the Optionee was entitled to do so at the termination of his service
           as a Director) at any time within three months after such termination
           but not thereafter; provided, however, that in no event may the
           Option be exercised after the expiration of the term of the Option.
    
              (b) Unless a registration statement under the Securities Act of
           1933, as amended, shall at the time of exercise of the Option be in
           effect with respect to the Optioned Shares, the Optionee shall have
           delivered to the Corporation such assurances as the Corporation may
           reasonably request that the Optioned Shares are being acquired in
           accordance with the terms of an applicable exemption from the
           registration requirements of such Act.
    
<PAGE>
              (c) If the shares of Common Stock of the Corporation or other
            securities issuable upon exercise of the Option are then listed
            on any securities exchange, such shares shall have been authorized
            for listing on such exchange on official notice of issuance.
   
   
         4.   Option Non-Transferable.  This Option may not be transferred by
   the Optionee otherwise than by will or by the laws of descent and
   distribution and may be exercised during the lifetime of the Optionee only by
   him.
   
         5.   Adjustment of Option Price and Number of Optioned Shares.  If the
   outstanding securities of the class then subject to this Option are
   increased, decreased, changed into or exchanged for a different number or
   kind of shares of the Company through reorganization, recapitalization,
   reclassification, stock dividend, stock split or reverse stock split, upon
   proper authorization of the Board of Directors, an appropriate and
   proportionate adjustment shall be made in the number and type of Optional
   Shares.
   
         6.   Investment Covenant.  The Optionee represents, covenants and
   agrees that, unless the Optioned Shares shall have been registered under the
   Securities Act of 1933, as amended, or other Federal or state statutes in
   effect at the time of purchase, such Optioned Shares will be acquired by the
   Optionee for investment for his own account and not with a view to
   distribution and agrees to execute such other and further instruments as may
   be required to evidence such investment intent.

<PAGE>

         7.   Right of Cancellation.  Notwithstanding the foregoing provisions
   of this Agreement, this Option may be canceled by the Board of Directors at
   any time prior to the exercise thereof if the Board determines that the
   Optionee has at any time prior to, or after, the date hereof intentionally
   committed an act materially inimical to the interests of the Corporation or
   of any subsidiary of the Corporation.
   
         IN WITNESS WHEREOF, the Corporation and the Optionee have executed
   this Agreement in duplicate as of the date first above written.
  

                                                 ENVIROSOURCE, INC.
   ATTEST:
   /s/ Christina E. Huben                        By: /s/ Louis A. Guzzetti, Jr.

                                                    /s/ Wallace B. Askins
                                                          Optionee
   
   <PAGE>
                                               
                                                                DIR-OP:95
   
                         STOCK OPTION AGREEMENT
   
         STOCK OPTION AGREEMENT, dated as of January 1, 1996, between
   ENVIROSOURCE, INC. (the "Corporation") and RAYMOND P. CALDIERO (the
   "Optionee"), who is a Director of the Corporation.
   
         1.   Shares Subject to Option.  Pursuant to the provisions of the
   EnviroSource, Inc. Stock Option Plan for Non-Affiliate Directors, adopted by
   the Board of Directors of the Corporation as of January 1, 1995 (the "Plan"),
   the Corporation hereby grants to the Optionee a Stock Option to purchase
   5,000 shares of the Common Stock (par value $.05 per share) of the
   Corporation (the "Optioned Shares") at a price equal to $3.00 per share.
   The Optionee acknowledges receipt of a copy of the Plan, all terms and
   conditions of which are incorporated herein by reference.
 
         2.   Term and Exercise of Option.  The Stock Option hereby granted (the
   "Option"), subject to the conditions set forth in Section 3 hereof, shall
   become exercisable in full on January 1, 1997, and shall expire and may not
   be exercised after the expiration of ten years from the date hereof.  The
   Option may be exercised from time to time in whole or in part by giving
   written notice to the Corporation, which notice shall include the date, the
   number of shares as to which the Option is then being exercised and the 
   aggregate purchase price of such shares.  At the time of exercise of the
   Option in whole or in part, the aggregate option price of the shares
   purchased pursuant thereto shall be paid in full at the principal office of
   the Corporation by payment of the full purchase price in cash.

<PAGE>
              The Corporation, upon receipt of such option price, will cause
   certificates for such shares to be delivered to the person entitled thereto,
   registered in the name of the person or persons so exercising the Option and,
   if deemed necessary by counsel to the Corporation, legended pursuant to
   paragraph 3 hereof.  In addition, the Corporation shall have the right to  
   require a cash payment upon the exercise of the Option in connection with
   any obligation of the Corporation to withhold taxes.  
 
        This Agreement shall not be construed as giving the Optionee any right
   to be retained as a Director of the Corporation or to be employed by the
   Corporation or any subsidiary.
   
         3.   Conditions to Exercise.  Exercise of the Option as hereinabove
   provided shall be subject to the following express conditions precedent:
 
              (a)  The Optionee shall have remained continuously as a member of
            the Board of Directors of the Corporation from the date of grant of
            the Option ("Granting Date") until the date of exercise thereof
            except that (i) in the event of the death of the Optionee after the
            Granting Date and while a Director of the Corporation, or within
            three months after the termination of his services as a Director
            either as a result of a vote of stockholders or otherwise, the
            Option may be exercised (to the extent that the Optionee was
            entitled to do so at the date of his death) at any time within one
            year after his death by the executors or administrators of the
            Optionee or by any person who shall have acquired the Option from
            the Optionee by bequest of inheritance, and (ii) in the event of
            the termination (otherwise than by reason of death) after the
            Granting Date of the Optionee's service as a Director either as a
            result of a vote of stockholders or otherwise the Option may be
            exercised (to the extent the Optionee was entitled to do so at the
            termination of his service as a Director) at any time within three
            months after such termination but not thereafter; provided, however,
            that in no event may the Option be exercised after the expiration
            of the term of the Option.
    
<PAGE>
              (b) Unless a registration statement under the Securities Act of
            1933, as amended, shall at the time of exercise of the Option be in
            effect with respect to the Optioned Shares, the Optionee shall have
            delivered to the Corporation such assurances as the Corporation may
            reasonably request that the Optioned Shares are being acquired in
            accordance with the terms of an applicable exemption from the
            registration requirements of such Act.
    
              (c) If the shares of Common Stock of the Corporation or other
            securities issuable upon exercise of the Option are then listed on
            any securities exchange, such shares shall have been authorized for
            listing on such exchange on official notice of issuance.
   
   
         4.   Option Non-Transferable.  This Option may not be transferred by
   the Optionee otherwise than by will or by the laws of descent and
   distribution and may be exercised during the lifetime of the Optionee only by
   him.
   
         5.   Adjustment of Option Price and Number of Optioned Shares.  If the
   outstanding securities of the class then subject to this Option are
   increased, decreased, changed into or exchanged for a different number or
   kind of shares of the Company through reorganization, recapitalization,
   reclassification, stock dividend, stock split or reverse stock split, upon
   proper authorization of the Board of Directors, an appropriate and
   proportionate adjustment shall be made in the number and type of Optional
   Shares.
 
         6.   Investment Covenant.  The Optionee represents, covenants and
   agrees that, unless the Optioned Shares shall have been registered under the
   Securities Act of 1933, as amended, or other Federal or state statutes in
   effect at the time of purchase, such Optioned Shares will be acquired by the
   Optionee for investment for his own account and not with a view to
   distribution and agrees to execute such other and further instruments as may
   be required to evidence such investment intent.

<PAGE>

         7.   Right of Cancellation.  Notwithstanding the foregoing provisions
   of this Agreement, this Option may be canceled by the Board of Directors at
   any time prior to the exercise thereof if the Board determines that the
   Optionee has at any time prior to, or after, the date hereof intentionally
   committed an act materially inimical to the interests of the Corporation or
   of any subsidiary of the Corporation.
   
         IN WITNESS WHEREOF, the Corporation and the Optionee have executed
   this Agreement in duplicate as of the date first above written.
   

                                                 ENVIROSOURCE, INC.
   ATTEST:
   /s/ Christina E. Huben                        By: /s/ Louis A. Guzzetti, Jr.

                                                 /s/Raymond P. Caldiero
                                                       Optionee
    
   
   <PAGE>
                                                                DIR-OP:95
   
                         STOCK OPTION AGREEMENT
   
         STOCK OPTION AGREEMENT, dated as of January 1, 1996, between
   ENVIROSOURCE, INC. (the "Corporation") and JEFFREY G. MILLER (the
   "Optionee"), who is a Director of the Corporation.
   
         1.   Shares Subject to Option.  Pursuant to the provisions of the
   EnviroSource, Inc. Stock Option Plan for Non-Affiliate Directors, adopted by
   the Board of Directors of the Corporation as of January 1, 1995 (the "Plan"),
   the Corporation hereby grants to the Optionee a Stock Option to purchase
   5,000 shares of the Common Stock (par value $.05 per share) of the
   Corporation (the "Optioned Shares") at a price equal to $3.00 per share.  The
   Optionee acknowledges receipt of a copy of the Plan, all terms and
   conditions of which are incorporated herein by reference.
 
         2.   Term and Exercise of Option.  The Stock Option hereby granted (the
   "Option"), subject to the conditions set forth in Section 3 hereof, shall
   become exercisable in full on January 1, 1997, and shall expire and may not
   be exercised after the expiration of ten years from the date hereof.  The
   Option may be exercised from time to time in whole or in part by giving
   written notice to the Corporation, which notice shall include the date, the
   number of shares as to which the Option is then being exercised and the
   aggregate purchase price of such shares.  At the time of exercise of the
   Option in whole or in part, the aggregate option price of the shares
   purchased pursuant thereto shall be paid in full at the principal office of
   the Corporation by payment of the full purchase price in cash.

<PAGE>
              The Corporation, upon receipt of such option price, will cause
   certificates for such shares to be delivered to the person entitled thereto,
   registered in the name of the person or persons so exercising the Option and,
   if deemed necessary by counsel to the Corporation, legended pursuant to
   paragraph 3 hereof.  In addition, the Corporation shall have the right to
   require a cash payment upon the exercise of the Option in connection with any
   obligation of the Corporation to withhold taxes.  
 
               This Agreement shall not be construed as giving the Optionee any
   right to be retained as a Director of the Corporation or to be employed by
   the Corporation or any subsidiary.
   
         3.   Conditions to Exercise.  Exercise of the Option as hereinabove
   provided shall be subject to the following express conditions precedent:
   
             (a)  The Optionee shall have remained continuously as a member of
           the Board of Directors of the Corporation from the date of grant of
           the Option ("Granting Date") until the date of exercise thereof
           except that (i) in the event of the death of the Optionee after
           the Granting Date and while a Director of the Corporation, or
           within three months after the termination of his services as a
           Director either as a result of a vote of stockholders or otherwise,
           the Option may be exercised (to the extent that the Optionee was
           entitled to do so at the date of his death) at any time within one
           year after his death by the executors or administrators of the
           Optionee or by any person who shall have acquired the Option from
           the Optionee by bequest of inheritance, and (ii) in the event of
           the termination (otherwise than by reason of death) after the
           Granting Date of the Optionee's service as a Director either as a
           result of a vote of stockholders or otherwise the Option may be
           exercised (to the extent the Optionee was entitled to do so at the
           termination of his service as a Director) at any time within three
           months after such termination but not thereafter; provided,
           however, that in no event may the Option be exercised after the
           expiration of the term of the Option.
    
<PAGE>
             (b) Unless a registration statement under the Securities Act of
           1933, as amended, shall at the time of exercise of the Option be in
           effect with respect to the Optioned Shares, the Optionee shall
           have delivered to the Corporation such assurances as the Corporation
           may reasonably request that the Optioned Shares are being acquired in
           accordance with the terms of an applicable exemption from the
           registration requirements of such Act.
    
              (c) If the shares of Common Stock of the Corporation or other
            securities issuable upon exercise of the Option are then listed
            on any securities exchange, such shares shall have been authorized
            for listing on such exchange on official notice of issuance.
   
         4.   Option Non-Transferable.  This Option may not be transferred by
   the Optionee otherwise than by will or by the laws of descent and
   distribution and may be exercised during the lifetime of the Optionee only by
   him.
   
         5.   Adjustment of Option Price and Number of Optioned Shares.  If the
   outstanding securities of the class then subject to this Option are
   increased, decreased, changed into or exchanged for a different number or
   kind of shares of the Company through reorganization, recapitalization, 
   reclassification, stock dividend, stock split or reverse stock split, upon
   proper authorization of the Board of Directors, an appropriate and
   proportionate adjustment shall be made in the number and type of Optional
   Shares.
  
         6.   Investment Covenant.  The Optionee represents, covenants and
   agrees that, unless the Optioned Shares shall have been registered under the
   Securities Act of 1933, as amended, or other Federal or state statutes in
   effect at the time of purchase, such Optioned Shares will be acquired by the
   Optionee for investment for his own account and not with a view to
   distribution and agrees to execute such other and further instruments as may
   be required to evidence such investment intent.

<PAGE>
         7.   Right of Cancellation.  Notwithstanding the foregoing provisions
   of this Agreement, this Option may be canceled by the Board of Directors at
   any time prior to the exercise thereof if the Board determines that the
   Optionee has at any time prior to, or after, the date hereof intentionally
   committed an act materially inimical to the interests of the Corporation or
   of any subsidiary of the Corporation.
   
         IN WITNESS WHEREOF, the Corporation and the Optionee have executed
   this Agreement in duplicate as of the date first above written.
   

                                              ENVIROSOURCE, INC.
   ATTEST:
   /s/ Christina E. Huben                     By: /s/ Louis A. Guzzetti, Jr.   
   
                                              /s/ Jeffrey G. Miller
                                                      Optionee
   
<PAGE>
                                                                       DIR-OP:95
   
                         STOCK OPTION AGREEMENT
   
         STOCK OPTION AGREEMENT, dated as of January 1, 1996, between
   ENVIROSOURCE, INC. (the "Corporation") and ARTHUR R. SEDER, JR. (the
   "Optionee"), who is a Director of the Corporation.
   
         1.   Shares Subject to Option.  Pursuant to the provisions of the
   EnviroSource, Inc. Stock Option Plan for Non-Affiliate Directors, adopted by
   the Board of Directors of the Corporation as of January 1, 1995 (the "Plan"),
   the Corporation hereby grants to the Optionee a Stock Option to purchase
   5,000 shares of the Common Stock (par value $.05 per share) of the
   Corporation (the "Optioned Shares") at a price equal to $3.00 per share.  The
   Optionee acknowledges receipt of a copy of the Plan, all terms and conditions
   of which are incorporated herein by reference.
 
         2.   Term and Exercise of Option.  The Stock Option hereby granted (the
   "Option"), subject to the conditions set forth in Section 3 hereof, shall
   become exercisable in full on January 1, 1997, and shall expire and may not
   be exercised after the expiration of ten years from the date hereof.  The
   Option may be exercised from time to time in whole or in part by giving
   written notice to the Corporation, which notice shall include the date, the
   number of shares as to which the Option is then being exercised and the
   aggregate purchase price of such shares.  At the time of exercise of the
   Option in whole or in part, the aggregate option price of the shares
   purchased pursuant thereto shall be paid in full at the principal office of
   the Corporation by payment of the full purchase price in cash.

<PAGE>
              The Corporation, upon receipt of such option price, will cause
   certificates for such shares to be delivered to the person entitled thereto,
   registered in the name of the person or persons so exercising the Option and,
   if deemed necessary by counsel to the Corporation, legended pursuant to
   paragraph 3 hereof.  In addition, the Corporation shall have the right to
   require a cash payment upon the exercise of the Option in connection with any
   obligation of the Corporation to withhold taxes.  

         This Agreement shall not be construed as giving the Optionee any right
   to be retained as a Director of the Corporation or to be employed by the
   Corporation or any subsidiary.
   
         3.   Conditions to Exercise.  Exercise of the Option as hereinabove
   provided shall be subject to the following express conditions precedent:
   
             (a)  The Optionee shall have remained continuously as a member of
           the Board of Directors of the Corporation from the date of grant of
           the Option ("Granting Date") until the date of exercise thereof
           except that (i) in the event of the death of the Optionee after the
           Granting Date and while a Director of the Corporation, or within
           three months after the termination of his services as a Director
           either as a result of a vote of stockholders or otherwise, the
           Option may be exercised (to the extent that the Optionee was entitled
           to do so at the date of his death) at any time within one year after
           his death by the executors or administrators of the Optionee or by
           any person who shall have acquired the Option from the Optionee by
           bequest of inheritance, and (ii) in the event of the termination
           (otherwise than by reason of death) after the Granting Date of the
           Optionee's service as a Director either as a result of a vote of
           stockholders or otherwise the Option may be exercised (to the extent
           the Optionee was entitled to do so at the termination of his service
           as a Director) at any time within three months after such termination
           but not thereafter; provided, however, that in no event may the
           Option be exercised after the expiration of the term of the Option.
    
             (b) Unless a registration statement under the Securities Act of
           1933, as amended, shall at the time of exercise of the Option be in
           effect with respect to the Optioned Shares, the Optionee shall have
           delivered to the Corporation such assurances as the Corporation may
           reasonably request that the Optioned Shares are being acquired in
           accordance with the terms of an applicable exemption from the
           registration requirements of such Act.
    
<PAGE>

             (c) If the shares of Common Stock of the Corporation or other
           securities issuable upon exercise of the Option are then listed on
           any securities exchange, such shares shall have been authorized for
           listing on such exchange on official notice of issuance.
   
         4.   Option Non-Transferable.  This Option may not be transferred by
   the Optionee otherwise than by will or by the laws of descent and
   distribution and may be exercised during the lifetime of the Optionee only by
   him.
   
         5.   Adjustment of Option Price and Number of Optioned Shares.  If the
   outstanding securities of the class then subject to this Option are
   increased, decreased, changed into or exchanged for a different number or
   kind of shares of the Company through reorganization, recapitalization,
   reclassification, stock dividend, stock split or reverse stock split, upon
   proper authorization of the Board of Directors, an appropriate and
   proportionate adjustment shall be made in the number and type of Optional
   Shares.
   
         6.   Investment Covenant.  The Optionee represents, covenants and
   agrees that, unless the Optioned Shares shall have been registered under the
   Securities Act of 1933, as amended, or other Federal or state statutes in
   effect at the time of purchase, such Optioned Shares will be acquired by the
   Optionee for investment for his own account and not with a view to
   distribution and agrees to execute such other and further instruments as may
   be required to evidence such investment intent.

<PAGE>
         7.   Right of Cancellation.  Notwithstanding the foregoing provisions
   of this Agreement, this Option may be canceled by the Board of Directors at
   any time prior to the exercise thereof if the Board determines that the
   Optionee has at any time prior to, or after, the date hereof intentionally
   committed an act materially inimical to the interests of the Corporation or
   of any subsidiary of the Corporation.
   
         IN WITNESS WHEREOF, the Corporation and the Optionee have executed
   this Agreement in duplicate as of the date first above written.
   

                                     ENVIROSOURCE, INC.
   ATTEST:
   /s/ Christina E. Huben            By: /s/ Louis A. Guzzetti, Jr.            

                                     /s/ Arthur R. Seder, Jr.
                                           Optionee