Document:

CHANGE OF CONTROL
                                -----------------
                              EMPLOYMENT AGREEMENT
                              --------------------

This  Change  of  Control  Employment Agreement (the "Agreement") by and between
Energizer  Holdings, Inc. (the "Company"), a Missouri corporation, and Joseph E.
Lynch  ("Executive"),

                                   WITNESSETH:

WHEREAS,  the  Company,  on  behalf  of  itself,  its  subsidiaries  and  its
stockholders,  and  any  successor  or  surviving  entity,  wishes  to encourage
Executive's  continued  service and dedication in the performance of his duties,
notwithstanding  the possibility, threat or occurrence of a Change of Control of
the  Company;  and

WHEREAS,  the  Board of Directors of the Company (the "Board") believes that the
prospect  of  a  pending  or  threatened  Change  of  Control inevitably creates
distractions  and  personal risks and uncertainties for its executives, and that
it  is  in  the  best interests of Company and its stockholders to minimize such
distractions to certain executives, and the Board further believes that it is in
the  best  interests  of the Company to encourage its executives' full attention
and  dedication  to  their  duties,  both  currently  and  in  the  event of any
threatened  or  pending  Change  of  Control;  and

WHEREAS,  the  Board  has  determined  that appropriate steps should be taken to
reinforce  and  encourage  the  continued  retention  of  certain members of the
Company's  management,  including Executive, and the attention and dedication of
management  to  their  assigned  duties  without  distraction  in  the  face  of
potentially disturbing circumstances arising from the possibility of a Change of
Control.

NOW,  THEREFORE,  in  order  to  induce Executive to remain in the employ of the
Company  and  in  consideration  of  his  continued  service to the Company, the
Company  agrees  that  Executive  shall  receive  the benefits set forth in this
Agreement  in  the  event  that  Executive's  employment  with  the  Company  is
terminated  subsequent  to  a  Change  of Control in the circumstances described
herein,  and  the  parties  further  agree  as  follows:

I.     Definitions.
       -----------

     The  meaning  of  each  defined  term that is used in this Agreement is set
forth  below.

     (a)     AAA.  The  American  Arbitration  Association.
             ---

     (b)     Accounting  Firm.  The  meaning  of  this  term  is  set  forth  in
             ----------------
Subsection  IV(e)(ii).

     (c)     Additional  Pay.  The  meaning  of  this  term  is  set  forth  in
             ---------------
Subsection  IV(b).

     (d)     Agreement  Payments.  The  meaning  of  this  term  is set forth in
             -------------------
Subsection  IV(e).

(e)     Beneficiaries.  The  meaning  of  this  term  is set forth in Subsection
        -------------
VI(b).

     (f)     Board.  The meaning of this term is set forth in the second WHEREAS
             -----
clause  of  this  Agreement.

     (g)     Business  Combination.  The  meaning  of  this term is set forth in
             ---------------------
Subsection  I(i)(iii).

     (h)     Cause.  For  purposes  of  this  Agreement,  "Cause"  shall  mean
             -----
Executive's willful breach or failure to perform his/her employment duties.  For
purposes  of  this  Subsection  I(h),  no act, or failure to act, on the part of
Executive  shall  be  deemed  "willful"  unless  done, or omitted to be done, by
Executive  not  in  good faith and without reasonable belief that such action or
omission  was  in  the  best  interest  of  the  Company.  Notwithstanding  the
foregoing,  Executive's  employment  shall not be deemed to have been terminated
for  Cause unless and until the Company delivers to Executive a certificate of a
resolution  duly  adopted  by the affirmative vote of not less than seventy-five
percent  (75%)  of  the entire membership of the Board at a meeting of the Board
called  and  held  for such purpose (after reasonable notice to Executive and an
opportunity for Executive, together with Executive's counsel, to be heard before
the  Board),  finding that in the good faith opinion of the Board, Executive has
engaged  in  such  willful  conduct  and  specifying the details of such willful
conduct.

     (i)     Change  of  Control.  For  purposes of this Agreement, a "Change of
             -------------------
Control"  shall  be deemed to have occurred if there is a change of control of a
nature  that  would  be  required  to  be  reported  in response to Item 6(e) of
Schedule  14A of Regulation 14A promulgated under the Securities Exchange Act of
1934,  as  amended  (the  "Exchange  Act"),  whether  or not the Company is then
subject to such reporting requirement; provided that, without limitation, such a
Change  of  Control  shall  be  deemed  to  have  occurred  if:

          (i)     any  "person"  (as  such  term  is  used in Sections 13(d) and
14(d)(2)  as  currently  in  effect,  of  the  Exchange  Act)  is  or  becomes a
"beneficial owner" (as determined for purposes of Regulation 13D-G, as currently
in  effect,  of  the  Exchange  Act),  directly  or  indirectly,  of  securities
representing  twenty  percent  (20%) or more of the total voting power of all of
the  Company's  then  outstanding  voting  securities.  For  purposes  of  this
Agreement,  the  term "person" shall not include:  (A) the Company or any of its
Subsidiaries,  (B)  a  trustee  or  other  fiduciary holding securities under an
employee  benefit  plan  of  the  Company  or any of its Subsidiaries, or (C) an
underwriter  temporarily  holding  securities  pursuant  to  an offering of said
securities;

          (ii)     during  any  period  of  two  (2) consecutive calendar years,
individuals who at the beginning of such period constitute the Board and any new
director(s)  whose  election  by  the  Board  or  nomination for election by the
Company's  stockholders  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
such  period  or  whose  election  or  nomination for election was previously so
approved,  cease  for  any  reason  to  constitute  a  majority  of  the  Board;

          (iii)     the  stockholders  of  the  Company  approve  a  merger,
consolidation  or  sale  or other disposition of all or substantially all of the
assets of the Company (a "Business Combination"), in each case, unless following
such  Business Combination:  (i) all or substantially all of the individuals and
entities  who  were  the  "beneficial  owners"  (as  determined  for purposes of
Regulation  13D-G,  as  currently  in  effect,  of  the  Exchange  Act)  of  the
outstanding  voting securities of the Company immediately prior to such Business
Combination  beneficially  own,  directly or indirectly, securities representing
more  than fifty percent (50%) of the total voting power of the then outstanding
voting securities of the corporation resulting from such Business Combination or
the  parent  of such corporation (the "Resulting Corporation"); (ii) no "person"
(as  such term is used in Section 13(d) and 14(d)(2), as currently in effect, of
the  Exchange  Act),  other than a trustee or other fiduciary holding securities
under  an  employee benefit plan of the Company or the Resulting Corporation, is
the  "beneficial  owner"  (as  determined  for  purposes of Regulation 13D-G, as
currently  in  effect,  of  the Exchange Act), directly or indirectly, of voting
securities  representing  twenty percent (20%) or more of the total voting power
of then outstanding voting securities of the Resulting Corporation; and (iii) at
least  a  majority  of  the  members  of the board of directors of the Resulting
Corporation  were  members  of  the  Board  at  the time of the execution of the
initial agreement, or at the time of the action of the Board, providing for such
Business  Combination;

          (iv)     the  stockholders  of  the Company approve a plan of complete
liquidation  or  dissolution  of  the  Company;  or

          (v)     any  other  event  that a simple majority of the Board, in its
sole  discretion,  shall  determine  constitutes  a  Change  of  Control.

     (j)     Code.  For  purposes  of  this  Agreement,  "Code"  shall  mean the
             ----
Internal  Revenue  Code  of  1986,  as  amended.

     (k)     Company.  The  meaning  of  this  term  is  set  forth in the first
             -------
paragraph  of  this  Agreement  and  in  Subsection  VI(a).

     (l)     Controlled  Group.  For  purposes  of  this  Agreement, "Controlled
             -----------------
Group"  shall  mean  the  Company  and  all  of  the  Company's  Subsidiaries.

     (m)     Disability.  For  purposes  of  this  Agreement, "Disability" shall
             ----------
mean  an  illness,  injury  or  similar  incapacity  which  52  weeks  after its
commencement,  continues  to render Executive unable to perform the material and
substantial  duties  of  Executive's  position  or  any  substantially  similar
occupation  or substantially similar employment for which Executive is qualified
or  may  reasonably  become qualified by training, education or experience.  Any
question  as  to  the  existence  of  a  Disability upon which Executive and the
Company  cannot  agree  shall be determined by a qualified independent physician
selected by Executive (or, if Executive is unable to make such selection, by any
adult  member  of  Executive's  immediate  family  or  Executive's  legal
representative),  and  approved  by  the  Company,  such  approval  not  to  be
unreasonably  withheld.  The  determination of such physician made in writing to
both the Company and Executive shall be final and conclusive for all purposes of
this  Agreement.

     (n)     Employer.  For  purposes  of  this Agreement, "Employer" shall mean
             --------
the  Company  or the Subsidiary, as the case may be, with which Executive has an
employment  relationship.

     (o)     Exchange  Act.  This  term  shall  have  the  meaning  set forth in
             -------------
Subsection  I(i).

     (p)     Executive.  This term shall have the meaning set forth in the first
             ---------
paragraph  of  this  Agreement.

     (q)     Excise  Tax.  This  term  shall  have  the  meaning  set  forth  in
             -----------
Subsection  IV(e)(i).

     (r)     Good  Reason.  For  purposes of this Agreement, "Good Reason" shall
             ------------
mean  the  occurrence, without Executive's prior express written consent, of any
of  the  following  circumstances:

          (i)     The  assignment  to  Executive of any duties inconsistent with
Executive's  status  or  responsibilities  as  in  effect immediately prior to a
Change  of  Control,  including  imposition  of  travel obligations which differ
materially  from  required  business  travel  immediately prior to the Change of
Control;

          (ii)     Any  diminution  in  the  status  or  responsibilities  of
Executive's  position from that which existed immediately prior to the Change of
Control,  whether  by reason of the Company ceasing to be a public company under
the  Exchange  Act,  becoming  a  subsidiary  of  a successor public company, or
otherwise;

          (iii)     (A)  A  reduction  in  Executive's  annual base salary as in
effect  immediately  before  the  Change of Control; or (B) the failure to pay a
bonus  award  to  which  Executive  is  entitled  under any short-term incentive
plan(s)  or  program(s),  any  long-term incentive plan(s) or program(s), or any
other incentive compensation plan(s) or program(s) of Company in which Executive
participated  immediately  prior  to  the  time  of  the  Change  of  Control;

          (iv)     A change in the principal place of Executive's employment, as
in  effect  immediately  prior  to the Change of Control to a location more than
fifty (50) miles distant from the location of such principal place at such time;

          (v)     The failure by the Company to offer Executive participation in
incentive  compensation  or  stock  or  stock  option  plans  on  at  least  a
substantially  equivalent  basis,  both  in  terms  of  the nature and amount of
benefits  provided  and the level of Executive's participation, as is then being
provided  by  the  Company to similarly situated peer executives of the Company;

          (vi)     (A)  Except as required by law, the failure by the Company to
offer  Executive  benefits  on at least a substantially equivalent basis, in the
aggregate,  to  those  then  being provided by the Company to similarly situated
peer  executives  of  the Company under the qualified and non-qualified employee
benefit  and  welfare  plans  of the Company, including, without limitation, any
pension,  deferred  compensation,  life  insurance,  medical, dental, health and
accident, disability, retirement or savings plan(s) or program(s) offered by the
Company;  (B)  the  taking  of any action by the Company that would, directly or
indirectly,  materially  reduce  or deprive Executive of any other perquisite or
benefit  then being offered by the Company to similarly situated peer executives
of  the  Company  (including, without limitation, Company-paid and/or reimbursed
club memberships, financial counseling fees and the like); or (C) the failure by
the  Company  to  treat  Executive  under  the  Company's  vacation policy, past
practice  or special agreement in the same manner and to the same extent as then
being  provided  by  the  Company  to  similarly situated peer executives of the
Company;

          (vii)     The  failure of the Company to obtain a satisfactory written
agreement  from  any successor prior to consummation of the Change of Control to
assume and agree to perform this Agreement, as contemplated in Subsection VI(a);
or

          (viii)     Any  purported  termination  by  the Company of Executive's
employment  that  is not effected pursuant to a Notice of Termination satisfying
the  requirements  of Subsection III(d) or, if applicable, Subsection I(h).  For
purposes  of  this  Agreement,  no such purported termination shall be effective
except  as  constituting  Good  Reason.

Executive's  continued  employment  with the Company or any Subsidiary shall not
constitute  a  consent  to,  or  a  waiver  of  rights  with  respect  to,  any
circumstances  constituting Good Reason hereunder.  Any good faith determination
of  "Good Reason" made by the Executive shall be conclusive for purposes of this
Agreement.

     (s)     Gross-Up  Payment.  The  meaning  of  this  term  is  set  forth in
             -----------------
Subsection  IV(e)(i).

     (t)     Notice  of  Termination.  The  meaning of this term is set forth in
             -----------------------
Subsection  III(d).

     (u)     Other  Payments.  The  meaning  of  this  term  is  set  forth  in
             ---------------
Subsection  IV(e)(i).

(v)     Payments.  The meaning of this term is set forth in Subsection IV(e)(i).
        --------

(w)     Resulting  Corporation.  The  meaning  of  this  term  is  set  forth in
        ----------------------
Subsection  I(i)(iii).

     (x)     Retirement.  For  purposes  of  this  Agreement, "Retirement" shall
             ----------
mean  Executive's  voluntary  termination  of employment with the Company, other
than  for  Good  Reason,  and in accordance with the Company's retirement policy
generally  applicable  to  its  employees  or  in  accordance  with any prior or
contemporaneous  retirement  agreement  or arrangement between Executive and the
Company.

     (y)     Severance Bonus Amount.  For purposes of this Agreement, "Severance
             ----------------------
Bonus  Amount"  means  the greatest of (i) an amount determined by averaging the
percentages  of Executive's base salary which were actually awarded to Executive
as  incentive  bonuses under short-term incentive plans of the Company or any of
its  Subsidiaries for the five most recently completed fiscal years prior to the
fiscal  year in which the Change of Control occurs, and multiplying such average
percentage  by  the  greater  of  (A)  Executive's  annual base salary in effect
immediately prior to the Termination Date, or (B) Executive's annual base salary
in effect as of the date of the Change of Control; (ii) Executive's Target Bonus
for  the  fiscal  year  in  which  the  Change  of  Control occurs, or (iii) the
Executive's  Target  Bonus  for  the  fiscal  year in which the Termination Date
occurs.  For purposes of the calculation in (i) above, if the five most recently
completed  fiscal  years  include  any  periods  during  which Executive was not
employed  by  the  Company  or  any  of  its  Subsidiaries, the average shall be
determined  only  for  those  years  during  which  Executive  was  so employed.

     (z)     Subsidiary.  For  purposes  of  this  Agreement, "Subsidiary" shall
             ----------
mean any corporation of which fifty percent (50%) or more of the voting stock is
owned,  directly  or  indirectly,  by  the  Company.

     (aa)     Target  Bonus.  For  purposes  of  this  Agreement, "Target Bonus"
              -------------
means the assigned bonus target for the Executive under any short-term incentive
plan(s)  of  the Company, multiplied by his or her base salary, for the relevant
fiscal  year.  If  the  Executive's  base  salary is changed during the relevant
fiscal year, the Target Bonus shall be calculated by multiplying the Executive's
assigned  bonus  target  by the highest base salary in effect during that fiscal
year.

     (bb)     Terminate(d)  or  Termination.  The  meaning  of  this term is set
              -----------------------------
forth  in  Subsection  III(c).

     (cc)     Termination  Date.  For  purposes  of this Agreement, "Termination
              -----------------
Date"  shall  mean:

          (i)     If Executive's employment is terminated for Disability, thirty
(30) calendar days after Notice of Termination is given (provided that Executive
shall  not  have  returned to the full-time performance of his/her duties during
such  thirty-day  period);  and

          (ii)     If  Executive's  employment  is  terminated for Cause or Good
Reason  or  for any reason other than death or Disability, the date specified in
the  Notice  of  Termination (which in the case of a termination for Cause shall
not  be less than thirty (30) calendar days and in the case of a termination for
Good Reason shall not be less than thirty (30) calendar days nor more than sixty
(60)  calendar  days,  respectively, from the date such Notice of Termination is
given).

II.     Term  of  Agreement.
        -------------------

     (a)     General.  Upon  execution  by  Executive,  this  Agreement  shall
             -------
commence  effective  as  of  March  28,  2003.  This Agreement shall continue in
effect  through  April  1,  2005; provided, however, that commencing on April 1,
2005,  and  every  second  April  1 thereafter, the term of this Agreement shall
automatically  be  extended  for two (2) additional years unless, not later than
ninety  (90)  calendar  days prior to the date on which this Agreement otherwise
automatically  would  be  extended,  the  Company  shall  have  given  notice to
Executive  that  it  does  not  wish to extend this Agreement; provided further,
however,  that if a Change of Control shall have occurred during the original or
any extended term of this Agreement, this Agreement shall continue in effect for
a  period  of  twenty-four  (24)  months beyond the month in which the Change of
Control  occurred.  The  term  of this Agreement automatically shall be extended
for  two  (2)  additional  years  from the date of any public announcement of an
event  that  would  constitute a Change of Control as defined in this Agreement;
provided,  however,  that  if any such announced event is not consummated within
that  two  (2)  year  period, the original extended term thereafter shall apply.

     (b)     Disposition  of  Employer.  In the event Executive is employed by a
             -------------------------
Subsidiary,  the terms of this Agreement shall expire if such Subsidiary is sold
or  otherwise disposed of prior to the date on which a Change of Control occurs,
unless  Executive  continues  in employment with the Controlled Group after such
sale or other disposition.  If Executive's Employer is sold or disposed of on or
after  the  date  on  which  a  Change  of  Control occurs, this Agreement shall
continue  through  its  original  term  or  any  extended  term  then in effect.

     (c)     Deemed  Change of Control.  If Executive's employment with Employer
             -------------------------
is  terminated  prior  to the date on which a Change of Control occurs, and such
termination  was at the request of a third party who has taken steps to effect a
Change  of  Control,  or otherwise was in connection with the Change of Control,
then  for all purposes of this Agreement, a Change of Control shall be deemed to
have  occurred  prior  to  such  termination.

     (d)     Expiration  of  Agreement.  No  termination  or  expiration of this
             -------------------------
Agreement  shall  affect  any rights, obligations or liabilities of either party
that  shall  have  accrued  on  or  prior  to  the  date  of such termination or
expiration.

III.     Benefits  Following  Change  of  Control.
         ----------------------------------------

     (a)     Accelerated  Vesting  in  All Equity.  If a Change of Control shall
             -------------------------------------
have  occurred, Executive shall be entitled to, immediately upon the date of the
Change  of  Control,  accelerated  vesting  of  all  unvested  stock options and
restricted  stock that have been granted or sold to the Executive by the Company
under  any  restricted  terms,  such  that  following  said  acceleration,  all
restrictions  as  to  the  sale  and ownership of this equity, as imposed by the
Company,  shall  have  lapsed.

     (b)     Prorated  Payout of Short Term Bonus.  If a Change of Control shall
             ------------------------------------
have  occurred, Executive shall be entitled to, immediately upon the date of the
Change  of Control, payment in full of Executive's prorated bonus for the fiscal
year  in which the Change of Control occurs.  The prorated bonus amount shall be
calculated  as  Executive's Target Bonus for the fiscal year in which the Change
of  Control  occurs, or, if greater, the actual bonus awarded to Executive under
any  short-term incentive plan(s) of the Company for the fiscal year immediately
preceding  the fiscal year in which the Change of Control occurs, divided by 365
and multiplied by the number of calendar days in said year immediately up to the
day  on  which  the  Change  of  Control  occurs.

     (c)     Entitlement  to  Benefits Upon Termination.  If a Change of Control
             ------------------------------------------
shall have occurred, Executive shall be entitled to, in addition to the benefits
described  in  Subsections  III(a)  and (b), the benefits provided in Section IV
hereof  upon  the  subsequent termination of his/her employment with the Company
within  two  (2)  years  after  the  date  of  the Change of Control unless such
termination  is (i) a result of Executive's death or Retirement, (ii) for Cause,
(iii)  a  result  of Executive's Disability, or (iv) by Executive other than for
Good  Reason.  For  purposes  of  this  Agreement,  "Termination"  shall  mean a
termination  of  Executive's  employment  that is not as a result of Executive's
death,  Retirement or Disability and (x) if by the Company, is not for Cause, or
(y)  if  by  Executive,  is  for  Good  Reason.

     (d)     Notice  of  Termination.  Any  purported termination of Executive's
             -----------------------
employment  by  either the Company or Executive shall be communicated by written
Notice of Termination to the other party hereto in accordance with Section VIII.
For  purposes  of this Agreement, a "Notice of Termination" shall mean a written
notice  that  indicates  the specific provision(s) of this Agreement relied upon
and  sets  forth  in  reasonable  detail  the facts and circumstances claimed to
provide a basis for termination of Executive's employment under the provision(s)
so  indicated.  If Executive's employment shall be terminated by the Company for
Cause  or  by  Executive  for  other  than  Good  Reason,  the Company shall pay
Executive  his/her  full  base salary through the Termination Date at the salary
level  in  effect  at  the time Notice of Termination is given and shall pay any
amounts  to  be paid to Executive pursuant to any other compensation or stock or
stock  option plan(s), program(s) or employment agreement(s) then in effect, and
the Company shall have no further obligations to Executive under this Agreement.

If  within  thirty  (30) calendar days after any Notice of Termination is given,
the  party  receiving such Notice of Termination notifies the other party that a
dispute exists concerning the grounds for termination, then, notwithstanding the
meaning  of  "Termination  Date"  set forth in Subsection I(aa), the Termination
Date  shall  be  the  date  on which the dispute is finally resolved, whether by
mutual  written  agreement  of the parties or by a decision rendered pursuant to
Section  XI; provided that the Termination Date 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 such dispute, the Company will continue to
pay  Executive  his/her  full  compensation  including, without limitation, base
salary, bonus, incentive pay and equity grants, in effect when the notice of the
dispute  was given, and continue Executive's participation in all benefits plans
or  other  perquisites  in which Executive was participating, or which Executive
was  enjoying,  when  the  Notice  of Termination giving rise to the dispute was
given,  until  the  dispute  is  finally  resolved.  Amounts  paid  under  this
Subsection III(d) are in addition to and not in lieu of all other amounts due to
Executive  under  this  Agreement  and shall not be offset against or reduce any
other  amounts  due  to  Executive  under  this  Agreement.

IV.     Compensation  Upon  a  Termination.
        ----------------------------------

Following  a Change of Control, upon Executive's Termination, Executive shall be
entitled to the following benefits, provided that such Termination occurs during
the two (2) year period immediately following the date of the Change of Control:

     (a)     Standard  Benefits.  The  Company  shall pay Executive his/her full
             ------------------
base  salary  through the Termination Date at the rate in effect at the time the
Notice  of Termination is given, no later than the second business day following
the  Termination  Date,  plus  all  other amounts to which Executive is entitled
under  any  compensation  plan(s)  or  program(s)  of  the Company applicable to
Executive  at  the  time  such  payments  are  due.  Without limitation, amounts
payable pursuant to this Subsection IV(a) shall include, pursuant to the express
terms  of  any  short-term  incentive plan(s) in which Executive participates or
otherwise,  Executive's Target Bonus for the then-current fiscal year, pro-rated
to  the  Termination  Date.  If  the Termination Date shall fall within the same
short-term  incentive  period,  as  set forth by the express terms of any of the
short-term incentive plan(s) in which Executive participates or otherwise, as of
the  Change  of Control Date, and Executive has previously received the prorated
bonus amount as described in Subsection III(b), then Executive shall be paid the
difference  between  the  prorated  bonus amount as described here in Subsection
IV(a)  and  the  prorated  bonus  amount  described  in  Subsection  III(b).

     (b)     Additional  Benefits.  The  Company  shall  pay  to  Executive  as
             --------------------
additional  pay ("Additional Pay"), the product of two (2) multiplied by the sum
of  (x)  the greater of (i) Executive's annual base salary in effect immediately
prior  to the Termination Date, or (ii) Executive's annual base salary in effect
as  of  the  date  of the Change of Control, and (y) Executive's Severance Bonus
Amount.  The Company shall pay the Additional Pay to Executive in a lump sum, in
cash,  not later than the fifteenth calendar day following the Termination Date.
The  Company  shall  maintain  for  Executive  all  such  perquisites and fringe
benefits  enjoyed  by Executive immediately prior to the Termination Date as are
approved  in writing by the Company's Chief Executive Officer for such period as
is  specified  in  such  writing.

     (c)     Retirement  Plan  Benefits.  If not already vested, Executive shall
             --------------------------
be  deemed  fully  vested  as  of the Termination Date in any Company retirement
plan(s) or other written agreement(s) between Executive and the Company relating
to  pay  or other benefits upon retirement in which Executive was a participant,
party  or  beneficiary  immediately  prior  to  the  Change  of Control, and any
additional plan(s) or agreement(s) in which such Executive became a participant,
party  or beneficiary thereafter.  In addition to the foregoing, for purposes of
determining  the  amounts  to  be  paid  to  Executive  under  such  plan(s)  or
agreement(s),  the  years  of  service with the Company and the age of Executive
under  all  such  plans  and agreements shall be deemed increased by twenty-four
months  (24).  For  purposes  of  this  Subsection  IV(c),  the  term  "plan(s)"
includes,  without  limitation,  the  Company's  qualified  pension  plan,
non-qualified  pension  plans,  and any companion, successor or amended plan(s),
and  the  term  "agreement(s)" encompasses, without limitation, the terms of any
offer  letter(s)  leading  to  Executive's  employment  with  the  Company where
Executive was a signatory thereto, any written amendment(s) to the foregoing and
any  subsequent agreements on such matters.  In the event the terms of the plans
referenced  in  this  Subsection  IV(c)  do not for any reason coincide with the
provisions  of  this  Subsection  IV(c)  (e.g.,  if  plan amendments would cause
disqualification  of  qualified  plans),  Executive shall be entitled to receive
from  the  Company,  under  the  terms of this Agreement, an amount equal to all
amounts Executive would have received, at the time Executive would have received
such amounts, had all such plans continued in existence as in effect on the date
of  this  Agreement  after  being  amended  to  coincide  with the terms of this
Subsection  IV(c).

     (d)     Health  and  Other  Benefits.  Following  the Termination Date, the
             ----------------------------
Company  shall  continue  to  provide,  for a period of twenty-four (24) months,
substantially  the same level of health, vision and dental benefits to Executive
and  Executive's eligible dependents that the Company would provide to Executive
and Executive's eligible dependents if Executive were first eligible for retiree
health,  vision  and dental benefits immediately prior to the Change of Control.
The  eligibility  of  Executive's dependents shall be determined by the terms of
any  retiree  health,  vision and dental benefit plan(s) or program(s) in effect
immediately  prior  to  the  Change  of  Control.

<PAGE>
     (e)     Gross-Up  Payments.
             -------------------

     (i)  In the event any payment(s) or the value of any benefit(s) received or
to  be  received  by  Executive  in  connection  with Executive's Termination or
contingent upon a Change of Control (whether received or to be received pursuant
to  the terms of this Agreement (the "Agreement Payments") or of any other plan,
arrangement  or  agreement  of  the  Company,  its  successors, any person whose
actions result in a Change of Control, or any person affiliated with any of them
(or  which, as a result of the completion of the transaction(s) causing a Change
of  Control,  will  become  affiliated  with any of them) ("Other Payments" and,
together  with  the  Agreement Payments, the "Payments")), are determined, under
the  provisions  of Subsection IV(e)(ii), to be subject to an excise tax imposed
by Section 4999 of the Code (any such excise tax, together with any interest and
penalties,  are  hereinafter  collectively  referred to as the "Excise Tax"), as
determined  in  this  Subsection  IV(e),  the  Company shall pay to Executive an
additional  amount  such  that  the  net amount retained by Executive, after any
federal,  state,  and  local income and employment tax and Excise Tax payable by
Executive  upon the Payment(s) provided for by this Subsection IV(e)(i), and any
interest,  penalties  or  additions  to  tax  payable  by Executive with respect
thereto  shall be equal to the Excise Tax imposed on the Payments (the "Gross-Up
Payment(s)").  The  intent  of  the  parties  is  that  the  Company  shall  be
responsible  in  full for, and shall pay, any and all Excise Tax on any Payments
and  Gross-Up  Payment(s)  and  any  income  and all excise and employment taxes
(including,  without limitation, penalties and interest) imposed on any Gross-Up
Payment(s) as well as any loss of deduction caused by or related to the Gross-Up
Payment(s).

     (ii)  All  determinations  required to be made under this Subsection IV(e),
including,  without limitation, whether and when a Gross-Up Payment is required,
and  the  amount  of such Gross-Up Payment and the assumptions to be utilized in
arriving  at  such determinations, unless otherwise set forth in this Agreement,
shall  be  made  by  a  nationally  recognized  certified public accounting firm
selected  by the Company and reasonably acceptable to Executive (the "Accounting
Firm").  For  purposes  of  determining  the  amount  of  any  Gross-Up Payment,
Executive  shall  be  deemed to pay federal income taxes at the highest marginal
rate  of  federal  income  taxation  in  the calendar year in which the Gross-Up
Payment  is to be made, and state and local income taxes at the highest marginal
rate  of  taxation  in  the  state  and locality of Executive's residence on the
Termination  Date,  net  of  the maximum reduction in federal income taxes which
could  be  obtained  from  deduction of such state and local taxes.  The Company
shall  cause  the Accounting Firm to provide detailed supporting calculations to
the  Company  and  Executive  within  fifteen (15) business days after notice is
given by Executive to the Company that any or all of the Payments have occurred,
or  such  earlier  time as is requested by the Company.  Within two (2) business
days  after  such notice is given to the Company, the Company shall instruct the
Accounting Firm to timely provide the data required by this Subsection IV(e)(ii)
to  Executive.  All  fees  and  expenses of the Accounting Firm shall be paid in
full  by  the  Company.  Any  Gross-Up  Payment  as  determined pursuant to this
Subsection  IV(e)(ii)  shall be paid by the Company to the Executive within five
(5)  business  days after receipt of the Accounting Firm's determination, net of
applicable  withholding  taxes.  If the Accounting Firm determines that there is
substantial  authority  (within the meaning of Section 6662 of the Code) that no
Excise  Tax is payable by Executive, the Accounting Firm shall furnish Executive
with  a  written  opinion  that  failure to disclose or report the Excise Tax on
Executive's  federal  income  tax  return  will  not  constitute  a  substantial
understatement  of  tax or be reasonably likely to result in the imposition of a
negligence or any other penalty.  Any determination by the Accounting Firm shall
be  binding  upon  the  Company  and  Executive  in  the  absence  of  material
mathematical  or legal error.  As a result of the uncertainty in the application
of  Section  4999  of  the  Code  at  the  time the initial determination by the
Accounting  Firm  hereunder, it is possible that Gross-Up Payments will not have
been  made  by  the Company that should have been made or that Gross-Up Payments
will  have  been  made  that should not have been made, in each case, consistent
with  the  calculations required to be made hereunder.  In the event the Company
exhausts  its  remedies pursuant to Subsection IV(e)(iii) below and Executive is
thereafter  required  to  make  a  payment  of  any  Excise Tax or any interest,
penalties  or  addition  to  tax  related  thereto,  the  Accounting  Firm shall
determine  the  amount of underpayment of Excise Taxes that has occurred and any
such  underpayment  and interest, penalties or addition to tax shall be promptly
paid by the Company to Executive along with such additional amounts described in
Section  (IV)(e)(i).  In  the  event  the  Accounting  Firm  determines  that an
overpayment  of  Gross-Up Payment(s) has occurred, any such overpayment shall be
treated  for all purposes as a loan to Executive with interest at the applicable
federal  rate  provided  for  in Section 7872(f)(2) of the Code, due and payable
within  ninety  (90)  days  after  written  demand  to Executive by the Company;
provided, however, that Executive shall have no duty or obligation whatsoever to
repay  such  loan  if  Executive's  receipt  of  the overpayment, or any portion
thereof, is included in Executive's income and Executive's repayment of the same
is  not  deductible  by  Executive  for  federal  and state income tax purposes.

     (iii)     Executive  shall  notify  the  Company in writing of any claim of
which  Executive  is  aware  by  the  Internal Revenue Service or state or local
taxing  authority,  that,  if  successful,  would result in any Excise Tax or an
underpayment  of any Gross-Up Payment(s).  Such notice shall be given as soon as
practicable  but  no  later  than  fifteen (15) business days after Executive is
informed  in  writing  of  the claim by the taxing authority and Executive shall
provide  written  notice  of  the  Company  of  the  nature  of  the  claim, the
administrative  or  judicial appeal period, and the date on which any payment of
the  claim must be paid.  Executive shall not pay any portion of the claim prior
to  the  expiration  of  the  thirty (30) day period following the date on which
Executive gives such notice to the Company (or such shorter period ending on the
date that any amount under the claim is due).  If the Company notifies Executive
in  writing  prior  to  the  expiration  of  such thirty (30) day period that it
desires  to  contest  the  claim,  Executive  shall:

(A)     give  the  Company  any  information reasonably requested by the Company
relating  to  the  claim;
(B)     take  such action in connection with contesting the claim as the Company
shall  reasonably  request  in  writing  from  time  to  time, including without
limitation,  accepting  legal representation concerning the claim by an attorney
selected  by  the  Company  who  is  reasonably  acceptable  to  Executive;  and
(C)     cooperate with the Company in good faith in order to effectively contest
the  claim;

provided,  however,  that  the Company shall bear and pay directly all costs and
expenses  (including,  without limitation, additional interest and penalties and
attorneys'  fees)  incurred  in  such  contests  and  shall  indemnify  and hold
Executive  harmless,  on  an  after-tax  basis, for any Excise Tax or income tax
(including,  without  limitation,  interest  and penalties thereon) imposed as a
result of such representation.  Without limitation upon the foregoing provisions
of  this  Subsection  IV(e)(iii),  except  as  provided below, the Company shall
control  all  proceedings  concerning such contest and, in its sole opinion, may
pursue  or  forego any and all administrative appeals, proceedings, hearings and
conferences  with  the taxing authority pertaining to the claim.  At the written
request of the Company and upon payment to Executive of an amount at least equal
to  any  amount  necessary  to obtain the jurisdiction of the appropriate taxing
authority  and  sue  for  a refund, Executive agrees to prosecute in cooperation
with  the  Company  any  contest  of  a  claim  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  requests  Executive  to pay the claim and sue for a refund, the Company
shall  advance  the  amount  of  such  payment to Executive, on an interest-free
basis,  and  shall  indemnify and hold Executive harmless on an after-tax basis,
from  any  Excise Tax or income tax (including, without limitation, interest and
penalties  thereon)  imposed  on  such advance or for any imputed income on such
advance.  Any  extension of the statute of limitations relating to assessment of
any  Excise  Tax  for  the taxable year of Executive which is the subject of the
claim  is to be limited solely to the claim.  Furthermore, the Company's control
of  the contest shall be limited to issues for which a Gross-Up Payment would be
payable  hereunder.  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.

     (iv)  If  after  the  receipt  by  Executive  of  an amount advanced by the
Company  pursuant  to Subsection IV(e)(iii) above, Executive receives any refund
of  a  claim or any additional amount that was necessary to obtain jurisdiction,
Executive  shall 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 Executive of an amount advanced by the Company pursuant to
Subsection IV(e)(iii) above, a determination is made that Executive shall not be
entitled  to  any refund of the claim, and the Company does not notify Executive
in  writing  of  its intent to contest such denial of refund of a claim prior to
the  expiration  of thirty (30) calendar days after such determination, then the
portion of such advance attributable to a claim shall be forgiven by the Company
and shall not be required to be repaid by Executive.  The amount of such advance
attributable  to  a claim shall offset, to the extent thereof, the amount of the
underpayment  required  to  be  paid  by  the  Company  to  Executive.

     (f)     Legal  Fees  and  Expenses.  The Company shall pay to Executive all
             --------------------------
legal  fees  and  expenses  as and when incurred by Executive in connection with
this  Agreement,  including  all  such  fees  and  expenses, if any, incurred in
contesting  or  disputing any Termination or in seeking to obtain or enforce any
right  or benefit provided by this Agreement, regardless of the outcome, unless,
in the case of a legal action brought by or in the name of Executive, a decision
is  rendered  pursuant  to  Section XI, or in any other proper legal proceeding,
that  such  action  was  not  brought  by  Executive  in  good  faith.

     (g)     No  Mitigation.  Executive  shall  not  be required to mitigate the
             --------------
amount  of  any  payment  provided  for  in  this  Section  IV  by seeking other
employment or otherwise, nor shall the amount of any payment or benefit provided
for in this Section IV be reduced by any compensation earned by Executive as the
result  of  employment  by  another  employer or by retirement or other benefits
received from whatever source after the Termination Date or otherwise, except as
specifically  provided  in  this  Section  IV.  The Company's obligation to make
payments  to  Executive  provided for in this Agreement and otherwise to perform
its  obligations  hereunder  shall not be affected by any set-off, counterclaim,
recoupment, defense or other claim, right or action that the Company or Employer
may  have  against  Executive  or  other  parties.

V.     Death  and  Disability  Benefits.
       --------------------------------

In  the event of the death or Disability of Executive after a Change of Control,
Executive,  or in the case of death, Executive's Beneficiaries (as defined below
in  Subsection  VI(b)), shall receive the benefits to which Executive or his/her
Beneficiaries  are  entitled  under  this  Agreement  and any and all retirement
plans,  pension plans, disability policies and other applicable plans, programs,
policies,  agreements  or  arrangements  of  the  Company.

VI.     Successors;  Binding  Agreement.
        -------------------------------

     (a)     Obligations  of Successors.  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 is required to perform it.  Failure of the
Company  to  obtain  such assumption and agreement prior to the effectiveness of
any  such  succession  shall  be  a  breach  of this Agreement and shall entitle
Executive  to  compensation  from the Company in the same amount and on the same
terms  as  Executive  would  be  entitled  hereunder if Executive had terminated
employment  for  Good  Reason  following  a  Change  of Control, except that for
purposes  of  implementing  the foregoing, the date on which any such succession
becomes  effective  shall  be  deemed  the  Termination  Date.  As  used in this
Agreement, the term "Company" shall mean Company, including any surviving entity
or  successor  to all or substantially all of its business and/or assets and the
parent  of  any  such  surviving  entity  or  successor.

     (b)     Enforceable  by  Beneficiaries.  This  Agreement shall inure to the
             ------------------------------
benefit  of and be enforceable by Executive's personal or legal representatives,
executors,  administrators,  successors,  heirs,  distributees,  devisees  and
legatees  (the  "Beneficiaries").  In  the event of the death of Executive while
any  amount would still be payable hereunder if such death had not occurred, all
such amounts, unless otherwise provided herein, shall be paid in accordance with
the  terms  of  this  Agreement  to  Executive's  Beneficiaries.

     (c)     Employment.  Except  in  the  event  of  a  Change  of Control and,
             ----------
thereafter,  only  as  specifically set forth in this Agreement, nothing in this
Agreement shall be construed to (i) limit in any way the right of the Company or
a  Subsidiary  to terminate Executive's employment at any time for any reason or
for  no reason; or (ii) be evidence of any agreement or understanding, expressed
or  implied,  that  the  Company  or  a  Subsidiary will employ Executive in any
particular  position,  on  any  particular  terms  or  at any particular rate of
remuneration.

VII.     Confidential  Information.
         -------------------------

Executive  shall  hold  in fiduciary capacity for the benefit of the Company all
secret  or  confidential information, knowledge or data relating to the Company,
the Subsidiaries and their respective businesses, which shall have been obtained
during  Executive's  employment  with the Employer and which shall not be public
knowledge  (other  than  by  acts  by  Executive  or  his/her representatives in
violation  of this Agreement).  After termination of Executive's employment with
the  Company  or  any Employer within the Controlled Group, Executive shall not,
without  prior  written  consent  of the Company or the Employer, communicate or
divulge  any  such  information,  knowledge  or  data  to  anyone other than the
Company,  the  Employer  or  those  designated  by  them.  In  no event shall an
asserted  violation  of  this  Section  VII  constitute a basis for deferring or
withholding  any  amounts  otherwise  payable to Executive under this Agreement.

VIII.     Notice.
          ------

All  notices  and  communications  including,  without limitation, any Notice of
Termination  hereunder,  shall be in writing and shall be given by hand delivery
to  the  other party, by registered or certified mail, return receipt requested,
postage  prepaid,  or  by  overnight  delivery  service,  addressed  as follows:

If  to  Executive:

     Name:  Joseph  E.  Lynch
     Title:  President,  Schick  Wilkinson-Sword,  Energizer  Holdings,  Inc.
     Address:  10  Leighton  Road
     Address:  Milford,  CT  06460

If  to  the  Company:

     Energizer  Holdings, Inc.
     533 Maryville University Drive
     St. Louis,  MO  63141
     Attn:  General  Counsel

or  to  such  other address as either party shall have furnished to the other in
writing in accordance herewith.  Notice and communications shall be deemed given
and  effective  when  actually  received  by  the  addressee.

IX.     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
Executive  and the Company's Chief Executive Officer or other authorized officer
designated  by the Board or an appropriate committee of the Board.  No waiver by
either  party  hereto at any time of any breach by the other party hereto of, or
compliance  with,  any conditions or provision of 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
Missouri.  All  references  to sections of the Code or the Exchange Act shall be
deemed also to refer to any successor provisions of such sections.  Any payments
provided  for hereunder shall be paid net of any applicable withholding required
under  federal,  state  or  local  law.  The  obligations  of  the Company under
Sections  IV  and  V shall survive the expiration of the term of this Agreement.

X.     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.

XI.     Arbitration.
        -----------

Executive  may  agree in writing with the Company (in which case this Article XI
shall have effect but not otherwise) that any dispute that may arise directly or
indirectly  in  connection  with  this  Agreement, Executive's employment or the
termination  of  Executive's  employment,  whether arising in contract, statute,
tort,  fraud,  misrepresentation, discrimination or other legal theory, shall be
resolved by arbitration in City, State under the applicable rules and procedures
of  the  AAA.  The  only  legal  claims between Executive and the Company or any
Subsidiary  that  would  not  be  included  in this agreement to arbitration are
claims  by  Executive  for  workers'  compensation  or unemployment compensation
benefits,  claims for benefits under a Company or Subsidiary benefit plan if the
plan  does not provide for arbitration of such disputes, and claims by Executive
that seek judicial relief in the form of specific performance of the right to be
paid until the Termination Date during the pendency of any applicable dispute or
controversy.  If  this  Article  XI is in effect, any claim with respect to this
Agreement,  Executive's  employment or the termination of Executive's employment
must be established by a preponderance of the evidence submitted to an impartial
arbitrator.  A  single  arbitrator  engaged in the practice of law shall conduct
any  arbitration  under  the  applicable  rules  and procedures of the AAA.  The
arbitrator  shall  have  the  authority  to  order  a  pre-hearing  exchange  of
information  by  the  parties  including,  without  limitation,  production  of
requested  documents,  and  examination  by  deposition  of  parties  and  their
authorized  agents.  If  this  Article  XI  is  in  effect,  the decision of the
arbitrator:  (i)  shall  be  final  and  binding,  (ii) shall be rendered within
ninety  (90)  days  after  the impanelment of the arbitrator, and (iii) shall be
kept confidential by the parties to such arbitration.  The arbitration award may
be  enforced  in  any  court of competent jurisdiction.  The Federal Arbitration
Act, 9 U.S.C.    1 et seq., not state law, shall govern the arbitrability of all
claims.

XII.     Entire  Agreement.

This  Agreement constitutes the entire agreement between the parties hereto with
respect  to  the  subject  matter  hereof.

IN  WITNESS  WHEREOF,  the  Company  and  Executive have executed this Agreement
effective  as  of  the  28th  day  of  March,  2003.

Energizer  Holdings,  Inc.                         Attest:

By:______________________________          By:___________________________
     J.  Patrick  Mulcahy                         Timothy  L.  Grosch
     Chief  Executive  Officer                         Secretary

________________________________              ___________________________
Executive                                              WitnessEXHIBIT 4.1

                    CONSULTATION AGREEMENT OF ROGER P. WALSH

                             CONSULTATION AGREEMENT

     THIS  CONSULTATION  AGREEMENT  is entered  into  effective  the 16th day of
February, 2000, by and between ATLAS MINERALS, INC., a Colorado corporation (the
"Company")  with  principal  offices  at 10920  West  Alameda  Ave.,  Suite 205,
Lakewood,  Colorado  80226,  and ROGER P. WALSH with offices at 1090 West Pender
Street, Suite 500, Vancouver, B.C., Canada V6E 2N7 ("Consultant").

                                   WITNESSETH

     WHEREAS,  the Company  desires to retain the services of Consultant as more
fully described below:

     NOW THEREFORE,  in  consideration of the mutual  covenants,  agreements and
provisions contained in this Agreement, the parties agree as follows:

     1.   Consultation.
          -------------
     The Company hereby  retains the services of  Consultant,  as an independent
contractor,   which  retention  is  accepted  and  agreed  to  be  performed  by
Consultant, subject to and upon the terms and conditions hereinbelow set forth.

     2.   Term.
          -----
     2.1. The term of this Agreement shall begin on the day and year first above
written,  and,  unless earlier  terminated by the Company in accordance with the
provisions of Section 2.2 hereof shall terminate on April 30, 2003 (the "Initial
Term"),  unless extended or renewed at the sole option of the Company.  Upon the
termination  of this  Agreement,  the  retention  and agency,  and  Consultant's
independent  contractor  status,  shall  end,  unless  a new,  separate  written
agreement shall have been executed by all parties. In any event,  Sections 6, 10
through 12 and 14 through 21 shall survive any termination of this Agreement.

     2.2. The Company shall have the sole and exclusive option to terminate this
Agreement,  effective the last day of any month, for any reason, or no reason at
all, upon written notice to the Consultant,  delivered on or before the close of
business on the effective date of termination.

     3.   Consultant's Status.
          --------------------
     It is understood and agreed that  Consultant  shall be at all times and for
all purposes  hereunder an  independent  contractor  to the Company and under no
circumstances shall be deemed an employee,  partner or joint venturer of or with
the Company. Consultant agrees that he shall not directly or indirectly imply or

                                       1
<PAGE>

represent  to others,  or permit  another to imply or  represent  to others that
Consultant  has any  authority to act for,  represent or bind the Company in any
matter by virtue of this Agreement. Consultant expressly agrees to indemnify and
hold  harmless the Company for any damages which may be sustained by the Company
as a result of or arising out of any breach of the  covenants  set forth in this
Section 3.

     4.   Services of Consultant.
          -----------------------
     4.1.  Upon the request of the Company,  Consultant  shall render advice and
assistance  to the  Company on  business-related  matters  surrounding  the use,
development  and/or sale of certain mining properties owned or controlled by the
Company,  including,   specifically,   the  Grassy  Mountain  Property,  and  in
connection therewith shall:

          4.1.1 Attend meetings of the Company's Board of Directors or Executive
     Committee(s) when requested by the Company;

          4.1.2  Attend  meetings  and at the  request  of the  Company  review,
     analyze and report on proposed sale or development opportunities;

          4.1.3 Consult with the Company concerning on-going strategic corporate
     planning  and  long-term  use  and  development  policies  related  to  the
     Company's mining claims and/or properties;

          4.1.4  Consult  with and advise the Company  with regard to  potential
     acquisitions  and/or sales of mining claims and/or  properties  whether the
     Company be the acquiring or selling company.

     4.2.  In  performing  hereunder,  Consultant  may,  but need  not,  use the
facilities  or  resources  of  the  Company.  Consultant  shall  be  solely  and
exclusively  responsible  for  determining  when,  where,  how and by  whom  the
services are to be performed  hereunder,  subject only to such matters as may be
specifically addressed in written communications from the Company.

     4.3.  In  connection  with  the  services  to be  rendered  by  Consultant,
Consultant  shall  report  to and be  responsible  to the  Board  of  Directors,
President and others of the Company and shall consult with those  individuals on
behalf of the Company in connection  with the development of a plan for the use,
development, acquisition and/or sale of mining claims and/or properties, and all
other related areas. Consultant agrees to make himself available to evaluate all
proposals  related to any  acquisition  or  disposition  of mining claims and/or
properties undertaken by the Company.

     4.4. Consultant agrees to exercise his best efforts, skill and diligence in
the  performance  of his services  hereunder and shall perform all services in a
good and workmanlike fashion.

                                       2
<PAGE>

     4.5.  Consultant  shall keep accurate records showing the quantity and date
of time devoted to the services  provided for herein and a description  thereof,
and shall present such records to the Company on request.

     4.6.  Anything to the contrary  herein  notwithstanding,  it is agreed that
Consultant's services will not include any service that constitute the rendering
of legal  opinions,  performance  of work that is in the  ordinary  purview of a
certified  public  accountant  or any work  that is the  ordinary  purview  of a
registered broker/dealer.

     5.   Compensation.
          ------------
     5.1. The  Consultant  shall be promptly  reimbursed  for all reasonable and
necessary  business  expenses  incurred by the Consultant in connection with its
rendering of services  hereunder to the Company;  provided,  however,  that such
expenses require the prior approval of the President of the Company and provided
further that the  Consultant  shall only be  reimbursed  for such expenses as to
which it presents the Company with receipts or other  reasonable  substantiation
thereof.

     5.2. For all services to be rendered by Consultant during the Initial Term,
the Company  agrees to issue to Consultant  50,000 shares of the $0.01 par value
Common Stock ("Common Stock") of the Company.

     5.3.  The  Consultant  shall pay all  applicable  taxes  that are  assessed
against him as a result of his receipt of compensation under this Agreement, and
the Company shall not withhold any such taxes from the compensation  paid to the
Consultant.  Consultant  agrees to  indemnify  and hold  harmless  the  Company,
together  with its  officers  and  directors,  with respect to any such taxes or
other  assessments  that may be due and  payable  as a result of the  payment or
receipt of compensation hereunder.

     6.   Covenants of Consultant.
          ------------------------
     6.1. In connection with its  performance  hereunder,  Consultant  shall not
make any untrue  statement of a material  fact  regarding the Company or omit to
state a material  fact  necessary in order to make any  statement  regarding the
Company made by the Consultant not misleading.

     6.2.  The  Consultant  agrees to  indemnify,  defend and hold  harmless the
Company, and it officers, directors,  shareholders, agents, employees (hereafter
"Affiliates"),  attorneys,  successors and assigns, from and against, and pay or
reimburse  each of them for,  any and all claims,  losses,  damages,  judgments,
amounts  paid in  settlement,  costs and  legal,  accounting  or other  expenses
(collectively "Losses") that any of them may sustain or incur as a result of any
misrepresentation,  and  inaccuracy  in,  or any  breach  of,  any  warranty  or
representation or any  nonperformance of any covenant or other obligation on the
part of the Consultant contained in this Agreement,  or that may arise out of or
relate to a claim or claims by any individual or entity other than Consultant to
fees, commissions or expenses arising out of or related to services performed at
the  direction  of  Consultant  and in  conjunction  with the sale of the Grassy
Mountain Property,  including,  without limitation,  any claims brought by or on
behalf of Robert Boyd or his employer, or Geographe Corporate Advisory Limited.

                                       3
<PAGE>

     7.   Registration Rights.
          --------------------
     7.1. On or before May 15, 2003,  the Company shall cause to be prepared and
filed with the SEC a Registration Statement on Form S-8 registering for sale the
shares of Common Stock issuable in accordance with the provisions of Section 5.2
(the "Registration Statement").

     7.2. In  connection  with the  preparation  and filing of the  Registration
Statement,  the  Company  agrees  to (i) use its  best  efforts  to  cause  such
Registration  Statement  to become and remain  effective;  (ii) prepare and file
with the SEC such amendments and supplements to such  Registration  Statement as
may be necessary to keep such Registration  Statement  effective for a period of
not less than one hundred  eighty (180) days;  (iii)  furnish to the  Consultant
such number of copies of a prospectus,  including a preliminary  prospectus,  in
conformity with the  requirements of the Securities Act of 1933, as amended (the
"Act"),  and such other documents as Consultant may reasonably  request in order
to facilitate the  disposition  of the shares of Common Stock;  and (iv) use its
best efforts to register and qualify the shares of Common Stock  covered by such
Registration  Statement under the Blue Sky laws of the State of Colorado for the
distribution  of the  securities  covered  by the  Registration  Statement.  The
Consultant  agrees to cooperate in all reasonable  respects with the preparation
and filing of the Registration Statement.

     7.3.  All  fees  and  other  expenses   incurred  in  connection  with  the
registration,  offering and  distribution of the shares of Common Stock shall be
borne by the Company, including, without limitation, fees of the Company's legal
counsel,  Securities and Exchange  Commission filing fees. Blue Sky filing fees,
printing  costs,  accounting  fees costs,  transfer  agent  fees,  and any other
miscellaneous  costs and  disbursements.  Consultant shall be liable for any and
all  underwriting  discounts,  brokerage  commissions  or other fees or expenses
incurred in connection  with the sale or other  disposition by Consultant of the
shares of Common Stock covered by the Registration Statement.

     7.4. To the extent  permitted by law,  Consultant  will  indemnify and hold
harmless  the  Company,  and its  directors,  officers,  employees,  agents  and
representatives,  as well as its controlling  persons (within the meaning of the
Act) against any losses, claims, damages,  liabilities,  or expenses,  including
without limitation, attorney's fees and disbursements, which arise out of or are
based  upon any  violation  by  Consultant  of the Act or under  the  Securities
Exchange  Act  of  1934,  or  any  rule  or  regulation  promulgated  thereunder
applicable to Consultant, or arise out of or are based upon any untrue statement
or omission of Consultant in any Subscription  Agreement between the Company and
Consultant,  or arise out of or are based upon any untrue  statement  or alleged
untrue statement of any material fact contained in the  Registration  Statement,
or arise out of or are based  upon the  omission  or alleged  omission  to state
therein a material fact  required to be stated  therein or necessary to make the
statements  therein  not  misleading,  but only to the extent  that such  untrue
statement or alleged untrue statement or omission,  or alleged omission was made
in  such  Registration  Statement  in  reliance  upon  and  in  conformity  with
information furnished by Consultant in writing,  expressly for use in connection
with such Registration Statement.

                                       4
<PAGE>

     7.5. To the extent  permitted by law, the Company will  indemnify  and hold
harmless  Consultant,  including his  employees,  agents,  and  representatives,
against any losses, claims, damages, liabilities, or expenses, including without
limitation  attorney's fees and  disbursements,  to which  Consultant may become
subject  under  the Act to the  extent  that such  losses,  claims,  damages  or
liabilities  arise out of or are based upon any  violation by the Company of the
Act or under the  Securities  Exchange  Act of 1934,  or any rule or  regulation
promulgated  thereunder  applicable to the Company, or arise out of or are based
upon any untrue or alleged  untrue  statement of any material fact  contained in
the  Registration  Statement,  or arise out of or are based upon the omission or
alleged  omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading,  or arise out of any
violation  by the Company of any rule or  regulation  promulgated  under the Act
applicable  to the  Company and  relating to action or inaction  required of the
Company in connection with such Registration Statement;  provided, however, that
the indemnity agreement contained in this paragraph shall not apply to any loss,
damage or  liability  to the extent  that same arises out of or is based upon an
untrue statement or omission made in connection with such Registration Statement
in  reliance  upon and in  conformity  with  information  furnished  in  writing
expressly for use in connection with such Registration Statement by Consultant.

     7.6. Consultant undertakes to comply with all applicable laws governing the
distribution of securities in connection with  Consultant's sale of common stock
of the  Company  acquired  pursuant to the terms of this  Agreement,  including,
without limitation,  Rule 10(b)-6 under the Securities Exchange Act of 1934, and
to notify the  Company  of any  changes in  Consultant's  plan of  distribution,
including  the  determination  of the  public  offering  price  and  any  dealer
concession or discount so that the Company can sticker or amend the Registration
Statement as the Company deems appropriate in its sole discretion.

     8.   Performance and Other Engagements.
          ----------------------------------
     Throughout the term of this  Agreement,  it is understood  that  Consultant
will only provide  services to the Company on a part-time basis and,  subject to
the provisions  concerning  competition  hereinbelow set forth,  may perform the
same or similar services for other persons or entities not inconsistent with his
undertakings hereunder.

     9.   Representations and Warranties of the Consultant.
          -------------------------------------------------
     9.1.  The  Consultant  hereby  represents  and warrants to the Company that
there  are  no  agreements  or  binding  obligations   enforceable  against  the
Consultant  that  would be  violated  by his  entering  into this  Agreement  or
providing the services to be provided hereunder.

     9.2. No Other Information Relied Upon
          --------------------------------
     Consultant  represents,  warrants and agrees that he has been  afforded the
opportunity to make, and has made, all such investigation of the Company and its
financial  condition,  business  affairs and prospects as it deems  appropriate.
Consultant  acknowledges  receipt of such  information as he deems  necessary or
appropriate  as a prudent and  knowledgeable  investor in evaluating the Company
and  the  shares  of  Company  Common  Stock  issuable   hereunder.   Consultant
acknowledges  that the  Company has made  available  to him the  opportunity  to

                                       5
<PAGE>

obtain  additional  information  to  evaluate  the  merits  and  risks  of  this
Agreement.  Consultant  acknowledges  that  he has had  the  opportunity  to ask
questions  of the  Company  and,  to the  extent  he  availed  himself  of  such
opportunity.  Consultant  received  satisfactory  answers from the Company,  its
affiliates, associates, officers and directors.

     9.3. Nature of the Risk.
          ------------------
     Consultant  represents,  warrants and agrees that he  understands  that the
Company's business is, by its nature, speculative; that Consultant is aware that
the financial resources of the Company are extremely limited and that it is very
likely  that the  Company  will  require  additional  capital,  and  there is no
assurance that such capital will be available if necessary;  that  Consultant is
familiar  with  the  high  degree  of risk  that is  involved  in the  Company's
business,  and that  Consultant  is  financially  able and willing to accept the
substantial risk involved in such investment,  including the risk of loss of the
entire amount of his compensation.

     9.4. Unregistered Stock.
          ------------------
     Consultant represents that he understands that the Company's stock issuable
hereunder has not been  registered  for sale under  federal or state  securities
laws and that such  securities  are being  issued to  Consultant  pursuant  to a
claimed exemption from the registration requirements of such laws which is based
upon  the fact  that  said  securities  are not  being  offered  to the  public.
Consultant  understands  that in order to satisfy  such  requirement  he must be
acquiring  the  stock  with no view to  making  a  public  distribution  of said
securities,  and the representations and warranties  contained in this Section 9
are given with the  intention  that the Company may rely thereon for purposes of
claiming such exemption;  and that he understands that he must bear the economic
risk of his investment in the stock issuable hereunder, for a substantial period
of time,  because  neither  has  been  registered  under  the  federal  or state
securities  laws, and cannot be sold unless  subsequently  registered under such
laws, or unless an exemption from such registration is available.

     9.5. Stock Acquired for Investment: Limitations on Disposition.
          ---------------------------------------------------------
     Consultant  represents  that he is  acquiring  the Common Stock for his own
account  and for  investment  and not with a view to, or for sale in  connection
with,  any  distribution  thereof in violation of the Securities Act of 1933, as
amended.  Consultant  agrees that the Common Stock will not be offered for sale,
sold or otherwise  transferred for value,  and that no transfer  thereof will be
made by the Consultant unless (i) a registration  statement with respect thereto
has become effective under the Securities Act of 1933, as amended, or (ii) there
is  presented  to the  Company an opinion of counsel for  Consultant  reasonably
satisfactory  to the Company that such  registration  is not required,  or (iii)
there is  presented  to the Company a letter from the  Securities  and  Exchange
Commission (said Commission having been informed of all relevant  circumstances)
to the  effect  that in the event  either  the Common  Stock is  transferred  by
Consultant  without  such  registration,  the  Commission  or its staff will not
recommend any action.  Consultant  further agrees that the Common Stock will not
be offered for sale,  sold or otherwise  transferred  unless,  in the opinion of
legal counsel for the Company,  such sale or  disposition  does not and will not
violate any  provisions of any federal or state  securities  law or  regulation.

                                       6
<PAGE>

Consultant consents that any transfer agent of the Company may be instructed not
to transfer any of the Common Stock unless it receives  satisfactory evidence of
compliance with the foregoing provisions and that there may be endorsed upon any
certificate  (or  instruments  issued in  substitution  thereof)  the  Company's
regular legend regarding the sale of restricted securities.

     9.6.  The  Consultant  shall pay all  applicable  taxes  that are  assessed
against him as a result of the receipt of compensation under this Agreement, and
the Company shall not withhold any taxes from the  compensation  paid thereunder
to the Consultant.

     10.  Confidentiality.
          ----------------
     Consultant  for himself and his employees  covenants  with the Company that
all  information  concerning  its  methods,  processes,  plans  of  acquisition,
research, markets, plans, strategies, prospective claims, customers, clients and
vendors  collectively  are and  constitute  the trade  secrets and  confidential
proprietary  information  of the Company.  Consultant  covenants  and agrees for
himself and his employees  that he will not (except as required in the course of
his services for the Company),  during the term of this Agreement or thereafter,
communicate  or  divulge  to, or use for the  benefit  of  himself  or any other
person, firm, association,  or corporation,  without the consent of the Company,
any trade secrets or confidential and proprietary  information of the Company or
other confidential matters possessed,  owned, or used by the Company that may be
communicated  to,  acquired  by, or  learned of by him or his  employees  in the
course of or as a result of his services for the  Company.  All records,  disks,
tapes, stored information on any medium, files, memoranda, reports, price lists,
customer lists, drawings, plans, sketches,  documents,  equipment, and the like,
relating to the business of the Company, which Consultant or his employees shall
use or prepare or come into contact with,  shall remain the sole property of the
Company, and upon termination of this Agreement, shall, together with all copies
in the possession of Consultant, be delivered to the Company.

     Notwithstanding  the foregoing,  the  restrictions on disclosure and use of
information and materials as set forth in this Section 10 shall not apply to the
following, and the following is not confidential or proprietary information: (1)
any information or materials which were generally available to the public at the
time made  available  to  Consultant  by the  Company,  (2) any  information  or
materials  which become,  without breach of this Section 10 and through no fault
of  Consultant,  generally  available  to the  public,  (3) any  information  or
materials which  Consultant has received from other sources prior to the date of
this  Agreement,   subject  to  no  restrictions  on  disclosure  applicable  to
Consultant;  and (4) any information or materials  which  Consultant at any time
lawfully  obtains  from a third  party and who is not under  any  obligation  of
secrecy  or  confidentiality  to the  Company,  under  circumstances  permitting
disclosure by Consultant to others without restriction.

     11.  Non-Interference with Employees.
          --------------------------------
     11.1.   Consultant   covenants  with  the  Company  that  employees  of  or
consultants  to  the  Company  and  employees  of  and   consultants  to  firms,
corporations or entities  affiliated  with the Company have, of necessity,  been
exposed to and have acquired  certain  knowledge,  understandings,  and know-how
concerning the Company's business  operations which is confidential  information
and proprietary to the Company.

                                       7
<PAGE>

     11.2. In order to protect the  Company's  confidential  information  and to
promote and insure the  continuity of the Company's  contractual  relations with
its employees and consultants, Consultant covenants and agrees that for the term
of this  Agreement,  and for a period  of sixty  (60)  days  from the date  this
Agreement terminates, he will not directly or indirectly, or permit or encourage
others to directly or indirectly (i) interfere in any manner whatsoever with the
Company's  contractual  or other  relations  with any or all of its employees or
consultants,  or (ii) induce or attempt to induce any employee or  consultant to
the Company to cease performing services for or on behalf of the Company.

     11.3. In the event any court of competent jurisdiction  determines or holds
that all or any  portion  of the  covenants  contained  in this  Section  11 are
unlawful,  invalid,  or unenforceable  for any reasons,  then the parties hereto
agree to modify  the  provisions  of this  Section  11 if and only to the extent
necessary to render the covenants herein contained  enforceable and otherwise in
conformance with all legal requirements.

     12. Clients, Customers and Properties.
         ----------------------------------
     12.1. Consultant covenants with the Company that the clients, customers and
the owners of any  properties  in which the Company has or desires to acquire an
interest ("Property  Owners"),  both actual and contemplated,  constitute actual
and prospective  business  relationships that are proprietary to the Company and
comprise, in part, the Company's confidential information and trade secrets.

     12.2. In order to protect the Company's  proprietary  rights and to promote
and  ensure the  continuity  of the  Company's  contractual  relations  with its
customers, clients and Property Owners, Consultant covenants and agrees that for
the term of this  Agreement,  and for a period of sixty  (60) days from the date
this Agreement  terminates,  he will not directly,  or indirectly,  or permit or
encourage other to directly or indirectly (i) interfere in any manner whatsoever
with the  Company's  contractual  or  prospective  relations  with any  clients,
customers  or Property  Owners,  or (ii) induce or attempt to induce any client,
customer or Property  Owners of the  Company to cease  doing  business  with the
Company,  or (iii) solicit,  offer to retain,  or retain, or in any other manner
engage or enter into any business or other arrangement with any of the Company's
customers,  clients or  Property  Owners to provide  or  acquire  any  services,
products or  properties  to or from any of such  customers,  clients or Property
Owners as they may from time to time exist or be constituted,  except and unless
such  arrangements  for the provision or  acquisition  of products,  services or
properties  is not  in any  way  competitive  with  the  products,  services  or
properties  actually provided or acquired by the Company to or from its clients,
customers  and/or  Property Owners or proposed to be provided or acquired by the
Company to or from its clients, customers and/or Property Owners.

     12.3. In the event any court of competent jurisdiction  determines or holds
that all or any  portions  of the  covenants  contained  in this  Section 12 are
unlawful, invalid or unenforceable for any reason, then the parties hereto agree
to modify the provisions of this Section 12 if and only to the extent  necessary
to  render  the  covenants  herein   contained   enforceable  and  otherwise  in
conformance with all legal requirements.

                                       8
<PAGE>

     13.  Affiliates of Consultant.
          -------------------------
     Consultant agrees that the Covenants set forth in Sections 9, 10, 11 and 12
of this Agreement are applicable to and binding upon any and all of Consultant's
agents and employees  (hereafter  "Affiliates").  Consultant agrees that he will
not permit any Affiliate to perform services hereunder nor permit the disclosure
of any Company trade secret,  proprietary  or  confidential  information  to any
Affiliate  until and unless such Affiliate  agrees in writing to be bound by the
terms and conditions of Sections 9, 10, 11 and 12 of this Agreement.

     14.  Attorney's Fees.
          ----------------
     In the event there is any  litigation  or  arbitration  between the parties
concerning  this  Agreement,  the successful  party shall be awarded  reasonable
attorney's  fees and litigation or arbitration  costs,  including the attorney's
fees and costs incurred in the collection of any judgment.

     15.  Notices.
          --------
     All  notices  required  or  permitted  hereunder  shall  be  sufficient  if
delivered  personally or mailed to the parties at the address set forth below or
at such other  address as either  party may  designate  in writing  from time to
time.  Any  notice by  mailing  shall be  effective  48 hours  after it has been
deposited in the United States certified mail,  return receipt  requested,  duly
addressed and with postage prepaid.

     16.  Partial Invalidity.
          -------------------
     If any provisions of this Agreement are in violation of any statute or rule
of law of any state or district in which it may be sought to be  enforced,  then
such  provisions  shall be deemed null and void only to the extent that they may
be in violation thereof, but without invalidating the remaining provisions.

     17.  Binding Effect.
          ---------------
     This  Agreement  shall be  binding  upon and  inure to the  benefit  of the
respective parties hereto, their heirs, personal representatives, successors and
assigns.

     18.  Waiver.
          -------
     No waiver of any breach of any one of the agreements,  terms, conditions or
covenants  of this  Agreement  by the  Company  shall  be  deemed  to  imply  or
constitute a waiver of any other agreement, term, condition or covenants of this
Agreement.  The failure of either party to insist on strict  performance  of any
agreement,  term, condition or covenant,  herein set forth, shall not constitute
or become  construed as a waiver of the rights of either or the other thereafter
to enforce any other  default of such  agreement,  term,  condition or covenant;
neither  shall  such  failure  to  insist  upon  strict  performance  be  deemed
sufficient  grounds,  to enable  either  party  hereto to forego or  subvert  or
otherwise  disregard any other agreement,  term,  condition or covenants of this
Agreement.

                                       9
<PAGE>

     19.  Governing Law.
          --------------
     This  Agreement and the rights and duties of the parties shall be construed
enforced in accordance with the laws of the State of Colorado.

     20.  Fax/Counterparts.
          -----------------
     This  Agreement  may be  executed  by telex,  telecopy  or other  facsimile
transmission,  and such facsimile transmission shall be valid and binding to the
same extent as if it were an original.  Further, this Agreement may be signed in
one or more counterparts,  all of which when taken together shall constitute the
same document.

     21.  Entire Agreement.
          -----------------
     This Agreement  constitutes the entire agreement of the parties hereto with
respect to the subject matter hereof. There are no representations,  warranties,
conditions or obligations except as herein specifically  provided. Any amendment
or modification hereof must be in writing.

     IN  WITNESS  WHEREROF,  the  parties  have  duly  executed  this  Agreement
effective on the day and year first above written.

                                                   ATLAS MINERALS, INC.

                                               By:  /s/ Gary E. Davis, President
                                                   -----------------------------
                                                   Gary E. Davis, President

                                                   CONSULTANT:

                                                     /s/ Roger P. Walsh
                                                   -----------------------------
                                                   Roger P. Walsh

                                       10

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