Document:

<PAGE>
                                                                 EXHIBIT  10PP

                               EIGHTH AMENDMENT
              TO MASTER LEASE AGREEMENT AND EQUIPMENT SCHEDULES

         THIS EIGHTH AMENDMENT TO MASTER LEASE AGREEMENT AND EQUIPMENT
SCHEDULES ("this Amendment") is made and entered into as of the 31st day of
December, 2001, by BRUSH WELLMAN INC., an Ohio corporation (the "Lessee"), and
NATIONAL CITY BANK, a national banking association, for itself and as agent
for certain participants (the "Lessor").

                                  RECITALS:

         A.       The Lessee and the Lessor entered into a Master Lease
Agreement, dated as of December 30, 1996, as amended by the First Amendment to
Master Lease Agreement, dated as of September 2, 1997, the Second Amendment to
Master Lease Agreement and Amendment to Disbursement Schedules, dated as of
January 26, 1999, the Third Amendment to Master Lease Agreement and Amendment
to Equipment Schedules, dated as of September 30, 1999, the Fourth Amendment
to Master Lease and Waiver, dated as of May 16, 2000, and Consolidated
Amendment No.1 to Master Lease Agreement and Equipment Schedules, dated as of
June 30, 2000, Consolidated Amendment No.2 to Master Lease Agreement and
Equipment Schedules, dated as of March 30, 2001 and Consolidated Amendment
No.3 to Master Lease Agreement and Equipment Schedules, dated as of September
28, 2001 (collectively, together with all Exhibits and Schedules thereto, the
"Lease Agreement"), under which the Lessor agreed to lease to the Lessee
certain equipment to be used by the Lessee at its Elmore, Ohio, facility,
subject to certain conditions and in accordance with the terms thereof.

         B.       Capitalized terms used herein and not otherwise defined
herein shall have the meanings assigned to such terms in the Lease Agreement.

<PAGE>

         C.       The Lessee has requested that the Lessor consent to the
Parent's acquisition (the "Acquisition") of all of the issued and outstanding
capital stock of a company (the "Acquired Company") identified and described
in a disclosure letter, to be delivered by the Parent to the Lessor and the
participants care of the Lessor, which letter shall be approved by the Lessor
in its sole discretion (if, as and when so delivered and approved, the
"Disclosure Letter"). Without such consent, the Acquisition would otherwise be
prohibited by the provisions of Section XXIV of the Lease Agreement (by
reference to the definition of "Permitted Acquisition" set forth in Section
XXV thereof).

         D.       The Lessor is willing to grant such consent upon and subject
to the terms and conditions hereinafter set forth.

         E.       In addition, the Lessor and the Lessee have agreed to amend
the Lease Agreement as hereinafter set forth.

                                 AGREEMENTS:

         NOW, THEREFORE, in consideration of the foregoing Recitals and the
mutual agreements hereinafter set forth, the parties hereby agree as follows:

         1.       Consent.  Subject to the terms and conditions of this
Amendment, including, without limitation, this Section 1 and Section 3, below,
the Lessor hereby consents to the Acquisition. The foregoing consent of the
Lessor is subject to the Parent's and the Lessee's performance and satisfaction
of each and all of the following conditions:

                  (i)      all of the terms and conditions contained in the
         definition of "Permitted Acquisition" set forth in Section XXV of the
         Lease Agreement (other than the condition contained in clause (iv)
         thereof, which shall be deemed satisfied upon the effectiveness of this
         Amendment) shall have been satisfied prior to the consummation of the
         Acquisition;

                                      2

<PAGE>

                  (ii)     the aggregate of (A) the aggregate consideration
         (in whatsoever form, including, without limitation, liabilities
         assumed by any Lease Party and consulting agreements, non-competition
         agreements, "golden parachute" agreements and the like) required to
         be paid in cash, directly or indirectly, by the Lessor, or any of the
         Participants, whether at the closing of such acquisition or on a
         deferred basis, in connection with the Acquisition and (B) the
         aggregate amount of all fees, commissions, and other expenses
         incurred by the Lessor, in connection with the Acquisition shall not
         exceed Twelve Million Dollars ($12,000,000);

                  (iii)    not later than ten (10) Business Days prior to the
         date on which the Acquisition is consummated, the Parent shall
         deliver to the Lessor true and complete copies of the final
         acquisition agreement in respect thereof and all other material
         agreements by which the Parent or any other Lease Party will be bound
         in connection with the Acquisition;

                  (iv)     the Acquisition shall be consummated on terms not
         less favorable in any material respect to the Parent than the terms
         therefor previously disclosed to the Lessor and the participants; and

                  (v)      the Acquisition shall be consummated no later than
         September 30, 2002.

         2.       Amendments to the Lease Agreement.  Subject to the terms and
conditions of this Amendment, including, without limitation, Section 3, below,
the Lease Agreement is hereby amended as follows:

         A.       Section XXIII (General Financial Standards) is amended and
restated in its entirety to provide as follows:

Lessee agrees that so long as this Agreement remains in effect and thereafter
until all obligations of Lessee hereunder shall have been paid and performed
in full, Lessee will observe and cause to be observed each of the following:

                                      3

<PAGE>

                  (a)      RATIO OF CONSOLIDATED TOTAL DEBT TO CONSOLIDATED
         TOTAL ADJUSTED CAPITAL AND INTEREST COVERAGE RATIO.

                  (i)      Lessee will not at any time permit the ratio,
         expressed as a percentage, of (i) the amount of Consolidated Total
         Debt to (ii) Consolidated Total Adjusted Capital, to exceed (A) 50%
         from the date of this Agreement through and including September 30,
         2001, (B) 43% for the period commencing October 1, 2001, through and
         including December 31, 2001; (C) 45% for the period commencing
         January 1, 2002, through and including September 30, 2002; and (D)
         50% on and after October 1, 2002.

                  (ii)     Lessee shall not permit the Interest Coverage
         Ratio, as of the end of either of the fiscal quarters of the Parent
         ending on June 30, 2002 and September 30, 2002, to be less than 1.00
         to 1.00; provided, however, that (i) if the Acquisition occurs during
         the Parent's first fiscal quarter of 2002, the Lessee shall not
         permit the Interest Coverage Ratio, as of the end of the fiscal
         quarter of the Parent ending on June 30, 2002, to be less than 1.30
         to 1.00, and (ii) if the Acquisition occurs during the Parent's
         second fiscal quarter of 2002, the Lessee shall not permit the
         Interest Coverage Ratio, as of the end of the fiscal quarter of the
         Parent ending on September 30, 2002, to be less than 2.25 to 1.00.

                  (b)      RATIO OF CONSOLIDATED TOTAL DEBT TO CONSOLIDATED
         EBITDAR. Lessee will not permit the ratio at any time of (x) the
         amount of Consolidated Total Debt at such time to (y) Consolidated
         EBITDAR for the Testing Period most recently ended, to exceed (i)
         3.50 to 1.00 for the Testing Period ending June 30, 2000, (ii) 3.25
         to 1.00 for the Testing Periods ending September 30, 2000 and
         December 31, 2000, (iii) 3.00 to 1.00 for the Testing periods ending
         March 31, 2001, June 30, 2001 and September 30, 2001, and (iv) 3.50
         to 1.00 for each Testing Period ending on and after December 31,
         2002; provided, however, that for the purposes of this clause (iv),
         (A) the term "Testing Period" shall mean, as to each of the fiscal
         quarters ending on the following dates only, the respective period
         set forth opposite such fiscal quarter:

<TABLE>
<CAPTION>
         Fiscal Quarter Ending          Testing Period
         ---------------------          --------------
<S>                                     <C>
         December 31, 2002              October 1, 2002 through December 31, 2002
         March 31, 2002                 October 1, 2002 through March 31, 2003, and
         June 30, 2003                  October 1, 2002 through June 30, 2003.
</TABLE>

         and (B) in computing such ratio for the Testing Period ending
         December 31, 2002, Consolidated EBITDAR shall be deemed to mean an
         amount equal to Consolidated EBITDAR for such Testing Period, times
         four (4); in computing such ratio for the Testing Period ending March
         31, 2003, Consolidated EBITDAR shall be deemed to mean amount equal
         to Consolidated EBITDAR for such Testing Period, times two (2); and,
         in computing such ratio for the Testing Period ending June 30, 2003,
         Consolidated EBITDAR shall be deemed to mean an amount equal to
         Consolidated EBITDAR for such Testing Period, times one and one-third
         (1 1/3).

                  (c)      CONSOLIDATED FIXED CHARGE COVERAGE RATIO. Lessee
         will not at any time

                                      4

<PAGE>

         permit the Consolidated Fixed Charge Coverage Ratio to be less than
         2.00 to 1.00 for any Testing Period ending on or before September 30,
         2001, or permit the Consolidated Fixed Charge Coverage Ratio for any
         of the Testing Periods set forth below to be less than the ratio set
         forth opposite such Testing Period:

<TABLE>
<CAPTION>
         Fiscal Quarter Ended                     Minimum Fixed Charge Coverage Ratio
         --------------------                     -----------------------------------
<S>                                              <C>
         December 31, 2002                        1.00 to 1.00
         March 31, 2003                           1.25 to 1.00
         June 30, 2003 and thereafter             1.50 to 1.00;
</TABLE>

         provided, however, that for the purposes of this Section XXIII (c),
         the term "Testing Period" shall mean, as to each of the fiscal
         quarters ending on the following dates only, the respective period
         set forth opposite such fiscal quarter:

<TABLE>
<CAPTION>
         Fiscal Quarter Ending         Testing Period
         ---------------------         --------------
<S>                                    <C>
         December 31, 2002             October 1, 2002 through December 31, 2002
         March 31, 2003                October 1, 2002 through March 31, 2003, and
         June 30, 2003                 October 1, 2002 through June 30, 2003.
</TABLE>

                  (d)      CONSOLIDATED TANGIBLE NET WORTH.  Lessee, the
         Parent and the Subsidiaries will not permit the Consolidated Tangible
         Net Worth to be less than $200,000,000 as of December 31, 2001 or at
         any time thereafter.

         B.       Section XXIV (m)(e) of the Lease Agreement is amended and
restated in its entirety to provide as follows:

                  (e)      CAPITAL EXPENDITURES: The Parent, Lessee and the
         Subsidiaries shall be permitted to make Consolidated Capital
         Expenditures, provided that (A) expenses for mining property, plant
         and equipment shall not exceed $25,000,000 during any consecutive
         thirty-six (36) month period, and (B) Consolidated Capital
         Expenditures, excluding expense for mining property, plant or
         equipment, do not during any fiscal year of the Parent exceed the
         amount specified below:

<TABLE>
<CAPTION>
          ------------------------------------------------------------
          Fiscal Year Ending                  Amount
          ------------------------------------------------------------
<S>                                          <C>
          December 31, 2000                   $35,000,000
          ------------------------------------------------------------
          December 31, 2001                   $40,000,000
          ------------------------------------------------------------
          December 31, 2002                   $25,000,000
          ------------------------------------------------------------
          December 31, 2003                   $35,000,000
          ------------------------------------------------------------
</TABLE>

         C.       The following proviso is added to the end of Section XXIV
(n)(e) (Covenant) of the Lease Agreement immediately after the word "time" and
before the period:

                                      5

<PAGE>

         ; provided, however, that the sale by Brush Wellman Japan, Ltd. of
         its Accounts to SMBC Finance Co. Ltd, pursuant to the proposed
         Agreement on the Sales of Notes in the form delivered to the Lessor
         prior to March 14, 2002 may be with recourse, but only so long as the
         aggregate amount for which Brush Wellman Japan, Ltd. has recourse
         liability does not at any time exceed $5,000,000.

         D.       Section XXIV (q) (Dividends, Stock Repurchase, etc.) of the
Lease Agreement is amended and restated in its entirety to provide as follows:

                  (q)      DIVIDENDS, STOCK REPURCHASE, ETC.

                  (i)      The Parent will not directly or indirectly declare,
         order, pay or make any dividend (other than dividends payable solely
         in capital stock of the Parent) or other distribution on or in
         respect of any capital stock of any class of the Parent, whether by
         reduction of capital or otherwise.

                  (ii)     The Parent and Lessee will not directly or
         indirectly make, or permit any of the Subsidiaries to directly or
         indirectly make, any purchase, redemption, retirement or other
         acquisition of (A) any of its capital stock of any class (other than
         for a consideration consisting solely of capital stock of that
         person), or (B) any warrants, rights or options to acquire or any
         securities convertible into or exchangeable for any of its capital
         stock.

         E.       Section XXIV (u) (Certain Leases) of the Lease Agreement is
amended and restated in its entirety to provided as follows:

                  (u)      CERTAIN LEASES. None of the Parent, Lessee or the
         Subsidiaries will permit the aggregate payments (excluding any
         property taxes, insurance or maintenance obligations paid by the
         Parent, Lessee and the Subsidiaries as additional rent or lease
         payments) by the Parent, Lessee and the Subsidiaries on a
         consolidated basis under agreements to rent or lease any real or
         personal property for a period exceeding 12 months (including any
         renewal or similar option periods) (other than any leases
         constituting Capital Leases, Synthetic Leases or, subject to
         Paragraph (s), above, leases between the Parent and Lessee, between
         Subsidiaries or between the Parent or Lessee and a Subsidiary), to
         exceed in any fiscal year of the Parent an amount greater than 5.00%
         of the Consolidated Net Worth of the Parent as of the date of the
         financial statements then most recently furnished to Lessor and the
         Participants under Section IV(b)(i).

         F.       The following definition is added to Section XXV (Certain
Definitions) of the Lease Agreement in proper alphabetical order:

                  Acquisition shall have the meaning ascribed to such term in
the Eighth Amendment to this Lease Agreement.

                                      6

<PAGE>

         G.       The definition of "Consolidated Fixed Charge Coverage Ratio"
in Section XXV (Certain Definitions) of the Lease Agreement is amended and
restated to provide as follows:

                  Consolidated Fixed Charge Coverage Ratio shall mean, for any
         Testing Period, the ratio of (a) Consolidated EBITDA for that Testing
         Period to (b) the sum of (i) Consolidated Interest Expense and
         Consolidated Income Tax Expense for that Testing Period, PLUS (ii)
         scheduled or mandatory repayments, prepayments or redemptions during
         that Testing Period of the principal of Indebtedness with a final
         maturity date more than one year after the end of that Testing
         Period, PLUS (iii) the sum of all payments for dividends, stock
         repurchases or other stock redemptions, and other purposes described
         in section XXIV, if any, in each case on a consolidated basis for the
         Parent, Lessee and the Subsidiaries for such Testing Period; PLUS
         (iv) Consolidated Capital Expenditures for that Testing Period;
         provided that notwithstanding anything to the contrary contained
         herein, the Consolidated Fixed Charge Coverage Ratio for any Testing
         Period shall (A) include the appropriate financial items for any
         person or business unit which has been acquired by Lessee and the
         Parent, or any Subsidiaries for any portion of such Testing Period
         prior to the date of acquisition, and (A) exclude the appropriate
         financial items for any person or business unit which has been
         disposed of by Lessee, the Parent or any Subsidiary, for the portion
         of such Testing Period prior to the date of disposition.

         H.       The definition of "Consolidated Net Worth " in Section XXV
(Certain Definitions) of the Lease Agreement is amended by adding the
following clause to the end of such definition:

         and PROVIDED FURTHER that Consolidated Net Worth shall be calculated
         (i) before the effect of FAS 133 - Accounting for Derivatives
         Instruments and Hedging Activities and FAS 138 - Accounting for
         Certain Derivatives Instruments and Certain Hedging Activities (prior
         to the "Delivery Date" of this Amendment to the Lease Agreement, such
         item appearing under the stockholders' equity category "Foreign
         Currency Translation Adjustment") and (ii) without reduction for
         Directors Deferred Compensation (prior to the "Delivery Date" of this
         Amendment to the Lease Agreement, such item appearing under the
         stockholders' equity categories "Other Equity Transactions - Deferred
         Directors Shares and Deferred Compensation");

                                      7

<PAGE>

         I.       The following definition is added to Section XXV (Certain
Definitions) of the Lease Agreement in proper alphabetical order:

         Interest Coverage Ratio means, as of the end of any fiscal quarter of
         the Parent, the ratio of (i) Consolidated EBITDAR for such fiscal
         quarter to (ii) an amount equal to the sum of (a) Consolidated Interest
         Expense for such fiscal quarter, plus (b) Consolidated Rental Expense
         for such fiscal quarter.

         J.       The definition of "Lease Party" in Section XXV (Certain
Definitions) of the Lease Agreement is amended by inserting the parenthetical
"(other than Lessor)" immediately following the word "person" and before the
world "that".

         K.       The definition of "Permitted Precious Metal Consignments" in
Section XXV (Certain Definitions) of the Lease Agreement is amended by deleting
therefrom the words and numerals "does not exceed an amount greater than
$140,000,000" and inserting in their stead, immediately following the words
"those consignment arrangements" the words and numerals "(that is, the aggregate
outstanding liability, fixed or contingent, but without duplication, of all
Credit Parties in respect of all such consignment arrangements) does not exceed
B$70,000,000 at any time".

                                      8

<PAGE>

         L.       The Pricing Grid Table and the last sentence of the
definition of Applicable Margin contained in Exhibit No. 2 Equipment Schedules
are amended and restated in their entirety to provide as follows:

                              PRICING GRID TABLE
                    (expressed in basis points per annum)

<TABLE>
<CAPTION>
         --------------------------------------------------------------------
         RATIO OF CONSOLIDATED TOTAL DEBT TO
         CONSOLIDATED EBITDAR                          APPLICABLE MARGIN
         --------------------------------------------------------------------
<S>                                                   <C>
         Greater than or equal to 5.00 to 1.00         375
         --------------------------------------------------------------------
         Greater than 4.00 to 1.00 and less than       325
         5.00 to 1.00
         --------------------------------------------------------------------
         Greater than 3.50 to 1.00 and less than or    275
         equal to 4.00 to 1.00
         --------------------------------------------------------------------
         Greater than 3.00 to 1.00 and less than or    225
         equal to 3.50 to 1.00
         --------------------------------------------------------------------
         Greater than 2.50 to 1.00 and less than or    200
         equal to 3.00 to 1.00
         --------------------------------------------------------------------
         Less than or equal to 2.50 to 1.00            175
         --------------------------------------------------------------------
</TABLE>

         (i) Notwithstanding anything to the contrary contained in the
         foregoing, from April 1, 2002, through and including December 31,
         2002, and thereafter until changed hereunder in accordance with the
         provisions of the Pricing Grid Table set forth above, for all
         purposes of this Lease Agreement, the Applicable Margin shall be
         three hundred seventy-five (375) basis points per annum; and (ii) the
         charging of Applicable Margin based upon the foregoing Pricing Grid
         Table based upon the first three ratio levels (reading from top to
         bottom) set forth therein shall not be construed to waive any Event
         of Default which may exist under paragraph (b) Section XXIII hereof
         or limit any right or remedy of the Lessor by reason thereof.

         3.       Delivery Date; Conditions Precedent. The consent set forth
in Section 1, above, and the modifications to the Lease Agreement set forth in
Section 2, above, are subject to the Parent and Lessee's performance of the
following (the date on which all have been performed being the "Delivery
Date"):

         A.       The Lessee's secretary or treasurer shall have certified to
the Lessor (i) a copy of the

                                      9

<PAGE>

resolutions duly adopted by the Lessee's board of directors in respect of this
Amendment; (ii) true and correct copies of the Lessee's current Charter or
Articles of Incorporation and By-laws or Code of Regulations; (iii) the names
and true signatures of the officers of the Lessee authorized to sign this
Amendment on behalf of the Lessee; (iv) that, after giving effect to the
amendments set forth herein, no Default or Potential Default exists; and (v)
the representations and warranties of the Lessee under the Lease Agreement are
reaffirmed as of the Delivery Date, subject only to variance therefrom
acceptable to the Lessor.

         B.       The respective secretary or treasurer of the Parent and of
Brush Ceramic Products, Inc. and Brush Resources, Inc. (the "Subsidiary
Guarantors") shall have certified to the Lessor (i) a copy of the resolutions
duly adopted by its board of directors in respect of this Amendment; (ii) true
and correct copies of its current Charter or Articles of Incorporation and
By-laws or Code of Regulations; (iii) the names and true signatures of its
officers authorized to sign the Reaffirmation of Guaranty and Security
Documents and Amendment to Intercreditor and Collateral Agency Agreement
described below on behalf of it; and (iv) that, after giving effect to the
amendments set forth herein, no Default or Potential Default exists.

         C.       Counsel to the Lessee, the Parent and the Subsidiary
Guarantors shall have delivered to the Lessor a written opinion as to the due
authorization, execution, delivery and enforceability of this Amendment and
the other documents described in paragraphs G and H of this Section 3, in form
and substance satisfactory to the Lessor.

         D.       The Lessee shall have paid to the Lessor, for the benefit of
the Lessor and its participants, an amendment fee in the amount of One Hundred
Fifty Thousand Dollars ($150,000).

         E.       The Lessee, the Parent, and the Subsidiary Guarantors shall
have executed and delivered to the Lessor such Security Documents, and shall
have taken or caused to be taken such

                                      10

<PAGE>

other actions, if any, as the Lessor may reasonably deem necessary or
appropriate to cause the Lessor's Lien on the Lease Parties' patents and
registered marks and applications therefor to be registered with the Office of
Patents and Trademarks of the United States Department of Commerce.

         F.       The Lessee shall have delivered or caused to be delivered
certificates of good standing for the Lessee, the Parent and the Subsidiary
Guarantors issued by the Secretary of State, or other appropriate office, of
the state of its incorporation.

         G.       The Lessee shall cause the Parent and the Subsidiary
Guarantors to execute and deliver to the Lessor a confirmation of Guaranty and
Security Documents in form of Attachment 1 hereto.

         H.       All of the parties to the Intercreditor and Collateral
Agency Agreement dated September 28, 2001 shall have executed and delivered to
the Lessor a First Amendment to Intercreditor and Collateral Agency Agreement
in the form of Attachment 2 hereto.

         I.       All of the parties to the Credit Agreement shall have
executed and delivered an amendment thereto in form and substance satisfactory
to the Lessor, and all conditions to its effectiveness shall have been
satisfied.

         J.       The Lessee shall have delivered or caused to be delivered
         such other documents as the Lessor may reasonably request.

         4.       No Other Modifications.  Except as expressly provided in
this Amendment, all of the terms and conditions of the Lease Agreement remain
unchanged and in full force and effect.

         5.       Governing Law; Binding Effect.  This Amendment shall be
governed by and construed in accordance with the laws of the State of Ohio and
shall be binding upon and inure to the benefit of the Lessee, the Lessor, and
their respective successors and assigns.

         6.       Counterparts.  This Amendment may be executed in separate
counterparts, each of

                                      11

<PAGE>

which shall be deemed to be an original, and all of which together shall be
deemed a fully executed agreement.

         7.       Miscellaneous.

         A.       The Lessee agrees to pay on demand all costs and expenses of
the Lessor, including reasonable attorneys' fees and expenses, incurred in
connection with the preparation, execution and delivery of this Amendment and
the other documents contemplated hereby, including, without limitation, the
Amendment to Intercreditor and Collateral Agency Agreement.

         B.       This Amendment is executed in accordance with and subject to
Section XIX(g) of the Lease Agreement. The execution, delivery and performance
by the Lessor of this Amendment shall not constitute, or be deemed to be or
construed as, a waiver of any right, power or remedy of the Lessor or a waiver
of any provision of the Lease Agreement, except as expressly stated herein.
None of the provisions of this Amendment shall constitute, or be deemed to be
or construed as, a wavier of any Default or Potential Default.

         IN WITNESS WHEREOF, the Lessee, the Lessor and its participants have
hereunto set their hands as of the date first above written.

<TABLE>
<CAPTION>
LESSEE:                                     LESSOR:
------                                      ------
<S>                                       <C>
BRUSH WELLMAN INC.                          NATIONAL CITY BANK,
                                            FOR ITSELF AND AS AGENT FOR CERTAIN PARTICIPANTS

By:                                         By:
    --------------------------------             --------------------------------------
                   ,                             Janice E. Focke, Senior Vice President
    --------------- ----------------
</TABLE>

                                      12
<PAGE>

         THE FOREGOING AMENDMENT is hereby acknowledged, consented and agreed
to by each of the undersigned by their respective duly authorized officers as
of the day and year first above written.

<TABLE>
<S>                                                 <C>
Address:                                             FIFTH THIRD BANK, an Ohio banking corporation,
                                                     f/k/a Fifth Third Bank, Northeastern Ohio
         1404 East Ninth Street
         Cleveland, Ohio 44114                       By:
         Fax: (216) 274-5507                               -------------------------------
                                                     Title:
                                                           -------------------------------

Address:                                             HARRIS TRUST AND SAVINGS BANK

         P.O. Box 755 (111/10W)
         Chicago, IL 60690-0755                      By:
         Fax:     (312) 461-5225                           -------------------------------
                                                     Title:
                                                           -------------------------------

Address:                                             U.S. BANK NATIONAL ASSOCIATION, f/k/a Firstar
                                                     Bank, N.A.

         1350 Euclid Avenue, ML 4432
         Cleveland, Ohio 44115                       By:
         Fax: (216) 623-9208                               -------------------------------
                                                     Title:
                                                           -------------------------------

Address:                                             LASALLE NATIONAL LEASING CORPORATION

         One West Pennsylvania Avenue
         Suite 1000                                  By:
         Towson, Maryland 21204                            -------------------------------
         Fax: (410) 769-9313                         Title:
                                                           -------------------------------

Address:                                             MANUFACTURERS AND TRADERS TRUST COMPANY
         One Foundation Plaza
         Buffalo, New York 14203                     By:
         Fax: (716) 848-7318                               -------------------------------
                                                     Title:
                                                           -------------------------------
</TABLE>

                                       13<PAGE>

                                                                  Exhibit 10 (b)
                                FERRO CORPORATION
                       ACQUISITION PERFORMANCE REWARD PLAN

                                  INTRODUCTION
                                  ------------

               Ferro Corporation ("Ferro"), an Ohio corporation, established the
Ferro Corporation Acquisition Performance Reward Plan (the "Plan") effective as
of February 9, 2001. Profitable growth is the primary focus of Ferro's
Leadership Agenda initiatives and strategy, with emphasis on growth of both
revenue and earnings per share. In support of such objectives, the purpose of
the Plan is to reward and provide incentive to certain employees who contribute,
in a significant manner, to the identification, completion, and successful
integration of Ferro acquisitions by (i) focusing employees engaged on Ferro
acquisition projects on the factors critical to the success of the projects;
(ii) rewarding employees' success in identifying, completing, and successfully
integrating acquisitions, and (iii) providing incentives to Participants to
remain employees of Ferro. Participating employees will have an opportunity to
receive additional incentive compensation related to the value of the common
stock of Ferro. The Plan provides for discretionary awards of incentive
compensation in the form of phantom equity units called Reward Shares (as
hereinafter defined), credited when awarded, and paid in cash, pursuant to the
Payment Formula (as hereinafter defined), solely upon the attainment of a
Payment Date (as hereinafter defined).

                                    ARTICLE I

                                   DEFINITIONS
                                   -----------

         1.1. "Award Letter" means the written notification pursuant to Section
3.1 hereof informing the Participant of an award of Reward Shares.

         1.2. "CEO" means Ferro's Chief Executive Officer.

         1.3. "Committee" means the Plan's administrative committee consisting
of one or more persons appointed by the CEO from time to time. To the extent one
or more persons are not so appointed by the CEO, the term "Committee" shall mean
Ferro, acting by and through Ferro's Cleveland, Ohio, Corporate Human Resources
Department.

         1.4. "Common Stock" means the issued and outstanding common stock of
Ferro.

         1.5. "Ferro" means Ferro Corporation, an Ohio corporation, its
subsidiaries and affiliates.

         1.6. "Eligible Employee" means any Employee who has satisfied the
provisions of Section 2.1 hereof.

         1.7. "Employee" means any person who is employed by Ferro.

         1.8. "Participant" means any Eligible Employee who is selected to
participate in this Plan pursuant to Section 2.2 hereof and who is awarded
Reward Shares pursuant to this Plan.

<PAGE>

         1.9. "Payment Date" means either one or both of the following:

              (a)    Within one hundred eighty (180) days following the
                     expiration of the Performance Period applicable to an award
                     of Reward Shares; or

              (b)    Such time(s) as the Committee in its sole discretion
                     determines (on either an individual or group basis and on
                     either a whole or partial payment basis or otherwise).

         1.10. "Payment Date Value of Common Stock" means the average closing
trading price of Common Stock, on the primary national securities exchange on
which such Common Stock is traded, on the last ten (10) market days of the
Performance Period.

         1.11. "Payment Formula" means number of Reward Shares awarded to a
Participant (as communicated to a Participant in an Award Letter) multiplied by
the Performance Factor multiplied by the Payment Date Value of Common Stock.

         1.12. "Performance Factor" means the performance measurement criteria
and targets (as determined by the CEO) of a Ferro-acquired business relating to
an award of Reward Shares that is specified in an Award Letter.

         1.13. "Performance Period" means the three (3) year or other time
period applicable to a grant of Reward Shares as specified in the Award Letter
relating thereto.

         1.14. "Reward Shares" means the phantom equity units awarded to
Participants pursuant to this Plan. For purposes of the Payment Formula and the
Payment Date Value of Common Stock, each Reward Share shall be equivalent to one
(1) share of Common Stock.

                                   ARTICLE II

                          ELIGIBILITY AND PARTICIPATION
                          -----------------------------

         2.1. ELIGIBILITY.

              (a) An Employee will be eligible to participate in the Plan if the
Employee is employed on a full-time basis by Ferro.

              (b) Unless otherwise approved by the Committee, an Employee will
be considered to be employed "full-time" if the Employee regularly works at
least one thousand (1,000) hours per year for Ferro.

         2.2. PARTICIPATION. The CEO shall determine which Eligible Employees
will participate in the Plan and such determination by the CEO of Participants
will be conclusive.

                                      -2-
<PAGE>

                                   ARTICLE III

                             AWARDS OF REWARD SHARES
                             -----------------------

         3.1. IN GENERAL. From time to time, the CEO shall determine whether
awards of Reward Shares will be made to any Participants and, if so, the amount
of Reward Shares to be awarded and to whom such Reward Shares are to be awarded.
The CEO's determination will be based on such criteria as the CEO may, in the
CEO's sole discretion, from time to time deem to be appropriate. Each award of
Reward Shares and the number of Reward Shares awarded to each Participant
pursuant thereto shall be communicated in writing (the "Award Letter") to each
Participant.

         3.2 REWARD SHARE LEDGER. Ferro shall credit the number of Reward Shares
awarded to each such Participant to an account ("Reward Share Account") in an
accounting ledger maintained by Ferro (the "Reward Share Ledger").

                                   ARTICLE IV

                                  REWARD SHARES
                                  -------------

         4.1 NUMBER. The CEO shall determine the number of Reward Shares, if
any, to be awarded to Participants relating to each new business acquired by
Ferro. Such determinations by the CEO shall be pursuant to authorization granted
to the CEO by Ferro's Compensation and Organization Committee.

         4.2 NO DIVIDENDS. Reward Shares shall not be credited with any amounts
relating to cash or stock dividends declared on Common Stock.

                                    ARTICLE V

                                    PAYMENTS
                                    --------

         5.1 IN GENERAL. Except as otherwise provided in this Plan, upon the
occurrence of a Payment Date, a Participant shall receive from Ferro a single
payment, in cash, equal to the product of the Payment Formula.

         5.2. CANCELLATION OF REWARD SHARES; PRORATA PAYMENTS. Upon the
occurrence of a Payment Date, the Reward Shares, upon which such payments are
based, shall be canceled and thereafter shall not be outstanding. Upon the
termination of a Participant's employment with Ferro prior to a Payment Date for
reasons other than death or retirement pursuant to an established retirement
plan or policy of Ferro, the Reward Shares awarded to such Participant and
credited to such Participant's Reward Share Account shall be forfeited and
cancelled and thereafter shall not be outstanding, and no payments relating to
such forfeited and cancelled Reward Shares under this Plan shall be payable to
such Participant. If a Participant ceases to be an employee of Ferro prior to

                                      -3-
<PAGE>

a Payment Date due to death or retirement pursuant to an established retirement
plan or policy of Ferro, the Participant shall receive, upon the occurrence of
the Payment Date, a prorata portion of the single cash payment determined
pursuant to Section 5.1 hereof, such prorata portion to be measured by a
fraction of which the numerator is the portion of the Performance Period during
which the Participant was a Ferro employee and of which the denominator is the
Performance Period.

                                   ARTICLE VI

                                 ADMINISTRATION
                                 --------------

         6.1 PLAN ADMINISTRATOR. The Committee shall be the Plan administrator
and shall be charged with the management of Plan operations and its
administration.

         6.2 DUTIES OF PLAN ADMINISTRATOR.

              (a) The Committee shall administer the Plan in accordance with its
terms and shall have all powers necessary to carry out the provisions of the
Plan.

              (b) The Committee shall interpret the Plan and shall determine all
questions arising in the administration, interpretation and application of the
Plan (including, without limitation, all payments pursuant to Article V hereof).
Any such determination by the Committee shall be conclusive and binding on all
persons.

              (c) The Committee shall establish such procedures and keep such
records or other data as the Committee in its discretion determines necessary or
proper for the administration of the Plan.

              (d) The Committee may delegate administrative responsibilities to
such person or persons as the Committee deems necessary or desirable in
connection with the administration of the Plan.

                                   ARTICLE VII

                                  MISCELLANEOUS
                                  -------------

         7.1. VESTING OF REWARD SHARES. Subject to the provisions of this
Article VII but notwithstanding anything contained in this Plan to the contrary,
no Participant or former Participant will have any vested interest in, nor be
entitled to payment of, the Reward Shares credited to his or her Reward Share
Account unless and until a Payment Date occurs. In the event a Participant
terminates employment with Ferro for any reason prior to a Payment Date, the
Reward Shares credited to his or her Reward Share Account shall be permanently
forfeited and cancelled upon such employment termination.

                                      -4-

<PAGE>

         7.2. WITHHOLDING. To the extent required by any applicable law,
including, without limitation, any federal or state income tax laws, the Federal
Insurance Contributions Act, the Federal Unemployment Tax Act or any comparable
federal, state, or local laws, Ferro retains the right to withhold such portion
of any amount or amounts payable to any Participant or beneficiary under this
Plan as Ferro deems necessary.

         7.3. NON-ALIENATION. The right of a Participant or former Participant
to receive any payment under the Plan is not subject in any manner to
alienation, sale, transfer, assignment, pledge, attachment, garnishment or
encumbrance of any kind. If a Participant or former Participant attempts to
alienate, sell, transfer, assign, pledge or otherwise encumber such right, or if
by reason of his or her bankruptcy or other event happening at any time such
right would devolve upon anyone else or would not be enjoyed by him or her, then
the Committee in its discretion may terminate such right and, in such event, the
Committee shall cause such amounts as would otherwise become payable to such
Participant (at such time or times as such amounts would otherwise become
payable) to be paid to or applied for the benefit of such one or more of the
following as the Committee in its discretion may designate, namely, such
Participant, his or her spouse, child or children, or other dependents.

         7.4. UNFUNDED PLAN. Ferro shall be under no obligation to segregate or
reserve any funds or other assets for purposes relating to this Plan and no
Participant shall have any rights whatsoever in or with respect to any funds or
assets of Ferro.

         7.5. ACTIONS OR DECISIONS WITH RESPECT TO THE PLAN. Any decision or
action of the CEO, or Ferro or the Committee, arising out of or in connection
with the administration and operation of this Plan may be made or taken in their
absolute discretion, and such decision or action shall be conclusive and binding
upon all Participants and their heirs, executors, and administrators.

         7.6. NO EMPLOYMENT RIGHTS. Nothing herein contained shall be construed
as a commitment or agreement upon the part of any Participant or Employee
hereunder to continue his or her employment with Ferro, and nothing herein
contained shall be construed as a commitment on the part of Ferro to continue
the employment or rate of compensation of any Participant hereunder or any
Employee for any period.

         7.7. AMENDMENT OF THE PLAN. Ferro reserves the right to modify or amend
this Plan at any time or from time to time.

         7.8. DURATION AND TERMINATION OF THE PLAN. Ferro also reserves the
right to discontinue or terminate the Plan at any time.

         7.9. OHIO LAW TO APPLY. The place of administration of the Plan shall
be conclusively deemed to be within the State of Ohio and the validity,
construction, interpretation, administration, and effect of the Plan and the
rights of any person having or claiming to have an interest therein or
thereunder shall be governed by and determined exclusively and solely in
accordance with the laws of the State of Ohio.

                                      * * *

                                      -5-

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