Document:

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                                                                    EXHIBIT 10.1

                              AMENDED AND RESTATED

                              EMPLOYMENT AGREEMENT

                                 BY AND BETWEEN

                       CHASE BRASS & COPPER COMPANY, INC.

                                       AND

                                JOHN H. STEADMAN

                              DATED EFFECTIVE AS OF

                                SEPTEMBER 1, 2001

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                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                              Page
                                                                                              ----
<S>      <C>                                                                                  <C>
1.       Employment..............................................................................1
         (a)      Absent a Change of Control.....................................................1
         (b)      Change of Control..............................................................1
         (c)      Effect of Termination..........................................................1
2.       Duties..................................................................................2
         (a)      Duties as Employee of the Company..............................................2
         (b)      Other Duties...................................................................2
3.       Non-Compete.............................................................................2
         (a)      Covenant.......................................................................2
         (b)      Tolling of Non-Competition Term................................................3
         (c)      Reasonableness of Restrictions.................................................3
         (d)      Separate Covenants.............................................................3
4.       Confidentiality.........................................................................4
5.       Compensation and Related Matters........................................................4
         (a)      Base Salary....................................................................4
         (b)      Bonus Payments.................................................................5
         (c)      Expenses and Other Benefits....................................................5
         (d)      Vacations......................................................................5
         (e)      Perquisites....................................................................5
         (f)      Proration......................................................................5
         (g)      Stock Options..................................................................5
6.       Termination.............................................................................6
         (a)      Death/Disability...............................................................6
         (b)      Cause..........................................................................6
         (c)      Termination by Executive.......................................................7
7.       Compensation Upon Termination Prior to a Change in Control of the Company...............8
         (a)      Death..........................................................................8
         (b)      Disability.....................................................................8
         (c)      Cause or Without Good Reason...................................................8
         (d)      Breach by the Company or for Good Reason.......................................9
8.       Compensation Upon Termination After a Change in Control of the Company.................10
         (a)      Benefits......................................................................10
         (b)      Termination in Anticipation of Change of Control..............................11
         (c)      Employment by Buyer...........................................................11
9.       Other Provisions Relating to Termination; Definitions..................................11
         (a)      Notice of Termination.........................................................12
         (b)      Date of Termination...........................................................12
         (c)      Good Reason...................................................................12
         (d)      Cause.........................................................................12
         (e)      Certain Definitions...........................................................12
         (f)      Affiliate.....................................................................15
</Table>

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<Table>
<S>      <C>                                                                                    <C>
10.      Successors and Assignments.............................................................15
11.      Notice.................................................................................15
12.      Disputes...............................................................................16
         (a)      Arbitration...................................................................16
         (b)      Specific Enforcement..........................................................17
13.      Severability...........................................................................18
14.      Miscellaneous..........................................................................18
15.      Reimbursement by Executive.............................................................18
16.      Release and Other Agreements...........................................................19
17.      Attorney Fees..........................................................................19
18.      Severance Pay Agreement................................................................19
19.      Counterparts...........................................................................19
20.      Restatement of Original Employment.....................................................19
</Table>

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                              AMENDED AND RESTATED
                              EMPLOYMENT AGREEMENT

         This Amended and Restated Employment Agreement (this "Agreement") is
effective as of the 1st day of September 2001, by and between Chase Brass &
Copper Company, Inc., a Delaware corporation (the "Company"), and John H.
Steadman (the "Executive").

         WHEREAS, effective October 12, 1999, the Company entered into an
Employment Agreement with Executive, which Employment Agreement was amended by a
First Amendment entered into effective as of February 15, 2001 as so amended
(the "Original Employment Agreement"); and

         WHEREAS, the Original Employment Agreement remains in full force and
effect as of the date hereof as contemplated by Section 1 of the Original
Employment Agreement, and

         WHEREAS, the Company and Executive desire to amend and restate the
Original Employment Agreement as set forth in this Agreement;

         NOW, THEREFORE, in consideration of the covenants and agreements set
forth herein and other good and valuable consideration, the Company and
Executive agree as follows:

         1. Employment.

            (a) Absent a Change of Control. Subject to Section 1(b), the Company
shall employ Executive as the Company's President and Chief Operating Officer
for the period commencing on October 12, 2000, and expiring on December 31, 2001
(the "Term"), unless sooner terminated as hereinafter set forth, and Executive
hereby accepts such employment, on the terms and conditions set forth herein,
provided, however, that commencing on December 31, 2001, and each anniversary
thereafter, the Term of this Agreement shall be extended for one additional year
unless at least sixty days prior to any such date the Company or Executive shall
have given written notice that it or he, as applicable, does not wish to extend
this Agreement.

            (b) Change of Control. Notwithstanding Section 1(a), if a Change of
Control (as defined in Section 9(e)(ii)) occurs during the Term as defined in
Section 1a and as of the effective time of the Change of Control Executive is
employed by the Company, then the Term shall be modified to expire at midnight
on the one year anniversary of the Change of Control.

            (c) Effect of Termination. Notwithstanding the expiration of the
Term or other termination of this Agreement, (i) Sections 4, 12 and 13 of this
Agreement shall survive any expiration or termination of this Agreement, (ii)
the Company agrees that, unless a Change of Control shall have occurred on or
before November 1, 2001 (in which case of such occurrence of a Change of Control
this clause (ii) shall not apply), then the Company shall not give to Executive
notice of termination of this Agreement as of December 31, 2001, and (iii) if a
Change of Control shall occur within one year prior to the expiration of the
Term or other termination of this Agreement, the terms of this Agreement shall
survive to the extent necessary to enable Executive to enforce his rights under
Section 8 of this Agreement.

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         2. Duties.

            (a) Duties as Employee of the Company. Executive shall, subject to
the authority and supervision of the Board of Directors (the "CSI Board"), of
Chase Industries Inc., a Delaware corporation ("CSI"), have general powers of
supervision and management of the business, affairs and property of the Company
in the ordinary course of its business usually vested in a President and Chief
Operating Officer, in each case with all such powers with respect to such
general management as may be reasonably incident to such responsibilities, and
shall have such additional or substitute duties as from time to time designated
by the CSI Board. Executive will devote his full time, attention, and energies
to the business of the Company and shall not, without the consent of the CSI
Board, either directly or indirectly, engage in any other business or activity
which would necessitate Executive giving an appreciable portion of his time to
such activity.

            (b) Other Duties. Executive agrees to serve as a director of the
Company, and of any Subsidiary (as defined in Section 9(e)(viii)) of the Company
or CSI, and in one or more executive offices of any such Subsidiary, in each
case if elected or appointed to any such positions; provided, however, that
Executive is indemnified for serving in any and all such capacities in a manner
acceptable to the Company and Executive. Executive agrees that he shall not be
entitled to receive any compensation for serving as a director of the Company,
or in any capacity with respect to any Subsidiary of CSI or the Company, other
than the compensation to be paid to Executive pursuant to this Agreement or any
other written agreement between the Company or any of its Subsidiaries and
Executive.

         3. Non-Compete.

            (a) Covenant. Executive agrees that he will not, directly or
indirectly, during the Term (and regardless of whether Executive is employed by
the Company):

                (i) employ any person who was a salaried employee of the Company
         during the six month period preceding such employment or induce,
         request, advise, attempt to influence, or solicit, directly or
         indirectly, any person who is a salaried employee of the Company to
         terminate his or her employment arrangement with the Company,

                (ii) be employed by, associated with or have any interest in,
         directly or indirectly (whether as principal, director, officer,
         employee, consultant, partner, stockholder, trustee, manager or
         otherwise), any Person (as defined in Section 9(e)(vi)) that engages in
         the business of manufacture of copper alloy rod or any other products
         manufactured by the Company during the Term (but excluding any products
         manufactured by the Company after a Change of Control that were not
         manufactured by the Company prior to a Change of Control)
         (collectively, "Products"), or any Person which otherwise is directly
         competitive with the Company or any Subsidiary of the Company, in any
         geographical area in which the Company or such Subsidiary of the
         Company engages in business during the Term or has evidenced in writing
         during the Term (and prior to the termination of Executive's
         employment) its intention to engage in such business (any such company,
         a "Competing Business"),

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                (iii) induce, request, advise, attempt to influence, or solicit,
         directly or indirectly, any Person to purchase Products from any Person
         other than the Company if the Company provides, or negotiated to
         provide, Products to that Person during the Term (and prior to the
         termination of Executive's employment) (any such Person, a "Customer"),
         or

                (iv) induce, request, advise, attempt to influence, or solicit,
         directly or indirectly, any Customer with whom Executive had personal
         contact in connection with performing his duties as an employee of the
         Company to purchase Products from any Person other than the Company;

provided, however, that (a) the provisions of this Section 3 shall apply only to
the copper alloy rod business of the Company and not to other businesses that
any Acquiring Person (as defined in Section 9(e)(i)) or Buyer (as defined in
Section 8(c)) may have at the time of a Change of Control or later acquire, (b)
if Executive accepts employment with, becomes associated with or has an interest
in a Person that does not constitute a Competing Business at the time Executive
first becomes employed by, associated with or obtains an interest in such Person
and such Person later acquires or becomes affiliated with a Person that
constitutes a Competing Business, then Executive is not in violation of this
Section 3 solely by reason of such acquisition or affiliation provided Executive
excludes himself from the evaluation of the acquisition or decision to become
affiliated with such Competing Business and the operations of such Competing
Business, (c) Executive may be employed by, associated with or hold an interest
in a consulting firm provided Executive does not consult for a Competing
Business, and (d) the provisions of this Section 3 shall not apply in the event
(i) Executive's employment is terminated by the Company other than (A) for
"Cause" or (B) on account of Executive's death, Permanent Disability (as defined
in Section 6(a)) or Retirement (as defined in Section 9(e)(vii)) or (ii)
Executive terminates his employment for Good Reason (as defined in Section
6(c)). Notwithstanding the foregoing, Executive shall not be prohibited from
owning one percent or less of the outstanding equity securities of any Competing
Business whose equity securities are listed on a national or regional securities
exchange or publicly traded in any over-the-counter market.

            (b) Tolling of Non-Competition Term. If, during any calendar month
after the termination of Executive's employment by the Company in which the
provisions of Section 3(a) are applicable, Executive is not in compliance with
the terms of Section 3(a), the Company shall be entitled to, among other
remedies, compliance by Executive with the terms of Section 3(a) for an
additional number of months that equals the number of calendar months during
which such noncompliance occurred.

            (c) Reasonableness of Restrictions. Executive acknowledges that the
geographic boundaries, scope of prohibited activities, and time duration of the
provisions of Section 3(a) are reasonable and are no broader than are necessary
to maintain and to protect the legitimate business interests of the Company, the
Company's Subsidiaries and CSI.

            (d) Separate Covenants. The parties hereto intend that the covenants
contained in each of subsections 3(a)(i), (ii), (iii), and (iv) of this
Agreement be construed as a series of separate covenants, one for each county or
other defined province in each geographic

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area in which the Company or any Subsidiary of the Company conducts its business
or otherwise manufactures, distributes, licenses, sells, or markets Products.
Except for geographic coverage, each such separate covenant shall be deemed
identical in terms to the applicable covenant contained in subsections 3(a)(i),
(ii), (iii), and (iv) hereof. Furthermore, each of the covenants in subsections
3(a)(i), (ii), (iii), and (iv) hereof shall be deemed a separate and independent
covenant, each being enforceable irrespective of the enforceability (with or
without reformation) of the other covenants contained in subsections 3(a)(i),
(ii), (iii), and (iv) hereof.

         4. Confidentiality. Executive shall not, directly or indirectly, at any
time during or following termination of his employment with the Company, reveal,
divulge or make known to any person or entity, or use for Executive's personal
benefit (including without limitation for the purpose of soliciting business,
whether or not competitive with any business of the Company or any of its
Subsidiaries), any information acquired during the course of employment
hereunder with regard to the financial business or other affairs of the Company,
CSI or any Subsidiary of CSI (including without limitation any list or record of
persons or entities with which the Company, CSI or any Subsidiary of CSI has any
dealings), other than (i) information already in the public domain; (ii)
information of a type not considered confidential by persons engaged in the same
business or a business similar to that conducted by the Company, CSI, or any
Subsidiary of CSI; (iii) information that Executive is required to disclose
under the following circumstances: (A) at the express direction of any
authorized governmental entity; (B) pursuant to a subpoena or other court
process; (C) as otherwise required by law or the rules, regulations, or orders
of any applicable regulatory body; or (D) as otherwise necessary, in the opinion
of counsel for Executive, to be disclosed by Executive in connection with any
legal action or proceeding involving Executive and the Company, CSI or any
Subsidiary of CSI in his capacity as an employee, officer, director, or
stockholder of the Company, CSI or any Subsidiary of CSI; or (iv) during the
period of his employment hereunder, Executive may disclose such confidential
information to another employee of the Company, CSI or any Subsidiary of CSI or
to representatives or agents of the Company, CSI or any Subsidiary of CSI (such
as independent accountants and legal counsel) when such disclosure is reasonably
necessary or appropriate in connection with the performance by Executive of his
duties as an executive officer of the Company. Executive shall, at any time
requested by the Company (either during or within one year after the termination
of his employment with the Company), promptly deliver to the Company all
memoranda, notes, reports, lists and other documents (and all copies thereof)
relating to the business of the Company, CSI or any Subsidiary of CSI which he
may then possess or have under his control.

         5. Compensation and Related Matters.

            (a) Base Salary. Executive shall receive a base salary paid by the
Company ("Base Salary") at the annual rate of $240,000 during each calendar year
of the Term, payable in substantially equal monthly installments (or such other
more frequent times as executives of the Company normally are paid). The Base
Salary shall be reviewed by the Compensation Committee of the Board of Directors
of CSI (the "Compensation Committee") at least as often as the compensation of
other senior officers of the Company is reviewed, and may be increased (but not
decreased) at any time in the sole discretion of the Compensation Committee.

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            (b) Bonus Payments. Executive shall be entitled to receive, in
addition to the Base Salary, such bonus payments, if any, as the Compensation
Committee may specify. Factors to be considered by the Compensation Committee in
determining Executive's bonus for any given calendar year will include the
financial and operating performance of the Company and Executive's contribution
to profitability of the Company.

            (c) Expenses and Other Benefits. Executive shall be (i) reimbursed
for all reasonable expenses incurred by him in performing services hereunder,
provided that Executive properly accounts therefor in accordance with Company
policy, and (ii) entitled to participate in or receive benefits under any
employee benefit plan or other arrangement made available by the Company now or
in the future to its senior executive officers and key management employees,
other than the Company's Chairman of the Board, subject to and on a basis
consistent with the terms, conditions, and overall administration of such plan
or arrangement.

            (d) Vacations. Executive shall be entitled to 15 paid vacation days
during each year of the Term. For purposes of this Section 5(d), weekends shall
not count as vacation days and Executive shall also be entitled to all paid
holidays given by the Company to its senior executive officers. Unused vacation
days for a calendar year shall expire as of such calendar year end if not used
during that calendar year.

            (e) Perquisites. Executive shall be entitled to receive the
perquisites and fringe benefits appertaining to the offices of the Company held
by Executive in accordance with any practice established by the Company.
Notwithstanding, and in addition to, any perquisites to which Executive is
entitled pursuant to the preceding sentence, during the Term (i) the Company
shall pay for Executive's membership at one country club, located within 25
miles of Executive's principal residence or the Company's operating
headquarters, to which Executive is or may become a member as of or after the
date hereof, with the selection of the country club subject to prior approval by
the Chairman of the Board, which consent shall not be unreasonably withheld;
provided that in the event Executive terminates his membership in any such
country club, either during the Term or thereafter, the Company shall be
entitled to any amounts that may be payable as a refund of Executive's
initiation fee or monthly dues paid by the Company and (ii) the Company shall
provide Executive with the use of an automobile, make and model to be agreed
upon between Executive and the Chairman of the Board, and shall reimburse
Executive for all reasonable expenses related to maintenance of the automobile,
in accordance with Internal Revenue Service rulings.

            (f) Proration. Any payments or benefits payable to Executive
hereunder in respect of any calendar year during which Executive is employed by
the Company for less than the entire year, unless otherwise provided in the
applicable plan or arrangement, shall be prorated in accordance with the number
of days in such calendar year during which he is so employed.

            (g) Stock Options. As of the effective date of the Original
Employment Agreement, CSI has granted to Executive stock options to purchase
50,000 shares of common stock of CSI at a per share exercise price equal to the
closing price of CSI's common stock as reported on the New York Stock Exchange
on the effective date of the Original Employment Agreement (the "Stock
Options"). The Stock Options will be subject to the applicable terms and
conditions set forth in the Company's 1994 Long-Term Incentive Plan (the
"Plan"), and the

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Stock Options will vest and become exercisable with respect to 10,000 shares of
CSI common stock on each of the first five anniversaries of the date of grant,
subject to the provisions of the Plan. Executive hereby acknowledges receipt of
the Stock Options.

         6. Termination. Executive's employment hereunder may be terminated by
the Company or Executive, as applicable, without any breach of this Agreement
only under the following circumstances:

            (a) Death/Disability. Executive's employment hereunder shall
terminate (i) automatically upon Executive's death or (ii) upon the good faith
determination by the CSI Board that, as a result of Executive's incapacity or
disability due to physical or mental illness, Executive shall have been unable
to perform hereunder with or without reasonable accommodation on a full time
basis for 120 consecutive calendar days ("Permanent Disability"), and within 30
days after written notice of termination is given (which may occur no sooner
than 30 days prior to the end of such 120 day period) Executive shall not have
returned to the performance of his material managerial duties and
responsibilities hereunder on a full time basis; provided, however, that during
any period of Executive's incapacity or disability the Company may assign
Executive's duties to any other employee of the Company or may engage or hire a
third party to perform such duties and any such action shall not be deemed "Good
Reason" for Executive to terminate this Agreement pursuant to Section 6(c)(i)
hereof.

            (b) Cause. The Company may terminate Executive's employment
hereunder for Cause. For purposes of this Agreement, the Company shall have
"Cause" to terminate Executive's employment hereunder upon:

                  (i) the continued failure by Executive to substantially
         perform his duties hereunder (other than any such failure resulting
         from Executive's incapacity or disability due to physical or mental
         illness) after written demand for substantial performance is delivered
         by the Company specifically identifying the manner in which the Company
         believes Executive has not substantially performed his duties;

                  (ii) dishonesty by Executive of a material nature that relates
         to the performance of the Executive's duties hereunder or the
         commission by Executive of an act of fraud upon, or willful misconduct
         toward, the Company, as reasonably determined by the CSI Board after a
         hearing following ten days' notice to Executive of such hearing and at
         which hearing Executive will be present and have the opportunity to
         present Executive's position;

                  (iii) criminal conduct by Executive (other than minor
         infractions and traffic violations) or the conviction of Executive, by
         a court of competent jurisdiction, of any felony (or plea of nolo
         contendere thereto) in each case other than alleged criminal conduct
         for which Executive is entitled to indemnification with respect to such
         conduct under any indemnity agreement or arrangement between the
         Executive and CSI and/or the Company;

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                  (iv) a material violation by Executive of his duty of loyalty
         to the Company or CSI which results or may result in material injury to
         the Company, CSI or any other Subsidiary of CSI;

                  (v) a violation by Executive of Executive's covenants and
         obligations contained in Section 3(a) or 4 of this Agreement which is
         willful on Executive's part and which is not remedied to the reasonable
         satisfaction of the CSI Board in a reasonable period of time after
         receipt of written notice from the CSI Board;

                  (vi) notwithstanding the provisions of Section 6(a), the use
         by Executive of alcohol which renders Executive unable to perform the
         essential functions of his position under this Agreement or the use by
         Executive of illegal or controlled drugs or other substances provided
         that the use of controlled drugs or substances as prescribed by a
         physician shall not constitute grounds for Cause; or

                  (vii) the failure of Executive to cease any conduct determined
         in good faith by the CSI Board to be detrimental to the well-being or
         morale, or otherwise not in the best interest, of the Company, CSI or
         any other Subsidiary of CSI after written demand directing Executive to
         cease such conduct is delivered by the CSI Board specifically
         identifying such conduct and demanding cessation thereof.

         If the effect of the occurrence of the event described in clauses (iv)
or (v) of Section 6(b) may be cured, Executive shall have the opportunity to
cure any such effect for a period of 30 days following receipt of the Company's
Notice of Termination (as defined in Section 9(a)). Any termination of
Executive's employment by the Company for Cause shall be communicated to
Executive in a written notice of termination which shall set forth in reasonable
detail the facts and circumstances, if any, claimed to provide a basis for such
termination. For purposes of this definition of Cause, "CSI" shall mean Chase
Industries Inc., a Delaware corporation, or if a Change of Control occurs and on
or after the date of the Change of Control Chase Industries Inc. is merged,
reorganized or otherwise consolidated with or into another Person, the Person
surviving the merger, reorganization or consolidation.

            (c) Termination by Executive. At his option, Executive may terminate
his employment hereunder (i) for Good Reason or (ii) if his health should become
impaired to an extent that makes the continued performance of his duties
hereunder hazardous to his physical or mental health or his life.

         For purposes of this Agreement, the termination of Executive's
employment hereunder by Executive because of the occurrence of any one or more
of the following events shall be deemed to have occurred for "Good Reason":

                  (A) a material reduction in the nature or scope of Executive's
         responsibilities or authorities that is not consented to or approved by
         Executive;

                  (B) any failure by the Company to comply in any material
         respect with Section 5 hereof that is not consented to or approved by
         Executive; provided, that, any change in Executive's discretionary
         bonus as from time to time

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         determined by the Compensation Committee shall not constitute Good
         Reason for resignation;

                  (C) the liquidation, dissolution, merger, consolidation (other
         than resulting from a sale by CSI of the outstanding Voting Securities
         of the Company as contemplated by Section 9(e)(ii)(5)) or
         reorganization of the Company or transfer of all or substantially all
         of its assets in a transaction that constitutes a Change of Control,
         unless the successor (by liquidation, merger, consolidation,
         reorganization or otherwise) to which all or substantially all of its
         assets have been transferred (directly or by operation of law) shall
         have assumed all duties and obligations of the Company under this
         Agreement pursuant to Section 10 hereof; or

                  (D) failure by the Company to comply with any other material
         term or provision hereof.

         If the effect of the occurrence of the event described in clauses (A)
through (D) of this Section 6(c) may be cured, the Company shall have the
opportunity to cure any such effect for a period of 30 days following receipt of
Executive's Notice of Termination.

         7. Compensation Upon Termination Prior to a Change in Control of the
Company. Prior to the occurrence of a Change in Control of the Company,
Executive shall be entitled to the following compensation from the Company upon
the termination of his employment.

            (a) Death. If Executive's employment shall be terminated by reason
of his death, the Company shall pay to such person as shall have been designated
in a notice filed with the Company prior to Executive's death, or, if no such
person shall be designated, to his estate as a death benefit, his Base Salary to
the date of his death in addition to any payments Executive's spouse,
beneficiaries, or estate may be entitled to receive pursuant to any pension or
employee benefit plan or other arrangement or group life insurance policy
maintained by the Company.

            (b) Disability. During any period that Executive fails to perform
his material managerial duties and responsibilities hereunder as a result of
incapacity due to physical or mental illness, Executive shall continue to
receive his Base Salary and any bonus payments until Executive's employment is
terminated pursuant to Section 6(a) hereof or until Executive terminates his
employment pursuant to Section 6(c)(ii) hereof, whichever first occurs. After
such termination, Executive shall be entitled to receive, and the Company agrees
to pay, the following compensation:

                  (i) the remainder, if any, of Executive's Base Salary which
         was earned but not paid prior to the Date of Termination (as defined in
         Section 9(b)); plus

                  (ii) any disability payments otherwise payable to Executive by
         or pursuant to group plans provided by the Company.

            (c) Cause or Without Good Reason. If Executive's employment shall be
terminated by the Company for Cause or by Executive other than as permitted
under Section 6(a) or 6(c)(i) of this Agreement, the Company shall pay Executive
his Base Salary through the

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Date of Termination at the rate in effect at the time Notice of Termination is
given. Subject to the application of Sections 6(a) and 6(b) of this Agreement,
such payments shall fully discharge the Company's obligations hereunder.

            (d) Breach by the Company or for Good Reason. If (A) the Company
shall terminate Executive's employment other than (1) for Cause or (2) on
account of Executive's death, Permanent Disability or Retirement, (B) Executive
shall terminate his employment for Good Reason or (C) the Company shall give
notice to Executive pursuant to Section 1(a) that the Company does not wish to
extend this Agreement beyond the next scheduled expiration of the Term, then the
Company shall pay Executive:

                  (i) his Base Salary through the Date of Termination at the
         rate in effect at the time Notice of Termination is given;

                  (ii) in lieu of any further salary payments to Executive for
         periods subsequent to the Date of Termination, the Company shall pay as
         severance pay to Executive on or before the fifteenth day following the
         Date of Termination, a lump sum in cash equal to one-half (1/2) of
         Executive's annual Base Salary at the rate in effect at the time the
         Notice of Termination is given;

                  (iii) maintain in full force and effect, for the continued
         benefit of Executive (and, if applicable, Executive's spouse and minor
         children) for a six-month period beginning upon the Date of
         Termination, all medical and dental insurance coverages as in effect
         and in which such persons were participating immediately prior to the
         Date of Termination, provided that the continued participation of such
         persons is possible under the general terms and provisions of such
         plans and arrangements; if the participation of any of such persons in
         any such plan or arrangement is barred, the Company shall arrange to
         provide such persons with insurance coverage substantially similar to
         those which such persons would otherwise have been entitled to receive
         under such plans and arrangements from which such persons' continued
         participation is barred; provided, however, that in either case, to the
         extent applicable, Executive pays to the Company an amount equal to the
         premiums, or portion thereof, that Executive was required to pay to
         maintain such insurance coverage for such persons prior to the Date of
         Termination; and provided, further, that any insurance coverage
         provided pursuant hereto shall be limited and reduced to the extent
         such coverage otherwise is provided by (or available from or under), at
         no direct out of pocket cost to the recipient, any other employer of
         Executive or Executive's spouse or minor children, or Social Security,
         medicare, medicaid or any similar or substitute plans available to such
         persons; and

                  (iv) all benefits payable under the terms of all employee
         benefit plans or other arrangements as of the Date of Termination.

Executive shall not be required to mitigate the amount of any payment provided
for in this Section 7(d) by seeking other employment or otherwise, nor, subject
to the last proviso of clause (iii) of this Section 7(d), shall the amount of
any payment provided for in this Section 7(d) be reduced by any compensation
earned by Executive as the result of employment by another employer after the
Date of Termination, or otherwise.

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         8. Compensation Upon Termination After a Change in Control of the
Company.

            (a) Benefits. If a Change of Control occurs prior to the expiration
of the Term or other termination of this Agreement, as of the effective time of
the Change of Control Executive is employed by the Company, and, after the date
of the occurrence of such Change of Control and prior to midnight on the one
year anniversary of the Change of Control (such period commencing on the date of
the Change of Control and ending at midnight on the one year anniversary
thereof, the "Protection Period"), then Executive shall be entitled to the same
compensation benefits from the Company as set forth in Section 7 above to which
he would have been entitled if the termination of his employment had occurred
prior to the occurrence of a Change in Control of the Company; provided, that,
in the event either (a) Executive's employment with the Company is terminated by
the Company other than (1) for Cause or (2) on account of Executive's death,
Permanent Disability or Retirement, or (b) Executive resigns from the Company
for Good Reason, then the Company shall, in lieu of Executive being entitled to
the compensation provided in Section 7(d)(ii),

                  (i) pay to Executive, in a single lump sum which shall be paid
         within 30 days after the termination of employment or resignation, a
         severance payment in an amount equal to two times the sum of (A) the
         greater of (1) Executive's Base Salary in effect immediately prior to
         the Change of Control or (2) Executives Base Salary in effect at the
         time of termination or, if Executive resigns (or an event, which is not
         waived or consented to by Executive, occurs giving Executive the right
         to resign) his employment for Good Reason, immediately prior to the
         occurrence of the event giving rise to Good Reason, plus (B) the
         greater of (1) the bonus, if any, paid or awarded to Executive for the
         most recent calendar year ended prior to the date of the Change of
         Control or, if bonuses for such calendar year have not been determined
         for such calendar year as of the date of the Change of Control, the
         bonus for the prior calendar year; or (2) the average of the bonuses
         paid or awarded to the Executive for the two most recent calendar years
         ended prior to the date of the Change of Control or, if bonuses for the
         most recent calendar year have not been determined for such calendar
         year as of the date of the Change of Control, the average of the
         bonuses paid or awarded to Executive for the two calendar years
         immediately preceding the calendar year in which the Change in Control
         occurs;

                  (ii) maintain in full force and effect, for the continued
         benefit of Executive (and, if applicable, Executive's spouse and
         dependent children) for a one-year period beginning upon the date of
         termination or resignation, all medical and dental insurance coverages
         as in effect, from time to time for salaried employees of the Company,
         and in which such Persons were participating immediately prior to the
         date of termination or resignation, provided that the continued
         participation of such Persons is possible under the general terms and
         provisions of such plans and arrangements; if the participation of any
         of such Persons in any such plan or arrangement is barred, CSI shall
         arrange to provide such Persons with insurance coverage substantially
         similar to those which such Persons would otherwise have been entitled
         to receive under such plans and arrangements from which such Persons'
         continued participation is barred; provided, however, that in either
         case, to the extent applicable, Executive pays to CSI an amount equal
         to the premiums, or portion thereof, that Executive was required to pay
         to maintain

                                       10
<PAGE>

         such insurance coverage for such Persons prior to the date of
         termination or resignation; and provided, further, that any insurance
         coverage provided pursuant hereto shall be limited and reduced to the
         extent such coverage otherwise is provided by (or available from or
         under), at no direct out-of-pocket cost to the recipient, any other
         employer of Executive or Executive's spouse or minor children, or
         Social Security, medicare, medicaid or any similar or substitute plans
         available to such Persons; provided, however, that the amount of cash
         paid pursuant to this Section 8 plus the value of any other
         compensation paid to or deemed received by or attributed to Executive,
         pursuant to this Agreement or otherwise, as a result of the Change in
         Control that is subject to the provisions of Section 280G of the
         Internal Revenue Code of 1986, as amended (the "Code") shall in no
         event exceed $100 less than 3.00 times Executive's Annualized
         Includable Compensation and the amount of the Company's cash payment to
         Executive under this Section 8 shall be adjusted accordingly to achieve
         this result. Notwithstanding the provisions of this Section 8, nothing
         contained in this Section 8 shall be construed to imply that any
         payments to the Executive other than pursuant to this Section 8 are
         subject to the provisions of Section 280G of the Code.

            (b) Termination in Anticipation of Change of Control. For purposes
of this Section 8, if Executive's employment is terminated prior to a Change of
Control and Executive reasonably demonstrates that such termination (i) was at
the request of a Person who has indicated an intention or taken steps reasonably
calculated to effect a Change of Control and who effectuates a Change of Control
or (ii) otherwise occurred in connection with, or in anticipation of, a Change
of Control which actually occurs, then for all purposes hereof, a Change of
Control shall be deemed to have occurred and the date of a Change of Control
with respect to the employment shall mean the date immediately prior to the
termination date.

            (c) Employment by Buyer. Notwithstanding the foregoing provisions of
this Section 8, if (i) there shall be a sale or disposition of all or
substantially all the assets of the Company or a merger, consolidation or
reorganization to which the Company is a party and is not a surviving
corporation, (ii) such transaction constitutes a Change of Control and (iii)
Executive is offered employment (at substantially the same level of Executive's
authority, responsibility, compensation and benefits with the Company before
such sale) with the purchaser or corporation into which the Company is merged or
consolidated, as applicable, or any of its Affiliates ("Buyer") upon
consummation of such sale or disposition, then Executive shall not be entitled
to the severance compensation as provided in Section 8.a as a result of such
transaction. In any such event, however, Executive shall be entitled to such
severance compensation as provided in Section 8.a if, within the Protection
Period, either (1) Executive's employment with the Buyer shall be terminated by
the Buyer other than (A) for Cause or (B) on account of Executive's death,
Permanent Disability or Retirement, or (2) Executive shall resign from the Buyer
for Good Reason. For purposes of this paragraph, the time of a termination of
employment or resignation, the definitions of "Permanent Disability,"
"Retirement," resignation for "Good Reason" and termination for "Cause," and the
provisions of Sections 3 and 4 shall be construed with reference to the Buyer
instead of with reference to the Company and/or CSI, as applicable.

         9. Other Provisions Relating to Termination; Definitions.

                                       11
<PAGE>

            (a) Notice of Termination. Any termination of Executive's employment
by the Company or by Executive (other than termination because of the death of
Executive) shall be communicated by written Notice of Termination to the other
party hereto. For purposes of this Agreement, a "Notice of Termination" shall
mean a notice which shall indicate the specific termination provision in this
Agreement relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of Executive's
employment under the provision so indicated.

            (b) Date of Termination. For purposes of this Agreement, "Date of
Termination" shall mean (i) if Executive's employment is terminated by his
death, the date of his death; (ii) if Executive's employment is terminated
because of a Permanent Disability pursuant to Section 6(a), then 30 days after
Notice of Termination is given (provided that Executive shall not have returned
to the performance of his duties on a full-time basis during such 30 day
period); (iii) if Executive's employment is terminated by the Company for Cause
or by Executive for Good Reason, then the date specified in the Notice of
Termination (which date shall be a date between the date Notice of Termination
is given and 30 days thereafter (inclusive)); and (iv) if Executive's employment
is terminated for any other reason, the date on which a Notice of Termination is
given.

            (c) Good Reason. If Executive does not give a Notice of Termination
to the Company within 30 days after learning of the occurrence of an event
giving rise to Good Reason, then this Agreement will remain in effect; provided,
however, that the failure of Executive to terminate this Agreement for Good
Reason shall not be deemed a waiver of Executive's right to terminate his
employment for Good Reason upon the occurrence of a subsequent event described
in clauses (A) through (D) of Section 6(c) in accordance with the terms of this
Agreement. Notwithstanding the foregoing, the right of Executive to terminate
his employment for Good Reason under Section 6(c) shall not limit the Company's
right to terminate Executive's employment for Cause under Section 6(b) if Cause
is determined to exist prior to the time Good Reason is determined to exist.

            (d) Cause. If the Company does not give a Notice of Termination to
Executive within 30 days after learning of the occurrence of an event giving
rise to Cause, then this Agreement will remain in effect; provided, however, the
failure of the Company to terminate this Agreement for Cause shall not be deemed
a waiver of the Company's right to terminate Executive's employment for Cause
upon the occurrence of a subsequent event described in clauses (i) through (vi)
of Section 6(b) in accordance with the terms of this Agreement. Notwithstanding
the foregoing, the right of the Company to terminate Executive's employment for
Cause under Section 6(b) shall not limit Executive's right to terminate his
employment for Good Reason under Section 6(c) if Good Reason is determined to
exist prior to the time Cause is determined to exist.

            (e) Certain Definitions.

                  (i) Acquiring Person: Acquiring Person: shall mean any
         individual, group, partnership, corporation, association, trust, or
         other entity or organization (a "Person") other than (A) Executive or
         any Executive Affiliate or (B) CSI, any of CSI's Subsidiaries, any
         employee benefit plan of CSI or of a Subsidiary of CSI or of a

                                       12
<PAGE>

         corporation owned directly or indirectly by the stockholders of CSI in
         substantially the same proportions as their ownership of stock in CSI,
         or any trustee or other fiduciary holding securities under an employee
         benefit plan of CSI or of a Subsidiary of CSI or of a corporation owned
         directly or indirectly by the stockholders of CSI in substantially the
         same proportions as their ownership of stock of CSI.

                  (ii) Change in Control: shall be deemed to have occurred if:

                       (1) any Acquiring Person is or becomes the "beneficial
             owner" (as defined in Rule 13d-3 under the Securities Exchange Act
             of 1934, as amended (the "Exchange Act")), directly or indirectly,
             of securities of CSI representing fifty percent or more of the
             combined voting power of the then outstanding Voting Securities of
             CSI; or

                       (2) a public announcement is made of a tender or exchange
             offer by any Acquiring Person for fifty percent or more of the
             outstanding Voting Securities of CSI or the Company, and the Board
             of Directors of CSI or the Company, respectively, approves or fails
             to oppose that tender or exchange offer in its statements in
             Schedule 14D-9 under the Exchange Act; provided, however, that the
             benefits payable to Executive under Section 8 hereof shall not be
             payable solely as a result of an event described in this clause (2)
             unless, within one year after the occurrence of such event, an
             event described in clauses (1), (3) or (4) of this Section 9(e)(ii)
             shall have occurred, in which case such benefits payable under
             Section 8 hereof shall be payable within fifteen days after the
             occurrence of such event; or

                       (3) the stockholders of CSI or the Company approve a
             merger or consolidation of CSI or the Company, respectively, with
             any other corporation or partnership (or, if no such approval is
             required, the consummation of such a merger or consolidation of CSI
             or the Company), other than a Conversion Transaction. A "Conversion
             Transaction" shall mean a merger or consolidation that would result
             in the Voting Securities of CSI or the Company, as applicable,
             outstanding immediately prior to the consummation thereof
             continuing to represent (either by remaining outstanding or by
             being converted into Voting Securities of the surviving entity or
             of a parent of the surviving entity) a majority of the combined
             voting power of the Voting Securities and Convertible Voting
             Securities (on a fully-diluted basis assuming full conversion
             thereof) of the surviving entity (or its parent) outstanding
             immediately after that merger or consolidation provided that if any
             Acquiring Person owns less than fifty percent of the Voting
             Securities of CSI or the Company, as applicable, outstanding
             immediately prior to such merger or consolidation; and immediately
             after such merger or consolidation owns fifty percent or more of
             the outstanding Voting Securities of the surviving entity (or its
             parent) outstanding immediately after that merger consolidation,
             then such merger of consolidation shall not be deemed a "Conversion
             Transaction"; or

                       (4) the stockholders of CSI or the Company approve a plan
             of complete liquidation of CSI or the Company, respectively, or an
             agreement for the

                                       13
<PAGE>

             sale or disposition by CSI or the Company of all or substantially
             all of CSI's or the Company's assets, respectively, (or, if no such
             approval is required, the consummation of such a liquidation, sale,
             or disposition in one transaction or series of related
             transactions) other than a liquidation, sale or disposition of all
             or substantially all of CSI or the Company's assets in one
             transaction or a series of related transactions to a Subsidiary of
             CSI or any other corporation owned directly or indirectly by the
             stockholders of CSI in substantially the same proportions as their
             ownership of stock of CSI immediately prior to such transaction;

                       (5) CSI ceases to be the "beneficial owner" (as defined
             in Rule 13d-3 under the Exchange Act), directly or indirectly, of
             securities of the Company representing at least a majority of the
             combined voting power of the then outstanding Voting Securities of
             the Company other than pursuant to a transaction in which,
             immediately after the consummation of such transaction, all of the
             outstanding Voting Securities of the Company or any corporation or
             other entity into which the Company is merged or otherwise
             consolidated which are not owned by CSI or any Subsidiary of CSI
             are owned, directly or indirectly, by the stockholders of CSI in
             substantially the same proportions as their ownership of stock of
             CSI immediately prior to such transaction; or

                       (6) members of the Incumbent Board cease for any reason
             to constitute at least a majority of the CSI Board.

                  (iii) Convertible Voting Securities: shall mean any and all
         options, warrants or other rights to purchase, or securities
         convertible into or exchangeable or exercisable for, directly or
         indirectly, Voting Securities of any Person.

                  (iv) CVC Directors: (A) those members of the CSI Board who
         are, or who have served as, employees, officers or directors of
         Citicorp Venture Capital Ltd. ("CVC"), Court Square Capital Limited
         ("CSCL") or any Affiliate of CVC or CSCL at any time such individuals
         serve as a member of the CSI Board and (B) any other members of the CSI
         Board nominated by (i) such members of the CSI Board described in (A)
         above, (ii) CVC, (iii) CSCL, (iv) any Affiliate of CVC or CSCL, or (v)
         any person who is part of a group (as determined pursuant to Section
         13(d)(2) of the Exchange Act) of which CVC, CSCL or any Affiliate of
         CVC or CSCL is also a part with respect to any Voting Securities of the
         Company.

                  (v) Incumbent Board: individuals who, as of the date hereof,
         constitute the CSI Board and any other individual who becomes a
         director of the Company after that date and whose election or
         appointment by the CSI Board or nomination for election by the
         Company's stockholders was approved by a vote of at least a majority of
         the directors then comprising the Incumbent Board; provided that, for
         purposes of this Agreement, the Incumbent Board shall not include the
         CVC Directors.

                  (vi) Person: shall mean any individual, group, partnership,
         corporation, association, trust, or other entity or organization.

                                       14
<PAGE>

                  (vii) Retirement: shall mean a termination of Executive's
         employment other than for Cause or Good Reason on or after Executive's
         attainment of age 65 (or such other age as mutually agreed upon by
         Executive and the Company).

                  (viii) Subsidiary: with respect to any Person, any corporation
         or other entity of which a majority of the voting power of the voting
         equity securities or equity interest is owned, directly or indirectly,
         by that Person.

                  (ix) Voting Securities: (i) any securities that vote generally
         in the election of directors, in the admission of general partners, or
         in the selection of any other similar governing body and (ii) with
         respect to CSI, all shares of CSI's nonvoting common stock, par value
         $.01 per share (all of which are convertible into shares of common
         stock, par value $.01 per share, of the Company).

            (f) Affiliate. For purposes of this Agreement, the term "affiliate"
shall mean, with respect to any Person (including an entity), any other Person
that directly or indirectly controls, is controlled by, or is under common
control with the Person in question. As used in this definition of "affiliate,"
the term "control" means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person through
ownership of Voting Securities, by contract, or otherwise.

         10. Successors and Assignments.

             (a) Successors. This Agreement shall be binding upon, and inure to
the benefit of, the Company, Executive, and their respective successors,
assigns, personal and legal representatives, executors, administrators, heirs,
distributees, devisees, and legatees, as applicable.

             (b) Assumption. The Company will require any successor (whether
direct or indirect, by purchase of securities, merger, consolidation, sale of
assets, or otherwise) to all or substantially all of the business or assets of
the Company, by an agreement in form and substance reasonably satisfactory to
Executive, to expressly assume this Agreement and to agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. Failure of the
Company to obtain such 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 he
would be entitled to hereunder if he terminated his employment for Good Reason
after the occurrence of a Change in Control of the Company, except that for
purposes of implementing the foregoing, the date on which any such succession
becomes effective shall be deemed the Date of Termination.

         11. Notice. For purposes of this Agreement, notices and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when (i) delivered personally; (ii) sent by
facsimile or similar electronic device and confirmed; (iii) delivered by
overnight express; or (iv) if sent by any other means, upon receipt. Notices and
all other communications provided for in this Agreement shall be addressed as
follows:

                                       15
<PAGE>

If to Executive:

          John H. Steadman
          76 Maple Street
          Perrysburg, Ohio  43551
          Facsimile No. 419/873-1119

If to the Company:

          Chase Brass & Copper Company, Inc.
          State Route 15
          Montpelier, Ohio 43543
          Attention:  Chief Financial Officer
          Facsimile No:  419/485-8150

with a copy (which will not constitute notice) to:

          Vinson & Elkins L.L.P.
          2001 Ross Avenue, Suite 3700
          Dallas, Texas  75201
          Telecopy No:  (214) 999-7781
          Attn:  Rodney L. Moore

or to such other address as any party may have furnished to the other in writing
in accordance herewith.

         12. Disputes.

             (a) Arbitration. Subject to Section 12(b) below, in the event any
claim, demand, cause of action, dispute, controversy or other matter in question
("Claim") arises, whether or not arising out of this Agreement or the Employee's
employment (or its termination), whether arising in contract, tort or otherwise
and whether provided by statute, equity or common law, that the Company may have
against Executive or that Executive may have against the Company, CSI or any
other Subsidiary of CSI, or any of the foregoing entities' respective officers,
directors, employees or agents in their capacity as such or otherwise, and is
not resolved by the mutual written agreement between Executive and the Company,
or otherwise, within 30 days after notice of the dispute is first given, then,
upon the written request of Executive or the Company, such dispute or
controversy shall be submitted to arbitration. Claims covered by this Section 12
include, without limitation, claims by Executive for breach of this Agreement,
wrongful termination, discrimination (based on age, race, sex, disability,
national origin, sexual orientation, or any other factor), harassment and
retaliation, whether or not arising under Title VII of the Civil Rights Act of
1964, the Age Discrimination Employment Act, the Americans with Disabilities
Act, or similar state or local law. Any arbitration shall be conducted in
accordance with the Federal Arbitration Act ("FAA") and, to the extent an issue
is not addressed by the FAA or the FAA does not apply, with the then-current
National Rules for the Resolution of Employment Disputes of the American
Arbitration Association ("AAA") or other rules of the

                                       16
<PAGE>

AAA as applicable to the claims asserted. If a party refuses to honor its
obligations under this Section 12, the other party may compel arbitration in
either federal or state court. The arbitrators shall apply the substantive law
of Ohio (excluding Ohio choice-of-law principles that might call for the
application of some other state's law) or federal law, or both as applicable to
the claims asserted. The arbitrators shall have exclusive authority to resolve
any dispute relating to the interpretation, applicability or enforceability of
this Section 12, including any claim that all or part of the Agreement is void
or voidable and any claim that an issue is not subject to arbitration. The
results of arbitration will be binding and conclusive on the parties hereto. Any
arbitrators' award or finding or any judgment or verdict thereon will be final
and unappealable. All parties agree that venue for arbitration will be in
Williams County, Ohio, and that any arbitration commenced in any other venue
will be transferred to Williams County, Ohio, upon the written request of any
party to this Agreement. The prevailing party will be entitled to reimbursement
for reasonable attorneys fees, reasonable costs and other reasonable expenses
pertaining to the arbitration and the enforcement thereof and such attorneys
fees, costs and other expenses shall become a part of any award, judgment or
verdict. All arbitrations will have three individuals acting as arbitrators: one
arbitrator will be selected by Executive, one arbitrator will be selected by the
Company, and the two arbitrators so selected will select a third arbitrator;
provided that (i) Executive or the Company shall use reasonably diligent efforts
to select their respective arbitrator within 60 days after a matter is submitted
to arbitration and (ii) the parties (including arbitrators) shall not be limited
to selecting arbitrators from only the AAA's lists of arbitrators. Any
arbitrator selected by a party will not be affiliated, associated or related to
the party selecting that arbitrator in any matter whatsoever. The arbitrators
may use the AAA rules but are encouraged to adopt rules the arbitrators deem
appropriate to accomplish the arbitration quickly and inexpensively.
Accordingly, the arbitrators may, (A) dispense with any formal rules of evidence
and allow hearsay testimony so as to limit the number of witnesses required, (B)
act upon their understanding or interpretation of the law on any issue without
the obligation to research the issue or accept or act upon briefs on the issue
prepared by any party, (C) limit the time for presentation of any party's case
as well as the amount of information or number of witnesses to be presented in
connection with any hearing (provided that each party shall have the right to
call at least three witnesses), and (D) impose any other rules which the
arbitrators believe appropriate to effect a resolution of the claims quickly and
inexpensively. The types and amount of discovery shall be conducted in
accordance with the Federal Rules of Civil Procedure. The arbitration hearing
shall be conducted within 60 days after the selection of the arbitrators. All
privileges under state and federal law, including attorney-client, work product
and party communication privileges, shall be preserved and protected. The
decision of the majority of the arbitrators will be binding on all parties.
Arbitrations will be conducted in a manner so that the final decision of the
arbitrators will be made and provided to Executive and the Company no later than
120 days after a matter is submitted to arbitration. All proceedings conducted
pursuant to this Section 12, including any order decision or award of the
arbitrators, shall be kept confidential by all parties. EXECUTIVE ACKNOWLEDGES
THAT BY SIGNING THIS EMPLOYMENT AGREEMENT, EXECUTIVE IS WAIVING ANY RIGHT THAT
EXECUTIVE MAY HAVE TO A JURY TRIAL OR A COURT TRIAL.

             (b) Specific Enforcement. Executive acknowledges that the covenants
of Executive contained in Sections 3 and 4 of this Agreement are special and
unique, that a breach by Executive of any term or provision of either of
Sections 3 or 4 hereof may cause irreparable

                                       17
<PAGE>

injury to the Company, CSI and/or another Subsidiary of CSI, and that remedies
at law for the breach of any terms or provisions of Sections 3 or 4 hereof may
be inadequate. Accordingly, notwithstanding the provisions of Section 12(a), in
addition to any other remedies it may have in the event of breach, the Company
shall be entitled to enforce specific performance of the terms and provisions of
Sections 3 or 4 hereof, to obtain temporary and permanent injunctive relief to
prevent the continued breach of such terms and provisions without the necessity
of posting bond or of proving actual damage, and to obtain attorneys fees in
respect of the foregoing if the Company prevails in such action or proceeding.
For purposes of this Section 12(b) and Sections 3 and 4 hereof, CSI and each
other Subsidiary of CSI shall be deemed a third party beneficiary entitled to
the benefits of such Sections and shall be entitled to enforce Sections 3 and 4
of this Agreement in accordance with this Section 12(b).

         13. Severability. In the event that any provision of this Agreement, or
the application thereof to any person or circumstance, is held by a court of
competent jurisdiction to be invalid, illegal, or unenforceable in any respect
under present or future laws effective during the effective term of any such
provision, such invalid, illegal or unenforceable provision shall be fully
severable; and this Agreement shall then be construed and enforced as if such
invalid, illegal, or unenforceable provision had not been contained in this
Agreement; and the remaining provisions of this Agreement shall remain in full
force and effect and shall not be affected by the illegal, invalid or
unenforceable provision or by its severance from this Agreement. Furthermore, in
lieu of each such illegal, invalid, or unenforceable provision, there shall be
added automatically as part of this Agreement, a provision as similar in terms
to such illegal, invalid or unenforceable provision as may be possible and be
legal, valid and enforceable. Notwithstanding the above. in the event any such
invalidity, illegality or unenforceability of any portion of Section 3 hereof is
caused by such provision being held to be excessively broad as to time,
duration, geographical scope, activity or subject, then such provision shall, at
the option of the Company, remain a part of this Agreement and shall be
construed by limiting and reducing it so as to be enforceable to the extent
compatible with the then applicable law and shall be enforced so as to permit
the Company or any of its Subsidiaries to recover damages for any prior
violation of such provision as so limited and reduced, to the extent permitted
under applicable law.

         14. Miscellaneous. This Agreement sets forth the entire understandings
of the parties with respect to the subject matter hereof, it incorporates and
merges any and all previous communications and understandings with respect to
the subject matter hereof, oral or written, and no provision of this Agreement
may be modified, waived, or discharged unless such waiver, modification, or
discharge is agreed to in writing signed by Executive and the Company. No waiver
by either party hereto of, or compliance with, any condition 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. The validity, interpretation, construction, and performance of
this Agreement shall be governed by the laws of the State of Ohio, excluding any
choice-of-law provisions thereof.

         15. Reimbursement by Executive. Executive agrees that, in the event
Executive terminates his employment with Company other than for Good Reason, or
is terminated by the Company for Cause, at any time prior to October 12, 2001,
Executive will reimburse the

                                       18
<PAGE>

Company for amounts paid to Executive by the Company pursuant to Section 5(g)
and (h) of the Original Employment Agreement in accordance with the following
formula:

                           ER = AP x ((24 - NM) / 24)

where:

         ER  =    amount to be reimbursed by Executive;
         AP  =    amounts paid by the Company to or on behalf of Executive
                  pursuant to Sections 5(g) and (h) of this Agreement; and
         NM  =    number of months elapsed from and after October 12, 1999, to
                  (and including) the Date of Termination.

         Executive agrees that any amounts owed by Executive pursuant to this
Section 15 may be deducted from any portion of any amounts (including
compensation payable under this Agreement) owed by the Company to the Executive
at the time of termination of Executive's employment, subject to any limitations
or restrictions imposed by applicable law. To the extent such amounts payable by
Executive pursuant to this Section 15 are not deducted from amounts owed by the
Company to the Executive, Executive agrees to pay such excess amounts to the
Company within 60 days after the Date of Termination.

         16. Release and Other Agreements. Notwithstanding any other provision
in this Agreement to the contrary, as consideration for receiving severance
benefits under Section 7 or Section 8 of this Agreement, the Executive must
execute (and not revoke) a release in the form attached hereto as Exhibit A. If
the Executive fails to properly execute such release (or revokes such release),
then Executive shall receive no severance benefits under this Agreement.

         17. Attorney Fees. Except as otherwise provided in Section 12, the
prevailing party in any dispute or controversy under or in connection with this
Agreement shall be entitled to reimbursement from the non-prevailing party for
all costs and reasonable legal fees incurred by such prevailing party.

         18. Severance Pay Agreement. Simultaneously with the execution of this
Agreement, each of CSI and Executive shall execute and deliver a Severance Pay
Agreement under the Chase Industries Inc. Severance Pay Plan, which Severance
Pay Agreement shall, as stated therein, be effective only upon, and for the one
year period following, the expiration of the Protection Period (if a Protection
Period occurs).

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

         20. Restatement of Original Employment Agreement. Upon the execution of
this Agreement by each of Executive and the Company, this Agreement shall
restate and supersede the Original Employment Agreement and, upon such execution
hereof, the Original Employment Agreement shall be superceded in full hereby.
Any provision contained in this Agreement that refers to or is dependent upon
the time period during which Executive has been employed by the Company shall
take into account and include periods prior to the date hereof during which

                                       19
<PAGE>

Executive was employed by the Company, and the restatement of the Original
Employment Contract shall not be deemed a termination or any cessation of
Executive's employment by the Company.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date set forth below, to be effective as of the date first above written.

                                      THE COMPANY:
                                      CHASE BRASS & COPPER COMPANY, INC.
                                      a Delaware corporation

Date:       10/5/01                   By: /s/ TODD A. SLATER
     ----------------------------        ---------------------------------------
                                         Todd A. Slater
                                         Secretary

                                      EXECUTIVE:

Date:       10/5/01                   By: /s/ JOHN H. STEADMAN
     ----------------------------        ---------------------------------------
                                         John H. Steadman<PAGE>
                                                                    EXHIBIT 10.2

                           CHANGE OF CONTROL AGREEMENT

         This CHANGE OF CONTROL AGREEMENT ("Agreement") is entered into as of
September 25, 2001 ("Effective Date"), by and between Chase Industries Inc., a
Delaware corporation ("CSI"), and Todd A. Slater ("Executive").

                                    Recitals

         A. Executive currently is employed by Chase Brass & Copper Company,
Inc., a Delaware corporation and a wholly-owned subsidiary of CSI ("CBCC").

         B. Executive currently is a party to a Change of Control Agreement
dated March 31, 1997, by and between CSI and Executive, as amended (the
"Original Change of Control Agreement").

         C. Executive and CSI agree that it is desirable that CSI provide
greater employment security to Executive in the event of a Change of Control (as
herein defined), and, to that end, the parties hereby enter into this Agreement
to replace and supercede the Original Change of Control Agreement.

         In consideration of the mutual agreements herein set forth and for good
and valuable consideration, receipt of which hereby is acknowledged the parties
agree as follows:

         1. Term of Agreement.

               a. Absent a Change of Control. Subject to Section 1(b), the term
of this Agreement (the "Term") shall be for the period which commences on the
Effective Date and which expires at midnight on the one year anniversary of the
Effective Date.

               b. Change of Control. Notwithstanding Section 1(a), if a Change
of Control occurs during the Term as defined in Section 1(a) and as of the
effective time of the Change of Control Executive is employed by CBCC, then the
Term shall be modified to expire at midnight on the one year anniversary of the
Change of Control.

               c. Effect of Termination. Notwithstanding the expiration of the
Term or other termination of this Agreement, (i) Sections 7, 13 and 14 of this
Agreement shall survive any expiration of the Term or termination of this
Agreement and (ii) if a Change of Control shall occur prior to the expiration of
the Term or other termination of this Agreement, the terms of this Agreement
shall survive to the extent necessary to enable Executive to enforce his rights
under Section 4 of this Agreement.

         2. Change of Employment to Affiliate. If, prior to a Change of Control,
Executive shall resign from his employment with CBCC but, upon such resignation,
shall become or remain an

                                       1

<PAGE>

employee of CSI or any Subsidiary (other than CBCC) or CBCC is party to a
transaction that does not constitute a Change of Control but in which CBCC is
not a surviving corporation and Executive becomes employed by the surviving
entity then (i) such resignation or change in employer shall not constitute a
termination of Executive's employment for purposes of this Agreement and (ii)
thereafter, all references to CBCC contained in this Agreement shall be deemed
to refer to the entity by which Executive is then employed.

         3. Definitions. For purposes of this Agreement, the following
definitions apply unless the context requires otherwise:

               a. Acquiring Person: shall mean any Person other than (a)
Executive or any Affiliate of Executive, or (b) CSI or any Subsidiary, any
employee benefit plan of CSI or any Subsidiary or of a corporation owned
directly or indirectly by the stockholders of CSI in substantially the same
proportions as their ownership of stock of CSI, or any trustee or other
fiduciary holding securities under an employee benefit plan of CSI or any
Subsidiary or of a corporation owned directly or indirectly by the stockholders
of CSI in substantially the same proportions as their ownership of stock of CSI.

               b. Affiliate: shall mean, with respect to any Person, any other
Person that directly or indirectly controls, is controlled by, or is under
common control with the Person in question. As used in this definition of
"Affiliate," the term "control" means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a
Person, whether through ownership of Voting Securities, by contract, or
otherwise.

               c. Base Salary: means the Executive's annual base pay. Base
Salary shall not include any bonus, commission, incentive pay, overtime, auto or
travel allowance or other similar payments or compensation.

               d. Board of Directors: shall mean (i) from and after the
Effective Date, the board of directors of CSI or (ii) if a Change of Control
occurs and on or after the effective date of the Change of Control CSI is
merged, reorganized or otherwise consolidated with or into another Person, from
and after the occurrence of such merger, reorganization or consolidation the
board of directors or similar governing body of the Person surviving the merger,
reorganization or consolidation.

               e. Cause: shall mean

                    (i) the continued failure by Executive to substantially
          perform his duties, as such duties exist at the Effective Date or as
          such duties thereafter may be modified with Executive's written
          consent, as an employee of CBCC or any other Subsidiary (other than
          any such failure resulting from Executive's incapacity due to physical
          or mental illness) after written demand for substantial performance is
          delivered by the Board of Directors specifically identifying the
          manner in which the Board of Directors believes Executive has not
          substantially performed his duties;

                    (ii) dishonesty by Executive of a material nature that
          relates to the performance of Executive's duties as an employee of
          CBCC or any other Subsidiary or the

                                       2

<PAGE>

          commission by Executive of an act of fraud upon, or willful misconduct
          toward, CSI or any Subsidiary, as reasonably determined by the Board
          of Directors after a hearing following ten days' notice to Executive
          of such hearing and at which hearing Executive will be present and
          have the opportunity to present Executive's position;

                    (iii) criminal conduct by Executive (other than minor
          infractions or traffic violations) or the conviction of Executive, by
          a court of competent jurisdiction, of any felony (or plea of nolo
          contendere thereto), in each case other than alleged criminal conduct
          or a conviction or plea of nolo contendere based on alleged criminal
          conduct for which Executive is entitled to indemnification with
          respect to such conduct under any indemnity agreement or arrangement
          between the Executive and CSI and/or CBCC;

                    (iv) a material violation by Executive of his duty of
          loyalty to CSI or any Subsidiary which results or may reasonably be
          expected to result in material injury to CSI or any Subsidiary;

                    (v) the failure of Executive to cease any conduct reasonably
          determined in good faith by the Board of Directors to be detrimental
          to the well-being or morale, or otherwise not in the best interest, of
          CSI or any Subsidiary after written demand directing Executive to
          cease such conduct is delivered by the Board of Directors specifically
          identifying such conduct and demanding cessation thereof;

                    (vi) the use by Executive of alcohol which renders Executive
          unable to perform the essential functions of his position as an
          employee of CBCC or the illegal use by Executive of illegal or
          controlled drugs or other substances (provided that the use of
          controlled drugs or substances as prescribed by a physician shall not
          constitute grounds for Cause); or

                    (vii) a violation by Executive of Executive's covenants and
          obligations under Section 6 or Section 7 of this Agreement which is
          willful on Executive's part and which is not remedied to the
          reasonable satisfaction of the Board of Directors in a reasonable
          period of time after receipt of written notice from the Board of
          Directors.

Any termination of Executive's employment by CBCC for Cause shall be
communicated to Executive in a written notice of termination which shall set
forth in reasonable detail the facts and circumstances, if any, claimed to
provide a basis for such termination. For purposes of this definition of Cause,
"CSI" shall mean Chase Industries Inc., a Delaware corporation, or if a Change
of Control occurs and on or after the date of the Change of Control Chase
Industries Inc. is merged, reorganized or otherwise consolidated with or into
another Person, the Person surviving the merger, reorganization or
consolidation.

               f. Change of Control: shall be deemed to have occurred if:

                    (i) any Acquiring Person is or becomes the "beneficial
          owner" (as defined in Rule 13d-3 under the Securities Exchange Act of
          1934, as amended (the "Exchange

                                       3

<PAGE>

          Act")), directly or indirectly, of securities of CSI representing
          fifty percent or more of the combined voting power of the then
          outstanding Voting Securities of CSI; or

                    (ii) a public announcement is made of a tender or exchange
          offer by any Acquiring Person for, or upon completion of which any
          Acquiring Person would beneficially own, fifty percent or more of the
          outstanding Voting Securities of CSI, and the Board of Directors of
          CSI approves or fails to oppose that tender or exchange offer in its
          statements in Schedule 14D-9 under the Exchange Act, provided, that,
          within one year after the occurrence of such event, an event described
          in clauses (i), (iii) or (iv) hereof shall have occurred (in which
          case a Change of Control shall be deemed to have occurred on the date
          of the occurrence of the event described above in this clause (ii));

                    (iii) the stockholders of CSI approve a merger or
          consolidation of CSI with any other Person (or, if no such approval is
          required, the consummation of such a merger or consolidation of CSI),
          other than a Conversion Transaction. A "Conversion Transaction" shall
          mean a merger or consolidation that would result in the Voting
          Securities of CSI outstanding immediately prior to the consummation
          thereof continuing to represent (either by remaining outstanding or by
          being converted into Voting Securities of the surviving entity or of a
          parent of the surviving entity) a majority of the combined voting
          power of the Voting Securities and Convertible Voting Securities (on a
          fully-diluted basis assuming full conversion thereof) of the surviving
          entity (or its parent) outstanding immediately after that merger or
          consolidation; provided that if any Acquiring Person owns less than
          fifty percent of the Voting Securities of CSI outstanding immediately
          prior to such merger or consolidation and immediately after such
          merger or consolidation owns fifty percent or more of the outstanding
          Voting Securities of the surviving entity (or its parent) outstanding
          immediately after that merger consolidation, then such merger or
          consolidation shall not be deemed a "Conversion Transaction";

                    (iv) the stockholders of CSI or CBCC approve a plan of
          complete liquidation of CSI or CBCC, respectively, or an agreement for
          the sale or disposition by CSI or CBCC of all or substantially all of
          CSI's or CBCC's assets, respectively, (or, if no such approval is
          required, the consummation of such a liquidation, sale, or disposition
          in one transaction or series of related transactions) other than a
          liquidation, sale or disposition of all or substantially all of CSI's
          or CBCC's assets in one transaction or a series of related
          transactions to a Subsidiary or any other Person owned directly or
          indirectly by the stockholders of CSI in substantially the same
          proportions as their ownership of stock of CSI immediately prior to
          such transaction;

                    (v) CSI ceases to be the "beneficial owner" (as defined in
          Rule 13d-3 under the Exchange Act), directly or indirectly, of
          securities of CBCC representing at least a majority of the combined
          voting power of the then outstanding Voting Securities of CBCC other
          than pursuant to a transaction in which, immediately after the
          consummation of such transaction, all of the outstanding Voting
          Securities of CBCC or any Person into which CBCC is merged or
          otherwise consolidated which are not owned by CSI or any Subsidiary of
          CSI are owned, directly or indirectly, by the stockholders of CSI in
          substantially the same proportions as their ownership of stock of CSI
          immediately prior to such transaction; or

                                       4

<PAGE>

                    (vi) members of the Incumbent Board cease for any reason to
          constitute at least a majority of the Board of Directors.

               g. Convertible Voting Securities: shall mean any and all options,
warrants or other rights to purchase, or securities convertible into or
exchangeable or exercisable for, directly or indirectly, Voting Securities of
any Person.

               h. CVC Directors: (A) those members of the Board of Directors of
CSI who are, or who have served as, employees, officers or directors of Citicorp
Venture Capital Ltd. ("CVC"), Court Square Capital Limited ("CSCL") or any
Affiliate of CVC or CSCL at any time such individuals serve as a member of the
Board of Directors of CSI and (B) any other members of the Board of Directors
nominated by (i) such members of the Board of Directors of CSI described in (A)
above, (ii) CVC, (iii) CSCL, (iv) any Affiliate of CVC or CSCL, or (v) any
person who is part of a group (as determined pursuant to Section 13(d)(2) of the
Exchange Act) of which CVC, CSCL or any Affiliate of CVC or CSCL is also a part
with respect to any Voting Securities of CSI.

               i. Good Reason: a resignation for Good Reason shall mean the
resignation by Executive from employment by CBCC after:

                    (i) a material reduction or material alteration in the
          nature of Executive's position, responsibilities or authorities which
          Executive holds as of the Effective Date, as such position,
          responsibilities, or authorities may have been modified as of the time
          of the Change of Control with Executive's written consent,

                    (ii) (A) any reduction of Executive's Base Salary,

                         (B) any reduction in Executive's annual year end bonus
               as compared to Executive's immediately preceding year end bonus
               (expressed as a percentage) by more than 120% of any reduction in
               CBCC's operating income for the year to which the bonus relates
               as compared to the prior year (expressed as a percentage); by way
               of example, if operating income for year one is $1,000,000 and
               Executive's bonus was $20,000, then if operating income in year
               two is $900,000 - 90% of year one, or a 10% decline from year
               one, - Executive's bonus may not be less than $17,600 - 88% of
               year one bonus, or a 12% (120% x 10%) decline from year one bonus
               - or it will constitute Good Reason, or

                         (C) any material reduction of benefits (excluding
               salary and bonus) to which Executive was entitled immediately
               prior to the Change of Control,

                    (iii) the relocation of Executive's principal place of
          employment to a location which is 60 miles or more from Executive's
          principal residence immediately prior to the Change of Control
          (provided such relocation shall not constitute Good Reason unless such
          relocation also results in Executive's principal place of employment
          being at least five miles further away from Executive's principal
          residence immediately prior to the Change of Control)

                                       5

<PAGE>

                    (iv) any other material adverse change to the terms and
          conditions of Executive's employment or benefits as in effect
          immediately prior to the Change of Control, or

                    (v) the liquidation, dissolution, merger, consolidation or
          reorganization of CSI or transfer of all or substantially all of its
          assets in a transaction that constitutes a Change of Control, unless
          the successor (by liquidation, merger, consolidation, reorganization
          or otherwise) to which all or substantially all of its assets have
          been transferred (directly or by operation of law) shall have assumed
          all duties and obligations of CSI under this Agreement pursuant to
          Section 11.b. hereof;

provided, that, if Executive shall consent in writing to any event described in
clauses (i) through (iv) of this paragraph, Executive's subsequent resignation
shall not be treated as a resignation for Good Reason unless a subsequent event
described in such clauses to which Executive did not consent occurs.
Notwithstanding the foregoing, Executive shall be entitled to resign for Good
Reason only if any occurrence referred to in clauses (i), (ii), (iii), (iv) or
(v) of this Section 3.i. is not remedied within 10 calendar days after receipt
by CSI of written notice from Executive setting forth in reasonable detail the
facts and circumstances giving rise to such Good Reason.

               j. Incumbent Board: individuals who, as of the date hereof,
constitute the Board of Directors of CSI and any other individual who becomes a
director of CSI after that date and whose election or appointment by the Board
of Directors or nomination for election by CSI's stockholders was approved by a
vote of at least a majority of the directors then comprising the Incumbent
Board; provided that, for purposes of this Agreement, the Incumbent Board shall
not include the CVC Directors.

               k. Permanent Disability: shall mean any physical or mental
disability which shall have rendered Executive unable to perform his duties as
an employee of CBCC with or without reasonable accommodation for 120 consecutive
days, or which, in the opinion of a licensed physician reasonably satisfactory
to CSI, is likely to render Executive unable to perform his duties as an
employee of CBCC for such period with or without reasonable accommodation;
provided, however, that during any period of Executive's disability CSI or any
Subsidiary may assign Executive's duties to any other employee of CSI or such
Subsidiary or may engage or hire a third party to perform such duties and any
such action shall not be deemed "Good Reason" for Executive to terminate his
employment.

               l. Person: shall mean any individual, group, partnership,
corporation, association, trust, or other entity or organization.

               m. Protection Period: shall have the same meaning assigned to
such term in Section 4.a.

               n. Retirement: shall mean a termination of Executive's employment
other than for Cause or Good Reason on or after Executive's attainment of age 65
(or such other age as mutually agreed upon by Executive and CSI).

                                       6

<PAGE>

               o. Subsidiary: shall mean any corporation or other entity of
which a majority of the combined voting power of the outstanding Voting
Securities is owned, directly or indirectly, by CSI.

               p. Voting Securities: shall mean (i) any securities or interests
that vote generally in the election of directors, in the admission of general
partners, or in the selection of any other similar governing body and (ii) with
respect to CSI, all shares of CSI's nonvoting common stock, par value $.01 per
share (all of which are convertible into shares of common stock, par value $.01
per share, of CSI).

         4. Severance Benefit.

               a. Benefits. If a Change of Control occurs prior to the
expiration of the Term or other termination of this Agreement, as of the
effective time of the Change of Control Executive is employed by CBCC, and,
after the date of the occurrence of such Change of Control and prior to midnight
on the one year anniversary of the Change of Control (such period commencing on
the date of the Change of Control and ending at midnight on the one year
anniversary thereof, the "Protection Period"), either (a) Executive's employment
with CBCC is terminated by CBCC other than (1) for Cause or (2) on account of
Executive's death, Permanent Disability or Retirement, or (b) Executive resigns
from CBCC for Good Reason, then CSI shall:

                    (i) pay to Executive, in a single lump sum which shall be
          paid within 30 days after the termination of employment or
          resignation, a severance payment in an amount equal to two times the
          sum of (A) the greater of (1) Executive's Base Salary in effect
          immediately prior to the Change of Control or (2) Executives Base
          Salary in effect at the time of termination or, if Executive resigns
          (or an event, which is not waived or consented to by Executive, occurs
          giving Executive the right to resign) his employment for Good Reason,
          immediately prior to the occurrence of the event giving rise to Good
          Reason, plus (B) the greater of (1) the bonus, if any, paid or awarded
          to Executive for the most recent calendar year ended prior to the date
          of the Change of Control or, if bonuses for the most recent calendar
          year have not been determined for such calendar year as of the date of
          the Change of Control, the bonus for the prior calendar year or (2)
          the average of the bonuses paid or awarded to the Executive for the
          two most recent calendar years ended prior to the date of the Change
          of Control or, if bonuses for the most recent calendar year have not
          been determined for such calendar year as of the date of the Change of
          Control, the average of the bonuses paid or awarded to Executive for
          the two calendar years immediately preceding the calendar year in
          which the Change in Control occurs;

                    (ii) maintain in full force and effect, for the continued
          benefit of Executive (and, if applicable, Executive's spouse and
          dependent children) for a one-year period beginning upon the date of
          termination or resignation, all medical and dental insurance coverages
          as in effect, from time to time for salaried employees of CBCC, and in
          which such Persons were participating immediately prior to the date
          effective of termination or resignation, provided that the continued
          participation of such Persons is possible under the general terms and
          provisions of such plans and arrangements, and if such continued
          participation of any of such Persons is barred, then CSI shall arrange
          to provide such Persons

                                       7

<PAGE>

          with coverage substantially similar to those which such Persons would
          otherwise have been entitled to receive under such plans and
          arrangements from which such Persons' continued participation is
          barred; provided, however, that in either case, to the extent
          applicable, the Executive pays to CSI an amount equal to the premiums,
          or portion thereof, that the Executive was required to pay to maintain
          such coverage for such Persons prior to the date of termination or
          resignation, provided that such coverage, except to the extent of
          premiums paid by the Executive or reimbursed to CBCC or CSI as
          provided herein, shall be provided on an after-tax basis and Executive
          shall be issued a Form 1099 which reflects the entire cost of such
          coverage for himself and his dependents; and provided, further, that
          any coverage provided pursuant to this Section 4.a.(ii) shall be
          limited and reduced to the extent such coverage otherwise is provided
          by (or available from or under), at no direct out-of-pocket cost to
          the recipient, any other employer of Executive or Executive's spouse
          or minor children, or Social Security, Medicare, Medicaid or any
          similar or substitute arrangements available to such persons; and
          provided, further, that solely for the purpose of calculating
          continued medical and dental coverage under the medical and dental
          plan program component of the Employee Benefit Plan Chase Brass &
          Copper Co., Inc. (but not under the health care reimbursement plan
          program component of the Employee Benefit Plan Chase Brass & Copper
          Co., Inc.) pursuant to the Consolidated Omnibus Budget Reconciliation
          Act of 1985, as amended, the date of Executive's termination of
          employment shall be the date Executive's medical and dental insurance
          coverage expires pursuant to the terms of this Section 4.a(ii).

               b. Termination in Anticipation of Change of Control. For purposes
of this Section 4, if Executive's employment is terminated prior to a Change of
Control and Executive reasonably demonstrates that such termination (i) was at
the request of a Person who has indicated an intention or taken steps reasonably
calculated to effect a Change of Control and who effectuates a Change of Control
or (ii) otherwise occurred in connection with, or in anticipation of, a Change
of Control which actually occurs, then for all purposes hereof, a Change of
Control shall be deemed to have occurred and the date of a Change of Control
with respect to the employment shall mean the date immediately prior to the
termination date.

               c. Employment by Buyer. Notwithstanding the foregoing provisions
of this Section 4, if (i) there shall be a sale or disposition of all or
substantially all the assets of CBCC or a merger, consolidation or
reorganization to which CBCC is a party and is not a surviving corporation, (ii)
such transaction constitutes a Change of Control and (iii) Executive is offered
employment (at substantially the same level of Executive's authority,
responsibility, compensation and benefits with CBCC before such sale) with the
purchaser or corporation into which CBCC is merged or consolidated, as
applicable, or any of its Affiliates ("Buyer") upon consummation of such sale or
disposition, then Executive shall not be entitled to the severance compensation
as provided in Section 4.a. as a result of such transaction. In any such event,
however, Executive shall be entitled to such severance compensation as provided
in Section 4.a. if, within the Protection Period, either (1) Executive's
employment with the Buyer shall be terminated by the Buyer other than (A) for
Cause or (B) on account of Executive's death, Permanent Disability or
Retirement, or (2) Executive shall resign from the Buyer for Good Reason. For
purposes of this paragraph, the time of a termination of employment or
resignation, the definitions of "Permanent Disability," "Retirement,"
resignation for

                                       8

<PAGE>

"Good Reason" and termination for "Cause," and the provisions of Sections 6 and
7 shall be construed with reference to the Buyer instead of with reference to
CBCC and/or CSI, as applicable.

         5. No Reductions or Mitigation

               a. Notwithstanding anything in this Agreement to the contrary,
the severance benefit payment received under this Agreement shall be reduced by
loans or other amount due to CSI by the Executive.

               b. Except as provided in Section 5.a. the severance compensation
to be provided pursuant to Section 4 of this Agreement shall be paid and
provided without reduction, other than as expressly provided for therein,
regardless of any amounts of salary, compensation or other amounts which may be
paid or payable to Executive from any source or which Executive could have
obtained upon seeking other employment; provided that CSI shall be permitted to
make all such payments net of any legally required tax withholdings.

         6. Non-Competition.

               a. Covenant. Executive agrees that he will not, directly or
indirectly, during the Term (and regardless of whether Executive is employed by
CBCC):

                    (i) employ any person who was a salaried employee of CBCC
          during the six month period preceding such employment or induce,
          request, advise, attempt to influence, or solicit, directly or
          indirectly, any Person who is a salaried employee of CBCC to terminate
          his or her employment arrangement with CBCC,

                    (ii) be employed by, associated with or have any interest
          in, directly or indirectly (whether as principal, director, officer,
          employee, consultant, partner, stockholder, trustee, manager or
          otherwise), any Person that engages in the business of manufacture of
          copper alloy rod or any other products manufactured by CBCC during the
          Term (but excluding any products manufactured by CBCC after a Change
          of Control that were not manufactured by CBCC prior to a Change of
          Control) (collectively, "Products"), or any Person which otherwise is
          directly competitive with CBCC or any subsidiary of CBCC, in any
          geographical area in which CBCC or such subsidiary of CBCC engages in
          business during the Term or has evidenced in writing during the Term
          (and prior to the termination of Executive's employment) its intention
          to engage in such business (any such company, a "Competing Business"),

                    (iii) induce, request, advise, attempt to influence, or
          solicit, directly or indirectly, any Person to purchase Products from
          any Person other than CBCC if CBCC provides, or negotiated to provide,
          Products to that Person during the Term (and prior to the termination
          of Executive's employment) (any such Person or Business Enterprise, a
          "Customer"), or

                    (iv) induce, request, advise, attempt to influence, or
          solicit, directly or indirectly, any Customer with whom Executive had
          personal contact in connection with

                                       9

<PAGE>

          performing his duties as an employee of CBCC to purchase Products from
          any Person other than CBCC;

provided, however, that (a) the provisions of this Section 6 shall apply only to
the copper alloy rod business of CBCC and not to other businesses that any
Acquiring Person or Buyer may have at the time of a Change of Control or later
acquire, (b) if Executive accepts employment with, becomes associated with or
has an interest in a Person that does not constitute a Competing Business at the
time Executive first becomes employed by, associated with or obtains an interest
in such Person and such Person later acquires or becomes affiliated with a
Person that constitutes a Competing Business, then Executive is not in violation
of this Section 6 solely by reason of such acquisition or affiliation provided
Executive excludes himself from the evaluation of the acquisition or decision to
become affiliated with such Competing Business and the operations of such
Competing Business, (c) Executive may be employed by, associated with or hold an
interest in a consulting firm provided Executive does not consult for a
Competing Business, and (d) the provisions of this Section 6 shall not apply in
the event (i) Executive's employment is terminated by CBCC other than (A) for
"Cause" or (B) on account of Executive's death, Permanent Disability or
Retirement or (ii) Executive terminates his employment for Good Reason.
Notwithstanding the foregoing, Executive shall not be prohibited from owning one
percent or less of the outstanding equity securities of any Competing Business
whose equity securities are listed on a national or regional securities exchange
or publicly traded in any over-the-counter market.

               b. Tolling of Non-Competition Term. If, during any calendar month
after the termination of Executive's employment by CBCC in which the provisions
of Section 6.a. are applicable, Executive is not in compliance with the terms of
Section 6.a., CSI shall be entitled to, among other remedies, compliance by
Executive with the terms of Section 6.a. for an additional number of calendar
months that equals the number of calendar months during which such noncompliance
occurred.

               c. Reasonableness of Restrictions. Executive acknowledges that
the geographic boundaries, scope of prohibited activities, and time duration of
the provisions of Section 6.a. are reasonable and are no broader than are
necessary to maintain and to protect the legitimate business interests of CSI
and its Subsidiaries.

               d. Separate Covenants. The parties hereto intend that the
covenants contained in each of subsections 6.a.(i), (ii), (iii) and (iv) of this
Agreement be construed as a series of separate covenants, one for each county or
other defined province or governmental subdivision in each geographic area in
which CBCC or any subsidiary of CBCC conducts its business or otherwise
manufactures, distributes, licenses, sells, or markets Products. Except for
geographic coverage, each such separate covenant shall be deemed identical in
terms to the applicable covenant contained in subsections 6.a.(i), (ii), (iii)
and (iv) hereof. Furthermore, each of the covenants in subsections 6.a.(i),
(ii), (iii) and (iv) hereof shall be deemed a separate and independent covenant,
each being enforceable irrespective of the enforceability (with or without
reformation) of the other covenants contained in subsections 6.a.(i), (ii),
(iii) and (iv) hereof.

         7. Non-Disclosure. Executive shall not, directly or indirectly, at any
time during or for a two year period following termination of his employment
with CBCC, reveal, divulge or make

                                       10

<PAGE>

known to any Person or entity, or use for Executive's personal benefit
(including without limitation for the purpose of soliciting business, whether or
not competitive with any business of CSI or any Subsidiary), any information
acquired by Executive during the course of employment by CBCC with regard to the
financial, business or other affairs of CSI or any Subsidiary (including without
limitation any list or record of Persons or entities with which CSI or any
Subsidiary has any dealings), other than (i) information already in the public
domain, (ii) information of a type not considered confidential by Persons
engaged in the same business or a business similar to that conducted by CSI or
any Subsidiary, (iii) information that Executive is required to disclose under
the following circumstances: (A) at the express direction of any authorized
governmental authority; (B) pursuant to a subpoena or other court process; (C)
as otherwise required by law or the rules, regulations, or orders of any
applicable regulatory body; or (D) as otherwise necessary, in the opinion of
counsel for Executive, to be disclosed by Executive in connection with any legal
action or proceeding involving Executive and CSI or any Subsidiary in his
capacity as an employee, officer, director, or stockholder of CSI or any
Subsidiary, or (iv) during the period of his employment by CBCC, Executive may
disclose such confidential information to another employee of CSI or any
Subsidiary or to representatives or agents of CSI or any Subsidiary (such as
independent accountants and legal counsel) when such disclosure is reasonably
necessary or appropriate in connection with the performance by Executive of his
duties on behalf of CSI or any Subsidiary. Executive shall, at any time
requested by CSI (either during or within two years after the termination of
Executive's employment with CBCC), promptly deliver to CSI all memoranda, notes,
reports, lists and other documents (and all copies thereof) relating to the
business of CSI or any Subsidiary which Executive may then possess or have under
his control.

         8. Tax Withholding. Any payment of benefits under this Agreement will
be subject to reduction due to any and all applicable federal, state or local
income or employment taxes and other required withholdings.

         9. Overpayment. If due to mistake or any other reason, the Executive
receives benefits under this Agreement in excess of what this Agreement
provides, the Executive shall repay the overpayment to CBCC or CSI in a lump sum
within thirty (30) days of notice of the amount of overpayment. If the Executive
fails to so repay the overpayment, then without limiting any other remedies
available to CBCC or CSI, CBCC or CSI may deduct the amount of the overpayment
from any other benefits which become payable to the Executive under this
Agreement.

         10. Release and Other Agreements. Notwithstanding any other provision
in this Agreement to the contrary, as consideration for receiving severance
benefits under this Agreement, the Executive must execute (and not revoke) a
release in the form attached hereto as Exhibit A. If the Executive fails to
properly execute such release (or revokes such release), then Executive shall
receive no severance benefits under this Agreement.

         11. Binding Effect; Assignment.

               a. General. This Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and Executive's heirs and legal
representatives and CSI's successors and assigns. This Agreement is assignable
by CSI to any Person which acquires, directly or indirectly, by merger,
consolidation, purchase or otherwise, all or substantially all of the assets of
CSI or CBCC or

                                       11

<PAGE>

a majority of the outstanding Voting Securities of CBCC. Upon any such
assignment, and the assumption by the assignee of all obligations hereunder, CSI
shall be released from all liability hereunder. This Agreement shall not be
assignable by Executive.

               b. Assumption by Successor. CSI shall require any successor
(whether direct or indirect, by purchase, merger, consolidation, reorganization
or otherwise) to all or substantially all of the business and/or assets of CSI
to expressly assume and agree to perform this Agreement in the same manner and
to the same extent CSI or CBCC, as applicable, would be required to perform if
no such succession had taken place.

         12. Nonalienation of Benefits. Benefits payable under this Agreement
shall not be subject in any manner to alienation, sale, transfer, assignment,
pledge, encumbrance, charge, garnishment, execution or levy of any kind
(collectively "Alienate"), either voluntary or involuntary, prior to actually
being received by Executive, other than by a transfer by the Executive's will or
by the laws of descent and distribution; and any attempt to alienate, sell,
transfer, assign, pledge, encumber, charge, garnish, execute on, levy or
otherwise dispose of any right to benefits payable hereunder contrary to this
Section 12 shall be void ab initio and of no force or effect and CSI shall have
no obligation or liability to pay any amounts so attempted to be Alienated.

         13. Severability. In the event that any provision of this Agreement
(including without limitation any provisions relating to the activities or areas
covered by, or time period of, the covenants provided for in subsections
6.a.(i), (ii), (iii) and (iv) hereof) or the application thereof to any Person
or circumstance, is held by a court of competent jurisdiction to be invalid,
illegal, or unenforceable in any respect under present or future laws effective
during the effective term of any such provision, such invalid, illegal or
unenforceable provision shall be fully severable; and this Agreement shall then
be construed and enforced as if such invalid, illegal, or unenforceable
provision had not been contained in this Agreement; and the remaining provisions
of this Agreement shall remain in full force and effect and shall not be
affected by the illegal, invalid or unenforceable provision or by its severance
from this Agreement. Furthermore, in lieu of each such illegal, invalid, or
unenforceable provision, there shall be added automatically as part of this
Agreement, a provision as similar in terms to such illegal, invalid or
unenforceable provision as may be possible and be legal, valid and enforceable
and, subject to the following sentence, the parties hereby request the court or
any arbitrator to whom disputes relating to this Agreement are submitted to
reform any otherwise unenforceable covenants contained in Sections 6 and/or 7
hereof in accordance with the preceding provision. Notwithstanding the above, in
the event any such invalidity, illegality or unenforceability of any portion of
Section 6 hereof (including without limitation any provisions relating to the
activities or areas covered by, or time period of, the covenants provided for in
subsections 6.a.(i), (ii), (iii) and (iv) hereof), is caused by such provision
being held to be excessively broad as to time, duration, geographical scope,
activity or subject, then such provision shall, at the option of CSI, remain a
part of this Agreement and shall be construed by limiting and reducing it so as
to be enforceable to the extent compatible with the then applicable law and
shall be enforced so as to permit CSI or any Subsidiary to recover damages for
any prior violation of such provision as so limited and reduced, to the extent
permitted under applicable law.

         14. Specific Enforcement. Executive acknowledges that the covenants of
Executive contained in Sections 6 and 7 of this Agreement are special and
unique, that a breach by Executive of

                                       12

<PAGE>

any term or provision of either of Sections 6 or 7 hereof may cause irreparable
injury to CSI and/or a Subsidiary, and that remedies at law for the breach of
any terms or provisions of Sections 6 or 7 hereof may be inadequate.
Accordingly, in addition to any other remedies it may have in the event of
breach, CSI shall be entitled to enforce specific performance of the terms and
provisions of Sections 6 or 7 hereof, to obtain temporary and permanent
injunctive relief to prevent the continued breach of such terms and provisions
without the necessity of posting bond or of proving actual damage, and to obtain
attorneys fees in respect of the foregoing if CSI prevails in such action or
proceeding. For purposes of this Section 14 and Sections 6 and 7 hereof, CSI,
CBCC and each subsidiary of CBCC shall be deemed a third party beneficiary
entitled to the benefits of such Sections and shall be entitled to enforce
Sections 6 and 7 of this Agreement in accordance with this Section 14
notwithstanding any assignment by CSI of its rights and obligations under this
Agreement. If CSI, its successors or assigns enforces specific performance and
the Executive obtains a judicial determination that the activity CSI enjoined
was not in violation of the Agreement, then the Executive is entitled to pursue
all remedies available at law and at equity including but not limited to
recovery of damages and reasonable attorney fees.

         15. Entire Agreement; Amendment; Waiver. This Agreement represents the
entire agreement between the parties hereto with respect to the subject matter
hereof, and supersedes all prior or contemporaneous oral or written
negotiations, understandings and agreements between the parties hereto. This
Agreement shall not be altered, amended or modified except by written instrument
executed by CSI and Executive. A waiver of any term, covenant, agreement or
condition contained in this Agreement shall not be deemed a waiver of any other
term, covenant, agreement or condition, and any waiver of any default in any
such term, covenant, agreement or condition shall not be deemed a waiver of any
later default thereof or of any other term, covenant, agreement or condition.

         16. Legal Fees and Expenses. Except as provided in Section 14, CSI and
its Subsidiaries shall be responsible for its own attorneys' fees and related
fees and expenses incurred to enforce this Agreement or any provision hereof. In
addition, CSI and its Subsidiaries shall reimburse Executive for any and all
attorneys' fees and related fees and expenses incurred by Executive to
successfully enforce (in whole or in part, and whether by modification of CSI's
position, agreement, compromise, settlement, or administrative or judicial
determination) this Agreement or any provision hereof as a result of CSI or any
Subsidiary failing to perform its obligations under this Agreement or any
provision hereof or CSI or any Subsidiary contesting the validity or
enforceability of this Agreement or any provision hereof. Such reimbursement
shall only be paid following the successful enforcement (including any appeals
therefrom which uphold such enforcement) as provided in this Section 16.

         17. Applicable Law. The provisions of this Agreement shall be
interpreted and construed in accordance with the laws of the State of Ohio,
without regard to its choice of law principles.

         18. Notices. All notices, demands, requests or other communications
that may be or are required to be given, served or sent by either party to the
other party pursuant to this Agreement will be in writing and will be mailed by
first-class, registered or certified mail, return receipt requested, postage
prepaid, or transmitted by hand delivery or overnight courier, telegram or
facsimile transmission addressed as follows:

                                       13

<PAGE>

         (a)  If to CSI:                  c/o Chase Brass & Copper Company, Inc.
                                          14212 County Road M-50
                                          Montpelier, Ohio  43543
                                          Telecopy No.:  419/485-8150
                                          Attention:  Corporate Secretary

              with a copy (which will
              not constitute notice) to:  Vinson & Elkins L.L.P.
                                          2001 Ross Avenue, Suite 3700
                                          Dallas, Texas  75201
                                          Telecopy No.: (214) 999-7781
                                          Attention:  Rodney L. Moore

         (b)  If to Executive:            330 Manakiki Drive
                                          Holland, Ohio  43528

Either party may designate by written notice a new address to which any notice,
demand, request or communication may thereafter be given, served or sent. Each
notice, demand, request or communication that is mailed, delivered or
transmitted in the manner described above will be deemed sufficiently given,
served, sent and received for all purposes at such time as it is delivered to
the addressee with the return receipt, the delivery receipt, the affidavit of
messenger or (with respect to a facsimile transmission) the answer back being
deemed conclusive evidence of such delivery or at such time as delivery is
refused by the addressee upon presentation.

         19. Severance Pay Agreement. Simultaneously with the execution of this
Agreement, each of CSI and Executive shall execute and deliver a Severance Pay
Agreement under the Chase Industries Inc. Severance Pay Plan, which Severance
Pay Agreement shall, as stated therein, be effective only upon, and for the one
year period following, the expiration of the Protection Period (if a Protection
Period occurs).

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

         21. Termination of Original Change of Control Agreement. Upon the
execution of this Agreement by each of Executive and the Company, this Agreement
shall supersede and replace the Original Change of Control Agreement and upon
such execution hereof the Original Change of Control Agreement shall be
terminated in full without any further liability or obligation of any party
thereto and shall be superceded in full hereby.

                                       14
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement on the
date first above written.

                                                 CHASE INDUSTRIES INC.

                                                 By: /s/ JOHN H. STEADMAN
                                                    ----------------------------
                                                    John H. Steadman, President

                                                 EXECUTIVE: /s/ TODD A. SLATER
                                                           ---------------------
                                                           Todd A. Slater

                                       15

<PAGE>

                                    EXHIBIT A

                              AGREEMENT AND RELEASE

         This Agreement and Release ("Agreement") is entered into between you,
_____________________, the undersigned employee, and Chase Industries Inc., a
Delaware corporation (the "Company"), in connection with the Change of Control
Agreement entered into by and between you and the Company (the "Payment
Agreement"). You are advised to consult with an attorney of your choosing before
signing this Agreement. You have 21 days to consider this Agreement, which you
agree is a reasonable amount of time. In addition, you may revoke the Agreement
within 7 days after you have signed it by notice to [CORPORATE SECRETARY], 14212
County Road M-50, Montpelier, Ohio 43543. This Agreement will not become
effective or enforceable until the 7-day revocation period has expired without
your revocation. You acknowledge that if you accept the payment set forth in
Paragraph 2 after the expiration of the 7-day period, such acceptance shall
constitute an acknowledgment by you that you did not revoke this Agreement
during the 7-day period.

         1. Definitions.

                  a. "Released Parties" means each of Chase Brass & Copper
Company Inc. and the Company and their past, present and future parents,
subsidiaries, divisions, successors, predecessors, employee benefit plans and
affiliated or related companies, and also each of the foregoing entities' past,
present and future owners, officers, directors, stockholders, investors,
partners, managers, principals, committees, administrators, sponsors, executors,
trustees, fiduciaries, employees, agents, assigns, representatives and
attorneys, in their personal and representative capacities.

                  b. "Claims" means all theories of recovery of whatever nature,
whether known or unknown, recognized by the law or equity of any jurisdiction.
It includes but is not limited to any and all actions, causes of action,
lawsuits, claims, complaints, petitions, charges, rights, demands and Damages to
which you are or may be entitled or in which you have had or may have an
interest. It also includes but is not limited to any claim for wages, benefits
or other compensation. It also includes but is not limited to claims asserted by
you or on your behalf by some other person, entity or government agency.

                  c. "Damages" means all liabilities, indebtedness, losses,
damages, costs and expenses (including without limitation reasonable attorneys
fees) and judgments.

         2. Consideration. The Company agrees to pay you an amount equal to $
_____ as the severance payment in accordance with Section 4.a.(i) of the Payment
Agreement, which you acknowledge is the amount owed you under the Payment
Agreement. If you do not revoke this Agreement as per the terms of this
Agreement, the Company will make this payment to you pursuant to the terms of
the Payment Agreement. You acknowledge that the payment that the Company will
make to you under this Agreement is in addition to anything else of value to
which you are entitled and that the Company is not otherwise obligated to make
this payment to you.

                                      A-1

<PAGE>

         3. Release of Claims.

                  a. You, on behalf of yourself and your heirs, executors,
administrators, legal representatives, successors, beneficiaries, and assigns,
unconditionally release and forever discharge the Released Parties from, and
waive, any and all Claims that you have or may have against any of the Released
Parties arising from your employment with the Company, the termination thereof,
and any other acts or omissions occurring on or before the date you sign this
Agreement. This Agreement shall not affect your entitlement, if any, to benefits
in accordance with (i) the terms of the Company's employee benefit plans as
defined in section 3(3) of the Employee Retirement Income Security Act of 1974,
as amended or (ii) Section 4.a.(ii) of the Payment Agreement.

                  b. The release set forth in Paragraph 3.a. includes, but is
not limited to, any and all Claims under (i) the common law (tort, contract or
other) of any jurisdiction; (ii) the Rehabilitation Act of 1973, the Age
Discrimination in Employment Act, the Americans with Disabilities Act, Title VII
of the Civil Rights Act of 1964, the Civil Rights Act of 1866, and any other
federal, state and local statutes, ordinances, executive orders and regulations
prohibiting discrimination or retaliation upon the basis of age, race, sex,
national origin, religion, disability, or other unlawful factor; (iii) the
National Labor Relations Act; (iv) the Employee Retirement Income Security Act;
(v) the Family and Medical Leave Act; (vi) the Equal Pay Act; and (vii) any
other federal, state or local law.

                  c. In furtherance of this Agreement, you promise not to bring
any Claim covered by Paragraph 3.a. of this Agreement against any of the
Released Parties in or before any court or arbitral authority and agree to
indemnify any Released Party for any and all Damages suffered or incurred by any
Released Party in connection with any such Claim asserted by you or on your
behalf or resulting therefrom.

         4. Injunctive Relief. The parties shall be entitled to injunctive or
other equitable relief in any court of competent jurisdiction to prevent or
otherwise restrain a breach of this Agreement without the necessity of posting
bond or proving actual damage. This provision shall not be deemed in any way to
limit the availability of other remedies to which the parties may be entitled.

         5. Acknowledgment. You acknowledge that, by entering into this
Agreement, the Company does not admit to any wrongdoing in connection with your
employment, and that this Agreement is intended as a compromise of all Claims,
if any, you have or may have against the Released Parties. You further
acknowledge that you have carefully read this Agreement and understand its final
and binding effect, have had a reasonable amount of time to consider it, have
had the opportunity to seek the advice of legal counsel of your choosing, and
are entering this Agreement voluntarily.

-------------------------                           ----------------------------
[NAME]                                              Date

                                      A-2

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