Document:

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                                                                   EXHIBIT 10(m)

                      TRANSITION AND RETIREMENT AGREEMENT
                      -----------------------------------

          This TRANSITION AND RETIREMENT AGREEMENT (the "Agreement") is entered
into as of the 3rd day of February, 2000, by and between JOHNS MANVILLE
CORPORATION, a Delaware corporation (the "Company"), and CHARLES L. HENRY (the
"Executive").

          WHEREAS, the Executive is currently employed by the Company as
Chairman of the Company's Board of Directors ("Chairman"), President and Chief
Executive Officer ("CEO") pursuant to an Employment Agreement dated as of
September 9, 1996, as amended as of April 1, 1998, between the Company and the
Executive (the "Employment Agreement"); and

          WHEREAS, Executive having decided to retire as Chairman, President and
CEO, the Company and Executive desire to enter into the following agreement in
settlement and cancellation, except as otherwise provided herein, of all
existing and prior agreements between them (including the Employment Agreement)
concerning Executive's employment by the Company; and

          WHEREAS, the Company desires to ensure a smooth transition of
Executive's duties and responsibilities, to recognize Executive's outstanding
leadership of the Company and to ensure Executive's continued contribution to
the Company during the Transition Period and the Post-Transition Period (as such
terms are hereinafter defined); and

          WHEREAS, the Executive is desirous of continuing to serve the Company
during the Transition Period and the Post-Transition Period on the terms and
conditions set forth herein;

          NOW THEREFORE, for good and valuable consideration, the receipt of
which is hereby acknowledged, the Company and the Executive hereby agree as
follows:

          1.   TRANSITION AND POST-TRANSITION PERIODS. (a) The Company shall
               --------------------------------------
     continue to employ the Executive, and the Executive shall continue to serve
     the Company, as Chairman, President and CEO, subject to the terms and
     conditions set forth in this Agreement, for a period (the "Transition
     Period") commencing as of the date hereof (the "Effective Date") and ending
     on March 31, 2000 or such earlier date as the Executive's

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     non-interim successor shall have taken office. Upon the end of the
     Transition Period, Executive shall step down as Chairman, President and
     CEO, as a director of the Company and as an officer and director of all of
     the subsidiaries and affiliates of the Company.

          (b)  Without limiting Executive's duties and responsibilities as
     Chairman, President and CEO during the Transition Period, during the
     Transition Period and thereafter through July 31, 2000 (the "Post-
     Transition Period"), Executive shall reasonably cooperate with the Company
     with regard to management transition and succession (including, but not
     limited to, reasonably cooperating with the Company in the search for his
     successor as CEO and reasonably cooperating with such successor and the
     Company in the transition process).  Any such services to be performed by
     Executive during the Post-Transition Period shall take into consideration
     Executive's other obligations and shall not involve unreasonable time or
     travel obligations on the part of the Executive. The Company shall
     reimburse Executive, in accordance with standard Company policy, for all
     expenses incurred by him in connection with performing such services, upon
     submission of appropriate documentation by Executive.

          2.   COMPENSATION DURING TRANSITION PERIOD.
               -------------------------------------

          (a)  Base Salary.  During the Transition Period, Executive shall
               -----------
     continue to receive Base Salary at an annual rate of $725,000 ("Base
     Salary"), which Base Salary shall be payable in accordance with the
     Company's regular payroll practice, as in effect from to time to time.

          (b)  1999 and 2000 Bonuses.
               ---------------------

                    (1)  Executive shall be entitled to receive an annual bonus
          in respect of the Company's 1999 fiscal year (the "1999 Annual
          Bonus"), which 1999 Annual Bonus shall be determined and payable in
          accordance with the Company's 1999 Executive Incentive Compensation
          Plan and the Company's past practice thereunder, provided that any
          right of the Compensation Committee to reduce the amount due shall not
          apply.

                    (2)  Unless Executive's employment is terminated for Cause
          (as defined in Section 7(c) of the Employment Agreement) or Executive
          voluntarily terminates his employment other than for Good Reason (as
          such term is defined in Section 3(b) hereof) prior to the end of the
          Transition Period, Executive shall be entitled to a pro rata bonus

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          in respect of the Company's 2000 fiscal year (the "Pro Rata Bonus")
          under the Company's annual bonus plan for such year, based upon the
          portion of such year represented by the Transition Period. The Pro
          Rata bonus shall be based upon actual performance of the Company for
          its 2000 fiscal year, excluding, however, the effects of extraordinary
          items as determined by the Committee (as defined in Section 3(a)(5)
          hereof), and shall be paid at the time bonuses for such fiscal year
          would normally be paid in accordance with the Company's past practice.

          (c)  Other Benefits.  During the Transition Period, Executive shall
               --------------
     continue to participate in employee benefit plans maintained by the Company
     and its affiliates and shall continue to receive such fringe benefits and
     perquisites as he was receiving immediately prior to the Effective Date.
     Reasonable business expenses incurred by Executive during the Transition
     Period shall be reimbursed in accordance with Company policies.

          3.   COMPENSATION, ETC. FOLLOWING TRANSITION PERIOD OR UPON EARLIER
               --------------------------------------------------------------
     TERMINATION. Subject to Executive's compliance with Section 5 hereof, in
     -----------
     satisfaction of all amounts and benefits to which Executive is or may be
     entitled under the Employment Agreement or any compensation or benefit plan
     of the Company or any agreement thereunder with respect to Executive,
     Executive and the Company agree that:

          (a)  Upon Executive's termination of employment at the end of the
     Transition Period:

               (1)  Accrued Benefits.  Executive shall be entitled to receive
                    ----------------
          his Base Salary, benefits and perquisites through the end of the
          Transition Period.

               (2)  Annual Bonuses.  Executive shall be entitled to receive the
                    --------------
          1999 Annual Bonus and the Pro Rata Bonus in accordance with Section
          2(b) hereof.

               (3)  Equity Awards.
                    -------------

               (A)  Deferred Stock. All then outstanding shares of deferred
                    --------------
          stock which have not previously become vested shall be forfeited and
          canceled, except that, with respect to the grant to the Executive of
          47,059 deferred shares scheduled to vest on December 31, 2000 (as
          reflected in the Deferred Stock Grant Agreement dated as of September
          9, 1996, between the Company and Executive (the "Deferred Stock
          Agreement")),

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          the termination of Executive's employment shall, subject to
          Executive's compliance with his obligations under Section 1 hereof, be
          treated as a "Protected Termination" within the meaning of Section
          5(b) of the Deferred Stock Agreement, such that, as of the end of the
          Transition Period, one-twelfth of such deferred shares (or an
          aggregate of 3,922 deferred shares) shall vest for each whole or
          partial month subsequent to December 1999 during which the Transition
          Period remains in effect. The portion of such deferred shares which
          becomes so vested shall be payable in shares of common stock of the
          Company in accordance with the terms of the Deferred Stock Agreement.

               (B)  Stock Options.  For purposes of the various stock option
                    -------------
          agreements in effect between the Company and the Executive, the
          termination of Executive's employment at the end of the Transition
          Period shall, subject to Executive's compliance with his obligations
          under Section 1 hereof, be treated as a "Retirement," such that all
          outstanding stock options granted to Executive, to the extent fully
          vested and exercisable at the end of the Transition Period, shall
          remain exercisable until the first anniversary of the end of the
          Transition Period at which time such options shall expire and cease to
          be exercisable (or, in the event of Executive's failure to comply with
          such obligations, such options shall expire and cease to be
          exercisable three months following the end of the Transition Period,
          unless such failure is a basis for a termination for Cause, in which
          case such options shall expire and cease to be exercisable as of the
          date of Executive's termination of employment for Cause). All
          outstanding stock options granted to Executive, to the extent not
          fully vested and exercisable at the end of the Transition Period,
          shall be forfeited and canceled as of the end of the Transition
          Period. A schedule of vested and non-vested stock options, determined
          as of March 31, 2000, is annexed hereto as Exhibit A.

               (C)  Deferred Compensation Plan Shares.  For purposes of the
                    ---------------------------------
          Company's Deferred Compensation Plan (the "Deferred Compensation
          Plan"), the termination of Executive's employment at the end of the
          Transition Period shall be treated as a "Retirement", such that
          amounts credited, as of the end of the Transition Period, to
          Executive's Deferral Account under such Plan in the form of shares of
          common stock of the Company shall be treated as follows:

               (i)  with respect to (X) an aggregate of 143,375.5798 shares
          credited to Executive's Deferral Account as of September 30, 1999,
          which are attributable to the deferral of Executive's variable
          incentive

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          awards for the 1996-1998 fiscal years (the "Deferred Bonus Shares"),
          and (Y) 4,187.0659 shares credited to Executive's Deferral Account as
          of September 30, 1999, which represent "premium shares" attributable
          to the deferral of Executive's 1996 variable incentive award (the
          "1996 Premium Shares"), the Deferred Bonus Shares and the 1996 Premium
          Shares (together with any additional shares credited from October 1,
          1999 through the end of the Transition Period which are attributable
          to the reinvestment of dividend equivalents with respect to the
          Deferred Bonus Shares and the 1996 Premium Shares) shall be delivered
          to Executive in accordance with the terms of the Deferred Compensation
          Plan and the Executive's outstanding elections thereunder;

               (ii)   with respect to 8,402.3623 shares credited to Executive's
          Deferral Account as of September 30, 1999, which represent "premium
          shares" attributable to the deferral of Executive's 1997 variable
          incentive award (the "1997 Premium Shares"), the 1997 Premium Shares
          (together with any additional shares credited from October 1, 1999
          through the end of the Transition Period which are attributable to the
          reinvestment of dividend equivalents with respect to the 1997 Premium
          Shares) shall, subject to Executive's compliance with his obligations
          under Section 1 hereof, become vested and nonforfeitable as of the end
          of the Transition Period and shall be delivered to Executive in
          accordance with the terms of the Deferred Compensation Plan and the
          Executive's outstanding elections thereunder;

               (iii)  with respect to 8,916.9089 shares credited to Executive's
          Deferral Account as of September 30, 1999, which represent "premium
          shares" attributable to the deferral of Executive's 1998 variable
          incentive award (the "1998 Premium Shares"), the 1998 Premium Shares
          (together with any additional shares credited from October 1, 1999
          through the end of the Transition Period which are attributable to the
          reinvestment of dividend equivalents with respect to the 1998 Premium
          Shares) shall be forfeited and canceled as of the end of the
          Transition Period.

          Executive shall not make any election under the Deferred Compensation
          Plan to reallocate any amounts credited to his Deferred Account
          thereunder to any alternative investment vehicle.

               (4)    Retirement Benefits.  The Retirement Benefit (as defined
                      -------------------
          in the Employment Agreement) to which Executive shall be entitled upon
          his termination of employment at the end of the Transition Period
          shall be the Retirement Benefit determined pursuant to Section 6(c) of

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          the Employment Agreement. An estimate of such Retirement Benefit as of
          March 31, 2000 (based upon certain assumptions as to discount rates)
          is attached hereto as Exhibit B. The actual Retirement Benefit
          determined pursuant to said Section 6(c) (including the lump sum
          equivalent thereof determined pursuant to Section 6(d) of the
          Employment Agreement) shall be computed by William M. Mercer
          ("Mercer"), consultants to the Company, at the Company's expense, as
          of the end of the Transition Period in accordance with the methodology
          utilized in said Exhibit B, except that, in determining present
          values, Mercer shall utilize the discount rate in effect at January
          31, 2000 (or such earlier date on which the Transition Period ends),
          as set forth in the footnote to said Exhibit B. Such calculation shall
          be performed by Mercer within ten days after the end of the Transition
          Period and shall be provided (with backup) to the Company and the
          Executive. So long as the appropriate discount rate has been utilized,
          such computation by Mercer shall be binding and conclusive on the
          parties hereto, except for mathematical errors. Executive's
          entitlement to the Retirement Benefit shall be subject to the
          provisions of Section 12(f)(ii) of the Employment Agreement. In
          accordance with Section 6(d) of the Employment Agreement, the amount
          of the Retirement Benefit hereunder shall be paid to Executive in a
          lump sum within five days after delivery of Mercer's final computation
          of the Retirement Benefit (but in no event prior to the effective date
          of the Release executed by the Executive, as contemplated by Section 5
          hereof).

               (5)  Additional Payment.  Subject to Executive's compliance with
                    ------------------
          his obligations under Section 1 hereof and subject to the provisions
          of Section 12(f)(ii) of the Employment Agreement, the Company shall
          pay the Executive an aggregate amount equal to the excess of (1) the
          lump sum equivalent (determined pursuant to Section 6(d) of the
          Employment Agreement) of the Retirement Benefit which would have been
          payable under Section 6(b) of the Employment Agreement (calculated as
          of the end of the Transition Period as if Executive were entitled to
          such Retirement Benefit) over (2) the lump sum Retirement Benefit
          payable pursuant to Section 3(a)(4) hereof (such excess being
          hereinafter referred to as the "Payment"). An estimate of the Payment
          as of March 31, 2000 (based upon certain assumptions as to discount
          rates) is attached hereto as Exhibit C. The actual amount of the
          Payment shall be determined by Mercer, at the Company's expense, in
          accordance with the methodology utilized in said Exhibit C, except
          that, in determining present values, Mercer shall utilize the discount
          rate in effect at January 31, 2000 (or such earlier date on which the
          Transition Period ends), as

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          set forth in the footnote to said Exhibit C. Such calculation shall be
          performed by Mercer within ten days after the end of the Transition
          Period and shall be provided (with backup) to the Company and the
          Executive. So long as the appropriate discount rate has been utilized,
          such computation by Mercer shall be binding and conclusive on the
          parties hereto, except for mathematical errors. The portion of the
          Payment in excess of one million dollars ($1,000,000) shall be paid to
          Executive in a lump sum within five days after delivery of Mercer's
          final computation of the Payment (but in no event prior to the
          effective date of the Release executed by the Executive, as
          contemplated by Section 5 hereof). The remaining one million dollars
          ($1,000,000), together with interest thereon from the end of the
          Transition Period to the date of payment at the rate announced by Bank
          of America as its "prime rate" as in effect at January 31, 2000 (or
          such earlier date on which the Transition Period ends) (the "Prime
          Rate") (such one million dollars plus interest being referred to as
          the "Holdback Amount"), shall be paid to Executive, as soon as
          practicable following the end of the Post-Transition Period, unless a
          two-person committee (the "Committee") of Company directors,
          consisting of Messrs. Ernest Drew and Michael Hammes (or, in the event
          of the death or incapacity or resignation of either or both of such
          individuals, another Company director or directors acceptable to the
          Executive), shall have theretofore determined in good faith that the
          Executive failed to perform his obligations under Section 1 of this
          Agreement or materially failed to comply with the provisions of
          Section 12(c)(i) of the Employment Agreement. Any determination of
          nonpayment by the Committee shall be delivered in writing by the
          Committee to the Company and the Executive within fifteen (15) days
          after such determination is made (but in no event later than fifteen
          (15) days after the end of the Post-Transition Period) and shall
          specify with detail the reasons therefor. If the Executive challenges
          the Committee's determination, resolution of the dispute shall be by
          arbitration in accordance with Section 13(g) of the Employment
          Agreement. In the event that, prior to the end of the Post-Transition
          Period, the Company (to which actions of any director shall be
          attributed for purposes of Section 12(c)(ii) of the Employment
          Agreement, without otherwise limiting the meaning of such Section)
          materially breaches its obligations under Section 12(c)(ii) of the
          Employment Agreement, then the Company shall immediately pay the
          Holdback Amount to the Executive and such amount shall no longer be
          subject to any further risk of forfeiture. Any assertion by the
          Executive of any such breach by the Company shall be delivered in
          writing by the Executive to the Company and the Committee within
          fifteen (15) days after Executive has actual

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          knowledge of the event or events giving rise to such assertion and
          shall specify in detail the basis therefor. If the Company challenges
          Executive's assertion as provided in the prior sentence, resolution of
          the dispute shall be by arbitration in accordance with Section 13(g)
          of the Employment Agreement, provided that, if Executive is successful
          in such arbitration, the Holdback Amount shall not be subject to
          forfeiture after the date of the Company's material breach of its
          obligations under Section 12(c)(ii) of Employment Agreement and the
          Holdback Amount shall become payable only after determination of the
          arbitrator (or, if earlier and the Executive otherwise qualifies to
          receive the Holdback Amount, promptly following the end of the Post-
          Transition Period).

               (6)  No Rights to Severance, etc.  Executive shall have no right
                    ----------------------------
          to receive (and the Company shall be under no obligation to pay) any
          severance, separation pay, salary continuation or similar benefits
          (including, but not limited to, the severance benefits set forth in
          Section 7(d)(i) of the Employment Agreement), nor shall Executive be
          entitled to receive (nor shall the Company be under any obligation to
          provide) any of the benefits contemplated by Sections 7(d)(ii),
          7(d)(iii) or 7(d)(v) of the Employment Agreement.

          (b)  In the event that, prior to the end of the Transition Period,
     Executive's employment is terminated by the Company for Cause (as defined
     in Section 7(c) of the Employment Agreement), or Executive voluntarily
     terminates his employment (other than for Good Reason, as defined in
     Section 7(e) of the Employment Agreement, except that (1) the actions
     contemplated by Section 1(a) hereof shall not constitute Good Reason) and
     (2) any claim by the Executive that Good Reason exists shall be based
     solely on acts or omissions occurring on or after the Effective Date),
     Executive's rights shall be limited to (1) his receipt of Base Salary,
     benefits and perquisites to the date of termination, (2) payment of the
     Retirement Benefit determined as of the date of termination pursuant to
     Sections 6(c) and 6(d) of the Employment Agreement, (3) treatment of
     Executive's vested and exercisable stock options in accordance with the
     parenthetical language in Section 3(a)(3)(B) hereof, and (4) such other
     payments and benefits as are determined in accordance with the terms of the
     applicable agreements (other than the Employment Agreement), plans,
     policies and practices of the Company.

          (c)  In the event that prior to the end of the Transition Period,
     Executive dies while in the employ of the Company, Executive's employment
     is terminated by the Company without Cause, or Executive voluntarily
     terminates his employment for Good Reason (as defined in paragraph (b)

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     above), Executive shall be treated as if he had remained in employment
     until March 31, 2000, and the rights of Executive (or, in the event of his
     death, his beneficiary or estate) shall be as set forth in Section 3(a)
     above.

          (d)  Notwithstanding the preceding paragraphs (a) through (c) of this
     Section, in the event that, prior to the end of the Transition Period and
     while Executive is (or is deemed to be) in the employ of the Company, (1) a
     Change in Control (as defined in Section 8(g) of the Employment Agreement)
     shall occur or (2) a definitive agreement (a "Change in Control Agreement")
     is entered into by the Company consummation of the transaction contemplated
     by which would constitute a Change in Control, then (A) as of the date of
     such Change in Control (but in the case of a Change in Control described in
     clause (i) of Section 8(g) of the Employment Agreement which results from
     determining beneficial ownership without regard to the sixty day period
     referred to in Rule 13d-3 under the Securities Exchange Act of 1934 (a
     "Special Change in Control"), as of the date of consummation of the
     transaction contemplated by such Special Change in Control) but in any
     event not later than March 31, 2000, Executive's employment shall be deemed
     to have terminated under circumstances entitling him to the payments and
     benefits set forth in Section 8(d) (and, if applicable, Section 9(b) of the
     Employment Agreement, (B) Executive shall have no further obligations under
     Section 1 hereof after consummation of such Change in Control (or, in the
     event of a Special Change in Control or in the event of the Company enters
     into a Change in Control Agreement, after consummation of the transaction
     contemplated by such Special Change in Control or Change in Control
     Agreement), and (C) in lieu of the payments and benefits otherwise provided
     under this Agreement and subject to the succeeding provisions of this
     paragraph, Executive's rights shall be limited to receipt of the payments
     and benefits set forth in said Section 8(d) (and, if applicable, Section
     9(b), provided, however, that in the event of a Special Change in Control
           --------  -------
     or in the event the Company enters into a Change in Control Agreement, the
     Company's obligation to make or provide the foregoing payments and benefits
     shall apply only upon consummation of the transaction contemplated by the
     Special Change in Control or Change in Control Agreement (as the case may
     be) and in the event such transaction is abandoned or not otherwise
     consummated for any reason, then this paragraph (d) shall not apply and
     Executive's rights shall be determined pursuant to paragraph (a), (b) or
     (c) of this Section 3, whichever paragraph is applicable.  Notwithstanding
     the foregoing, pending consummation of any such transaction, the amounts
     and benefits to which Executive is otherwise entitled under paragraph (a),
     (b) or (c) of this Section 3 shall be paid or provided in accordance with
     the provisions of the applicable paragraph (and Executive shall be under no
     obligation to return any such amounts or benefits received to which he is
     otherwise entitled),

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     subject to supplemental amounts and benefits being paid or provided by the
     Company under Sections 8(d) and 9(b) of the Employment Agreement upon
     consummation of such transaction, it being understood, however, that the
     Company shall be under no obligation to make payments or provide benefits
     under said Section 8(d) or 9(b) to the extent such payments or benefits are
     duplicative of payments or benefits theretofore made or provided to
     Executive hereunder. Further, nothing herein shall limit Executive's rights
     which arise under any Company plan or grant upon the occurrence of a Change
     in Control prior to the end of the Transition Period while Executive is in
     the employ of the Company.

          (e)  Executive shall not be deemed to have failed to comply with his
     obligations under Section 1 hereof, nor shall Executive be deemed to have
     voluntarily terminated his employment, solely by reason of Executive being
     unable to perform any obligations hereunder as a result of mental or
     physical incapacity. Further, such inability shall not serve as the basis
     for a termination for Cause hereunder.

          (f)  The Company may assert a violation by Executive of his
     obligations under Section 1 this Agreement only if such assertion has been
     approved by the Committee.

          4.   PUBLIC ANNOUNCEMENTS.  Executive and the Company shall cooperate
               --------------------
     with each other in the preparation and issuance of any press release or
     other public announcement pertaining to Executive's plans to retire.

          5.   RELEASE.  In connection with Executive's termination of
               -------
     Employment and as a condition to any payments or benefits hereunder,
     Executive or his personal or legal representative shall execute a Release,
     in the form of Exhibit D hereto.

          6.   SUCCESSORS.
               ----------

          (a)  This Agreement is personal to the Executive and, without the
     prior written consent of the Company, shall not be assignable by the
     Executive otherwise than by will or the laws of descent and distribution.
     This Agreement shall inure to the benefit of and be enforceable by the
     Executive's estate and legal representatives.

          (b)  This Agreement shall inure to the benefit of and be binding upon
     the Company and its successors and assigns.

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          7.   APPLICATION OF CERTAIN PROVISIONS OF EMPLOYMENT AGREEMENT.  The
               ---------------------------------------------------------
     provisions of Sections 7(c), 7(e), 8(d), 8(g), 9, 10 and 12 (other than
     paragraph (e) thereof) of the Employment Agreement are incorporated herein
     by reference as if fully set forth herein. The parties further agree to
     submit all controversies, claims and matters of difference in any way
     related to this Agreement, other than the seeking of injunctive relief
     pursuant to Section 12(f) of the Employment Agreement as incorporated
     herein, to arbitration in accordance with the provisions of Section 13(g)
     of the Employment Agreement (which provisions are incorporated herein by
     reference as if fully set forth herein).

          8.   LEGAL FEES.  In the event of a dispute between Executive and the
               ----------
     Company with respect to any of Executive's rights under this Agreement, the
     Company shall reimburse Executive for any and all reasonable legal fees and
     related expenses incurred by him in connection with enforcing such rights,
     including the costs of arbitration, if and to the extent provided by the
     arbitral tribunal resolving such dispute, or if such dispute is resolved
     without arbitration, if Executive is successful in enforcing any material
     rights originally disputed by the Company. The Company shall pay
     Executive's reasonable legal fees (but not in excess of $30,000) incurred
     in connection with entering into this Agreement.

          9.   MISCELLANEOUS.
               -------------

          (a)  Governing Law.  This Agreement shall be governed by and construed
               -------------
     in accordance with the laws of the State of Colorado without reference to
     principles of conflict of laws.

          (b)  Entire Agreement.  Except to the extent the context otherwise
               ----------------
     requires or as otherwise provided herein, this Agreement shall supersede
     any and all existing employment, change-in-control or severance agreements
     between Executive and the Company or any of its affiliates (including, but
     not limited to, the Employment Agreement) and contains the entire
     understanding of the parties with respect to the subject matter hereof.
     There are no restrictions, agreements, promises, warranties, covenants or
     undertakings between the parties with respect to the subject matter herein
     other than those expressly set forth herein. ANY AMENDMENT HERETO SHALL BE
     IN WRITING AND SHALL NOT BE EFFECTIVE UNLESS AND UNTIL SIGNED BY EXECUTIVE
     AND THE CHAIRMAN OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF
     THE COMPANY AND ATTESTED TO BY THE SECRETARY OF THE COMPANY.

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          (c)  No Waiver. The failure of a party to insist upon strict adherence
               ---------
     to any term of this Agreement on any occasion shall not be considered a
     waiver of such party's rights or deprive such party of the right thereafter
     to insist upon strict adherence to that term or any other term of this
     Agreement.

          (d)  Severability. It is expressly understood and agreed that although
               ------------
     Executive and the Company consider the restrictions contained in this
     Agreement to be reasonable, if a final judicial determination is made by a
     tribunal of competent jurisdiction that the time or territory or any other
     restriction contained in this Agreement is an unenforceable restriction
     against Executive, the provisions of this Agreement shall not be rendered
     void but shall be deemed amended to apply as to such maximum time and
     territory and to such maximum extent as such tribunal may determine or
     indicate to be enforceable. Alternatively, if any tribunal of competent
     jurisdiction finds that any restriction contained in this Agreement is
     unenforceable, and such restriction cannot be amended so as to make it
     enforceable, such finding shall not affect the enforceability of any of the
     other restrictions contained herein.  In the event that any one or more of
     the provisions of this Agreement shall be or become invalid, illegal or
     unenforceable in any respect, the validity, legality and enforceability of
     the remaining provisions of this Agreement shall not be affected thereby.

          (e)  Withholding Taxes.  The Company may withhold from any and all
               -----------------
     amounts payable under this Agreement such Federal, state and local taxes as
     may be required to be withheld pursuant to any applicable law or
     regulation.

          (f)  Counterparts.  This Agreement may be signed in several
               ------------
     counterparts, each of which shall be an original, with the same effect as
     if the signatures thereto and hereto were upon the same instrument.

          10.  SURVIVAL.  The respective rights of the parties and their
               --------
     successors and permitted assigns under the provisions of Sections 3, 7, 8
     and 9 hereof (and the associated provisions of the Employment Agreement
     referred to therein or incorporated herein by reference) shall survive the
     expiration of the Transition Period to the extent necessary to give effect
     to such provisions.

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          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
Effective Date.

                                        JOHNS MANVILLE CORPORATION

ATTEST                                  By:  /s/ Todd Goodwin
                                           ----------------------------------
                                           Chairman: Compensation
                                             Committee

/s/ Dion Persson
-----------------------------
Corporate Secretary
                                        /s/ C. L. Henry
                                        ------------------------------------
                                        Executive

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                                                                       Exhibit A
                                                                       ---------

                                 Stock Options
                                 -------------

             Grant Date                        Vesting Status at 3/31/2000
             ----------                        ---------------------------

1.  September 9, 1996
    -----------------

    .  Option for 519,500 shares at            .  fully vested
       exercise price of $10.625 per share

    .  Option for 346,330 shares at            .  fully vested
       exercise price of $13.281 per share

2.  December 10, 1988
    -----------------

    .  Option for 125,000 shares at            .  1/3 vested (41,667 shares);
       exercise price of $15.1875 per share       2/3 non-vested (83,333 shares)

                                       14
<PAGE>

                                                                       Exhibit B
                                                                       ---------

                         Estimated Retirement Benefit
                    Pursuant to Section 6(c) of Employment
                       Agreement (as of March 31, 2000)
                   ----------------------------------------

<TABLE>
<S>                                                         <C>
Target Benefit                                              $    932,740
DuPont Benefit                                                  (396,194)
                                                            ------------
Benefit Based on 79 months of Employment                    $    536,546
Completed Months of Employment                                        42
Reduction for Service Less than 79 Months                         53.165 %
Pro Rated Target Benefit                                    $ 285,254.68
Benefit Payable from
             Company Plans Commencing at Age 62               (54,455.04)
                                                            ------------

Annual Benefit Under Section 6(c)
             Commencing at age 62                           $ 230,799.64
                                                            ============

Estimated Present Value of Annual Benefit
             Under Section 6(c) [Interest @ 5.00%]*         $  2,790,866
                                                            ============
</TABLE>

________________
*  Actual Present Value to reflect the average of Moody's AAA 10-Year Municipal
   Bond Rates for the 13 weeks ending on the earlier of 1/31/2000 or the end of
   the Transition Period.

                                       15
<PAGE>

                                                                       Exhibit C
                                                                       ---------

                   Estimated Payment (as of March 31, 2000)
                   ----------------------------------------

Estimated Benefit Per Section 6(b) of
-------------------------------------
Employment Agreement
--------------------

<TABLE>
<S>                                               <C>
Target Benefit                                    $    932,740
DuPont Benefit                                        (396,194)
                                                  ------------
Annual Benefit Payable by Company                 $ 536,546.00
Annual Benefit Payable from Company Plans
       Commencing at Age 62                         (54,455.04)
                                                  ------------
Annual Benefit Under Section 6(b) at Age 62       $ 482,090.96
Reduction for Commencement at Age 58.9194               84.597 %
Reduced Annual Benefit Under Section 6(b)
       Commencing at Age 58.9194                  $ 407,834.49
                                                  ============
Estimated Present Value of Reduced Annual
       Benefit Under Section 6(b)
       [Interest @ 5.00%]*                                        $  4,931,598

Estimated Present Value of Annual Benefit
-----------------------------------------
       Under Section 6(c) per Exhibit B*                            (2,790,866)
       ---------------------------------                          ------------

Estimated Payment                                                 $  2,140,732
-----------------                                                 ============
</TABLE>

_________________
*    Actual Present Values to reflect the average of Moody's AAA 10-year
     Municipal Bond Rates for the 13 weeks ending on the earlier of 1/31/2000 or
     the end of the Transition Period.

                                       16
<PAGE>

                                                                       Exhibit D
                                                                       ---------

                                    RELEASE
                                    -------

     (a)  In consideration of the agreement by Johns Manville Corporation (the
"Company") to make payment of the amounts contemplated by the Transition and
Retirement Agreement dated as of February 3, 2000, between Charles L. Henry
("Executive") and the Company (the "Transition Agreement"), Executive hereby
agrees to and does fully and completely release, discharge and waive any and all
claims, complaints, causes of action, actions, suits, debts, sums of money,
contracts, controversies, agreements, promises, or demands of whatever kind, in
law or in equity, which he ever had, now has or which he, his heirs, executors
or administrators may have against the Company and its subsidiaries,
predecessors, affiliates, successors and assigns, and each and all of their
officers and directors, in their capacities as such (collectively, the
"Releasees"), by reason of any event, matter, cause or thing which has occurred
to the date of execution of this Release. relating in any way to the Executive's
employment relationship with the Company or to his termination thereof, whether
for severance or based on statutory or common law claims for employment
discrimination, wrongful discharge, breach of contract or any other theory,
whether legal or equitable, or arising under any statute or regulation,
including the Age Discrimination in Employment Act of 1967, Title VII of the
Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with
Disabilities Act of 1990, the Employee Retirement Income Security Act of 1974,
and the Family Medical Leave Act of 1993, each as amended, or any other federal,
state or local law, regulation, ordinance or common law.

     (b)  Nothing herein shall be deemed to release (i) any of the Executive's
rights under the Transition Agreement (including those rights under the
Employment Agreement which survive under, or are incorporated in, the Transition
Agreement (ii) any of the benefits that the Executive has accrued prior to the
date this Release is executed by the Executive and to which Executive is
entitled under the Company's various employee benefit plans, programs and
policies or (iii) any rights to indemnification or to directors and officers
liability insurance under the Certificates of Incorporation or By-laws or the
Company or any affiliate or pursuant to the provisions of any plan or agreement.

                                       17
<PAGE>

     (c)  The Executive represents that the Company has advised him to consult
with an attorney of his choosing prior to signing this Release. The Executive
further represents that he understands and agrees that he has the right to and
has in fact reviewed this Release with an attorney of the Executive's choice.
The Executive further represents that he understands and agrees that the Company
is under no obligation to offer him this Release, that the Executive is under no
obligation to consent to this Release, and that he has entered into this Release
freely and voluntarily.

     (d)  The Executive shall have twenty-one (21) days to consider this Release
and once he has signed this Release, the Executive shall have seven (7)
additional days from the date of execution to revoke his consent to this
Release. Any such revocation shall be made by delivering written notification to
the Company and upon such revocation, the Executive shall immediately repay to
the Company any amounts theretofore paid to him pursuant to the Transition
Agreement and shall have no further right to receive any amounts or benefits
pursuant to the Transition Agreement. Unless previously revoked, this Release
shall become effective as of the eighth (8th) day after the date the Executive
signs this Release.

          IN WITNESS WHEREOF, the Executive has executed this Release as of the
___ of ____________________, 2000.

                                                  ______________________________
                                                            Executive

                                       18<PAGE>

                                                                   EXHIBIT 10(z)

              AMENDMENT TO AND EXTENSION OF EMPLOYMENT AGREEMENT
                  BETWEEN JOHNS MANVILLE INTERNATIONAL, INC.
                             AND KENNETH L. JENSEN

     This AMENDMENT AND EXTENSION, dated as of April 1, 1998, is by and between
JOHNS MANVILLE CORPORATION, a Delaware corporation (the "Company"), and KENNETH
L. JENSEN (the "Executive"), and amends and extends the EMPLOYMENT AGREEMENT,
dated April 10, 1992, between the Company (f/k/a Schuller International, Inc.)
and the Executive (as previously amended and extended, the "Employment
Agreement").

     WHEREAS, the Company and the Executive have agreed to amend and extend the
Employment Agreement in accordance with the terms hereof.

     NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the parties hereto hereby agree as follows:

     1.   Section 1 of the Employment Agreement is hereby amended to read as
          follows:

          1.   Term of Employment. The Executive's period of employment
               ------------------
               hereunder shall extend from April 10, 1992 through April 10,
               2001; provided, however, that commencing April 10, 1999 and each
               April 10 thereafter if this Agreement is still in effect, the
               period of employment shall automatically be extended for one
               additional year unless, not later than March 1 of such year, the
               Company or the Executive has given written notice to the other
               party that such term of employment shall not be so extended. The
               period of Executive's employment hereunder, including any
               extension or extensions pursuant to the foregoing sentence, is
               referred to hereafter as the "Employment Term."

     2.   The first sentence of Section 2 of the Employment Agreement is hereby
          amended to read as follows: While employed hereunder, Executive shall
          serve as Senior Vice President, Corporate Development and Investor
          Relations of the Company.

     3.   The lead-in paragraph of Section 7(d) of the Employment Agreement is
          hereby amended to read as follows:

          (d)  Subject to Section 7(g), if during the Employment Term and prior
               to a Change in Control Executive's employment hereunder is
               terminated by the Company without Cause (other than by reason of
               death or

                                       1
<PAGE>

               Disability) or by Executive with "Good Reason" (as defined in
               Section 7(e) below) asserted in a Notice of Termination pursuant
               to Section 13(f) within one year of the event alleged to
               constitute such Good Reason, Executive shall be entitled to
               receive the following benefits:

     4.   Section 7(d)(i) of the Employment Agreement is hereby amended to read
          as follows:

          (i)  The Company shall pay Executive in equal monthly cash payments,
          beginning on the fifth day of the month following such termination and
          continuing on the fifth day of each month thereafter for a period of
          24 months, an aggregate amount equal to two times Executive's Base
          Salary in effect at the time of such termination or, in the event of
          termination by Executive on account of an event described in Section
          7(e)(iv) below, the Base Salary as in effect prior to the reduction or
          reductions referred to therein plus the bonus Executive would have
          earned in respect of the year of termination under the Company's
          annual incentive compensation plan, if any, in effect at the date of
          termination or, in the event of a termination by Executive by reason
          of an event described in Section 7(e)(vi), the plan in effect prior to
          the elimination referred to therein, determined as if Executive had
          been employed by the Company for the full year and without regard to
          any right reserved by the Company to decrease or eliminate such bonus,
          and assuming actual performance had equaled 100% of the performance
          objective established for such year pursuant to the terms of such
          plan. In the event of a Change in Control following such termination,
          all remaining amounts then payable pursuant to this Section 7(d)(i)
          shall be paid in a lump sum in cash within 15 days of the date of the
          event giving rise to the Change in Control.

     5.   The Employment Agreement is hereby amended to add a new Section 7(g)
          and (h) to read as follows:

          (g)  Notwithstanding any other provision of this Agreement, in
               the event (i) Executive's employment hereunder is terminated by
               the Company without Cause prior to a Change in Control pursuant
               to which payments are payable pursuant to Section 7(d) and (ii)
               such termination is the result of a Performance Related
               Termination Event (as defined in Section 7(g) below), then (x)
               the benefits and perquisites provided pursuant to Sections
               7(d)(ii) and 7(d)(iii) shall be provided for a 12-month period
               after such termination in lieu of a 24-month period, (y) the
               benefits and services provided pursuant to Sections 7(d)(iv) and
               7(d)(v) shall remain unchanged and (z) the amount payable
               pursuant to Section 7(d)(i) shall be reduced to the amount
               provided in Section 7(g)(i) below:

                                       2
<PAGE>

                    (i)  The Company shall pay Executive in equal monthly cash
                         payments beginning on the fifth day of the month
                         following such termination and continuing on the fifth
                         day of each month thereafter for a period of 24 months,
                         an aggregate cash amount equal to one times his Base
                         Salary in effect at the time of such termination plus a
                         fraction of the annual bonus which (absent such
                         termination and without regard to any right reserved by
                         the Company to decrease or eliminate such bonus)
                         Executive would have earned in respect of the year of
                         termination under the JM annual incentive compensation
                         plan, if any, in effect at the date of termination,
                         assuming actual performance had equaled 100% of the
                         performance objective established for such year
                         pursuant to the terms of such plan, the numerator of
                         which fraction is the number of days in such year
                         during which the Executive was employed by the Company
                         and the denominator of which is 365.

               (h)  For purposes of the foregoing, "Performance Related
                    Termination Event" shall mean Executive's failure to meet in
                    any material respect the expectations of the Company which
                    have been communicated to Executive and which are reasonable
                    and material in light of Executive's position after a
                    written notice specifying this Section and identifying such
                    failure is delivered to Executive and Executive shall have
                    failed during the 60-day period following such written
                    demand to have corrected such failure (other than as a
                    result of total or partial incapacity due to physical or
                    mental illness or as a result of termination by Executive
                    for Good Reason).

          6.   The lead-in paragraph of Section 8(d) of the Employment Agreement
               is hereby amended to read as follows:

               (d)  If during the Employment Term Executive's employment
               hereunder is terminated by the Company following a Change in
               Control without Cause (other than by reason of death or
               Disability) or by Executive with "Good Reason" (which following a
               Change in Control shall have the meaning set forth in Section
               8(e) below) asserted in a Notice of Termination pursuant to
               Section 13(f) within two years of the event alleged to constitute
               such Good Reason, Executive shall be entitled to receive the
               following benefits:

                                       3
<PAGE>

          7.   Section 8(d)(i) of the Employment Agreement is hereby amended to
               read as follows:

               (i)  The Company shall pay Executive at the time of termination
               in a lump sum a cash amount equal to three times the sum of (A)
               Executive's Base Salary in effect at the time of such termination
               or, in the event of termination by Executive by reason of an
               event described in Section 8(e)(iv) below, the Base Salary as in
               effect prior to the reduction or reductions referred to therein
               plus (B) the bonus Executive would have earned in respect of the
               year of termination under the Company's annual incentive
               compensation plan, if any, in effect at the date of termination
               or, in the event of a termination by Executive by reason of an
               event described in Section 8(e)(v), the plan in effect
               immediately prior to the reduction or reductions referred to
               therein, determined as if Executive had been employed by the
               Company for the full year and without regard to any right
               reserved by the Company to decrease or eliminate such bonus, and
               assuming actual performance had equaled 100% of the performance
               objective established for such year pursuant to the terms of such
               plan.

          8.   Section 9 of the Employment Agreement is hereby amended to read
               as follows:

               9.   Golden Parachute Tax.
                    --------------------

                    (a)  Anything herein to the contrary notwithstanding, in the
                    event that it is determined that any payment or distribution
                    by the Company to or for Executive's benefit, whether paid
                    or payable or distributed or distributable pursuant to the
                    terms hereof or otherwise, other than any payment pursuant
                    to this Section 9(a) (a "Payment"), would be subject to the
                    excise tax imposed by Section 4999 of the Internal Revenue
                    Code of 1986, as amended (the "Code") or any interest or
                    penalties with respect to such excise tax (such excise tax,
                    together with any such interest and penalties, are
                    hereinafter collectively referred to as the "Excise Tax"),
                    then Executive shall be entitled to receive, within 15 days
                    following the determination described in Section 9(b) below,
                    an additional payment ("Excise Tax Adjustment Payment") in
                    an amount such that after payment by Executive of all
                    applicable Federal, state and local taxes (computed at the
                    maximum marginal rates and including any interest or
                    penalties imposed with respect to such taxes), including any
                    Excise Tax, imposed upon the Excise Tax Adjustment Payment,
                    Executive shall retain an amount of the Excise Tax
                    Adjustment Payment equal to the Excise Tax imposed upon the
                    payments.

                                       4
<PAGE>

                    (b)  All determinations required to be made under this
                    Section 9, including whether an Excise Tax Adjustment
                    Payment is required and the amount of such Excise Tax
                    Adjustment Payment, shall be made by Coopers & Lybrand,
                    L.L.P. or such accounting firm as the Company may designate
                    prior to a Change of Control, which shall provide to the
                    Company and Executive detailed supporting calculations
                    within 15 business days of the date of Executive's
                    termination of Employment. Except as hereinafter provided,
                    any determination by Coopers & Lybrand, L.L.P. or such other
                    accounting firm as the Company may designate prior to a
                    Change of Control shall be binding upon the Company and
                    Executive. As a result of the uncertainty in the application
                    of Section 4999 of the Code at the time of the initial
                    determination hereunder, it is possible that (x) Excise Tax
                    Adjustment Payments which should have been made will not
                    have been made by the Company ("Underpayment"), or (y)
                    certain Excise Tax Adjustment Payments will have been made
                    which should not have been made ("Overpayment"), consistent
                    with the calculations required to be made hereunder. In the
                    event of an Underpayment, the Company shall promptly
                    determine the amount of the Underpayment that has occurred
                    and any such Underpayment shall be promptly paid by the
                    Company to or for Executive's benefit. In the event that
                    Executive discovers that an Overpayment shall have occurred,
                    the amount thereof shall be promptly repaid to the Employer.

          9.   The Employment Agreement is hereby amended to add, immediately
               prior to the first sentence of Section 13(d), the following:

               It is expressly understood and agreed that although Executive and
               the Company consider the restrictions contained in this Agreement
               to be reasonable, if a final judicial determination is made by a
               tribunal of competent jurisdiction that the time or territory or
               any other restriction contained in this Agreement is an
               unenforceable restriction against Executive, the provisions of
               this Agreement shall not be rendered void but shall be deemed
               amended to apply to such maximum time and territory and to such
               maximum extent as such tribunal may determine or indicate to be
               enforceable.

          10.  The Employment Agreement is hereby amended to add a new Section
               13(i), (j) and (k) to read as follows:

               (i)  Non-Disparagement. Executive and the Company shall each use
                    -----------------
                    all reasonable efforts not to make any statements or take
                    any action that may be derogatory or disparaging to the
                    reputation of the other or, in the case of the Executive, to
                    the reputation of any of the Company's

                                       5
<PAGE>

                    affiliates. Notwithstanding the foregoing, nothing in this
                    Agreement shall preclude either party from truthful
                    statements or disclosures that are required by applicable
                    law or regulation, or from taking any position in
                    prosecuting or defending any judicial, administrative or
                    arbitration proceeding arising hereunder.

               (j)  Cooperation.  Executive agrees that following termination of
                    -----------
                    Executive's employment with the Company prior to a Change in
                    Control for a period ending on the earlier to occur of the
                    fifth anniversary of such termination or a Change in
                    Control, Executive shall make himself reasonably available
                    to the Company and its legal counsel, taking into
                    consideration Executive's other obligations, and shall
                    cooperate with the Company in connection with any
                    litigation, investigation or other proceeding relating to
                    events occurring during Executive's employment hereunder or
                    facts as to which he has knowledge; provided that Executive
                                                        ---------
                    shall be entitled to reimbursement of necessary and
                    reasonable expenses incurred in connection therewith subject
                    to provision of receipts therefor and provided further that
                                                          -------- -------
                    (i) nothing herein shall require Executive to make any but
                    truthful statements and (ii) Executive will not be required
                    so to cooperate to the extent his position is in conflict
                    with that of the Company.

               (k)  Non-Competition/Non-Solicitation. (i) Executive acknowledges
                    --------------------------------
                    and recognizes the highly competitive nature of the business
                    of the Company and its affiliates and accordingly hereby
                    agrees, in consideration of the agreements herein of the
                    Company, that from the date hereof through the termination
                    of Executive's employment with the Company and, if such
                    termination occurs prior to a Change in Control, through the
                    two year period following such termination of Executive's
                    employment, (x) Executive shall not alone, or as a partner,
                    member, employee, agent, director, stockholder or investor
                    of any corporation or other business entity or in any other
                    individual or representative capacity, directly or
                    indirectly, own, manage, operate or control, or participate
                    in the ownership, management, operation or control of, or
                    work or provide consulting services to (including, without
                    limitation, without receiving a fee or other compensation),
                    or lend money to, any business, activity or person which
                    competes with a business or activity in North America,
                    Europe and Asia in which the Company is engaged or in which
                    the Company or its affiliates is actively and seriously
                    considering engaging at the time in question in the case of
                    conduct during such employment or at the time of Executive's
                    termination of employment in the case of conduct during such
                    two year period; provided the foregoing shall not prohibit
                                     --------
                    Executive from directly or indirectly making passive
                    investments of not more than one percent (1%) of the
                    outstanding equity interests in, or

                                       6
<PAGE>

                    public debt of, any company or entity listed or traded on a
                    national securities exchange or an over the counter
                    securities market and (y) Executive shall not, directly or
                    indirectly, recruit, seek to recruit, or hire any present or
                    former employee of the Company or any of its subsidiaries
                    (level 30 or above) until at least one year has passed from
                    the date of termination of such person's employment with the
                    company or any of its subsidiaries.

                    (ii)   Executive hereby acknowledges that the business of
                    the Company and its affiliates is international in scope and
                    that, accordingly, any geographical limitation on the scope
                    of the foregoing covenant to less than that specified
                    therein could be meaningless, and that, by reason thereof,
                    Executive acknowledges that the scope of the foregoing
                    covenant is reasonable and necessary in order to protect the
                    interests of the Company and its affiliates sought to be
                    protected hereby.

                    (iii)  The parties acknowledge and agree that their
                    respective remedies for a breach or threatened breach of any
                    of the provisions of Section 13 (i), (j) or (k) would be
                    inadequate and, in recognition of this fact, the parties
                    agree that, in the event of such a breach or threatened
                    breach, in addition to any remedies at law, the aggrieved
                    party, without posting any bond, shall be entitled to obtain
                    equitable relief in the form of specific performance,
                    temporary restraining order, temporary or permanent
                    injunction or any other equitable remedy which may then be
                    available.

          11.  Except as provided by this Amendment, the Employment Agreement
               shall remain in full force and effect.

                                       7
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Amendment to be
effective as of April 1, 1998.

                                   /s/ Kenneth L. Jensen
                                   ----------------------------------
                                   Kenneth L. Jensen

                                   JOHNS MANVILLE CORPORATION

                                   /s/ C. L. Henry
                                   ----------------------------------
                                   C.L. Henry
                                   Chairman, Chief Executive Officer
                                   and President
ATTEST:

/s/ Richard B. Von Wald
-----------------------

Richard B. Von Wald
Executive Vice President,
General Counsel and Secretary

                                       8

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