Document:

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                                                                    Exhibit 10.1

================================================================================

                               THIRD AMENDMENT TO
                                CREDIT AGREEMENT

                            Dated as of May 31, 2002

                                      Among

               NEW ENGLAND AUDIO CO., INC. and NEA DELAWARE, INC.,
                                  as Borrowers,

                     TWEETER HOME ENTERTAINMENT GROUP, INC.,
            TWEETER HOME ENTERTAINMENT GROUP FINANCING COMPANY TRUST,
                                 THEG USA, L.P.,
                          TWEETER OF CALIFORNIA, INC.,
                              THE VIDEO SCENE INC.,
                               SOUND ADVICE, INC.
                                       and
                          SOUND ADVICE OF ARIZONA INC.,
                                  as Guarantors

                            THE LENDERS PARTY HERETO

                                       and

                              FLEET NATIONAL BANK,
                            as Agent for the Lenders

================================================================================

<PAGE>

                       THIRD AMENDMENT TO CREDIT AGREEMENT

         This THIRD AMENDMENT TO CREDIT AGREEMENT is entered into as of May 31,
2002 by and among NEW ENGLAND AUDIO CO., INC., a Massachusetts corporation ("New
England Audio"), and NEA DELAWARE, INC., a Delaware corporation ("NEA
Delaware"), (each a "Borrower" and collectively the "Borrowers"), TWEETER HOME
ENTERTAINMENT GROUP, INC., a Delaware corporation ("Tweeter"), TWEETER HOME
ENTERTAINMENT GROUP FINANCING TRUST, a Massachusetts business trust ("Tweeter
Trust"), THEG USA, L.P., a Delaware limited partnership ("THEG"), TWEETER OF
CALIFORNIA, INC., a California corporation ("TOC"), THE VIDEO SCENE INC., a
California corporation ("TVS"), SOUND ADVICE, INC., a Florida corporation
("Sound Advice"), successor by merger to TWT Acquisition Corp. and SAI
Distributors, Inc., and SOUND ADVICE OF ARIZONA INC., a Florida corporation
("SAOA") (Tweeter, Tweeter Trust, THEG, TOC, TVS, Sound Advice and SAOA, each a
"Guarantor" and collectively the "Guarantors") (each Borrower and each Guarantor
a "Loan Party" and the Borrowers and the Guarantors collectively the "Loan
Parties"), WACHOVIA BANK, N.A., a national banking associations ("Wachovia"),
successor by merger to First Union National Bank and FLEET NATIONAL BANK,
national banking association, as Agent (the "Agent" and together with Wachovia,
the "Lenders").

                                    RECITALS

         The Borrowers, the Guarantors, the Lenders and the Agent are parties to
a Credit Agreement dated as of June 29, 2001 (as amended, the "Credit
Agreement"). All capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Credit Agreement. The Loan Parties, desire to
amend the Credit Agreement in certain respects. The Agent and the Lenders are
willing to amend the Credit Agreement on the terms and conditions set forth
herein.

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrowers, the Guarantors, the
Lenders and the Agent hereby amend the Credit Agreement as follows:

         Section 1. AMENDMENT TO DEFINITIONS.

                  (a) Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition "MAXIMUM REVOLVING CREDIT AMOUNT" in its entirety and
substituting therefor the following:

                  "MAXIMUM REVOLVING CREDIT AMOUNT" shall mean as of any date
         of determination, the lesser of (a) $100,000,000 or (b) the amount to
         which the Maximum Revolving Credit Amount may have been reduced
         pursuant to Section 2.10 hereof; PROVIDED that if the obligation of the
         Lenders to make further Revolving Credit Advances is terminated upon
         the occurrence of an Event of Default, the Maximum Revolving Credit
         Amount as of any date of determination thereafter shall be deemed to be
         $0."

<PAGE>

         Section 2. AMENDMENT TO CREDIT AGREEMENT.

                  (a) Article 7 of the Credit Agreement is hereby amended by
adding the following Section 7.6 at the end thereof:

                  "Section 7.6 CONSOLIDATED NET INCOME. Tweeter and its
         subsidiaries shall earn Consolidated Net Income of not less than $1 for
         each period of four consecutive fiscal quarters, commencing with the
         four-quarter period ending June 30, 2002."

         Section 3. REVISED REVOLVING CREDIT NOTES. The Agent, the Lenders and
the Borrowers hereby agree that the Borrowers shall execute and deliver to the
Lenders the Revolving Credit Notes in the form of EXHIBIT A hereto to evidence
the Revolving Credit Advances, which notes, from and after the date hereof,
shall be deemed to be the Revolving Credit Notes under the Credit Agreement.

         Section 4. AMENDMENT OF SCHEDULES 1 AND 2. SCHEDULES 1 AND 2 to the
Credit Agreement are hereby deleted in their entirety and the new SCHEDULES 1
AND 2 attached hereto are substituted therefor.

         Section 5. EFFECTIVENESS; CONDITIONS TO EFFECTIVENESS. This Third
Amendment to Credit Agreement shall become effective as of May 31, 2002 upon
execution hereof by the Borrowers, the Guarantors, the Lenders and the Agent and
satisfaction of the following conditions:

                  (a) EXECUTION OF REVOLVING CREDIT NOTES. The Borrowers shall
have executed the Revolving Credit Notes substantially in the form of EXHIBIT A
hereto in favor of the Lenders.

                  (b) OFFICERS' CERTIFICATE. The Loan Parties shall have
delivered to the Agent an Officers' Certificate in the form of EXHIBIT B hereto.

                  (c) OPINION OF COUNSEL. The Loan Parties shall have delivered
to the Agent an opinion of Goulston & Storrs, P.C., counsel to the Loan Parties,
in form and substance satisfactory to the Agent.

                  (d) RESOLUTIONS. The Loan Parties shall have delivered to the
Agent copies of the resolutions of the Boards of Directors or partners of the
Loan Parties authorizing the execution, delivery and performance of this
Amendment, and the other Lender Agreements of the date hereof to which any Loan
Party is a party, certified by an officer (or in the case of the Tweeter Trust,
trustee) or partner of each Loan Party (which certificate shall state that such
resolutions are in full force and effect).

                  (e) EXISTENCE, QUALIFICATION AND GOOD STANDING CERTIFICATES.
The Loan Parties shall have delivered to the Agent certificates of legal
existence for the Loan Parties of recent date issued by the appropriate
governmental authorities.

                                       2
<PAGE>

                  (f) AMENDMENT FEE. The Agent, on behalf of the Lenders, shall
have received from the Borrowers an amendment fee in the amount of $62,500.

         Section 6. REPRESENTATIONS AND WARRANTIES; NO DEFAULT. The Loan Parties
hereby confirm to the Lenders and the Agent the representations and warranties
of the Loan Parties set forth in Article 5 of the Credit Agreement as of the
date hereof, as if set forth herein in full (except as to transactions permitted
hereunder and described in a Compliance Certificate previously delivered to the
Agent and except that the references in Article 5 to the 2000 Financial
Statements shall be deemed to refer to the most recent annual audited
consolidated financial statements of Tweeter and its Subsidiaries furnished to
the Agent). The Loan Parties hereby certify that, after giving effect hereto, no
Default exists under the Credit Agreement.

         Section 7. MISCELLANEOUS. The Loan Parties agree, jointly and
severally, to pay on demand all the Agent's fees and reasonable expenses in
preparing, executing and delivering this Third Amendment to Credit Agreement,
and all related instruments and documents, including, without limitation, the
reasonable fees and out-of-pocket expenses of the Agent's special counsel,
Goodwin Procter LLP. This Third Amendment to Credit Agreement shall be a Lender
Agreement and shall be governed by and construed and enforced under the laws of
The Commonwealth of Massachusetts without regard to principles relating to
choice of law.

                           [INTENTIONALLY LEFT BLANK]

                                       3
<PAGE>

         IN WITNESS WHEREOF, the Borrowers, the Guarantors, the Lender and the
Agent have caused this Third Amendment to the Credit Agreement to be executed
under seal by their duly authorized officers as of the date first set forth
above.

                                        NEW ENGLAND AUDIO CO., INC.

                                        By: /s/ Joseph Mcguire
                                            ------------------------------------
                                            Name:  Joseph McGuire
                                            Title: Senior Vice President and
                                                   Chief Financial Officer

                                        NEA DELAWARE, INC.

                                        By: /s/ Joseph Mcguire
                                            ------------------------------------
                                            Name:  Joseph McGuire
                                            Title: Senior Vice President and
                                                   Chief Financial Officer

                                        TWEETER HOME ENTERTAINMENT GROUP, INC.

                                        By: /s/ Joseph Mcguire
                                            ------------------------------------
                                            Name:  Joseph McGuire
                                            Title: Senior Vice President and
                                                   Chief Financial Officer

                                        TWEETER HOME ENTERTAINMENT
                                        GROUP FINANCING COMPANY TRUST

                                        By: /s/ Joseph Mcguire
                                            ------------------------------------
                                            Name:  Joseph McGuire
                                            Title: Senior Vice President and
                                                   Chief Financial Officer

                                       4

<PAGE>

                                        THEG USA, L.P

                                        By: New England Audio Co., Inc.,
                                            General Partner

                                        By: /s/ Joseph Mcguire
                                            ------------------------------------
                                            Name:  Joseph McGuire
                                            Title: Senior Vice President and
                                                   Chief Financial Officer

                                        TWEETER OF CALIFORNIA, INC.

                                        By: /s/ Joseph Mcguire
                                            ------------------------------------
                                            Name:  Joseph McGuire
                                            Title: Senior Vice President and
                                                   Chief Financial Officer

                                        THE VIDEO SCENE INC.

                                        By: /s/ Joseph Mcguire
                                            ------------------------------------
                                            Name:  Joseph McGuire
                                            Title: Senior Vice President and
                                                   Chief Financial Officer

                                        SOUND ADVICE, INC.

                                        By: /s/ Joseph Mcguire
                                            ------------------------------------
                                            Name:  Joseph McGuire
                                            Title: President

                                        SOUND ADVICE OF ARIZONA INC.

                                        By: /s/ Joseph Mcguire
                                            ------------------------------------
                                            Name:  Joseph McGuire
                                            Title: President

                                        FLEET NATIONAL BANK, as Agent

                                        By: /s/ Michael J. Bassick
                                            ------------------------------------
                                            Name:  Michael J. Bassick
                                            Title: Vice President

                                       5
<PAGE>

                                        FLEET NATIONAL BANK

                                        By: /s/ Michael J. Bassick
                                            ------------------------------------
                                            Name:  Michael J. Bassick
                                            Title: Vice President

                                        WACHOVIA BANK, N.A.

                                        By: /s/ Mark S. Supple
                                            ------------------------------------
                                            Name   Mark S. Supple
                                            Title: Vice President

                                       6

<PAGE>

                                   SCHEDULE 1

                             COMMITMENT PERCENTAGES

                                                           MAXIMUM AMOUNT OF
      LENDER                 COMMITMENT PERCENTAGE     REVOLVING CREDIT ADVANCES

Fleet National Bank                   65%                     $65,000,000

Wachovia Bank, N.A.                   35%                     $35,000,000

<PAGE>

                                   SCHEDULE 2

                                PRICING SCHEDULE

         The Eurodollar Rate Margin and the Applicable Commitment Fee on any day
are the respective percentages set forth below in the applicable row under the
column corresponding to the Status that exists on such day:

<TABLE>
<CAPTION>

---------------------------- ------------------ ------------------ -------------------- ------------------
           STATUS                 LEVEL 1           LEVEL II            LEVEL III           LEVEL IV
---------------------------- ------------------ ------------------ -------------------- ------------------
<S>                                 <C>                <C>                 <C>                 <C>

---------------------------- ------------------ ------------------ -------------------- ------------------
Eurodollar Rate Margin              1.50               1.75                2.00                2.25
---------------------------- ------------------ ------------------ -------------------- ------------------
Commitment Fee                      0.25               0.25                0.375               0.375
---------------------------- ------------------ ------------------ -------------------- ------------------
</TABLE>

         For purposes of this Schedule, the following terms have the following
         meanings:

                  "Level I Status" exists at any date if, at such date, the
         Consolidated Leverage Ratio is less than 1.50 to 1.00 and no Default
         exists.

                  "Level II Status" exists at any date if, at such date, the
         Consolidated Leverage Ratio is equal to or greater than 1.50 to 1.00
         and less than 2.00 to 1.00 and no Default exists.

                  "Level III Status" " exists at any date if, at such date, the
         Consolidated Leverage Ratio is equal to or greater than 2.00 to 1.00
         and less than 2.50 to 1.00 and no Default exists.

                  "Level IV Status" exists at any date if, at such date, no
         other Status exists.

                  "Status" refers to the determination of which of Level I
         Status, Level II Status, Level III Status or Level IV Status exists at
         any date.

         For the period from the Closing Date through the date five Business
Days following the Agent's receipt of the financial statements of Tweeter and
its Subsidiaries for the period ended June 30, 2001, the Status shall be deemed
to be Level I so long as no Default exists. Thereafter, the "Consolidated
Leverage Ratio" shall be determined on the date five Business Days following the
Agent's receipt of the financial statements of Tweeter and its Subsidiaries for
the previous fiscal quarter certified by the chief financial officer of Tweeter,
commencing with receipt of the financial statements for the fiscal quarter
ending June 30, 2001, and shall be equal to the Consolidated Leverage Ratio in
effect as of the end of such previous fiscal quarter as reflected on such
financial statements.<PAGE>
                                                                   EXHIBIT 10.32

                         FUMED ALUMINA SUPPLY AGREEMENT

                  This Fumed Alumina Supply Agreement ("Agreement") is made and
is effective as of this twelfth (12th) day of December, 2001 (the "Effective
Date") by and between Cabot Corporation, a Delaware corporation ("Cabot") and
Cabot Microelectronics Corporation, a Delaware corporation ("CMC"). Cabot and
CMC hereinafter are each sometimes referred to individually as a "Party" and
collectively as the "Parties." The Parties agree that except as otherwise
explicitly stated herein, nothing in this Agreement amends or modifies, or is
intended to amend or modify, any of the terms or conditions of, or the rights,
duties or obligations of either of the Parties under, that certain Fumed Metal
Oxide Supply Agreement by and between the Parties executed January 20, 2000
("FMO Agreement").

                                    RECITALS

         WHEREAS, CMC is a producer, manufacturer and supplier of slurries
("Slurries") used in chemical mechanical polishing, a polishing process used in
the manufacturing of integrated circuit and other devices, and possesses certain
proprietary technology for the production of such Slurries;

         WHEREAS, fumed alumina is a chemical used in the production of
Slurries, and CMC desires to have Cabot provide CMC certain fumed alumina and
Cabot desires to provide certain fumed alumina to CMC;

         WHEREAS, Cabot is a producer, manufacturer and supplier of fumed metal
oxides, including without limitation fumed alumina, and possesses certain
proprietary technology for the production of such fumed metal oxides;

         WHEREAS, pursuant to the FMO Agreement CMC currently purchases from
Cabot fumed alumina produced at Cabot's pilot plant in Tuscola, Illinois, USA
(the "Tuscola Pilot Plant"), which CMC uses in the production of Slurries; and

         WHEREAS, Cabot has constructed, and owns, and will operate and maintain
a commercial production unit at its production facilities in Tuscola, Illinois,
USA ("Tuscola Unit C") for the primary purpose of producing fumed alumina to be
sold by Cabot to CMC and purchased by CMC from Cabot subject to the terms of
this Agreement.

         NOW THEREFORE, the Parties do hereby agree as follows:

1.       TUSCOLA UNIT C AND TUSCOLA PILOT PLANT

         1.1 Tuscola Unit C. (a) Cabot owns and has had designed and
constructed, and shall operate and maintain, Tuscola Unit C which initially has
been designed to produce fumed alumina ("Unit C Fumed Alumina"), all of which so
produced during the Term of this Agreement will be provided by Cabot to, and,
subject to CMC's orders, accepted by CMC for CMC's purchase, except as may be
otherwise provided in this Agreement.

         (b) For the purposes of this Agreement, "InSpec Fumed Alumina" shall
mean Unit C Fumed Alumina or Substitute Fumed Alumina (as defined in Section
1.3) that conforms to the

       CABOT MICROELECTRONICS CORPORATION - CABOT CORPORATION CONFIDENTIAL
                                  Page 1 of 35
<PAGE>
specifications set forth in Section 3 and Exhibit A to this Agreement, and "OQ
Fumed Alumina" shall mean all Unit C Fumed Alumina other than InSpec Fumed
Alumina. Before shipment to CMC, Cabot agrees to identify and inform CMC of all
Unit C Fumed Alumina that Cabot has then determined as OQ Fumed Alumina. For
purposes of this Agreement, "Unit C Total Annual Design Amount" shall mean [ ]
lbs (plus the total annual design amount of any Unit C Capacity Expansion as
provided in 1.1(e) below other than a Unit C Capacity Expansion for Cabot's use
as provided in clause (iii) of such section). For purposes of this Agreement,
"Unit C Maximum Capacity Rate" shall mean [ ] lbs per month plus the maximum
capacity rate of any Unit C Capacity Expansion as provided in 1.1(e) below other
than a Unit C Capacity Expansion for Cabot's use as provided in clause (iii) of
such section.

         (c) For the purposes of this Agreement, "Tuscola Unit C Production
Capacity" shall mean (i) for the period ending September 30, 2002, [ ] lbs per
year of InSpec Fumed Alumina (plus [ ] percent ([ ]%) of the total annual design
amount of any Unit C Capacity Expansion as provided in 1.1(e) below other than a
Unit C Capacity Expansion for Cabot's use as provided in clause (iii) of such
section) and (ii) for the period beginning October 1, 2002, [ ] lbs per year of
InSpec Fumed Alumina (plus [ ] percent ([ ]%) of the total annual design amount
of any Unit C Capacity Expansion as provided in 1.1(e) below other than a Unit C
Capacity Expansion for Cabot's use as provided in clause (iii) of such section),
all of which so produced during the Term of this Agreement will be provided by
Cabot to, and, subject to CMC's orders, accepted by, CMC for CMC's purchase,
except as may be otherwise provided in this Agreement.

         (d) During the term of this Agreement, Cabot shall use all commercially
reasonable efforts to produce InSpec Fumed Alumina in an amount no less than
Tuscola Unit C Production Capacity. Notwithstanding anything to the contrary in
this Agreement, Cabot agrees to use all commercially reasonable efforts so that
no less than [ ] percent ([ ]%) of the Unit C Fumed Alumina that it manufactures
in Tuscola Unit C will be InSpec Fumed Alumina, and no more than [ ] percent ([
]%) of the Unit C Fumed Alumina that it manufactures in Tuscola Unit C will be
OQ Fumed Alumina. If, in any given calendar month of the Term of this Agreement,
less than [ ] percent ([ ]%) of the Unit C Fumed Alumina produced by Tuscola
Unit C is InSpec Fumed Alumina, and such is not the direct result of Force
Majeure events as described in Section 8.10 of this Agreement, or directly
caused by the CMC [ ] (as defined in Section 1.9), as independently verified by
CMC or Cabot and mutually agreed upon by the Parties, Cabot shall use all
commercially reasonable efforts to return and maintain the quality of Tuscola
Unit C's total monthly production of Unit C Fumed Alumina to no less than [ ]
percent ([ ]%) of InSpec Fumed Alumina.

         (e) In the event that, because of a request from CMC or otherwise,
either Party desires to expand the production capacity of Tuscola Unit C
(through debottlenecking, load rate increases, or otherwise) during the term of
this Agreement, and upon analysis, such expansion is both possible and
commercially reasonable (a "Unit C Capacity Expansion"), Cabot shall promptly
notify CMC of Cabot's analysis and initial estimate of costs and schedule of
such a Unit C Capacity Expansion, and CMC shall have the right to the additional
Unit C Fumed Alumina resulting from such Unit C Capacity Expansion during the
Term of this Agreement, or as otherwise agreed to by the parties. For any such
Unit C Capacity Expansion requested by CMC, CMC shall thereafter notify Cabot,
within thirty (30) days of its receipt of such Cabot notice, of CMC's decision,
at its sole discretion, to proceed or not to proceed with such a Unit C

       CABOT MICROELECTRONICS CORPORATION - CABOT CORPORATION CONFIDENTIAL
                                  Page 2 of 35           ,
                                                --------   --------
<PAGE>

Capacity Expansion, and if CMC decides to proceed with such Unit C Capacity
Expansion, its agreement to include the additional Unit C Fumed Alumina
resulting from such Unit C Capacity Expansion under the terms of this Agreement,
and its agreement to compensate Cabot for the capital and related costs required
to complete the Unit C Capacity Expansion as provided in Schedule 1, Paragraph
II.3. For any such Unit C Capacity Expansion not requested by CMC, CMC shall
thereafter notify Cabot, within thirty (30) days of its receipt of such Cabot
notice, of CMC's election, at its sole discretion, of one of the following: (i)
CMC's decision not to consent to such a Unit C Capacity Expansion; (ii) CMC's
consent to proceed with such Capacity Expansion and its agreement to include the
additional Unit C Fumed Alumina resulting from such Unit C Capacity Expansion
under the terms of this Agreement and its agreement to compensate Cabot for the
capital and related costs required to complete the Unit C Capacity Expansion as
provided in Schedule 1, Paragraph II.3; or (iii) CMC's consent to such Unit C
Capacity Expansion for Cabot's use, provided that Cabot does not use any
additional Unit C Fumed Alumina resulting from the Unit C Capacity Expansion for
a Competitive Use (as defined in this Agreement) or sell any such additional
Unit C Fumed Alumina to any Competitor (as defined in this Agreement) as
provided in Section 1.6, and agreement not to include the additional Unit C
Fumed Alumina resulting from such a Unit C Capacity Expansion under the terms of
this Agreement (in which event CMC shall not be responsible to compensate Cabot
for the capital required to complete such expansion).

         1.2 Source. Except as otherwise agreed to by the parties or as provided
in Sections 1.3 and 1.4, all Fumed Alumina to be provided to CMC by Cabot and
purchased by CMC from Cabot under this Agreement shall be produced by Cabot and
only at Tuscola Unit C.

         1.3 Tuscola Pilot Plant. Notwithstanding Section 1.2, if and only if in
any given calendar month during the Term of this Agreement but prior to July 1,
2005: (i) Cabot at Tuscola Unit C is unable to meet CMC's supply requirements
for Fumed Alumina (as defined in Section 1.7) for such month or (ii) CMC cannot
meet its customers' performance requirements for Fumed Alumina using Unit C
Fumed Alumina, then to the extent (and only to the extent) of any FA Shortfall
(as defined in Section 1.4), Fumed Alumina to be provided to CMC under this
Agreement shall be produced by Cabot at the Tuscola Pilot Plant (the "Substitute
Fumed Alumina") and the terms of this Agreement shall govern the purchase and
sale of any such Substitute Fumed Alumina, including without limitation the
provisions of Section 5 and Schedule 1, Paragraph I.2. For purposes of the
foregoing sentence, unless expressly waived in writing by CMC, only Substitute
Fumed Alumina that is InSpec Fumed Alumina shall be be used to cover any FA
Shortfall. For purposes of Section 1.4, unless expressly waived in writing by
CMC, only Substitute Fumed Alumina that is InSpec Fumed Alumina shall be used in
calculating the Total FA Shortfall and the Total Annual FA Shortfall (as each is
defined in Section 1.4). Except to the extent of any Excess OQ Alumina as
provided in Section 3.3(b), the price of Substitute Fumed Alumina produced at
the Tuscola Pilot Plant and supplied by Cabot to CMC to cover any FA Shortfall
shall be determined by using the Variable Costs Rate (as set forth in Schedule
1, Paragraph I.2). The price of Fumed Alumina produced at the Tuscola Pilot
Plant and supplied by Cabot to CMC, prior to July 1, 2005, other than Substitute
Fumed Alumina, shall be the then prevailing price of Fumed Alumina from the
Tuscola Pilot Plant under the FMO Agreement as then in effect at the time of
sale and shall be provided under the terms of the FMO Agreement. Substitute
Fumed Alumina supplied pursuant to this Agreement shall be limited only to the
amount of Fumed Alumina reasonably needed by CMC to fill such

       CABOT MICROELECTRONICS CORPORATION - CABOT CORPORATION CONFIDENTIAL
                                  Page 3 of 35           ,
                                                --------   --------
<PAGE>

customers' orders or supply requirements and all other Fumed Alumina shall be
produced by Tuscola Unit C. For the purposes of this Agreement, all Unit C Fumed
Alumina produced at Tuscola Unit C as well as any Substitute Fumed Alumina
produced at the Tuscola Pilot Plant pursuant to this Section 1.3 and this
Agreement shall be included within the definition of "Fumed Alumina". If, by
June 30, 2005, Cabot and CMC do not have an agreement for supply of Fumed
Alumina from a Cabot unit other than Tuscola Unit C or the Tuscola Pilot Plant,
or CMC is unable to qualify with its customers Fumed Alumina from a Cabot unit
other than Tuscola Unit C or the Tuscola Pilot Plant, then subsequent to June
30, 2005 through the termination date of this Agreement, to the extent (and only
to the extent) of any FA Shortfall, Cabot will supply to CMC Substitute Fumed
Alumina under the terms and conditions of this Agreement, including the Variable
Cost Rate price referenced above, subject to the following conditions: CMC will
reimburse Cabot for expenditures for only the actual replacement of process
equipment and physical infrastructure in the Tuscola Pilot Plant that is not
shared with other Cabot units ("Tuscola Pilot Plant Fumed Alumina Process
Equipment"), provided that such Tuscola Pilot Plant Fumed Alumina Process
Equipment is purchased between July 1, 2005 and the termination date of this
Agreement, and Fumed Alumina is not being produced by Cabot in the Tuscola Pilot
Plant for other Cabot customers at the time of Cabot's expenditure for Tuscola
Pilot Plant Fumed Alumina Process Equipment; provided however, that (i) in the
event Cabot produces Fumed Alumina in the Tuscola Pilot Plant for other Cabot
customers or Cabot's internal use within the twelve (12) months following such
Cabot expenditure, Cabot shall reimburse CMC for CMC's reimbursement under this
Section, and, (ii) CMC's obligation to reimburse Cabot for expenditures for only
the actual replacement of Tuscola Pilot Plant Fumed Alumina Process Equipment
between July 1, 2005 and the termination date of this Agreement will not exceed
the expenditures made by Cabot for only the actual replacement of Tuscola Pilot
Plant Fumed Alumina Process Equipment between June 1, 2000 and June 30, 2005.

         1.4 Third-Party Manufacture; Certain Shortfalls. (a) Notwithstanding
Section 1.2, Cabot shall take all commercially reasonable efforts, except as
limited below, to assist CMC in securing supply of InSpec Fumed Alumina from a
third party (subject in all events to Cabot's intellectual property rights) if
and only if: (i) Tuscola Unit C and the Tuscola Pilot Plant are both unable
and/or have failed to meet CMC's supply requirements of Unit C Fumed Alumina for
[ ] (except to the extent directly caused by the CMC [ ] (as defined in Section
1.9), as independently verified by CMC or Cabot and mutually agreed upon by the
Parties); or (ii) in the case of an event described in Section 8.10 (entitled
"Force Majeure") and as a result of such Force Majeure events Cabot will not
likely be able to meet CMC's supply requirements for each of the next three (3)
consecutive calendar months; provided, however, that for both clauses (i) and
(ii), in the case of Tuscola Unit C, such requirements for each such months did
not or do not exceed [ ] of the Tuscola Unit C Production Capacity and, in the
case of the Tuscola Pilot Plant, such requirements do not exceed Cabot's Maximum
Supply Obligation (as defined in the FMO Agreement). In any such circumstances,
Cabot shall not be responsible or required to take any such effort as to amounts
needed by CMC in excess of the Total FA Shortfall (as defined below). For
purposes of this Agreement the "FA Shortfall" for a calendar month shall equal
the difference between (i) the lesser of (A) [ ] ([ ]) of Tuscola Unit C
Production Capacity and (B) the amount of Unit C Fumed Alumina ordered by CMC
for such calendar month minus (ii) the amount of InSpec Fumed Alumina available
from Tuscola Unit C (if >[ ]).

       CABOT MICROELECTRONICS CORPORATION - CABOT CORPORATION CONFIDENTIAL
                                  Page 4 of 35           ,
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         (b) In the event CMC experiences a Total FA Shortfall (as defined
below) for [ ] (but not for reasons of Force Majeure events or because of CMC
[ ], as independently verified by CMC or Cabot and mutually agreed upon by the
Parties), CMC's monthly payments for Fixed Costs and quarterly payments for
Initial Capital Costs, Replacement Capital Costs and Additional Capital Costs
("Quarterly Payments") shall be pro-rated for the Total FA Shortfall as follows:

Monthly Fixed Costs payments during the Total FA Shortfall shall equal [  ]:

         where the Total FA Shortfall for any calendar month is the difference
         between the lesser of ([ ] of the Tuscola Unit C Production Capacity or
         the amount of Unit C Fumed Alumina ordered by CMC for said month) and
         the InSpec Fumed Alumina available from Tuscola Unit C (plus any
         Substitute Fumed Alumina supplied by Cabot) for said month (provided
         that the Total FA Shortfall cannot be less than [ ]).

Quarterly Payments during the FA Shortfall shall equal [  ]:

         where the Total FA Shortfall for any calendar quarter is the difference
         between the lesser of ([ ] of the Tuscola Unit C Production Capacity or
         the amount of Unit C Fumed Alumina ordered by CMC for said quarter) and
         InSpec Fumed Alumina available from Tuscola Unit C (plus any Substitute
         Fumed Alumina supplied by Cabot) for said quarter (provided that the
         Total FA Shortfall cannot be less than [ ]).

         (c) For purposes of this Section 1.4(c) and Schedule 1, Paragraph IV, a
"Contract Year" shall be defined as October 1 through the following September 30
of the Term so that the initial Contract Year shall be the 12 month period
ending September 30, 2002. For purposes of this Section 1.4(c), the "Total
Annual FA Shortfall" for a particular Contract Year shall equal (x) the
difference between the lesser of (the Tuscola Unit C Production Capacity for
such Contract Year or the amount of Unit C Fumed Alumina ordered by CMC for said
Contract Year) and the InSpec Fumed Alumina available from Tuscola Unit C (plus
any Substitute Fumed Alumina supplied by Cabot) for said Contract Year plus (y)
any Total FA Shortfall during such Contract Year for which a pro-ration has been
or is being made under Section 1.4(b) above (provided that the Total Annual FA
Shortfall cannot be less than [ ]). For purposes of determining the Total Annual
FA Shortfall for the initial Contract Year (the 12 months ended September 30,
2002), (i) the amount of Unit C Fumed Alumina (plus any Substitute Fumed
Alumina) accepted by CMC from Cabot between October 1, 2001 and the Effective
Date shall be deemed Unit C Fumed Alumina ordered by CMC in the initial Contract
Year and shall be deemed InSpec Fumed Alumina available from Tuscola Unit C for
said initial Contract Year. In the event there exists a Total Annual FA
Shortfall at the end of any full Contract Year (but not for reasons of Force
Majeure events, or because of CMC [ ] as independently verified by CMC or Cabot
and mutually agreed upon by the Parties), Cabot shall, subject to the
limitations set forth herein, [ ], credit CMC's account hereunder within thirty
(30) days of the end of such Contract Year an amount determined as follows:

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         the lesser of [  ] or $[  ]

                           Where:           [  ]
         ----------------------
         # but not for reasons of Force Majeure events nor because of CMC [ ]
           (as independently verified by CMC or Cabot and mutually agreed upon
           by the Parties).

         1.5 Notice. Cabot agrees to notify CMC, in writing, within five
business days of Cabot becoming aware of any actual or likely inability to
supply, potential shortages or interruptions of the supply of Unit C Fumed
Alumina to CMC.

         1.6 Production and Permitted Production from Tuscola Unit C. (a) Except
as provided in this Section 1.6 (that is, during Permitted Production), during
the Term of this Agreement, all Unit C Fumed Alumina shall be supplied to CMC.
This shall include all Unit C Fumed Alumina produced as a result of capacity
expansions to Tuscola Unit C as provided in Section 1.1(e).

         (b) Notwithstanding the foregoing, if the Parties agree in writing,
Cabot may produce Unit C Fumed Alumina or other fumed alumina at Tuscola Unit C,
or any Cabot product based on Fumed Alumina and produced there, (collectively or
each, "Non-CMC Unit C Fumed Alumina") which need not be made available by Cabot
to CMC, provided it is for: (i) the internal use of such Non-CMC Unit C Fumed
Alumina by Cabot or its controlled subsidiaries, provided such internal use does
not constitute a Competitive Use; or (ii) for sale by Cabot to a third party,
provided that Cabot knows (or should know) that the ultimate use is not a
Competitive Use and provided Cabot has complied with Section 1.6(e) below (as to
Competitors) (each a "Permitted Production"). As used herein, (x) "Competitor"
shall mean any party that produces any product that competes with any chemical
mechanical polishing consumable product produced by CMC during the term of this
Agreement and that it is listed on Exhibit E attached, which list may be updated
periodically throughout the Term of this Agreement by CMC by written notice to
Cabot and (y) "Competitive Use" shall mean the production of any product that
competes with any chemical mechanical polishing consumable product produced by
CMC during the Term of this Agreement. Cabot also agrees that it will not use
Fumed Alumina produced at the Tuscola Pilot Plant for a Competitive Use while
Cabot is obligated to provide to CMC Fumed Alumina produced at the Tuscola Pilot
Plant (i) under this Agreement or (ii) under the FMO Agreement, except
subsequent to a change in control of CMC.

         (c) In the event that CMC or Cabot becomes aware of any third party
using Non-CMC Unit C Fumed Alumina for any Competitive Use or any third party
reselling any Non-CMC Unit C Fumed Alumina to a Competitor, such Party shall
notify the other Party immediately of such use or resale. In such an event,
Cabot shall not continue to sell or deliver any Non-CMC Unit C Fumed Alumina to
such third party.

         (d) CMC will not be required to purchase from Cabot, and Cabot will not
be required to sell to CMC, any Non-CMC Unit C Fumed Alumina produced during a
Permitted Production (including any Non-CMC Unit C Fumed Alumina produced during
the transition between the production of CMC Unit C Fumed Alumina and Non-CMC
Fumed Alumina) and Non-CMC Unit C Fumed Alumina produced during a Permitted
Production will be stored at Cabot's

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<PAGE>

facility, and CMC will not be responsible for any Variable Costs for any
Permitted Production. Cabot shall be responsible for all Variable Costs (as
defined in Schedule 1 attached hereto and made a part hereof) for each Permitted
Production. As reimbursement to CMC for Fixed Costs (as defined in Schedule I)
for each Permitted Production, Cabot will pay to CMC, [ ] percent ([ ]%) of the
Fixed Costs for Tuscola Unit C, calculated during the period of such Permitted
Production. As reimbursement for Capital Costs (as defined in Schedule 1) for
each Permitted Production, Cabot will pay to CMC [ ] percent ([ ]%) of the
Initial Capital Costs calculated during the period of such Permitted Production.

         (e) Cabot may sell Non-CMC Unit C Fumed Alumina to the third parties
listed in Exhibit E, which list may be updated periodically throughout the Term
of this Agreement by CMC by written notice to Cabot, to this Agreement only for
use by the divisions of such third parties listed in Exhibit E only as long as
Cabot has verified (to be evidenced by Cabot's receipt of a representation
letter or similar writing to such effect, a copy of which Cabot will provide
contemporaneously to CMC) that such Non-CMC Unit C Fumed Alumina will not be
used for any Competitive Use.

         1.7 During the Term of this Agreement, unless stated otherwise in this
Agreement, CMC shall be obligated to purchase from Cabot all fumed alumina of
the type set forth on Exhibit A hereto ("Fumed Alumina") necessary to produce
the products produced by CMC on or before the Effective Date of this Agreement,
but only up to the total of [ ] as of the Effective Date of this Agreement.
Notwithstanding this obligation, CMC shall have the right to obtain Fumed
Alumina from any third party in the event that Cabot fails to or is unwilling to
supply CMC with its requirements for Fumed Alumina for any reason determined in
good faith by CMC (including quality, whether or not with respect to InSpec
Fumed Alumina, supply constraints, or a request by CMC to change a specification
for Fumed Alumina that Cabot is unable or unwilling to meet), subject to CMC's
obligations under Section 8.12 (entitled "Confidentiality") and to all and any
intellectual property rights Cabot may have. In addition, CMC shall not be
obligated to purchase from Cabot any Fumed Alumina with respect to products
developed and produced by CMC after the Effective Date of this Agreement. This
Section 1.7 is the exclusive statement of CMC's obligation in this regard with
respect to Fumed Alumina, whether from Tuscola Unit C or the Tuscola Pilot
Plant, and replaces and governs CMC's obligations under Section 2.5 of the FMO
Agreement to purchase Fumed Alumina from Cabot.

         1.8 Resale of Unit C Fumed Alumina. The parties intend and agree that
Unit C Fumed Alumina purchased by CMC under this Agreement is purchased
primarily for the use by CMC and its subsidiaries and affiliates in producing
their products, and CMC does not intend to resell Unit C Fumed Alumina or
Substitute Fumed Alumina purchased from Cabot under this Agreement, provided,
however, that in the event CMC in good faith determines that certain Unit C
Fumed Alumina or Substitute Fumed Alumina is not fit for CMC's use, CMC shall
have the right to resell such Unit C Fumed Alumina or Substitute Fumed Alumina,
provided that CMC first offers Cabot the option to purchase such Unit C Fumed
Alumina or Substitute Fumed Alumina according to the following: The purchase
price to be paid by Cabot for any such Unit C Fumed Alumina or Substitute Fumed
Alumina purchased by Cabot under this Section 1.8 shall be the sum of: (i) the
amount of the Variable Costs (as defined in Schedule 1, Paragraph I.2) for such
Unit C Fumed Alumina or Substitute Fumed Alumina (determined by the Variable
Costs previously paid by CMC to Cabot for such Unit C Fumed Alumina or
Substitute Fumed

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Alumina); (ii) [ ] percent ([ ]%) of the Fixed Costs (as defined in Schedule 1,
Paragraph I.1) for Tuscola Unit C, for the month in which such Unit C Fumed
Alumina or Substitute Fumed Alumina was produced times (x) the amount in pounds
of such Unit C Fumed Alumina or Substitute Fumed Alumina purchased by Cabot
hereunder divided by (y) [ ] of the Unit C Total Annual Design Amount unless
Cabot supplies less than [ ] of the Tuscola Unit C Production Capacity for such
month and CMC has ordered more than [ ] of the Tuscola Unit C Production
Capacity for such month, in which case such amount will be divided by (z) the
lesser of ([ ] of the Unit C Total Annual Design Amount or the Unit C Fumed
Alumina and Substitute Fumed Alumina supplied by Cabot during such month); (iii)
[ ] per pound ($[ ]/lb.) of the amount so purchased by Cabot (in respect of the
Testing Costs described in Schedule 1, Paragraph I.3) and (iv) [ ] percent
([ ]%) of the Initial Capital Costs (as defined in Schedule 1, Paragraph II.1)
for the quarter in which such Unit C Fumed Alumina or Substitute Fumed Alumina
was produced times (x) the amount in pounds of such Unit C Fumed Alumina or
Substitute Fumed Alumina purchased by Cabot hereunder divided by (y) [ ] of the
Unit C Total Annual Design Amount unless Cabot supplies less than [ ] of the
Tuscola Unit C Production Capacity for such quarter and CMC has ordered more
than [ ] of the Tuscola Unit C Production Capacity for such quarter, in which
case such amount will be divided by (z) the lesser of ([ ] of the Unit C Total
Annual Design Amount or the Unit C Fumed Alumina and Substitute Fumed Alumina
supplied by Cabot during such quarter). Cabot may use any such Unit C Fumed
Alumina or Substitute Fumed Alumina purchased by Cabot from CMC under this
Section 1.8, provided Cabot knows (or should know) that the ultimate use is not
a Competitive Use and provided that Cabot has complied with Section 1.6 (as to
Competitors). Cabot may sell any such Unit C Fumed Alumina or Substitute Fumed
Alumina purchased by Cabot under this Section 1.8 to any third party, provided
Cabot knows (or should know) that the ultimate use is not a Competitive Use and
provided that Cabot has complied with Section 1.6 (as to Competitor). All such
Unit C Fumed Alumina or Substitute Fumed Alumina resold to Cabot under this
Section 1.8 shall be F.O.B. CMC's primary fumed alumina warehouse. Cabot must
exercise such option to purchase such Unit C Fumed Alumina from CMC pursuant to
the terms of this Section 1.8 by notifying CMC in writing within ten (10) days
of being offered the first option to purchase any such Unit C Fumed Alumina from
CMC under this Section 1.8; if Cabot has not so exercised its option under this
Section, then CMC may resell such Unit C Fumed Alumina or Substitute Fumed
Alumina to third parties for applications other than Inkjet Media Coatings.

         1.9 [ ]. In the event CMC desires to purchase from its own source of,
and to provide Cabot with, [ ] ("CMC [ ]") for use in Tuscola Unit C for the
production of Unit C Fumed Alumina to be purchased by CMC under this Agreement,
the following shall apply: (i) only [ ] which meets Cabot's specifications for
[ ] as set forth in Exhibit B to this Agreement (as amended from time to time by
written notice from Cabot and mutual agreement by CMC) to reflect the
specifications Cabot uses for its purchases of [ ] for use in Tuscola Unit C
(except for that [ ] used for Permitted Production by Cabot); (ii) written
notice of such intended supply and use is given by CMC to Cabot not less than
ninety (90) days from the estimated date of supply; and (iii) prior to any use
of CMC [ ] in commercial production, Cabot and CMC shall have conducted at least
one trial of such CMC [ ] so that it can be qualified as an appropriate source
for the production of Unit C Fumed Alumina.Cabot shall use such CMC [ ] so
provided for such purpose. Cabot shall not be obligated to pay CMC for any CMC
[ ]. CMC will not be obligated to pay Cabot for any CMC [ ] supplied by CMC for
the manufacture of Unit C Fumed Alumina and costs for such CMC [ ], and the
costs for Cabot [ ] for which the CMC [ ] is being

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substituted, will not be included in the Variable Costs for which CMC is
responsible under Schedule 1.

         1.10 Operation Date. The first date of Tuscola Unit C's continuous
operation at Tuscola Unit C Production Capacity (defined as one week of
operation during which Tuscola Unit C operates at an annualized production rate
of no less than [ ] lbs per year of InSpec Fumed Alumina) shall be referred to
herein as the "Operation Date." The Parties both agree that the Operation Date
occurred on September 21, 2001.

         1.11 Risk of Loss and Insurance. Cabot is and shall be the sole owner
of Tuscola Unit C and any Tuscola Unit C Capacity Expansions. Risk of damage or
loss for whatever reason for Tuscola Unit C and any Initial Capital Asset,
Replacement Capital Asset or Additional Capital Asset (as each are defined in
Schedule 1, collectively "Capital Assets") shall be borne by Cabot. During the
Term of this Agreement, Cabot shall maintain the following levels of the
following types of insurance:

         A. Workers' Compensation and Employers' Liability

                  1.  Coverage "A" -- Statutory State of Illinois

                  2.  Coverage "B" -- Employers' Liability
                           Limit $500,000 each person, $1,000,000 each accident

         B. Comprehensive General Liability -- One or more policies with
         aggregate limits of liability of $2,000,000 Combined Single Limit Per
         Occurrence.

2.       SALE AND PURCHASE

         2.1 Sale and Purchase. Pursuant to and subject to the terms and
conditions of this Agreement, Cabot will manufacture, produce, deliver and sell
to CMC such quantities of Unit C Fumed Alumina as CMC may order, and will be
obligated to fill CMC's orders, in accordance with this Agreement. Subject to
and pursuant to the terms and conditions of this Agreement, CMC agrees to
purchase and accept all Unit C Fumed Alumina produced by Cabot pursuant to
orders from CMC under this Agreement. Except as specifically provided hereunder,
or in the case of a Permitted Production, Cabot agrees to manufacture, produce,
deliver and sell Unit C Fumed Alumina only to CMC.

         2.2 Quantity.

         (a) Forecasts. In order for Cabot to utilize Tuscola Unit C
efficiently, CMC shall provide to Cabot non-binding forecasts of CMC's projected
volume of needed Unit C Fumed Alumina from Tuscola Unit C, on which Cabot will
base its preparations for the operations of Tuscola Unit C. Such forecasts will
be provided in the manner and form required under the FMO Agreement.

         (b) Good Faith. CMC's forecasts under this Agreement shall reflect its
good faith expectations of its requirements of Unit C Fumed Alumina, and the
Unit C Maximum Capacity

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Rate, and CMC shall act in a commercially reasonable manner to schedule orders
consistent with its forecasts for Unit C Fumed Alumina and to allow Permitted
Production, if possible.

         2.3 Orders. Orders for Unit C Fumed Alumina shall be issued by CMC from
time to time, and shall specify the date(s) the Unit C Fumed Alumina is to be
delivered to CMC, which date shall not be less than ten (10) business days prior
to the date the order is received by Cabot, and shall be consistent with the
Tuscola Unit C Production Capacity and the Unit C Maximum Capacity Rate.

         2.4 Delivery; Packaging; Title and Risk of Loss.

         (a) Cabot will package all Unit C Fumed Alumina and Substitute Fumed
Alumina in accordance with the shipping requirements set forth in Exhibit A to
this Agreement. All Unit C Fumed Alumina and Substitute Fumed Alumina delivered
to CMC shall be F.O.B. Cabot's point of shipment. CMC shall be responsible for
all transportation costs (and all warehousing costs for storage at CMC's
request) and title and risk of loss or damage shall pass to CMC upon delivery to
carrier.

         (b) Cabot agrees to take commercially reasonable efforts to deliver
Unit C Fumed Alumina and Substitute Fumed Alumina within mutually agreed upon
tolerances of applicable delivery dates, but shall deliver Unit C Fumed Alumina
and Substitute Fumed Alumina no later than the delivery date requested by CMC on
each order consistent with Section 2.3.

3.       TECHNICAL SPECIFICATIONS

         3.1 Specifications. Except as otherwise provided in this Agreement,
Cabot shall comply with the manufacturing, packaging, handling and shipping
requirements for Unit C Fumed Alumina and Substitute Fumed Alumina, whether
InSpec Fumed Alumina or OQ Fumed Alumina (with the exception of manufacturing
requirements for OQ Fumed Alumina), as set forth in Exhibit A attached, and that
the InSpec Fumed Alumina it provides will meet the specifications set forth in
Exhibit A. Cabot shall provide to CMC all certificates and other documents as
set forth in Exhibit A in a timely manner.

         3.2 Testing. Cabot agrees to comply with the sampling and testing
requirements set forth in Exhibit A to this Agreement.

         3.3 Nonconforming Product.

         (a) Notice. Upon delivery of each shipment of Unit C Fumed Alumina to
CMC, Cabot must give notice to CMC of any OQ Fumed Alumina delivered in such
shipment.

         (b) Replacement. Upon receipt by CMC of a notice of OQ Fumed Alumina
from Cabot, at CMC's request, Cabot shall provide to CMC InSpec Fumed Alumina as
a replacement to the OQ Fumed Alumina in accordance with this Agreement. To the
extent an FA Shortfall is caused by Cabot producing OQ Fumed Alumina in excess
of [ ] percent ([ ]%) for calendar months through September 30, 2002 and in
excess of [ ] ([ ]%) for calendar months beginning October 1, 2002, of the Unit
C Fumed Alumina that has been manufactured for such period (but not for reasons
of Force Majeure events or because of CMC [ ], as independently verified by

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CMC or Cabot and mutually agreed upon by the Parties), then Cabot will provide
CMC with an amount of Substitute Fumed Alumina equal to the Excess OQ Alumina
produced at no cost to CMC. CMC shall make available to Cabot an equivalent
amount of OQ Fumed Alumina at no cost to Cabot. "Excess OQ Alumina" is defined
as (i) the amount of OQ Fumed Alumina produced during the month (but not for
reasons of Force Majeure events or because of CMC [ ], as independently verified
by CMC or Cabot and mutually agreed upon by the Parties) minus (ii) (A) [ ] for
calendar month through September 30, 2002 and [ ] for calendar months beginning
October, 1, 2002 times (B) the lesser of (x) CMC's orders for the month or (y)
[ ] of the Tuscola Unit C Production Capacity (provided that the amount of
Excess OQ Alumina can not be less than [ ]).

         3.4 Material Safety Data Sheets. Cabot agrees to label Unit C Fumed
Alumina as provided by applicable law and to provide CMC with current copies of
Material Safety Data Sheets ("MSDS") for the Unit C Fumed Alumina. CMC agrees to
provide its employees and contractors who store, handle or are exposed to the
Unit C Fumed Alumina with copies and/or access to such MSDS.

4.       PRICES AND PAYMENTS

         4.1 Price. CMC shall pay to Cabot the quarterly and monthly payments
and fees set forth on Schedule 1, as adjusted from time to time. CMC shall not
owe to Cabot and shall not be responsible for payment of any costs except as
specified in Schedule 1. Other than the amounts specified in Schedule 1, CMC
shall not be obligated to make any payments, expenditures or reimbursements to
Cabot under this Agreement for Unit C Fumed Alumina, other than the amounts
under Section 2.4, 4.4, and 6.1(b).

         4.2 Invoicing. Monthly and quarterly invoices from Cabot will be
delivered to CMC no later than 15 days prior to the date that they become due,
and will include the following itemized detail, consistent with those terms
included in Schedule 1:

Monthly Payment for Fixed Costs: Each component of the Fixed Costs Monthly Rate
for [ ] for the applicable period as set forth in Schedule 1.

Monthly Payment for Variable Costs: Each component of the Variable Costs Rate
for [ ] for the applicable period as set forth in Schedule 1.

Monthly Payment for Testing Costs: costs for [ ] and additional testing as
agreed to by both parties.

Quarterly Payment for Initial Capital Costs: for the first payment only, an
itemized list of capitalized expenditures included in the Initial Capital Costs.

Quarterly Payment for Replacement Capital Costs: itemized list of replacement
capital items installed during the quarter and the associated capital
expenditure.

Quarterly Payment for Additional Capital Costs: itemized list of additional
capital items installed during the quarter and the associated capital
expenditure.

Annual Incentive Payment as described in Schedule 1, Section IV

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         4.3 Method of Payment. Payments shall be made by CMC to Cabot according
to the schedule below commencing for the calendar month following the month in
which the Operation Date occurs (that is, October 2001) and for the
quarter-ended for the quarter following the quarter in which the Operation Date
occurs (that is, for the quarter beginning October 1, 2001). Fixed Costs and
Variable Costs shall be pro-rated for the calendar month in which the Operation
Date occurs. Such payments, as well as any payments Cabot is obligated to make
to CMC under this Agreement, shall be made by check, wire transfer or, in the
case of payment by Cabot, credit in readily available same day or next day funds
denominated in United States dollars. Payments will not be made by CMC to Cabot
without receipt of invoices with the itemized detail required by Section 4.2. If
payment is to be made by wire transfer, the receiving party shall provide the
other with wire transfer instructions.

<TABLE>
<S>                                                   <C>
Monthly Payment for Fixed Costs                       Within 30 days after the last day of the
                                                      applicable calendar month of the Term
Monthly Payment for Variable Costs                    Within 30 days after the last day of the
                                                      applicable calendar month of the Term
Monthly Payment for Testing Costs                     Within 30 days after the last day of the
                                                      applicable calendar month of the Term
Quarterly Payment for Initial Capital Costs           No later than the last day of the calendar
                                                        month prior to each calendar quarter of the
                                                        Term (but not earlier than the Operation
                                                        Date); the payment for the first and second
                                                        quarters of the Term (beginning October 1,
                                                        2001 and January 1, 2002) will be due
                                                        December 31, 2001.
Quarterly Payment for Replacement Capital Costs       Within 60 days following the completion of
                                                        each applicable quarter of the Term (but not
                                                        earlier than the Operation Date)
Quarterly Payment for Additional Capital Costs        Within 60 days following the completion of
                                                      each applicable quarter (but not earlier than
                                                      the Operation Date)
Payment for Pre-Operation Date Expenses               Within 30 days of the Effective Date
Payment for Pilot Plant Upgrade Project               Within 30 days of the Effective Date
Payment for Certain Pre-October 2001 Fumed Alumina    Within 30 days of receipt of Cabot's invoice
                                                      therefor
Annual Incentive Payment                              Within 30 days of the end of each applicable
                                                      Contract Year of the Term

</TABLE>

         4.4 Taxes, Charges, & Duties. All applicable sales and other taxes and
other charges such as duties, customs, tariffs, imports and government imposed
surcharges, and freight (if applicable) that are directly attributable to CMC as
a result of the transactions specified under this Agreement shall be for the
account of CMC and shall be stated separately on Cabot's invoices to CMC. CMC
shall not be responsible for payment of any interest or penalties in connection
with said taxes not directly caused by CMC, and CMC has the right, but not the
obligation, to protest the validity or amount of any tax. The foregoing
notwithstanding, CMC shall not be responsible for taxes not directly related to
the transactions specified under this Agreement (including but not limited to
Cabot's income, franchise or property taxes) or other taxes not directly related
to the Unit C Fumed Alumina, unless specified in Schedule 1. CMC shall not be
separately responsible, and Cabot will not separately charge CMC for, taxes and
other charges that are specified as Fixed or other Costs in Schedule 1 for which
CMC is responsible under this Agreement.

5.       LIMITED WARRANTIES AND REMEDIES; PATENT INDEMNIFICATION

         5.1 Warranties as to Unit C Fumed Alumina. Cabot hereby represents and
warrants to CMC that, when shipped to CMC, the InSpec Fumed Alumina, whether
Unit C Fumed Alumina or Substitute Fumed Alumina, will conform in all respects
to the specifications then in effect and as then set forth in the materials
specified in Exhibit A of this Agreement. Notwithstanding anything to the
contrary, Cabot makes no representation or warranty as to OQ Fumed Alumina,
which is sold "AS IS". CABOT MAKES NO OTHER REPRESENTATION

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OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY, FITNESS FOR
A PARTICULAR PURPOSE OR ANY OTHER MATTER WITH RESPECT TO ANY UNIT C FUMED
ALUMINA OR SUBSTITUTE FUMED ALUMINA, WHETHER USED ALONE OR IN COMBINATION WITH
OTHER SUBSTANCES, EVEN IF THE PURPOSES OR USES OF SUCH UNIT C FUMED ALUMINA OR
SUBSTITUTE FUMED ALUMINA ARE KNOWN BY CABOT. Cabot also represents and warrants
that such Fumed Alumina delivered pursuant to this Agreement is free and clear
of all liens, claims and encumbrances and is conveyed with good title to CMC.

         5.2 Remedies. EXCEPT IN RESPECT OF OBLIGATIONS UNDER SECTION 8.12 AND
EXCEPT TO THE EXTENT RESULTING FROM FRAUD, GROSS NEGLIGENCE OR INTENTIONAL
MISCONDUCT, IN NO EVENT SHALL EITHER PARTY BE RESPONSIBLE OR LIABLE FOR ANY
SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, LOSS
OF PROFITS OR LOSS OF OPPORTUNITIES, ARISING OUT OF THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

         5.3 Patent Infringement. (a) Subject to Section 5.2, Cabot shall
defend, indemnify and hold CMC, its officers, directors, employees, successors
and permitted assigns (collectively, the "CMC Indemnified Parties") harmless
from and against any damages, liabilities, fines, penalties, costs and expenses
(including reasonable attorneys' fees) incurred by the CMC Indemnified Parties
in the defense of any suit or legal proceeding against the CMC Indemnified
Parties, insofar as the same are based on a claim that Unit C Fumed Alumina or
Substitute Fumed Alumina furnished under this Agreement, except as excluded
below, in itself constitutes an infringement of any United States or European
patent, provided that the CMC Indemnified Parties have given Cabot (A) prompt
written notice of all facts which it knows or should know that might be the
basis of such an infringement claim and (B) prompt written notice of any such
infringement claim and the institution of such suit or proceeding, and that the
CMC Indemnified Parties provide Cabot with all necessary authority, information,
and reasonable assistance to enable Cabot to control, settle or defend the same
at Cabot's option. In the event Cabot is so responsible under this Section
5.3(a), the Parties agree that: (1) Cabot and CMC shall work together to discuss
viable and commercially reasonable alternatives for assuring continued supply to
CMC of Unit C Fumed Alumina or Substitute Fumed Alumina; and (2) Cabot and CMC
shall mutually agree, at Cabot's expense, to have Cabot take one or more (in
parallel or sequentially) of the following options: (x) procure for Cabot or
CMC, as the case may be, the right to continue using Unit C Fumed Alumina or
Substitute Fumed Alumina (in the event that the Parties determine it is more
practical for CMC to obtain such right, at Cabot's expense, then CMC will
cooperate in doing so); (y) modify the same so that it becomes noninfringing; or
(z) replace it with noninfringing Fumed Alumina. In the event that Cabot is
unable to achieve either alternative (x), (y) or (z), Cabot may terminate this
Agreement without further liability to CMC (in which case CMC shall not be
liable for the Remaining Capital Costs as defined in Section 6.1 or any other
costs or amounts, other than for Schedule 1 payments through the date of such
termination). This Section 5.3 states Cabot's entire obligation and liability
with respect to intellectual property infringement claims. Notwithstanding the
foregoing, Cabot does not assume any obligation or liability with respect to (i)
any use of products by CMC or its affiliates or their customers (or other CMC
Indemnified Party), including without limitation use of products alone or in
combination with other substances or components or (ii) products furnished, or
methods

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used by Cabot, in accordance with specifications or instructions furnished by or
prescribed by CMC.

         (b) If Cabot is enjoined from supplying Unit C Fumed Alumina or
Substitute Fumed Alumina, or CMC is enjoined from purchasing or using Unit C
Fumed Alumina or Substitute Fumed Alumina, or if Cabot determines in good faith
that it is unable or unwilling to supply Unit C Fumed Alumina or Substitute
Fumed Alumina because such Fumed Alumina or its use may infringe a patent or
constitute a misappropriation of a trade secret, then Cabot shall have the right
to suspend supplying the affected Fumed Alumina to CMC without incurring any
liability under this Agreement. In the event that (i) such injunction results
from a claim for which Cabot is responsible under Section 5.3(a) or (ii) such
determination relates to an infringement or possible infringement for which
Cabot is responsible under Section 5.3(a), then the Parties agree that: (1)
Cabot and CMC shall work together to discuss viable and commercially reasonable
alternatives for assuring continued supply to CMC of Unit C Fumed Alumina or
Substitute Fumed Alumina; and (2) Cabot and CMC shall mutually agree, at Cabot's
expense, to have Cabot take one or more (in parallel or sequentially) of the
following options: (x) procure for Cabot or CMC, as the case may be, the right
to continue using Unit C Fumed Alumina or Substitute Fumed Alumina (in the event
that the Parties determine it is more practical for CMC to obtain such right, at
Cabot's expense, then CMC will cooperate in doing so ; (y) modify the same so
that it becomes noninfringing; or (z) replace it with noninfringing Fumed
Alumina. In the event that Cabot is unable to achieve either alternative (x),
(y) or (z), Cabot may suspend supplying Unit C Fumed Alumina or Substitute Fumed
Alumina to CMC or terminate this Agreement without further liability to CMC (in
which case CMC shall not be liable for the Remaining Capital Costs as defined in
Section 6.1 or any other costs or amounts, other than for Schedule 1 payments
through the date of such termination).

         (c) Subject to Section 5.2, CMC shall defend, indemnify and hold Cabot,
its officers, directors, employees, successors and permitted assigns
(collectively, the "Cabot Indemnified Parties") harmless from and against any
damages, liabilities, fines, penalties, costs and expenses (including reasonable
attorneys' fees) incurred by the Cabot Indemnified Parties in the defense of any
suit or legal proceeding against the Cabot Indemnified Parties insofar as the
same are based on claim of infringement or alleged infringement of any United
States or European Patent with respect to (i) any use of Unit C Fumed Alumina or
Substitute Fumed Alumina by CMC or its affiliates or their customers (or other
CMC Indemnified Party), including without limitation use of Unit C Fumed Alumina
or Substitute Fumed Alumina alone or in combination with other substances or
components or (ii) Unit C Fumed Alumina or Substitute Fumed Alumina furnished,
or methods used by Cabot, in accordance with specifications or instructions
furnished by or prescribed by CMC, provided that the Cabot Indemnified Parties
have given CMC (A) prompt written notice of all facts which it knows or should
know that might be the basis of such an infringement claim and (B) prompt
written notice of any such infringement claim and the institution of such suit
or proceeding, and that the Cabot Indemnified Parties provide CMC with all
necessary authority, information, and reasonable assistance to enable CMC to
control, settle or defend the same at CMC's option. This Section 5.3 states
CMC's entire obligation and liability with respect to intellectual property
infringement claims.

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6.       TERM AND TERMINATION

         6.1 Term. (a) This Agreement shall be effective as of the Effective
Date and shall continue for a period of five (5) years from such date ("Initial
Term"). Thereafter, CMC may renew this Agreement for an additional five (5) year
period ("Renewal Term") as provided in paragraph (b) of this Section 6.1. Unless
terminated earlier as provided in Section 6.2, the "Term" shall mean the Initial
Term and, if applicable, the Renewal Term.

         (b) No less than twelve (12) months prior to the end of the Initial
Term, CMC will notify Cabot in writing of either its election to renew this
Agreement or its election not to renew this Agreement as of the end of the
Initial Term. Cabot will confirm to CMC in writing within ten (10) days
following the twelve (12) months prior to the end of the Initial Term its
understanding of CMC's election to renew or not to renew this Agreement, or
alternatively, of CMC's failure to provide Cabot with notice of its election to
renew or not to renew this Agreement. Failure by CMC to notify Cabot in writing
of its election to renew this Agreement no later than eleven (11) months prior
to the end of the Initial Term, shall be deemed an election by CMC not to renew
this Agreement, provided that Cabot has given CMC the notice set forth in the
preceding sentence. In the event that CMC does not elect to renew this Agreement
after its Initial Term, CMC will pay to Cabot the Remaining Capital Costs which
shall be due and payable within ninety (90) days after the last day of the
Initial Term. CMC will only be responsible for payment of the Remaining Capital
Costs to Cabot in the event that this Agreement terminates upon expiration of
the Initial Term. As used herein, "Remaining Capital Costs" shall mean the
present value of the remaining twenty (20) quarterly payments for Initial
Capital Costs, discounted at the quarterly rate of [ ]% and calculated at the
end of the Initial Term, plus any unreimbursed Replacement Capital Costs and any
unreimbursed Additional Capital Costs (as defined on Schedule 1, Paragraph II.3)

         (c) In the event that this Agreement terminates upon expiration of the
Initial Term under this Section 6.1, and Cabot operates Tuscola Unit C for any
purpose and at any time during the period of three (3) years following such
termination of this Agreement, Cabot will reimburse CMC for the Initial Capital
Costs according to the formula below, beginning with the first quarter of such
Cabot production on Tuscola Unit C and ending no later than the tenth
anniversary of the end of the Initial Term:

         Quarterly Reimbursement = [  ]

         Where:   [  ]

         Cabot shall make such Quarterly Reimbursement payment to CMC within
         thirty (30) days of the end of the applicable quarter. To the extent
         any sums under this Agreement are due and owing by CMC to Cabot
         following this Agreement's termination, Cabot may deduct such sums from
         any Quarterly Reimbursement it owes to CMC hereunder.

         (d) Except in the event this Agreement terminates upon expiration of
the Renewal Term, in the event that this Agreement terminates for any reason
other than upon expiration of the Initial Term under Section 6.1 (which is
addressed in 6.1 (c) above) and Cabot operates Tuscola Unit C for any purpose
and at any time during the period of three (3) years following

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such termination of this Agreement, Cabot will reimburse CMC for Initial Capital
Costs according to the formula below, beginning with the first quarter of such
Cabot production on Tuscola Unit C and ending on either (I) the 40th quarter
after the first quarter of such Cabot production or (II) the fifteenth
anniversary of the Effective Date of this Agreement, whichever comes first:

         Quarterly Reimbursement = [  ]

         Where:   [  ]

         Provided, however, that the sum of Cabot's Quarterly Reimbursements to
         CMC will not exceed the sum of the quarterly payments for Initial
         Capital Costs made or owed by CMC to Cabot prior to termination of this
         Agreement.

         Cabot shall make such Quarterly Reimbursement payment to CMC within
         thirty (30) days of the end of the applicable quarter. To the extent
         any sums under this Agreement are due and owing by CMC to Cabot
         following this Agreement's termination, Cabot may deduct such sums from
         any Quarterly Reimbursement it owes to CMC hereunder.

         6.2 Termination for Material Default. If either Party materially
defaults in the performance of any material term, condition or covenant of this
Agreement and such default shall not have been remedied, or steps initiated to
remedy the same to the other Party's reasonable satisfaction, within one (1)
month after receipt of written notice thereof to the defaulting Party from the
other Party detailing such default and its intent to terminate this Agreement,
then the Party not in default may terminate this Agreement. In the case of
termination by CMC under this Section 6.2 for material default by Cabot, CMC
will not be liable for the Remaining Capital Costs, or other costs, other than
for Schedule 1 payments that are due and owing through the date of termination.
For purposes of this Section 6.2, among other things, Cabot's failure to deliver
InSpec Fumed Alumina in accordance with its obligations under this Agreement for
six (6) or more consecutive calendar months shall be deemed a material default
of a material term of this Agreement, provided, however, that CMC has ordered
Unit C Fumed Alumina during each of such months.

         6.3 Rights and Obligations on Expiration or Termination. The provisions
of Sections 5, 6, and 8 of this Agreement shall survive the termination or
expiration of this Agreement. In addition, any rights of Cabot to, and
obligations of CMC to make, payments accrued through the date of such
termination, as well as obligations of the Parties under firm orders for
purchase and delivery of Unit C Fumed Alumina at the time of such termination
shall remain in effect after the termination or expiration of this Agreement.

7.       CONSENTS; NOTICES

         Unless otherwise set forth herein, whenever any notice, consent or
approval is to be given in this Agreement, it must be in writing and delivered
in accordance with the provisions of this Section 7. Any such writing will be
duly given upon delivery, if delivered by hand, facsimile transmission or mail,
to the following addresses:

       CABOT MICROELECTRONICS CORPORATION - CABOT CORPORATION CONFIDENTIAL
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        If to Cabot:         Cabot Corporation
                             Business and Technical Center
                             Billerica, MA  01821
                             Attn: Strategic Business Unit Manager, CMP Business
                             Telecopier: 978-670-8095

     With a copy to:         Cabot Corporation
                             Two Seaport Lane, Suite 1300
                             Boston, MA  02210
                             Attn: Law Department
                             Telecopier: 617-342-6039

          If to CMC:         Cabot Microelectronics Corporation
                             870 North Commons Drive
                             Aurora, IL  60504
                             Attn: Vice President of Operations
                             Telecopier: 630-375-5596

     With a copy to:         Cabot Microelectronics Corporation
                             870 North Commons Drive
                             Aurora, IL 60504
                             Attn: General Counsel
                             Telecopier: 630-499-2644

or to such other address as may be designated in writing by any of the parties
from time to time in accordance herewith.

8.       GENERAL

         8.1 Severability. If any provision of this Agreement shall be found to
be invalid or unenforceable, then such provision or provisions shall not
invalidate or in any way affect the enforceability of the remainder of this
Agreement and such provision or provisions shall be curtailed and limited to the
extent necessary to bring the Agreement within any legal requirement and the
parties shall negotiate in good faith with respect to an equitable modification
of the provision or application thereof held to be invalid.

         8.2 Modification; Waivers. Except as expressly provided herein, this
Agreement may be modified or amended only with the written consent of each party
hereto. Neither party hereto shall be released from its obligations hereunder
without the written consent of the other party. The observance of any term of
this Agreement may be waived (either generally or in a particular instance and
either retroactively or prospectively) by the party entitled to enforce such
term, but any such waiver shall be effective only if in a writing signed by the
party against which such waiver is to be asserted. Except as otherwise
specifically provided herein, no delay on the part of either party hereto in
exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any waiver on the part of either party hereto of any right,
power or privilege hereunder operate as a waiver of any other right, power or
privilege hereunder nor shall

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any single or partial exercise of any right, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other
right, power or privilege hereunder.

         8.3 Succession. This Agreement shall be binding upon and shall inure to
the benefit of the parties hereto and their respective successors and other
legal representatives and, to the extent that any assignment hereof is permitted
hereunder, their assignees.

         8.4 Counterparts. This Agreement may be executed in counterparts.

         8.5 Further Assurances. Each party agrees to provide any additional
documents and take any such further action as may be reasonably requested by the
other party in order to carry out the purpose and intent of this Agreement.

         8.6 Entire Agreement. This Agreement contains the full and complete
undertaking and agreement between the parties hereto with respect to the sale of
Unit C Fumed Alumina and Substitute Fumed Alumina by Cabot to CMC, and
supersedes all other agreements between Cabot and CMC, whether written or oral,
except any confidentiality agreements between the parties, which shall, to the
extent such agreements do not contradict the terms of this Agreement, continue
in effect.

         8.7 Headings. The headings of the sections and other subdivisions of
this Agreement are for convenient reference only. They shall not be used in any
way to govern, limit, modify, construe this Agreement or any part or provision
thereof nor otherwise be given any legal effect.

         8.8 Assignees and Third Parties. This Agreement may not be assigned by
either party without the prior written consent of the other party and any
attempted assignment without such consent shall be null and void; provided,
however, that Cabot may assign this Agreement to a subsidiary or affiliated
company. A change of control of either Party will not be deemed to be an
assignment in violation of this Section 8.8. In addition, Cabot may make
arrangements for the production and sale of Unit C Fumed Alumina required
hereunder to be manufactured and sold by a subsidiary or an affiliate, including
but not limited to Cabot Carbon Ltd. Such arrangements may take the form of an
assignment of certain rights and obligations hereunder or a subcontract of
certain obligations hereunder. Similarly, CMC may make arrangements for the
purchase of Fumed Alumina hereunder to be made by a subsidiary or affiliate,
including but not limited to Cabot Microelectronics International Corporation.
Such arrangements may take the form of an assignment of certain rights and
obligations hereunder. However, all sales of Unit C Fumed Alumina or Substitute
Fumed Alumina pursuant to any such arrangement shall be governed by the terms of
this Agreement.

         8.9 Governing Law. This Agreement shall be governed by and construed
and enforced in accordance with the laws of Delaware, without giving effect to
principles of conflicts or choice of laws of Delaware or of any other
jurisdiction.

         8.10 Force Majeure. Each of the parties hereto shall be excused from
delays in performing or from failure to perform hereunder to the extent that
such delays or failures result from causes beyond the reasonable control of such
party, including, but not limited to, forces of nature, acts of God, strikes,
lockouts, wars, blockades, insurrections, riots, epidemics, restraints or
requirements of any government or government agency, civil disturbances,
explosions,

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breakage or accident to machinery or lines of pipe, unavailability of raw
material or supplies, strandings, perils of the sea, the binding order of any
court or governmental authority which has been resisted in good faith by all
reasonable means, and other cause, whether of the kind enumerated or otherwise,
not reasonably within the control of the party claiming suspension. Failure to
prevent or settle any strike shall not be considered to be a matter within the
control of the party claiming suspension. However, in order to be excused from
delay or failure to perform, such party must act diligently to remedy the cause
of such delay or failure.

         8.11 CMC reserves the right, upon reasonable prior written notice to
Cabot, to be given Cabot production, cost and quality records for Tuscola Unit C
solely in order to verify Cabot's compliance with its obligations under this
Agreement. CMC shall also have the third party audit rights under Schedule 1,
Paragraph IV.

         8.12 Confidentiality. Each of Cabot and CMC agree to keep confidential
and not disclose, and shall cause their respective subsidiaries and affiliates
to keep confidential and not disclose, to any party or use for any purpose
(other than for the performance of this Agreement or the Master FMO Agreement),
any proprietary or other confidential information of the other party which is
received pursuant to this Agreement ("Confidential Information"). Confidential
Information shall be subject to the restrictions of this paragraph only if it is
marked as confidential or proprietary or, if not disclosed in tangible form, the
disclosing party notifies the recipient of its confidential or proprietary
nature prior to its disclosure. For purposes of this Agreement, Confidential
Information of a party does not include, and a party and a party's subsidiaries
and affiliates will have no obligations under this provision with respect to,
any information of the other party or any subsidiary or affiliate of the other
party (the other party and subsidiaries and affiliates of the other party being
referred to as the "receiving party") which:

         (i) is already known to the receiving party from a source other than
the disclosing party as evidenced by competent proof thereof; or
         (ii) is or becomes publicly known through no wrongful act of the
receiving party (in which event the receiving party's obligations under this
Agreement in respect thereto shall terminate on the date such information enters
the public domain); or
         (iii) is rightfully received by the receiving party from a third party
without violation of any obligations of confidentiality owed by the third party
to the disclosing party; or
         (iv) is disclosed by the disclosing party to a third party without
restrictions on the third party's right to use or disclose such information; or
         (v) is independently developed by employees or consultants of the
receiving party without use of or reference to the disclosing party's
Confidential Information; or
         (vi) is approved for release by written authorization of the disclosing
party.

         8.13 Independent Contractors. CMC and Cabot are each independent
contractors. Nothing herein contained shall be construed to place CMC and Cabot
in the relationship of principal and agent, master and servant, partners, or
joint ventures, and, except as otherwise set forth in this Agreement, neither
party shall have, expressly or by implication, the power to represent itself as
having any authority to make contracts in the name of or binding upon the other,
or to obligate or bind the other in any manner whatsoever.

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         IN WITNESS WHEREOF, the Parties have caused this Agreement to be
executed by their duly authorized representatives as of the date first set forth
above.

CABOT CORPORATION

By
  ---------------------------------------

Title:
      -----------------------------------

CABOT MICROELECTRONICS CORPORATION

By
  ---------------------------------------

Title:
      -----------------------------------

       CABOT MICROELECTRONICS CORPORATION - CABOT CORPORATION CONFIDENTIAL
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                                   SCHEDULE 1

          QUARTERLY AND MONTHLY PAYMENTS AND REIMBURSEMENT OF EXPENSES

         CMC shall pay to Cabot the following monthly and quarterly payments and
expenditures and reimburse Cabot for the following expenses and expenditures,
subject to the adjustments stated below. Other than the amounts specified in
this Schedule 1, CMC shall not be obligated to make any payments, expenditures
or reimbursements to Cabot under this Agreement for Unit C Fumed Alumina, other
than amounts under Sections 2.4, 4.4, and 6.1(b).

I.       Monthly Payments

         On a monthly basis for each calendar month of the Term beginning with
the calendar month following the calendar month in which the Operation Date
occurs, CMC will pay Cabot for the following costs and expenses:

1.       Fixed Costs. CMC will pay Cabot for Fixed Costs associated with Tuscola
         Unit C. As used herein, Fixed Costs shall be comprised of only costs
         and expenses of the following type: [ ]. Cabot will notify CMC when
         Cabot expects to make expenditures in excess of $[ ] for [ ], in
         advance of making such expenditures. Notwithstanding any of the
         foregoing, in no event shall CMC be responsible for any such [ ]. Based
         on current estimates of initial Fixed Costs associated with Tuscola
         Unit C for the first year after the Operations Date, the parties have
         agreed that payment by CMC to Cabot for Fixed Costs shall be initially
         calculated using the rate of $[ ] per month ("Initial Fixed Costs
         Monthly Rate"). Such Initial Fixed Costs Rate was developed based upon
         first year estimates of Fixed Costs for [ ]. Beginning October 1, 2002,
         and on an annual basis thereafter, the then Fixed Costs Monthly Rate
         will be adjusted based on the historical operating expenses of Tuscola
         Unit C for the prior twelve (12) month period as follows:

         [ ]      The component of the [ ] will be adjusted annually based on
                  the historical operating expenses of Tuscola Unit C for the
                  prior twelve (12) month period. In the event that (i) for any
                  such twelve (12) month period, the adjusted amount of such [ ]
                  is likely to exceed [ ] of the sum of the [ ] plus any [ ] and
                  (ii) the expenditures (x) do not impact Cabot's ability to
                  meet its obligations under this Agreement and (y) operate
                  Tuscola Unit C in a safe, healthy and environmentally
                  responsible manner, CMC may require Cabot to delay or cancel
                  certain maintenance expenditures for the upcoming year.

         [ ]      The component of the [ ] will be adjusted annually based on
                  the historical operating expenses of Tuscola Unit C for the
                  prior twelve (12) month period . In the event that, for any
                  such twelve (12) month period, the monthly increase in the
                  amount of such [ ] is likely to exceed [ ] The component of
                  the [ ] will be adjusted annually based on the historical
                  operating expenses of Tuscola Unit C for the prior twelve (12)
                  month period but subject to the following: [ ] Both parties
                  shall work in good faith to manage [ ] and any savings shall
                  be allocated as agreed to by the parties. The foregoing
                  limitation shall not apply to the extent of costs to be

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                  incurred by Cabot to provide CMC with mutually agreed upon
                  additional services or information to CMC (e.g., additional
                  data reporting or process monitoring).

2.       Variable Costs CMC will pay Cabot for Variable Costs for the production
         of Fumed Alumina by Tuscola Unit C (including all OQ Fumed Alumina)
         that is provided to CMC subject to CMC's orders. As used herein,
         Variable Costs shall mean costs and expenses for [ ] Initially,
         Variable Costs shall be calculated using the rate of $[ ] per lb.
         produced ("Initial Variable Costs Rate"). Six (6) months after the
         Operation Date, and every six (6) months thereafter, the Variable Costs
         Rate will be adjusted based on the historical operating expenses of
         Tuscola Unit C for the preceding six (6) months. The costs for [ ]
         shall be adjusted for changes in the [ ]). Tuscola Unit C's [ ] is
         currently estimated at [ ] and such [ ] shall be used to calculate the
         costs of [ ] unless there is a material change in Tuscola Unit C's [ ].

3.       Testing Costs. CMC shall pay Cabot for all actual Tuscola Unit C raw
         material and final and in-process product testing costs conducted by
         Cabot for such testing directly related to CMC's orders hereunder as
         set forth in Exhibit A or as agreed to in advance by the Parties. Such
         testing includes testing that is consistent with the testing set forth
         in Exhibit A, and all additional testing requested by CMC. Monthly
         testing costs are currently estimated at $[ ].

II. Quarterly Payments: On a quarterly basis for each calendar quarter of the
Term beginning with the calendar quarter ended in which the Operation Date
occurs, CMC will pay Cabot:

1.       Initial Capital Costs: Cabot's total expenditures for the Initial
         Capital Assets for Tuscola Unit C ("Initial Capital Costs") amortized
         over [ ] quarters with a quarterly rate of return of [ ]% on after tax
         cash flows. As used herein, "Initial Capital Assets" shall mean [ ],
         and excludes [ ]. The Initial Capital Costs are [ ], and therefore, the
         quarterly payment for Initial Capital Costs shall be [ ].

2.       Replacement Capital Costs: Cabot's Replacement Capital Costs for
         Tuscola Unit C for the preceding quarter. As used herein, "Replacement
         Capital Costs" shall mean [ ]. CMC shall reimburse Cabot for
         Replacement Capital Costs within 60 days after the completion of the
         quarter in which they were incurred, provided in the event such
         Replacement Capital Costs exceed $[ ], the Parties may agree to
         amortize such expenditures over an agreed upon time period. If
         replacement capital costs are projected to exceed [ ]% of the Initial
         Capital Costs for a given year, Cabot will notify CMC of the reason(s)
         for the expenditure(s). If the expenditures (a) do not impact Cabot's
         ability to meet its obligations under this Agreement and (b) operate
         Tuscola Unit C in a safe, healthy and environmentally responsible
         manner, CMC may require Cabot to delay or cancel certain replacement
         capital expenditures for the year.

3.       Additional Capital Costs: Cabot's Additional Capital Costs for Tuscola
         Unit C for the preceding quarter. As used herein, "Additional Capital
         Costs" shall mean [ ] In the event that Additional Capital Costs are
         required to keep Tuscola Unit C [ ] and are likely to exceed $[ ],
         Cabot shall promptly notify CMC in advance of making such

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         expenditures, and the Parties shall review the basis for such
         Additional Capital Costs and attempt to develop a plan to control such
         costs. Additional Capital Costs shall not include [ ] CMC shall
         reimburse Cabot for Additional Capital Costs within 60 days after the
         completion of the quarter in which they were incurred, provided in the
         event such Additional Capital Costs are expected to exceed $[ ], the
         Parties may agree to amortize such expenditures over an agreed upon
         time period. In all cases of expenditures of Additional Capital, if the
         expenditure is expected to be greater than $[ ] the expenditure must
         first be approved by CMC, acting in good faith, which approval will not
         be unreasonably withheld or delayed or which would result in Cabot
         violating applicable governmental laws, orders, rules and regulations.

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III. Pre-Operation Date Tuscola Unit C Expenses:

         CMC will reimburse Cabot for pre-Operation Date non-capital expenses or
costs of any and all kinds ("Pre-Operation Date Expenses"). A summary of such
expenses and costs is set forth in Exhibit F. CMC will not be responsible for
any other non-capital costs, or expenditures of any kind for pre-Operation Date
expenses incurred by Cabot. In addition, all Unit C Fumed Alumina produced by
Cabot at Tuscola Unit C prior to February 1, 2001 shall be owned by CMC, and
Cabot agrees to purchase [ ] lbs ("Pre-February 2001 Cabot Fumed Alumina") of
such Unit C Fumed Alumina at a price of $[ ]/lb (for a total of $[ ]), and Unit
C Fumed Alumina produced by Cabot at Tuscola Unit C between February 1, 2001 and
September 30, 2001 shall be owned by Cabot, provided, however, that
notwithstanding anything to the contrary: (i) all Unit C Fumed Alumina supplied
to CMC prior to the Effective Date is and has been provided or sold to CMC "AS
IS" and without representation or warranty of any kind and subject to the
provisions of Section 5 of this Agreement and in no event shall Cabot be
responsible or liable for any special, incidental or consequential damages
(including without limitation any claim by a customer of CMC or any loss or
profits or loss of opportunities) arising out of the supply of such material and
(ii) CMC agrees to pay Cabot, within 30 days of its receipt of an invoice
therefor, $[ ]/lb for any Unit C Fumed Alumina produced by Cabot between
February 1, 2001 and September 30, 2001 that is provided to CMC and is used in
products supplied to CMC customers ("Certain Pre-October 2001 Fumed Alumina").
The Parties agree that the total amount of the Pre-Operation Date Expenses is
$[ ], which net of the total price for Pre-February 2001 Fumed Alumina leaves a
balance of $[ ]. CMC agrees to pay Cabot such net amount $[ ] within 30 days of
the Effective Date.

IV. Annual Incentive: If the amount of InSpec Fumed Alumina that CMC orders, and
Cabot supplies from Tuscola Unit C, during any Contract Year (as defined in
Section 1.4) of the Term is in excess of [ ], then CMC shall pay Cabot an annual
incentive equal to [ ].

V. Payment for Pilot Plant Upgrade Project: CMC shall pay Cabot $[ ] within
thirty (30) days of the Effective Date for the Pilot Plant Upgrade Project that
was abandoned to build Tuscola Unit C. Such amount represents approximately [ ]
percent ([ ]%) of (i) expenditures incurred before Pilot Plant Upgrade Project
was abandoned and (ii) additional expenses to restore the Pilot Plant to its
original state.

VI. Third Party Audit. Upon 30 days prior written notice from CMC to Cabot, CMC
may designate an independent accountant (other than the respective independent
accountant(s) who audit and issue opinions on the annual financial statements of
Cabot or CMC) to review the financial and other necessary records of Cabot
supporting the fixed costs and variable costs and capital costs contemplated by
this Schedule 1 (which costs and expenses have been paid to or invoiced by Cabot
within two years of the date of such request) in order to verify the calculation
of amounts hereunder. The expense of such audit will be borne by CMC, unless
Cabot is found to have materially erred in the charges to CMC under this
Agreement.

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                                    EXHIBIT A

                          Specifications Fumed Alumina

                       Cabot Microelectronics Corporation

                                870 Commons Drive

                                Aurora, IL 60504

                      [[ GLOBAL PURCHASING SPECIFICATION ]]
                   [[[ CABOT MICROELECTRONICS CONFIDENTIAL ]]]

THE INFORMATION DISCLOSED IN THIS EXHIBIT IS THE PROPERTY OF CABOT
MICROELECTRONICS. CABOT MICROELECTRONICS RESERVES ALL PROPRIETARY, DESIGN,
MANUFACTURING, REPRODUCTION, USE AND SALES RIGHTS THERETO, AND TO ANY ARTICLE OR
PROCESS UTILIZING SUCH INFORMATION, EXCEPT TO THE EXTENT THAT RIGHTS ARE
EXPRESSLY GRANTED TO OTHERS.

<TABLE>
<S>                                   <C>
----------------------------------    ------------------------------------------
TITLE:  FUMED ALUMINA
----------------------------------    ------------------------------------------
SPECIFICATION:   Fumed Alumina        REVISION D
----------------------------------    ------------------------------------------
DATE:  10/__/2001                     PAGE:  1 OF 8
----------------------------------    ------------------------------------------
</TABLE>

SPECIFICATION CONTENTS:

1.       PURPOSE

2.       SCOPE

3.       SAFETY

4.       RESPONSIBILITY

5.       MATERIAL ORDERING INFORMATION

6.       MATERIAL, SAMPLING & TESTING REQUIREMENTS

7.       MANUFACTURING REQUIREMENTS

8.       PACKAGING REQUIREMENTS

9.       STORAGE, HANDLING AND SHIPPING REQUIREMENTS

10.      [  ]

11.      [  ]

12.      [  ]

13.      GENERAL QUALITY SYSTEM REQUIREMENTS

14.      SUPPLIER AND SUBCONTRACTOR AUDITS

15.      REFERENCED DOCUMENTS

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1.0      PURPOSE

1.1      The purpose of this specification is to define the technical,
         packaging, analytical, administrative and quality system requirements
         for manufacturing, testing, packaging and shipping of Fumed Alumina.

2.0      SCOPE

         This global purchasing specification concerns the manufacture of Fumed
         Alumina.

3.0      SAFETY

3.1      A current copy of the material safety data sheet (MSDS) for each fumed
         metal oxide product supplied to any facility of Cabot Microelectronics
         must have been provided to the Cabot Microelectronics SH&E Department
         prior to the first shipment.

3.2      The fumed alumina manufacturer shall comply with all applicable
         Federal, State, and Local codes and regulations regarding packaging,
         labeling, transportation, storage and handling of materials, including
         the Comprehensive Environmental Response, Compensation, and Liability
         Act of 1980, and those regarding chlorofluorocarbons, halons, or other
         ozone depleting chemical substances.

3.3      Suppliers to Cabot Microelectronics must warrant that all products are
         listed on the Toxic Substances Control Act (TSCA) inventory of the
         Federal Environmental Protection Agency.

4.0      RESPONSIBILITY

4.1      Cabot Microelectronics personnel and the fumed alumina manufacturer's
         personnel are responsible for assuring the accuracy of the Safety
         section of the specification.

4.2      The fumed alumina manufacturer's [ ], or designated personnel, will be
         responsible for sending to Cabot Microelectronics [ ] on all products
         received at each Cabot Microelectronics Facility. The [ ] should be
         sent to Cabot Microelectronics [ ] management on a quarterly basis.
         These Charts will include all final data for all [ ] fumed alumina
         manufactured during the specified time frame.

4.3      The fumed alumina manufacturer is responsible for supplying fumed metal
         oxide products which conform to this Global Purchasing Specification[ ]
         as described in this document, as well as all procedures and
         specifications referenced in this document.

4.4      Cabot Microelectronics [  ] personnel are responsible for monitoring
         the [  ] fumed metal oxide to this specification.

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4.5      The fumed alumina manufacturer will provide a [ ] with each lot of
         material delivered. The [ ] must meet the requirements listed in
         section 6.0. The [ ] will report the supplier's [ ] for the parameters
         listed in section 6.0.

4.6      The Supplier will provide a [ ] that reports [ ] for the parameters
         specified in section 6.0 for material manufactured in [ ]. In addition,
         the Supplier shall provide the [ ] for [ ], including [ ].

4.7      [ ] of materials shipped to Cabot Microelectronics: Each [ ] of
         material shipped to Cabot Microelectronics, as well as each [ ], must
         be [ ]. [ ], to the extent that is available, must be provided to Cabot
         Microelectronics upon request.

5.0      MATERIAL ORDERING INFORMATION
<TABLE>
<S>                                   <C>               <C>
         ---------------------------- ----------------- ------------------------
         Cabot Microelectronics       Description       Authorized Container(s)

         Part Number/

         Resource Number
         ---------------------------- ----------------- ------------------------
         [  ]                         Fumed Alumina     [  ]
         ---------------------------- ----------------- ------------------------
</TABLE>

6.0      MATERIAL, SAMPLING AND TESTING REQUIREMENTS

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6.1      [ ]

6.2      [ ] FOR FUMED ALUMINA

         [ ] unless mutually agreed to by CMC and Cabot. [ ]

         In addition to the [ ], Cabot agrees to follow [ ]. The [ ] is
         referenced below in 15.0, Referenced Documents. Except for [ ], Cabot
         will notify CMC of [ ]. Cabot and CMC agree that Cabot shall [ ] that
         Cabot and CMC agree to use commercially reasonable efforts to develop.

6.3      For those [ ] that the current specification states as [ ] it is the
         Supplier's responsibility to [ ] based on the [ ].

6.4      The [ ] listed in the above Table 6.1.1 is based on the [ ]. [ ] may be
         adjusted accordingly based on [ ] with prior approval of CMC. However,
         it is the responsibility of the Supplier to ensure that the [ ] which
         is shipped to Cabot Microelectronics. In addition, the Supplier will
         notify Cabot Microelectronics of [ ].

6.5      Any materials that [ ] in Table 6.2.1 shall be [ ] and [ ] materials.

6.6      The Supplier shall [ ] manufactured for Cabot Microelectronics, in an
         [ ] parameters as referenced in the [ ] and [ ].

6.7      Intentionally left blank.

6.8      Cabot agrees to [ ]. Cabot agrees to provide CMC with [ ] upon request.
         Both parties may agree to [ ].

7.0      MANUFACTURING REQUIREMENTS

7.1      The Supplier should [ ] by Cabot Microelectronics for [ ] products.

7.2      The Supplier must [ ] for Cabot Microelectronics. This [ ] from [ ],
         using the [ ]. All personnel who [ ]. These personnel must also be [ ].

7.3      The [ ] is hereby designated as [ ] for Cabot Microelectronics [ ]. The
         [ ], as described in Section 10 of this specification.

7.4      Cabot Microelectronics reserves the right to [ ] with appropriate
         notice and supplier approval.

7.5      The Supplier shall not [ ].

7.6      The Supplier shall [ ], in addition to any other [ ] which have been
         mutually agreed to by Cabot and Cabot Microelectronics [ ] Cabot
         Microelectronics. These [ ] must be [ ]. Appropriate [ ] shall be made
         available upon request, and reviewed with Cabot Microelectronics
         personnel during [ ] as needed.

7.7      The supplier will [ ]. The supplier will review the [ ] Cabot
         Microelectronics at its request.

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7.8      At the written request of CMC, the supplier will provide to Cabot
         Microelectronics a [ ]. Such [ ] will be developed consistent with the
         [ ] guidelines referenced below (Section 10 of this Specification).

8.0      PACKAGING REQUIREMENTS

8.1      Packaging material: [ ]

8.2      [ ] Each [ ] must [ ]. [ ] product [ ] must comply with the minimum
         requirements set forth by the Department of Transportation.

8.3      [ ] As such, [ ] including [ ] to the extent available.

8.4      [ ] The [ ] shall [ ] upon request from each of the Supplier's
         manufacturing locations.

8.5      [ ] The product must [ ]

8.6      The Supplier assumes responsibility for [ ] to Cabot Microelectronics.

9.0      STORAGE, HANDLING AND SHIPPING REQUIREMENTS

9.1      The Supplier must store the product [ ].

9.2      [ ] fumed metal oxide products have a [ ].

9.3      The Supplier shall ship products to Cabot Microelectronics [ ]

9.4      Special instructions: None at this time.

10.0     [ ]

10.1     Cabot Microelectronics and Cabot have agreed to the [ ] referenced in
         15.0 Referenced Documents below. For [ ], Cabot [ ] Cabot
         Microelectronics. For [ ], Cabot [ ] Cabot Microelectronics [ ] Cabot
         Microelectronics [ ]. Cabot [ ]. Cabot Microelectronics shall [ ].

10.2     The Supplier shall [ ] Cabot Microelectronics [ ]. There shall be a [ ]
         with Cabot Microelectronics

10.3     In the event [ ], the Supplier will provide Cabot Microelectronics [ ].

         11.0     [ ]

11.1     The Supplier shall [ ] in accordance with the Supplier's [ ]

11.2     It is the expectation that the Supplier will [ ]

11.3     [ ] Cabot Microelectronics to the Supplier shall be completed upon
         review and joint agreement between Cabot Microelectronics and the
         Supplier of [ ] from the Supplier. Cabot Microelectronics reserves the
         right to [ ]

11.4     The Supplier shall provide sufficient resources to assist or lead [ ]
         when appropriate.

         11.5     The Supplier will [  ]

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12.0     [ ]

12.1     In the event that CMC requests [ ] except that Cabot [ ] There shall be
         [ ] There are two ways in which such [ ]

13.0     GENERAL QUALITY SYSTEM REQUIREMENTS

13.1     The Supplier shall [ ]

13.2     All records that describe [ ]

14.0     SUPPLIER AND SUB-CONTRACTOR AUDITS

14.1     Cabot Microelectronics reserves the right to [ ] and approval of the
         Supplier. These [ ] Cabot Microelectronics is willing to [ ]

14.2     It is the requirement of Cabot Microelectronics' [ ] to [ ] Cabot
         Microelectronics will [ ]

14.3     Cabot Microelectronics may request to [ ]

15.0     REFERENCED DOCUMENTS

[ ]

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                                    EXHIBIT B

                          Product Specification For [ ]

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                                    EXHIBIT C
                     Initial Project Scope Cabot Project [ ]

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                                    EXHIBIT D

                            Additional Project Scope

                                           [ ]

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                                    EXHIBIT E

                                 CMC Competitors
[ ]

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                                    EXHIBIT F

                       Pre-Operation Date Unit C Expenses

[ ]

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