Document:

<PAGE>

EXHIBIT 10.8

                          KONTRON EMBEDDED COMPUTERS AG
                           Oskar-von-Miller Strasse 1
                              85386 Eching, Germany

                                  July 11, 2000

FAX:  952-472-8329  Call First
------------------------------
Mr. Gary Beeman
3600 Tuxedo Road
Mound, MN  55364

Dear Mr. Beeman:

         Re:      Purchase of Shares; Partial Termination of Agreement
                  ----------------------------------------------------

                  This letter confirms our agreement to purchase, and your
agreement to sell, 204,076 shares of common stock of FieldWorks at a purchase
price of US$1.10 per share. The closing of the purchase of these shares will
occur within three business days. At the closing you will deliver certificates
for these shares and appropriate instruments of transfer, and Kontron Embedded
Computers AG ("Kontron"), will deliver the total purchase price by wire transfer
to an account designated by you.

                  This letter will also confirm your agreement to terminate, and
FieldWorks Incorporated ("FieldWorks") to terminate, Paragraphs 2 and 3 of the
Founders Non-Competition and Non-Solicitation Agreement between you and
FieldWorks, which relate to the termination payments owed to you and the
non-compete provisions binding on you. The remaining provisions of that
agreement shall remain in effect. In further consideration of this termination,
FieldWorks will pay you $36,000 within three business days of the date this
letter is signed.

                  If the foregoing terms and conditions are acceptable to you,
please so indicate by signing this letter and returning it to the attention of
Kontron.

                                    Very truly yours,

                                    KONTRON EMBEDDED COMPUTERS AG

                                    By: /s/ Hannes Niederhauser
                                       ----------------------------------------
                                       Hannes Niederhauser
                                       President and Member of Management Board

                                    By: /s/ Rudi Wieczorek
                                       ----------------------------------------
                                       Rudi Wieczorek
                                       Chief Technical Officer and
                                             Member of Management Board

July 11, 2000

                                      -1-
<PAGE>

Kontron Embedded Computers, AG
Letter to Gary Beeman
July 11, 2000
Page 2

AGREED TO AND ACCEPTED:

       /s/ Gary Beeman
--------------------------------
           Gary Beeman

FIELDWORKS, INCORPORATED

By:   /s/ David G. Mell
--------------------------------
         David G. Mell
         Chief Executive Officer

July 11, 2000

                                      -2-WARRANT AGREEMENT

                         Dated as of [_________], 2000

                                by and between

                         DANIELSON HOLDING CORPORATION

                                      and

                    AMERICAN STOCK TRANSFER & TRUST COMPANY
                               as Warrant Agent

<PAGE>

                                          WARRANT AGREEMENT

                                         TABLE OF CONTENTS1

                                                                            PAGE

SECTION 1.  APPOINTMENT OF WARRANT AGENT.....................................1
            ----------------------------

SECTION 2.  REPRESENTATION BY COMMON STOCK CERTIFICATES......................1
            -------------------------------------------

SECTION 3.  DISTRIBUTION OF WARRANTS.........................................1
            ------------------------

SECTION 4.  TERMS OF WARRANTS; EXERCISE OF WARRANTS..........................2
            ---------------------------------------

SECTION 5.  PAYMENT OF TAXES.................................................4
            ----------------

SECTION 6.  RESERVATION OF WARRANT SHARES....................................4
            -----------------------------

SECTION 7.  OBTAINING STOCK EXCHANGE LISTINGS................................5
            ---------------------------------

SECTION 8.  FRACTIONAL INTERESTS.............................................5
            --------------------

SECTION 9.  MERGER, CONSOLIDATION OR CHANGE OF NAME OF WARRANT AGENT.........5
            --------------------------------------------------------

SECTION 10.  WARRANT AGENT...................................................6
             -------------

SECTION 11.  CHANGE OF WARRANT AGENT.........................................8
             -----------------------

SECTION 12.  NOTICES.........................................................8
             -------

SECTION 13.  SUPPLEMENTS AND AMENDMENTS......................................9
             --------------------------

SECTION 14.  SUCCESSORS.....................................................10
             ----------

SECTION 15.  TERMINATION....................................................10
             -----------

SECTION 16.  GOVERNING LAW; JURISDICTION....................................10
             ---------------------------

SECTION 17.  BENEFITS OF THIS AGREEMENT.....................................10
             --------------------------

SECTION 18.  COUNTERPARTS...................................................10
             ------------

SECTION 19.  FURTHER ASSURANCES.............................................10
             ------------------
-------
1        This Table of Contents does not  constitute a part of this Agreement or
         have  any  bearing  upon  the  interpretation  of any of its  terms  or
         provisions.

<PAGE>

     WARRANT AGREEMENT dated as of [_________],  2000, between DANIELSON HOLDING
CORPORATION, a Delaware corporation (the "Company"), and AMERICAN STOCK TRANSFER
& TRUST COMPANY, as Warrant Agent (the "Warrant Agent").

     WHEREAS, the Company proposes to issue certain nontransferable  warrants on
[_________],  2000 (the  "Distribution  Date") to the  holders  of shares of its
common  stock,  par value $.10 per share (the  "Common  Stock"),  such  warrants
consisting  of  Series A  warrants,  Series B  warrants  and  Series C  warrants
(collectively,  the "Warrants").  Each Warrant of a series will entitle a holder
to purchase the number of shares of Common Stock specified in the Trigger Notice
(as herein defined)  applicable to Warrants of that series. Each share of Common
Stock  issuable  upon the  exercise of Warrants  (the  "Warrant  Shares"),  when
issued, shall be accompanied by one Warrant of each series of Warrants for which
the Trigger Date (as herein  defined) for such series has not yet occurred (each
such series of Warrants, an "Unexpired Series");

     WHEREAS,  the Warrants  will be  represented  by the  certificates  for the
Company's Common Stock and will not be separately transferable; and

     WHEREAS,  the Company  desires  the  Warrant  Agent to act on behalf of the
Company  and the  Warrant  Agent is willing so to act,  in  connection  with the
issuance of the Warrants and other matters as provided herein.

     NOW, THEREFORE,  in consideration of the premises and the mutual agreements
herein set forth, the parties hereto agree as follows:

     SECTION 1.  APPOINTMENT OF WARRANT AGENT.  The Company hereby  appoints the
Warrant  Agent  to  act  as  agent  for  the  Company  in  accordance  with  the
instructions  set forth  hereinafter  in this  Agreement,  and the Warrant Agent
hereby accepts such appointment

     SECTION 2. REPRESENTATION BY COMMON STOCK  CERTIFICATES.  The Warrants will
be evidenced by the certificates for the Common Stock and the registered holders
of the Common  Stock  shall  also be the  registered  holders of the  associated
Warrants.  The transfer of any certificates  representing shares of Common Stock
in respect of which Warrants have been issued shall also constitute the transfer
of the Warrants associated with such shares of Common Stock. Warrants may not be
transferred separately from the underlying share upon which they are issued.

     SECTION 3.  DISTRIBUTION OF WARRANTS.  On the Distribution  Date,  Warrants
shall be deemed to be issued to all  holders  of Common  Stock as of such  date,
consisting  of one  Series A  Warrant,  one  Series B Warrant  and one  Series C
Warrant  for each  share of Common  Stock  then  outstanding.  Warrants  of each
Unexpired  Series  shall also be issued in respect of all shares of Common Stock
which are issued  (whether  originally  issued or from the  Company's  treasury)
after the  Distribution  Date but prior to the Trigger Date for such series.  No
new Common Stock will be issued between the Trigger Date (as herein defined) and
the Expiration Date (as herein defined) of any series of warrants.  Each Warrant
Share,  when  issued,  shall be  accompanied  by one  Warrant of each  Unexpired
Series.

     SECTION 4. TERMS OF  WARRANTS;  EXERCISE  OF  WARRANTS.  No Warrants of any
series shall be exercisable  unless notice is given to the holders  thereof,  by
the Company at the Company's sole  discretion,  that Warrants of such series may
be exercised (the date of such notice being referred to as the "Trigger  Date").
Such notice (the "Trigger  Notice") shall be given by the Company as provided in
Section 12 of this  Agreement,  shall be accompanied or preceded by a prospectus
covering the  registration  of the Warrant  Shares under the  Securities  Act of
1933, as amended,  and shall include (i) the number of Warrant  Shares  issuable
upon exercise of each Warrant of such series, (ii) the price to be paid for each
Warrant Share  issuable upon exercise of Warrants of such series (the  "Exercise
Price"),  (iii) the expiration  date for Warrants of such series (which shall be
selected  by the  Company in its sole  discretion,  but which shall be a date no
less than 14 Business Days after the date of mailing of such Trigger Notice)(the
"Expiration  Date") and (iv) such other terms and  conditions  as the Company in
its sole  discretion  may impose.  No Trigger Notice may be given by the Company
and no Warrants will be  exercisable  by holders  unless the Warrant  Shares are
registered  under the  Securities  Act of 1933,  as amended.  From and after the
giving of the  Trigger  Notice with  respect to a series of  Warrants  until the
close of business on the Expiration Date set forth therein,  each Warrant holder
shall have the right,  subject to the terms of this  Agreement,  to exercise the
Warrants  of that  series as of a  specified  date (the  "Effective  Date")  and
receive  from the  Company  the number of fully paid and  nonassessable  Warrant
Shares  (together with any Warrants of an Unexpired  Series that are issuable in
respect of such Warrant  Shares) which the holder may at the time be entitled to
receive on exercise of such  Warrants and payment of the Exercise  Price then in
effect for such Warrant Shares.
<PAGE>
     The Exercise  Price for each series of Warrants is  anticipated to be based
on a discount  from the market  price of the Common  Stock  prior to the Trigger
Date with respect to Warrants of that series.

     Each Warrant of a series not  exercised  prior to the  Expiration  Date for
that  series  shall  become  void and all  rights  thereunder  and all rights in
respect thereof under this Agreement shall cease as of such time.  However,  any
such  non-exercise of a Warrant of a particular series shall not have any effect
on a Warrant of any Unexpired Series.  Save as expressly  provided  otherwise in
this Agreement, no adjustments as to dividends will be made upon exercise of the
Warrants.

     A Warrant may be exercised  upon  surrender to the Company at the principal
corporate  trust  office of the  Warrant  Agent  referred  to in Section 12 (the
"Warrant  Agent  Office") of a form of  election to exercise  duly filled in and
signed,  which  signature  shall be  guaranteed  by an "eligible  guarantor"  as
defined in the regulations  promulgated under the Securities and Exchange Act of
1934, as amended (the "Exchange Act"),  together with the shares of Common Stock
evidencing the Warrants to be exercised (the "Tendered Shares") and upon payment
to the Warrant  Agent for the account of the Company of the  Exercise  Price for
each Warrant Share then exercised. Payment of the aggregate Exercise Price shall
be made (i) in United States dollars or (ii) by certified or official bank check
payable to the order of the Warrant Agent.

     The  Exercise  Price for all  Warrants  which have been  exercised  and the
related  Tendered  Shares  shall be held in escrow in a separate  account by the
Warrant Agent. Not later than the [______] Business Day following the Expiration
Date,  the Warrant  Agent shall inform the Company and the Company shall issue a
press release  indicating  the number of Warrants  which have been exercised and
the number of shares of Common Stock to be  outstanding  after giving  effect to
such exercises. The Company will request each of its shareholders to provide the
Company  written  notice by the close of business on the  [______]  Business Day
thereafter  if, as a result of such  exercises,  there would be a risk that they
would become a "5% Stockholder," as such term is defined in Article Fifth of the
Company's  Certificate  of  Incorporation.  If any  person  would  be at risk of
becoming a 5% Stockholder as a result of such person's exercise of Warrants, the
number of Warrants  exercised by such person may, at the sole  discretion of the
Company and its tax counsel, be automatically, and without any further action by
such person,  reduced to the number of Warrants  which would cause such person's
ownership  of Common  Stock to be less than 5% or such number in excess of 5% as
the Company and its tax counsel shall  determine in their sole  discretion.  The
Company will notify the Warrant Agent of the number of Warrants deemed exercised
by each such person. In addition,  notwithstanding  the other provisions of this
Agreement  and the  Warrants,  the Company may limit the exercise of Warrants by
pre-existing  5%  Stockholders  and shall  give  notice to such  holders of such
limitation  no later than  [______] and any Warrants held by such person will be
subject to such limitations.

     The Warrant Agent shall hold all Tendered Shares until after the Expiration
Date.  No  sooner  than the  close of  business  on the  [______]  Business  Day
following  the  Expiration   Date,  the  Warrant  Agent  shall  promptly  return
certificates  representing the Tendered Shares (and related Unexpired  Warrants)
to the holders of those  shares,  pursuant to the  written  instruction  of such
holders.  Not later than the close of  business  on the  [______]  Business  Day
following  the  Expiration  Date,  the Company  shall give notice to the Warrant
Agent of the  shares of Common  Stock (and  related  Unexpired  Warrants)  to be
issued upon exercise of Warrants,  the Exercise Price for such Warrants shall be
delivered  to the Company and the Company  shall issue and cause to be delivered
with all  reasonable  dispatch  to the Warrant  holder,  pursuant to the written
instruction of such holder, a certificate or certificates for the number of full
Warrant Shares (and related  Unexpired  Warrants)  issuable upon the exercise of
such  Warrants  together  with  cash as  provided  in  Section  8  hereof.  Such
certificate or  certificates  shall be deemed to have been issued and the holder
thereof shall be deemed to have become a holder of record of such Warrant Shares
(and related  Unexpired  Warrants) as of the Effective  Date.  The Warrant Agent
shall promptly  return to the holders the Exercise Price (without  interest) for
any Warrants which the Company shall have  determined  may not be exercised,  as
provided above. In addition, if the Board of Directors of the Company determines
at any  time  that  the  exercise  of  Warrants  of any  series  will  cause  an
unreasonable  risk of an "ownership  change" or an  unintentional  result on the
"ownership  change  percentage,"  the  Board of  Directors  may  terminate  such
Warrants,  even if a Trigger Notice has been given with respect to such Warrants
or if the Effective  Date or Expiration  Date for such series has occurred,  and
the Exercise  Price for any Warrants of such series which have been  received by
the Warrant  Agent shall be promptly  returned to the holders of such  Warrants,
without interest.
<PAGE>
     The holders of any Warrants shall be free to exercise all or any portion of
their Warrants.  Failure to exercise Warrants of one series shall not affect the
Warrants of any unexpired series.

     The Warrant Agent shall keep copies of this Agreement and any notices given
or received  hereunder  available for  inspection by the holders of the Warrants
during normal business hours at its office. The Company shall supply the Warrant
Agent  from time to time with such  numbers of copies of this  Agreement  as the
Warrant Agent may request.

     SECTION 5.  PAYMENT OF TAXES.  The Company will pay all  documentary  stamp
taxes  attributable to the initial  issuance of Warrant Shares upon THE EXERCISE
OF WARRANTS;  PROVIDED,  HOWEVER,  that the Company shall not be required to pay
any tax or taxes which may be payable in respect of any transfer involved in the
issue of any  certificates  for Warrant  Shares in a name other than that of the
registered holder of a Common Stock certificate  evidencing Warrants surrendered
upon the exercise of a Warrant,  and the Company  shall not be required to issue
or deliver  such Common Stock  certificates  evidencing  the Warrants  unless or
until the person or persons  requesting the issuance  thereof shall have paid to
the Company the amount of such tax or shall have established to the satisfaction
of the Company that such tax has been paid.

     SECTION 6.  RESERVATION OF WARRANT SHARES.  From and after the Trigger Date
with  respect to any series of  Warrants,  the  Company  will  reserve  and keep
available,  free from preemptive  rights, out of the aggregate of its authorized
but  unissued  Common  Stock,  for the  purpose of  enabling  it to satisfy  any
obligation to issue Warrant Shares upon exercise of such  Warrants,  the maximum
number of shares of Common Stock which may then be deliverable upon the exercise
of all outstanding Warrants of such series.

     The Company  will keep a copy of this  Agreement  on file with the transfer
agent (the  "Transfer  Agent")  for any shares of the  Company's  capital  stock
issuable  upon  the  exercise  of the  rights  of  purchase  represented  by the
Warrants. The Warrant Agent is hereby irrevocably authorized to requisition from
time to time from such Transfer Agent the stock  certificates  required to honor
outstanding  Warrants upon exercise thereof in accordance with the terms of this
Agreement.  The  Company  will  supply such  Transfer  Agent with duly  executed
certificates  for such purposes and will provide or otherwise make available any
cash which may be payable as provided in Section 8 hereof.

     The  Company  covenants  that all Warrant  Shares  which may be issued upon
exercise of Warrants  will be, upon payment of the  Exercise  Price and issuance
thereof, fully paid, nonassessable,  free of preemptive rights and free from all
taxes, liens, charges and security interests with respect to the issue thereof.

     SECTION 7. OBTAINING STOCK EXCHANGE  LISTINGS.  The Company shall also from
time to time take all action  necessary so that the Warrant Shares,  immediately
upon their issuance upon the exercise of Warrants,  will be listed on the Nasdaq
Stock  Market  National  Market or such other  principal  securities  exchanges,
interdealer  quotation  systems and markets within the United States of America,
if any, on which other shares of Common Stock are then listed or quoted.

     SECTION 8. FRACTIONAL INTERESTS. The Company shall not be required to issue
fractional Warrant Shares on the exercise of Warrants.  If more than one Warrant
shall be presented for exercise in full at the same time by the same holder, the
number of full Warrant Shares which shall be issuable upon the exercise  thereof
shall be  computed  on the  basis of the  aggregate  number  of  Warrant  Shares
purchasable  on exercise  of the  Warrants so  presented.  If any  fraction of a
Warrant Share would, except for the provisions of this Section 8, be issuable on
the exercise of any Warrants (or specified portion  thereof),  the Company shall
notify  the  Warrant  Agent in  writing  of the amount to be paid in lieu of the
fraction of a Warrant Share and concurrently pay or provide to the Warrant Agent
for  repayment  to the Warrant  holder an amount in cash equal to the product of
(i) such  fraction  of a Warrant  Share and (ii) the  difference  of the current
market price of a share of Common Stock over the Exercise Price.

     SECTION 9. MERGER,  CONSOLIDATION  OR CHANGE OF NAME OF WARRANT AGENT.  Any
corporation  into which the  Warrant  Agent may be merged or  converted  or with
which it may be  consolidated,  or any  corporation  resulting  from any merger,
conversion or  consolidation to which the Warrant Agent shall be a party, or any
corporation  succeeding to all or  substantially  all of the corporate  trust or
agency  business of the Warrant  Agent,  shall be the  successor  to the Warrant
Agent hereunder  without the execution or filing of any paper or any further act
on the part of any of the parties hereto.
<PAGE>
     SECTION 10.  WARRANT  AGENT.  The Warrant Agent  undertakes  the duties and
obligations  imposed by this Agreement upon the following  terms and conditions,
by all of which the  Company and the holders of  Warrants,  by their  acceptance
thereof, shall be bound:

     (a)  The  statements  contained  herein shall be taken as statements of the
          Company.   The  Warrant  Agent  assumes  no  responsibility   for  the
          correctness  of any of the same except  such as  describe  the Warrant
          Agent or action taken or to be taken by it. The Warrant  Agent assumes
          no responsibility with respect to the distribution of the Common Stock
          certificates  evidencing  the  Warrants  except  as  herein  otherwise
          provided.

     (b)  The  Warrant  Agent  shall not be  responsible  for any failure of the
          Company  to  comply  with  any  of the  covenants  contained  in  this
          Agreement to be complied with by the Company.

     (c)  The Warrant Agent may consult at any time with counsel satisfactory to
          it (who may be counsel for the  Company)  and the Warrant  Agent shall
          incur no liability or  responsibility  to the Company or to any holder
          of any Warrant in respect of any action taken,  suffered or omitted by
          it hereunder in good faith and in  accordance  with the opinion or the
          advice of such counsel.

     (d)  The Warrant  Agent shall incur no liability or  responsibility  to the
          Company  or to any  holder  of any  Warrant  for any  action  taken in
          reliance on any Common Stock  certificates  evidencing  the  Warrants,
          notice,  resolution,  waiver,  consent, order,  certificate,  or other
          paper, document or instrument believed by it to be genuine and to have
          been signed,  sent or  presented  by the proper party or parties.  The
          Warrant  Agent  shall  not be bound by any  notice or  demand,  or any
          waiver, modification, termination or revision of this Agreement or any
          of the terms hereof, unless evidenced by a writing between the Company
          and the Warrant Agent.

     (e)  The Company agrees to pay to the Warrant Agent reasonable compensation
          for all  services  rendered by the Warrant  Agent in the  execution of
          this  Agreement,  to  reimburse  the  Warrant  Agent for all  expenses
          (including  reasonable  counsel fees),  taxes  (including  withholding
          taxes)  and  governmental  charges  and other  charges of any kind and
          nature  incurred by the Warrant Agent in the  execution,  delivery and
          performance  of  its  responsibilities  under  this  Agreement  and to
          indemnify the Warrant  Agent and save it harmless  against any and all
          liabilities, including judgments, costs and counsel fees, for anything
          done or omitted by the Warrant  Agent in the  execution,  delivery and
          performance of its  responsibilities  under this Agreement except as a
          result of its negligence or bad faith.

     (f)  The Warrant  Agent,  shall be under no  obligation  to  institute  any
          action, suit or legal proceeding or to take any other action likely to
          involve expense unless the Company or one or more  registered  holders
          of  Warrant   certificates   shall  furnish  the  Warrant  Agent  with
          reasonable security and indemnity for any costs and expenses which may
          be  incurred,  but this  provision  shall not  affect the power of the
          Warrant Agent to take such action as it may consider  proper,  whether
          with or without any such security or  indemnity.  All rights of action
          under this  Agreement  or under any of the Warrants may be enforced by
          the Warrant  Agent  without the  possession of any of the Common Stock
          certificates  evidencing the Warrants or the production thereof at any
          trial or other proceeding relative thereto,  and any such action, suit
          or proceeding  instituted by the Warrant Agent shall be brought in its
          name as Warrant  Agent and any  recovery of judgment  shall be for the
          ratable  benefit of the registered  holders of the Warrants,  as their
          respective rights or interests may appear.

     (g)  Except as required by law,  the Warrant  Agent,  and any  stockholder,
          director,  officer or employee of the Warrant Agent,  may buy, sell or
          deal in any of the  Warrants  or other  securities  of the  Company or
          become pecuniarily  interested in any transaction in which the Company
          may be  interested,  or contract  with or lend money to the Company or
          otherwise  act as fully and freely as though it were not Warrant Agent
          under this Agreement.  Nothing herein shall preclude the Warrant Agent
          from  acting in any other  capacity  for the  Company or for any other
          legal entity.
<PAGE>
     (h)  The Warrant Agent shall act hereunder solely as agent for the Company,
          and its duties shall be  determined  solely by the express  provisions
          hereof.  The Warrant  Agent shall not be liable for anything  which it
          may do or refrain from doing in connection with this Agreement, except
          for its own negligence or bad faith, provided, that, in no event shall
          the Warrant  Agent be liable for  special,  indirect or  consequential
          loss or damage of any kind  whatsoever  (including  but not limited to
          lost  profits),  even if the  Warrant  Agent has been  advised  of the
          likelihood  of such  loss or  damage  and  regardless  of the  form of
          action.

     (i)  The  Warrant  Agent  shall  not at any  time  be  under  any  duty  or
          responsibility  to any holder of any  Warrants  to make or cause to be
          made any  adjustment  of the  number  of the  Warrant  Shares or other
          securities or property  deliverable as provided in this Agreement,  or
          to  determine  whether  any facts  exist which may require any of such
          adjustments,  or with  respect  to the  nature  or  extent of any such
          adjustments,  when made,  or with  respect to the method  employed  in
          making the same.  The  Warrant  Agent  shall not be  accountable  with
          respect to the  validity or value or the kind or amount of any Warrant
          Shares  or of any  securities  or  property  which  may at any time be
          issued or delivered  upon the exercise of any Warrants or with respect
          to  whether  any such  Warrant  Shares or other  securities  will when
          issued be validly issued and fully paid and  nonassessable,  and makes
          no representation with respect thereto.

     SECTION 11.  CHANGE OF WARRANT  AGENT.  If the Warrant  Agent shall  become
incapable  of acting as Warrant  Agent or shall  resign as provided  below,  the
Company  shall appoint a successor to such Warrant  Agent.  If the Company shall
fail to make  such  appointment  within  a period  of 30 days  after it has been
notified in writing of such incapacity by the Warrant Agent or by the registered
holders of a majority of Warrants,  then the  registered  holder of any Warrants
may  apply to any  court of  competent  jurisdiction  for the  appointment  of a
successor  to the Warrant  Agent.  Pending  appointment  of a successor  to such
Warrant  Agent,  either by the  Company  or by such a court,  the  duties of the
Warrant Agent shall be carried out by the Company.  The registered  holders of a
majority of the unexercised Warrants shall be entitled at any time to remove the
Warrant Agent and appoint a successor to such Warrant  Agent.  Such successor to
the Warrant  Agent need not be  approved  by the  Company or the former  Warrant
Agent. After appointment the successor to the Warrant Agent shall be vested with
the  same  powers,  rights,  duties  and  responsibilities  as  if it  had  been
originally  named as Warrant Agent without  further act or deed;  but the former
Warrant  Agent shall  deliver and transfer to the successor to the Warrant Agent
any  property  at the time held by it  hereunder  and  execute  and  deliver any
further assurance, conveyance, act or deed necessary for the purpose. Failure to
give any notice provided for in this Section 11, however, or any defect therein,
shall not affect the legality or validity of the  appointment  of a successor to
the Warrant Agent.

     The  Warrant  Agent  may  resign  at any  time and be  discharged  from the
obligations  hereby  created by so notifying  the Company in writing at least 30
days  in  advance  of the  proposed  effective  date of its  resignation.  If no
successor  Warrant  Agent  accepts the  engagement  hereunder by such time,  the
Company shall act as Warrant Agent.

     SECTION 12. NOTICES.  Any notice or demand  authorized by this Agreement to
be given or made by the Warrant Agent or by the registered  holder of any Common
Stock certificate evidencing Warrants to or on the Company shall be sufficiently
given or made when and if  deposited  in the mail,  first  class or  registered,
postage  prepaid,  addressed  (until another  address is filed in writing by the
Company with the Warrant Agent), as follows:

                           Danielson Holding Corporation
                           767 Third Avenue
                           New York, New York  10017
                           Attention:  W. James Hall, Esq.

                  with a copy to:

                           Skadden, Arps, Slate, Meagher & Flom LLP
                           Four Times Square
                           New York, New York  10036
                           Attention:  Vincent J. Pisano, Esq.

     Any notice  pursuant to this Agreement to be given by the Company or by the
registered  holder of any Common Stock  certificate  evidencing  Warrants to the
Warrant  Agent shall be  sufficiently  given when and if  deposited in the mail,
first- class or registered, postage prepaid, addressed (until another address is
filed in writing by the Warrant  Agent with the Company) to the Warrant Agent at
the Warrant Agent Office as follows:

                           American Stock Transfer & Trust Company
                           40 Wall Street
                           New York, New York  10005
                           Attention:  Executive Vice President.
<PAGE>
     Any notice  pursuant to this Agreement to be given by the Company or by the
Warrant  Agent  to  the  registered  holder  of  any  Common  Stock  certificate
evidencing  Warrants shall,  unless otherwise  provided herein,  be sufficiently
given when and if  deposited in the mail,  first-class  or  registered,  postage
prepaid,  addressed to such holder at the address of such holder as shown on the
registry books of the Company.

     SECTION 13.  SUPPLEMENTS AND AMENDMENTS.  The Company and the Warrant Agent
may from time to time supplement or amend this Agreement without the approval of
any holders of Warrants (a) with respect to a series of Warrants as to which the
Trigger Date has not yet occurred, at any time, and (b) with respect to a series
of Warrants as to which the Trigger Date has occurred, only in order to cure any
ambiguity or to correct or supplement any provision  contained  herein which may
be defective or  inconsistent  with any other provision  herein,  or to make any
other provisions in regard to matters or questions  arising  hereunder which the
Company and the Warrant  Agent may deem  necessary or desirable  and which shall
not in any way adversely affect the interests of the holders of Warrants.

     SECTION 14. SUCCESSORS.  All the covenants and provisions of this Agreement
by or for the benefit of the  Company or the Warrant  Agent shall bind and inure
to the benefit of their respective successors and assigns hereunder.

     SECTION 15.  TERMINATION.  This Agreement shall terminate at 5:00 p.m., New
York, New York time on [______].  Notwithstanding the foregoing,  this Agreement
will terminate on such earlier date on which all outstanding  Warrants have been
exercised. Notwithstanding anything to the contrary set forth in this Agreement,
if the  Board of  Directors  of the  Company  determines  that the  exercise  of
Warrants  may  create  an  unreasonable  risk  of an  "ownership  change"  or an
unintentional  result on the "ownership  change  percentage," each as defined in
Section  [______] of the Internal Revenue Code, the Board of Directors may cause
the  Company,  by notice to the  Warrant  Agent  and by the  issuing  of a press
release,  to  terminate  this  Agreement  and the  Warrants,  whether or not the
Trigger  Date with  respect  to any such  Warrants  shall have  occurred,  shall
promptly  refund  the  Exercise  Price of any  Warrants  which  shall  have been
exercised  but with  respect to which shares of Common Stock shall not have been
issued,  and the provisions of this Agreement shall promptly  terminate,  except
the  Company's  obligations  to  compensate  and  indemnify the Warrant Agent as
provided in Section 10.

     SECTION 16.  GOVERNING LAW;  JURISDICTION.  This Agreement and each Warrant
certificate  issued  hereunder  shall be deemed to be a contract  made under the
laws of the  State of New York and for all  purposes  shall be  governed  by and
construed in accordance with the internal laws of said State. The parties hereto
irrevocably  consent to the  jurisdiction of the courts of the State of New York
and any federal court located in such state in connection with any action,  suit
or proceeding arising out of or relating to this Agreement.

     SECTION 17. BENEFITS OF THIS AGREEMENT.  Nothing in this Agreement shall be
construed  to give to any  person or  corporation  other than the  Company,  the
Warrant  Agent and the holders of the  Warrants  any legal or  equitable  right,
remedy or claim under this  Agreement;  but this Agreement shall be for the sole
and exclusive  benefit of the Company,  the Warrant Agent and the holders of the
Warrants.

     SECTION 18.  COUNTERPARTS.  This Agreement may be executed in any number of
counterparts and each of such  counterparts  shall for all purposes be deemed to
be an original,  and all such counterparts shall together constitute but one and
the same instrument.

     SECTION  19.  FURTHER  ASSURANCES.  From time to time on and after the date
hereof,  the Company shall deliver or cause to be delivered to the Warrant Agent
such further  documents and  instruments  and shall do and cause to be done such
further acts as the Warrant Agent shall reasonably  request (it being understood
that the Warrant  Agent shall have no  obligation to make such request) to carry
out more effectively the provisions and purposes of this Agreement,  to evidence
compliance herewith or to assure itself that it is protected hereunder.

     IN WITNESS  WHEREOF,  the parties  hereto have caused this  Agreement to be
duly executed, as of the day and year first above written.

                                      DANIELSON HOLDING CORPORATION

                                      BY:
                                           ------------------------------------
                                           Name:
                                           Title:

                                      AMERICAN STOCK TRANSFER
                                        & TRUST COMPANY
                                           as Warrant Agent

                                      BY:
                                           -------------------------------------
                                           Name:
                                           Title:

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