Document:

Exhibit 10.12 Nutra Pharma Corp.

Exhibit 10.12 Nutra Pharma Corp.

                              INVESTOR-GATE.COM(R)
                  18533 Roscoe Blvd #207, Northridge CA 91324
                                 (818) 679-7444

October 8, 2004

Nutra Pharma Corporation
Rik J.Deitsch - CEO

Dear Mr. Deitsch:

     This letter agreement (the "Agreement") confirms the terms and conditions
of the engagement of INVESTOR-GATE.COM, by Nutra Pharma Corporation (the
"Company") to render certain investor relations and financial communication
services to the Company which are referred to herein.

     1. Services. INVESTOR-GATE.COM agrees to perform investor relations
services for the Company which are ordinarily and customarily performed by an
investor relations firm on behalf of a corporate client. These services include,
but are not limited to, (a) distribution of financial and general press
releases; (b) (if needed) drafting of a corporate profile for distribution to
the Company's shareholders and the public; (c) Profiling NUTRA PHARMA
CORPORATION (NPHC) Corporation and links to NUTRA PHARMA CORPORATION (NPHC)
Corporation website hosted by Investorgate. com's financial website; (d)
handling new and existing investors through personal contact via phone, fax and
computer (e) Setting up broker presentations utilizing a variety of shows funded
by NUTRA PHARMA CORPORATION (NPHC) and most importantly (f) introduction of the
Company to the financial brokerage community and investors. (3500 strong opt-in
investors/brokers and analysts)

     2. Non-exclusive Relationship; No Guarantee. Commencing November 1, 2004
(the "Commencement Date"), INVESTOR-GATE.COM will act as a non-exclusive agent
of the Company and shall use its best efforts in the performance of its services
described above. Nothing in this Agreement shall be construed as limiting
INVESTOR-GATE.COM right to represent other clients, except that
INVESTOR-GATE.COM agrees not to represent any other person or entity which is in
direct competition with the Company unless INVESTOR-GATE.COM first obtains the
Company's written consent, which shall not be unreasonably withheld.

     3. Fees: For the services to be rendered and performed by INVESTOR-GATE.COM
during the term of the Agreement, Client shall, upon acceptance of this
Agreement: Pay to INVESTORGATE. COM a total of one hundred thousand (100,000)
shares of NPHC restricted stock for twelve (12) months of service.

     4. Expenses. In addition to any fees that may be payable hereunder, the
Company agrees, from time to time upon request, to reimburse INVESTOR-GATE.COM
for all reasonable out of pocket expenses incurred by it in the performance of
services on behalf of the Company. Such out of pocket expenses shall include any
travel on behalf of The Company. It is understood by INVESTORGATE. COM, that
individual expenses in excess of $200.00 (two hundred dollars) will be approved,
in advance, by the Company in writing. Any disputed expense must be made known
to INVESTORGATE. COM in writing within 5 days of receipt. Out of pocket expenses
will be billed on or about the fifteenth of each month and will be due and
payable with 10 days of receipt.

Nutra Pharma Corporation

                                       1

     5. Termination of the Engagement. INVESTOR-GATE.COM's engagement hereunder
may be terminated by either the Company or INVESTOR-GATE.COM at any time, with
or without cause, upon written advice to that effect to the other party;
provided, however, that INVESTORGATE. COM will be entitled to (a) its full fee
for the first One Hundred and Eighty (180) days of the current program
activities hereof regardless of when this Agreement is terminated if terminated
by the Company.

     6. Indemnity.

     (a) Indemnification by the Company. In connection with INVESTORGATE. COM's
engagement hereunder, including modifications or future additions to this
engagement and the related activities prior to this date, the Company agrees
that it will indemnify, hold harmless and defend INVESTOR-GATE.COM and its
affiliates, any director, officer, agent or employee of INVESTOR-GATE.COM or any
of its affiliates and each other person, if any, controlling INVESTORGATE. COM
or any of its affiliates and each of their successors and assigns (collectively,
the "INVESTOR-GATE.COM Group") against and in respect of any and all losses,
damages, claims, obligations, demands, actions, suits, proceedings, assessments,
liabilities, judgments, recoveries and deficiencies, costs and expenses
(including, without limitation, reasonable attorneys' fees and costs and
expenses incurred in investigating, preparing, defending against or prosecuting
any litigation, claim, proceeding or demand), all on an after-tax basis, less
any amounts actually paid as insurance reimbursement, of any kind or character
(collectively, a "Loss"), (i) related to, arising out of or result from (A) oral
or written information provided by the Company, the Company's employees or the
Company's other agents, for use by INVESTOR-GATE.COM in connection with
INVESTORGATE. COM's performance of services under this Agreement; (B) other
action or failure to act by the Company, the Company's employees or the
Company's other agents or by INVESTOR-GATE.COM at the Company's request or with
the Company's consent or (C) any breach of, or failure by the Company to fully
perform, or any inaccuracy in, any of the representations, warranties, covenants
or agreements of the Company in this Agreement or (ii) otherwise related to or
arising out of the engagement of INVESTOR-GATE.COM pursuant to this Agreement or
any transaction or conduct in connection therewith except that this clause (ii)
and clause (i)(B) relating to actions by INVESTOR-GATE.COM, shall not apply with
respect to any losses that are finally judicially determined to have resulted
primarily from INVESTOR-GATE.COM's bad faith or gross negligence.

     (b) Notice of Claim. Whenever INVESTOR-GATE.COM learns of or discovers any
matter which may give rise to a claim for indemnification (the "Claim") against
the Company under this Section 7 (the "Indemnity Obligor"), as the indemnified
party (the "Indemnified Party"), shall give notice to the Indemnity Obligor of
the Claim. With respect to Claims which are the subject of actions, suits, or
proceedings threatened or asserted in writing by any third party (a "Third Party
Claim"), the Indemnified Party shall, within 15 days following receipt of such
Third Party Claim, promptly notify the Indemnity Obligor in writing of any Claim
for recovery, specifying in reasonable detail the nature of the Loss and the
amount of the liability estimated to arise therefrom. If the Indemnified Party
does not so notify the Indemnity Obligor within 15 days of its discovery of a
Third Party Claim, such Claim shall be barred only to the extent that the
Indemnity Obligor is prejudiced by such failure to notify. The Indemnified Party
shall provide to the Indemnity Obligor as promptly as practicable thereafter all

Nutra Pharma Corporation

                                       2

information and documentation reasonably requested by the Indemnity Obligor to
verify the Claim asserted.

(c) Defense. If the facts relating to a Loss arise out a Third Party Claim,
or if there is any claim against a third party available by virtue of the
circumstances of the Loss, the Indemnity Obligor shall, by giving written notice
to the Indemnified Party within 15 days following its receipt of the notice of
such claim, assume the defense or the prosecution thereof, including the
employment of counsel or accountants, reasonably satisfactory to the Indemnified
Party, at its cost and expense; provided, however, that during the interim the
Indemnified Party shall use its best efforts to take all action (not including
settlement) reasonably necessary to protect against further damage or loss with
respect to the Loss. The Indemnified Party shall have the right to employ
counsel separate from counsel employed by the Indemnity Obligor in any such
action and to participate therein, but the fees and expenses of such counsel
shall be at the Indemnified Party's own expense, unless (a) the employment
thereof has been specifically authorized by the Indemnity Obligor, (b) such
Indemnified Party has been advised by counsel reasonably satisfactory to the
Indemnity Obligor that there may be one or more legal defenses available to it
which are different from or additional to those available to the Indemnity
Obligor and in the reasonable judgment of such counsel it is advisable for such
Indemnified Party to employ separate counsel, or (c) the Indemnity Obligor has
failed to assume the defense of such action and employ counsel reasonably
satisfactory to the Indemnified Party. Whether or not the Indemnity Obligor
defends or prosecutes such claim, all the parties hereto shall cooperate in the
defense or prosecution thereof and shall furnish such records, information and
testimony and shall attend such conferences, discovery proceedings and trial as
may be reasonably requested in connection therewith. The Indemnity Obligor shall
not be liable for any settlement of any such claim effected without its prior
written consent. In the event of payment by the Indemnity Obligor to the
Indemnified Party in connection with any Loss arising out of a Third Party
Claim, the Indemnity Obligor shall be subrogated to and shall stand in the place
of the Indemnified Party as to any events or circumstances in respect of which
the Indemnified Party may have any right or claim against such third party
relating to such indemnified matter. The Indemnified Party shall cooperate with
the Indemnity Obligor in prosecuting any subrogated claim. The Indemnity Obligor
will take no action in connection with any claim that would adversely affect the
Indemnified Party without the consent of the Indemnified Party.

     (d) Duration of the Company's Obligations. The Indemnity Obligor's
indemnification obligations under this Agreement shall survive the termination
of this Agreement.

     5. Acknowledgments and Representations.

     (a) The Company recognizes and confirms that in performing its duties
pursuant to this Agreement, INVESTOR-GATE.COM will be using and relying upon
data, material and other information furnished by the Company, its employees and
representatives (the "Information"). The Company hereby agrees and represents
that all Information furnished to INVESTOR-GATE.COM in connection with this
Agreement shall be accurate and complete in all material respects at the time
furnished, and that if such Information, in whole or part, becomes materially
inaccurate, misleading or incomplete during the term of INVESTOR-GATE.COM's
engagement hereunder, the Company shall so advise INVESTOR-GATE.COM in writing
and correct any such inaccuracy or omission. INVESTORGATE. COM assumes no
responsibility for the accuracy and completeness of such Information. In
rendering its services hereunder, INVESTOR-GATE.COM shall be entitled to use and
rely upon the

Nutra Pharma Corporation

                                       3

Information without independent verification thereof. To the extent consistent
with legal requirements, all Information, unless publicly available or otherwise
available to INVESTOR-GATE.COM without restriction or breach of any
confidentiality agreement, will be held by INVESTOR-GATE.COM in confidence and
will not be disclosed to anyone other than INVESTOR-GATE.COM's agents and
advisors without the Company's prior written approval or used for any purpose
other than those referred to in this Agreement.

     (b) The Company understands and agrees that in furnishing the Company with
advice and other services as provided in this Agreement, neither
INVESTOR-GATE.COM nor any officer, director or agent thereof shall be liable to
the Company, its affiliates or its creditors for errors of judgment or anything
except bad faith or gross negligence in the performance of its duties under the
terms of this Agreement.

     (c) The Company acknowledges that INVESTOR-GATE.COM has been retained
solely as an advisor to the Company, and not as an advisor to or agent of any
other person, and that the Company's engagement of INVESTOR-GATE.COM is not
intended to confer rights upon any persons not a party hereto (including
shareholders, employees or creditors of the Company) as against
INVESTOR-GATE.COM, INVESTOR-GATE.COM' affiliates or their respective directors,
officers, agents and employees.

     (d) The Company represents and warrants to INVESTOR-GATE.COM that it will
not cause, or knowingly permit (a) any action to be taken which violates or (b)
a failure to act, the effect of which violates, any federal or state securities
law.

     6. Notices. All notices, requests, consents and other communications under
this Agreement shall be in writing and shall be delivered by hand or fax or
mailed by overnight courier or first class certified or registered mail, return
receipt requested, postage prepaid and properly addressed as follows:

If to INVESTOR-GATE.COM to: INVESTOR-GATE.COM
                            Attention: Kevin Leigh-President
                            18533 Roscoe Blvd #207, Northridge CA 91324
                            E-Mail : Kleigh44@earthlink.net

If to the Company, to:      Nutra Pharma Corporation
                            Attention: Rik J. Deitsch - CEO
                            1829 Corporate Drive
                            Boynton Beach, FL 33426
                            E-Mail : rik@nutrapharma.com

     Any party may change its address for purposes of this provision by giving
the other party written notice of the new address in the manner set forth above.
Notice will be conclusively deemed to have been given when personally delivered,
or if given by mail, on the second day after being sent by overnight courier or
on the third day after being sent by first class, registered or certified mail,
or if given by fax, when confirmation of transmission is indicated by the
sender's fax machine.

Nutra Pharma Corporation

                                       4

     7. Arbitration. All controversies, disputes or claims arising out of or
relating to this Agreement shall be resolved by binding arbitration. The
arbitration shall be conducted in accordance with the Commercial Arbitration
Rules of the American Arbitration Association. All arbitrators shall possess
such experience in, and knowledge of, the subject area of the controversy or
claim so as to qualify as an "expert" with respect to such subject matter. The
governing law for the purposes of any arbitration arising hereunder shall be as
set forth in Section 11 hereof. The prevailing party shall be entitled to
receive its reasonable attorney's fees and all costs relating to the
arbitration. Any award rendered by arbitration shall be final and binding on the
parties, and judgment thereon may be entered in any court of competent
jurisdiction.

     8. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the state of California, without regard to the
conflicts of laws provisions thereof, and may not be amended or modified except
in writing signed by both parties.

     9. Successors. This Agreement and all rights and obligations thereunder
shall be binding upon and inure to the benefit of each party's successors, but
may not be assigned without the prior written consent of the other party, which
shall not be unreasonably withheld or delayed.

     10. Severability. If any provision of this Agreement shall be held or made
invalid by a statute, rule, regulation, decision of a tribunal or otherwise, the
remainder of this Agreement shall not be affected thereby and, to this extent,
the provisions of this Agreement shall be deemed severable.

     11. Authorization. The Company represents and warrants that it has all
requisite power and authority, and has received all necessary authorizations, to
enter into and carry out the terms and provisions of this Agreement.

     Please confirm that the foregoing correctly sets forth our Agreement by
signing the enclosed letter in the space provided and returning them to us for
execution, whereupon we will send you a fully executed original letter which
shall constitute a binding Agreement as of the date first above written. We look
forward to working with you on this assignment.

                                Very truly yours,

                                INVESTOR-GATE.COM
                                By: /s/ KEVIN LEIGH
                                Kevin J. Leigh
                                President and CEO

Agreed to and Accepted as of the date above.
Nutra Pharma Corporation

By: /s/ Rik J. Deitsch
    Rik J. Deitsch
    CEO

Nutra Pharma Corporation

                                       5Commitment Agreement, dated as of February 23, 2004

 Exhibit 10.1 
  
 EXECUTION COPY 
  
 COMMITMENT AGREEMENT 
  
 This Commitment Agreement (this “Agreement”), dated as of February 23, 2004, is entered into by and among Oglebay Norton Company, an Ohio
corporation (the “Company”), holders of Subordinated Notes (as defined herein) signatories hereto and any other holders of Subordinated Notes that become a party hereto (each, a “Noteholder” and, collectively, the
“Noteholders”) and certain third party accredited investors signatory hereto (the “Third Party Investors,” and together with the Noteholders, the “Subscribers”). 
  
 PRELIMINARY STATEMENTS 
  
 A. The Company and its subsidiaries propose to consummate a plan of
reorganization (the “Plan”) in cases filed under chapter 11 of title 11 of the United States Code (the “Chapter 11 Cases”), on terms and conditions consistent in all material respects with this Agreement, the Silver
Point Commitment Letter (defined below) and the Term Sheet (defined below)(the “Restructuring Terms”). 
  
 B. Contemporaneously with the execution of this Agreement, Silver Point Finance, LLC (“Silver Point”) and the Company have entered into a
letter agreement pursuant to which Silver Point has committed to provide a $305,000,000 debtor-in-possession and exit financing (the “DIP/Exit Facility”) to the Company (the “Silverpoint Commitment Letter”).

  
 C. Under the terms and upon the effective date of the Plan,
(i) existing classes of equity in the Company and interests therein will be cancelled and the holders thereof will receive the treatment provided for in the Term Sheet, and (ii) the Company’s 10% Senior Subordinated Notes due 2009 (the
“Subordinated Notes”) will be cancelled and the Company will, in exchange therefor, issue shares of common stock (the “Common Stock”). The holders of the Subordinated Notes will have the right to subscribe for
shares of convertible preferred stock of the reorganized Company (the “Preferred Shares”) having the rights and preferences set forth in the Term Sheet attached hereto as Exhibit A (the “Term Sheet”). The
Subscribers believe that the MLO earn-out contract claims under the Interest Purchase Agreement among the Company, Johnson Mining Inc., The Cary Mining Company Inc., Michigan Minerals Associates, Inc, and Michigan Limestone Operations Limited
Partnership, dated April 14, 2000 (the “MLO Contract”), should be rejected, provided that the Company will retain its ability to seek assumption of such claims either through the Plan or by assumption motion and, provided, further
that the Requisite Subscribers (defined below) may terminate this Agreement if they do not approve such assumption. 
  
 D. Under the terms of the Plan, the Company will implement, among other things, an offering (the “Offering”) registered under the
Securities Act of 1933, as amended (the “Securities Act”), pursuant to which the Company will extend to holders of the Subordinated Notes and the Third Party Investors the right to purchase Preferred Shares for an aggregate purchase
price of $80 million. 

 E. The Noteholders hold the principal amount of Subordinated Notes set forth opposite their respective
names on the signature pages to this Agreement, which represents 40.3% of the aggregate amount of Subordinated Notes outstanding. 
  
 F. The proceeds from the issuance of the Preferred Shares will be used to fund the redemption of the Company’s outstanding Senior Secured Notes due
2008 (the “Senior Notes”) pursuant to the Plan as set forth in this Agreement, the Term Sheet and the Silver Point Commitment Letter. 
  
 STATEMENT OF AGREEMENT 
  
 In consideration of the premises and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
  
 1. Commitments; Purchase Price. 
  
 (a) Each Noteholder agrees to subscribe for and purchase that number of Preferred Shares having an aggregate Purchase Price (defined below) equal to such
Noteholder’s pro rata share of the total number of Preferred Shares issuable pursuant to the Offering based on such Noteholders respective beneficial ownership of the total amount of outstanding Subordinated Notes (the
“Basic Commitment Amount”). In addition, each Noteholder and each Third Party Investor agrees to subscribe for and purchase (the “Standby Commitment”) Preferred Shares issuable pursuant to the Offering that are not
subscribed for and purchased by holders of the Subordinated Notes other than the Noteholders (“Unsubscribed Shares”) having an aggregate Purchase Price (the “Standby Commitment Amount”) determined as follows: (i)
each Noteholder’s Standby Commitment shall equal up to that number of Unsubscribed Shares having an aggregate Purchase Price equal to the difference between (x) such Noteholder’s Commitment Amount set forth opposite its name on the
signature page of this Agreement and (y) such Noteholder’s Basic Commitment Amount; and (ii) each Third-Party Investor’s Standby Commitment shall equal up to that number of Unsubscribed Shares having an aggregate Purchase Price equal to
such Third-Party Investor’s Commitment Amount set forth opposite its name on the signature page of this Agreement. If the aggregate Purchase Price of the Unsubscribed Shares is less than the aggregate Standby Commitment Amounts of the
Noteholders and Third-Party Investors, the Unsubscribed Shares shall be allocated to the Noteholders and the Third-Party Investors pro rata based upon the amounts of their respective Standby Commitment Amounts. For the avoidance of
doubt, in no event shall any Subscriber be obligated to purchase Preferred Shares for an aggregate Purchase Price in excess of such Subscriber’s Commitment Amount. 
  
 (b) The purchase price of the Preferred Shares sold to the Subscribers pursuant to this Agreement shall be at the price and
terms offered to the offerees pursuant to the Offering (the “Purchase Price”), provided that the aggregate gross Purchase Price for all Preferred Shares offered and sold to the Subscribers shall not exceed $80 million (unless
otherwise agreed to by the Subscribers after good faith negotiations with the Company). 
  

 -2- 

 (c) Use of Proceeds. All proceeds from the issuance and sale of the Preferred Shares will be
applied by the Company to the redemption of the Senior Notes. 
  
 2. Registration of Shares. The offer and sale of the Preferred Shares will be registered under the Securities Act. The Company agrees to promptly seek the approval of the Bankruptcy Court for the Offering and, unless waived by
Subscribers representing two-thirds of the aggregate Commitment Amounts pursuant to this Agreement (the “Requisite Subscribers”), to prepare and file with the Securities and Exchange Commission (the “SEC”) a
registration statement under the Securities Act with respect to the Offering of the Preferred Shares (the “Registration Statement”) as soon as practicable after the filing of its petition in the Chapter 11 Cases and to use its best
efforts to cause the Registration Statement to become effective as soon as possible thereafter and, in any event, prior to August 23, 2004 (or such other date as may be reasonably requested and agreed by the Requisite Subscribers). The Company will
afford the Subscribers and their counsel and financial advisors the opportunity to review and comment on the Registration Statement and any amendments or supplements thereto prior to the filing thereof with the SEC. The terms and conditions of the
Offering shall be consistent with the Restructuring Terms, including the deposit of the Purchase Price and stock certificates representing the Preferred Shares in escrow until the Effective Date or termination of the Plan. 
  
 3. Consideration for the Commitments; Satisfaction of the Commitment.

  
 (a) In consideration for the Commitments, each Subscriber
that is a Noteholder will be entitled to receive a fee, payable in cash on the Effective Date of the Plan, equal to (i) two percent (2%) of its Basic Commitment Amount and (ii) five percent (5%) of its Standby Commitment Amount, which payment shall
be deemed to have been earned post-petition. 
  
 (b) In
consideration for the Commitments, each Subscriber that is a Third Party Investor will be entitled to receive a fee, payable in cash on the Effective Date of the Plan, equal to five percent (5%) of such Third Party Investor’s Commitment Amount,
which payment shall be deemed to have been earned post-petition. 
  
 (c) The Company shall pay the reasonable fees and out-of-pocket expenses of Jefferies & Company, Inc., the Subscribers’ financial advisor, and Stroock & Stroock & Lavan LLP, the Subscribers’ legal counsel, concurrently
with the purchase of the Preferred Shares by the Subscribers. 
  
 (d) The Subscribers may, in their sole discretion, satisfy their respective Commitments directly and/or indirectly through one or more of their respective affiliates, separate accounts within their control, or investment funds under their
or their respective affiliates’ management; provided, however, any such non-Subscriber entities shall be required to make the representations and warranties set forth in Section 5(b) (solely with respect to their
satisfaction of the Commitments) to the Company. 
  

 -3- 

 4. Representations and Warranties. 
  
 (a) On the date hereof and as of the Effective Date, the Company represents and warrants to the Subscribers as follows:

  
 (i) The Company is a corporation duly incorporated, validly
existing, and in good standing under the laws of the State of Ohio. The Company is duly licensed or qualified to do business as a foreign corporation and is in good standing under the laws of any other jurisdiction in which the character of the
properties owned or leased by it or in which the transaction of its business makes such qualification necessary, except where the failure to be so qualified or to be in good standing would not, individually or in the aggregate, reasonably be
expected to have a material adverse effect on the Company. The Company has all requisite corporate power and authority to own, operate, and lease its properties and carry on its businesses as now conducted. 
  
 (ii) Each of the subsidiaries of the Company is duly organized, validly
existing, and in good standing under the laws of the jurisdiction of its organization. All of the outstanding shares of capital stock of each of the Company’s subsidiaries is duly authorized, validly issued, fully paid and nonassessable and all
such shares are owned by the Company or another wholly-owned subsidiary of the Company (other than director’s qualifying shares). 
  
 (iii) The Company has the requisite corporate power and authority to execute and deliver this Agreement. This Agreement, the Plan, and the consummation
and performance by the Company of the transactions contemplated by this Agreement and the Plan have been or will be duly authorized by all requisite corporate action. The Company has duly executed and delivered this Agreement. This Agreement
constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the effectiveness of the Plan and except as the enforceability of this Agreement may otherwise be limited by
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting the enforcement, of creditors’ rights generally, public policy and general equitable principles. 
  
 (iv) The execution, delivery and performance of this Agreement and the
definitive documents implementing, achieving and relating to the Restructuring Terms (the “Definitive Documents”) by the Company and the consummation by the Company of the transactions contemplated hereby and thereby have been or
will be as of the Effective Date of the Plan, duly and validly authorized by all necessary corporate action on the part of the Company and all required approvals of the Bankruptcy Court. 
  
 (v) The execution and delivery of this Agreement by the Company does not, and upon the effectiveness of the Plan, the
consummation by the Company of the transactions contemplated hereby will not: (A) conflict with or violate the Certificate of Incorporation, bylaws or other organizational documents of the Company; (B) to the best of the Company’s knowledge,
conflict with or violate any law, order or agreement applicable to the Company or by which any property or asset of the Company is bound or affected; or (C) result in any breach of or constitute a default (or an event that with notice or lapse of
time or both would become a default) under, result in the loss of a benefit under, or give to others any right of purchase or sale, or any right of termination, amendment, acceleration, cancellation of, or result in the creation of a lien on any
property or asset of the Company pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise, or other instrument or obligation to which the Company is a party or by which the Company or any property or
asset of the Company is bound or affected, except, in the case of clauses (B) and (C), for any such 
  

 -4- 

 conflicts, violations, breaches, defaults, events, losses, payments, cancellations, encumbrances, or other occurrences
that would not, individually or in the aggregate, have material adverse effect to the Company’s operations. 
  
 (vi) Except for the failure to pay interest when due on the Subordinated Notes and defaults under certain of its other indebtedness, to the best of the
Company’s knowledge, the Company is not in conflict with, or in default or violation of, any law, order, or agreement applicable to the Company or by which any property or asset of the Company is bound or affected, except for such conflicts,
defaults, or violations that are not, individually or in the aggregate, material to the Company. 
  
 (vii) No representation or warranty of the Company contained in this Agreement, and no statement relating to the Company contained in any other document,
certificate or other instrument delivered or to be delivered by or on behalf of the Company pursuant to this Agreement, the Restructuring Terms or the Plan contains any untrue statement of a material fact or omits to state any material fact
necessary, in light of the circumstances under which it was made, in order to make the statements herein or therein not misleading. 
  
 (b) Each Subscriber represents and warrants to the Company solely with respect to itself as follows: 
  
 (i) Such Subscriber is duly organized, validly existing, and in good
standing under the laws of the state of its organization. 
  
 (ii) Such Subscriber has all requisite power and authority to execute and deliver this Agreement, and all requisite power, authority and financial ability to perform its obligations hereunder, and to consummate the transactions contemplated
hereby. The execution and delivery of this Agreement, and the consummation of the transactions contemplated hereby, have been duly authorized by all requisite action of such Subscriber. Such Subscriber has duly executed and delivered this Agreement.
This Agreement is valid and legally binding obligation of such Subscriber, enforceable against the Subscriber in accordance with its terms, except that the enforceability of this Agreement may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights generally, public policy and general equitable principles. 
  
 (iii) The execution and delivery of this Agreement by such Subscriber does not, and the consummation by such Subscriber of
the transactions contemplated hereby will not, (A) conflict with or violate the applicable organizational documents of such Subscriber; (B) conflict with or violate any law, order or agreement applicable to such Subscriber; or (C) result in a breach
of any contract, agreement or instrument by which such Subscriber is bound, except in the case of clauses (B) and (C) for any such conflicts, violations, breaches, defaults, events, losses, payments, cancellations, encumbrances, or other occurrences
that are not, individually or in the aggregate, material to such Noteholder. 
  
 5. Additional Covenants. 
  
 (a) DIP/Exit Facility. The Company shall (i) continue its negotiation of the DIP/Exit Facility with Silver Point in ongoing consultation with the Subscribers, (ii) shall 
  

 -5- 

 execute definitive agreements regarding the DIP/Exit Facility not inconsistent with the Silver Point Commitment Letter
and otherwise acceptable in form and substance to the Subscribers (the “Definitive DIP/Exit Documents”) and (iii) shall comply with all covenants under the Definitive DIP/Exit Documents as in effect on the date of the final DIP/Exit
order. 
  
 (b) No Solicitation. Without the prior written
consent of the Requisite Subscribers, the Company shall not, directly or indirectly, through an officer, director, employee, representative or agent of the Company or its affiliates, and shall not permit any such officer, director, employee,
representative or agent to seek, solicit, encourage or initiate (including by way of furnishing information, except to the extent the Company is advised by its counsel that it is required to do so to comply with its fiduciary duties) any inquiries
or proposals regarding, or participate in negotiations or discussions concerning, any plan, proposal or offer of reorganization, restructuring or alternative financing other than the Plan or the Restructuring Terms (any of the foregoing inquiries or
proposals being referred to herein as an “Alternative Proposal”), provided, however, that the Company may continue to engage in its ongoing negotiation of the Silver Point Commitment Letter in accordance with
subsection (a) of this Section. Nothing in this Section shall prevent the Company, its affiliates and their respective officers and directors from taking any action in connection with an Alternative Proposal to the extent required to comply with its
fiduciary obligations as set forth in Section 17 of this Agreement or the Bankruptcy Code. 
  
 (c) The Company shall promptly notify the Subscribers upon the receipt of any Alternative Proposal, any modification of or amendment to any Alternative Proposal, or of any request for non-public information relating
to the Company in connection with an Alternative Proposal by any person or entity that informs the Board that it is considering making, or has made, an Alternative Proposal. Such notice to the Subscribers shall be made orally and in writing, and
shall indicate the identity of the person making the Alternative Proposal or intending to make an Alternative Proposal or requesting non-public information, the terms of any such Alternative Proposal or modification or amendment to an Alternative
Proposal, and whether the Company is providing or intends to provide access to such non-public information. The Company shall also notify the Subscribers if it enters into negotiations concerning an Alternative Proposal. 
  
 (d) Except pursuant to court order, the Company shall not enter into a
definitive agreement with respect to an Alternative Proposal (i) without the prior written consent, in their sole discretion, of the Requisite Subscribers or (ii) unless this Agreement has been terminated in accordance with Section 7 of this
Agreement. 
  
 (e) The Company hereby covenants that it will
promptly deliver to the Subscribers, and each Subscriber hereby covenants that it will promptly deliver to the Company and any other unaffiliated Subscriber, written notice of any matter, event or development that would (i) render any representation
or warranty made by it herein inaccurate or incomplete in any respect or (ii) constitute or result in a breach by it of, or a failure by it to comply with, any covenant herein. 
  
 (f) The Company shall furnish the Subscribers with copies of all notices, documents and other deliveries that the Company
furnishes to Silver Point pursuant to the terms 
  

 -6- 

 of the Silver Point Commitment Letter and the definitive agreements relating to the DIP/Exit Facility. In addition, the
Company will furnish the Subscribers with such information regarding itself and its subsidiaries as the Subscribers may reasonably request. 
  
 (g) The parties agree that in the event the Company seeks the assumption of the MLO Contract either through the Plan or by assumption motion, then the
Requisite Subscribers may terminate the Agreement pursuant to Section 7(a) hereof in the event they do not provide their prior written consent to such assumption. 
  
 6. Conditions Precedent. 
  
 (a) The obligation of each Subscriber to perform its obligations hereunder shall be subject to the following conditions which can be waived only by the
Requisite Subscribers: 
  
 (i) the fees and expenses referred to
in Section 3(c) hereof shall have been paid in full; 
  
 (ii) the
Company shall continue its negotiation of the DIP/Exit Facility with Silver Point and shall execute the Definitive DIP/Exit Documents consistent in all material respects with the Silver Point Commitment Letter and otherwise acceptable in form and
substance to the Subscribers; 
  
 (iii) the Plan, containing
terms and conditions consistent in all material respects with the Restructuring Terms, including the DIP/Exit Facility, and otherwise containing terms and conditions reasonably satisfactory to the Subscribers, shall have been confirmed by the
Bankruptcy Court; 
  
 (iv) all general unsecured claims (other
than the MLO Contract claim, unless the Requisite Subscribers agree that such claim may be assumed pursuant to Section 5(g) hereof) will pass through bankruptcy as unimpaired claims; 
  
 (v) the order of the Bankruptcy Court confirming the Plan (the “Confirmation Order”) shall be reasonably
acceptable in form and substance to the Subscribers, shall have been entered by the Bankruptcy Court, and shall be a final order; 
  
 (vi) the Plan shall be consummated on terms consistent in all material respects with the Restructuring Terms, the disclosure statement, plan supplement
documents and the Definitive Documents shall be in form and substance reasonably satisfactory to the Subscribers, and any modifications to the Plan or the Restructuring Terms on or after the date hereof shall be in form and substance reasonably
acceptable to the Subscribers; 
  
 (vii) the representations and
warranties of the Company contained herein shall be true and correct in all material respects on and as of the date hereof and the Effective Date, with the same force and effect as though made on and as of such date, except to the extent that any
representation or warranty is made as of a specified date, in which case such representation or warranty shall be true and correct as of such specified date, and the Company shall have performed or complied with, in all material respects, its
covenants required to be 
  

 -7- 

 performed or complied with under this Agreement (and the Company shall have delivered to the Subscribers a certificate
signed by an authorized executive to the effect that each of the conditions specified in this subsection (a)(vi) is satisfied in all respects); 
  
 (viii) if applicable, any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, shall have expired or
been terminated early; 
  
 (ix) 100% of the Preferred Shares are
issued and sold pursuant to the Offering, this Agreement and the Term Sheet; 
  
 (x) the Registration Statement, if filed, shall have become effective and the issuance of the Preferred Shares issuable pursuant to the Offering and the shares of Common Stock issuable upon conversion thereof shall
have been duly registered under the Securities Act; 
  
 (xi) the
issuance of the shares of Common Stock to the holders of the Subordinated Notes in respect of the cancellation thereof in accordance with the Plan shall be exempt from the registration requirements of the Securities Act by virtue of Section 1145 of
the Bankruptcy Code; and 
  
 (xii) the Company shall have entered
into customary registration rights agreement with any Subscribers or other persons who may be deemed to be underwriters providing demand and piggy-back registration rights, subject to customary restrictions, and a stockholders agreement reasonably
satisfactory in form and substance to the Requisite Subscribers. 
  
 (b) The obligation of the Company to perform its obligations hereunder shall be subject to the following conditions: 
  
 (i) the Bankruptcy Court shall have entered an order authorizing the Company to file the Registration Statement; 
  
 (ii) the Plan, in a form consistent in all material respects with the
Restructuring Terms, shall have been confirmed by the Bankruptcy Court; 
  
 (iii) the Confirmation Order shall have been entered by the Bankruptcy Court, and shall be a final order; 
  
 (iv) the representations and warranties of the Subscribers contained herein shall be true and correct in all material respects on and as of the date
hereof and the Effective Date, with the same force and effect as though made on and as of such date, except to the extent that any representation or warranty is made as of a specified date, in which case such representation or warranty shall be true
and correct as of such specified date, and the Subscribers shall have performed or complied with, in all material respects, their covenants required to be performed or complied with under this Agreement; and 
  

 -8- 

 (v) if applicable, any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended, shall have expired or been terminated early. 
  
 7. Termination. 
  
 (a) The Requisite Committed
Noteholders shall be entitled to terminate this Agreement and their obligations hereunder by giving two (2) business days’ written notice thereof to the Company in the event (i) the Company materially breaches this Agreement, (ii) satisfaction
of the conditions set forth in Section 6(a) does not occur, (iii) a default or an event of default occurs under the Definitive DIP/Exit Documents or the Silver Point Commitment Letter or the Definitive DIP/Exit Facility is otherwise
terminated, (iv) the Company or its affiliates or their respective officers, directors, employees, representatives or agents shall seek, solicit, encourage or initiate (including, except as provided in Section 5(b) above, by way of furnishing
information) any inquiries or proposals regarding, or participate in negotiations or discussions concerning any Alternative Proposal, (v) the Company shall enter into a definitive agreement with respect to an Alternative Proposal without the prior
written consent, in their sole discretion, of the Requisite Subscribers, (vi) the Company seeks the assumption of the MLO Contract either through the Plan or by assumption motion without the prior written consent of the Requisite Subscribers, or
(vii) the Restructuring Transaction is not completed by August 31, 2004 (each, a “Termination Event”). 
  
 (b) Within the two (2) business days’ notice period, each Termination Event may be (i) cured, if curable, by the Company or (ii) waived by the
written agreement of the Requisite Subscribers. 
  
 (c) If a
Termination Event occurs which is not cured or waived in accordance with subsection (b) above and written notice of termination is provided as specified in herein, this Agreement shall terminate and, except for rights of the Subscribers under
Section 16, which shall survive such termination, no party hereto shall have any continuing liability or obligation to pay any other party hereunder; provided however, that the Company and the Subscribers shall have all of the
rights and remedies available under applicable law, including under this Agreement, and no such termination shall relieve the Subscribers or the Company or any of their subsidiaries from liability for breach or non-performance of their respective
obligations hereunder prior to the date of such termination, and provided further, that if (X) the Subscribers terminate this Agreement pursuant to subsection (a)(v) of this Section or (Y) this Agreement is terminated or rejected by
the Company for any reason other than the material breach by the Subscribers and prior to such termination an Alternative Proposal has been pending or made which Alternative Proposal is entered into or consummated prior to the Effective Date, then
the Subscribers will be entitled to receive from the Company a payment of the fees payable in cash to Subscribers pursuant to Sections 3(a) and 3(b) hereof, which payment shall be deemed to have been earned post-petition, and shall be made
concurrently with the effectiveness of any plan of reorganization. 
  
 (d) The Company may terminate or reject this Agreement if the Subscribers materially breach this Agreement or, prior to entering into an agreement regarding an Alternative Proposal, provided that (i) the Board of Directors of the
Company has determined in good faith 
  

 -9- 

 (based on the advice of its financial advisor and counsel) that the failure to take such action would be inconsistent
with its fiduciary obligations set forth in Section 17 of this Agreement or under the Bankruptcy Code, (ii) the Company has given the Subscribers two (2) business days’ advance oral and written notice of the Company’s intention to enter
into such an agreement and (iii) the Subscribers will be entitled to receive the fees payable pursuant to subsection (c) above. 
  
 8. Amendments; Release. This Agreement may not be modified, amended or supplemented except in a writing signed by the Company and the Requisite
Subscribers. Following the amendment of this Agreement, any Subscriber that did not consent to such amendment shall be released from this Agreement and will thenceforth have no further rights or obligations hereunder (other than for liability
arising from any breach hereof prior to such release). 
  
 9.
GOVERNING LAW; JURISDICTION. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAW PROVISIONS WHICH WOULD REQUIRE THE APPLICATION OF THE LAW
OF ANY OTHER JURISDICTION. BY ITS EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ANY LEGAL ACTION, SUIT OR PROCEEDING AGAINST IT WITH RESPECT TO ANY MATTER UNDER OR ARISING OUT OF OR
IN CONNECTION WITH THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT RENDERED IN ANY SUCH ACTION, SUIT OR PROCEEDING, MAY BE BROUGHT IN ANY FEDERAL OR STATE COURT IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, AND BY EXECUTION
AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HEREBY IRREVOCABLY ACCEPTS AND SUBMITS ITSELF TO THE NONEXCLUSIVE JURISDICTION OF EACH SUCH COURT, GENERALLY AND UNCONDITIONALLY, WITH RESPECT TO ANY SUCH ACTION, SUIT OR PROCEEDING.
NOTWITHSTANDING THE FOREGOING CONSENT TO JURISDICTION, UPON THE COMMENCEMENT OF THE CHAPTER 11 CASES, EACH OF THE PARTIES AGREES THAT THE BANKRUPTCY COURT SHALL HAVE EXCLUSIVE JURISDICTION WITH RESPECT TO ANY MATTER UNDER OR ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT. 
  
 10. Headings. The
headings of the Sections, paragraphs and subsections of this Agreement are inserted for convenience only and shall not affect the interpretation hereof. 
  
 11. Successors and Assigns. This Agreement is intended to bind and inure to the benefit of the parties hereto and their respective successors,
assigns, heirs, executors, administrators and representatives. The invalidity or unenforceability at any time of any provision hereof shall not affect or diminish in any way the continuing validity and enforceability of the remaining provisions
hereof. 
  
 12. No Third-Party Beneficiaries. Unless
expressly stated herein, this Agreement shall be solely for the benefit of the parties hereto and no other person or entity shall be a third party beneficiary hereof. 
  

 -10- 

 13. Prior Negotiations; Entire Agreement. This Agreement constitutes the entire agreement of the
parties and supersedes all prior negotiations with respect to the subject matter hereof, except that the parties hereto acknowledge that any confidentiality agreements heretofore executed among the parties shall continue in full force and effect.

  
 14. Counterparts; Facsimile Signatures. This Agreement
may be executed in counterparts, each of which shall be deemed an original and all of which shall constitute one and the same agreement. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature page were an original thereof. 
  
 15. Notices. All notices and other communications under this Agreement
shall be in writing, sent contemporaneously to all of the parties hereto, and deemed given when delivered by hand or by facsimile during standard business hours (from 8:00 a.m. to 6:00 p.m.) at the place of receipt at the addresses and facsimile
numbers set forth below, with a copy to each person identified thereon, provided that notices to the Subscribers shall be delivered at the addresses and facsimile numbers set forth below such Subscriber’s signature pages hereto, with a copy to:

  
 Stroock & Stroock & Lavan LLP

 180 Maiden Lane 
 New York, New York 10038 
 Phone: (212) 806-5400 
 Fax: (212) 806-6006 
 Attention: Wendell Adair and Christopher Donoho 
  
 If to
the Company: 
  
 Oglebay Norton Company

 North Point Tower 
 1001 Lakeside Avenue 
 Cleveland, Ohio 44114-1151 
 Phone: (216) 861-3300 
 Fax: (216) 861-2863 
 Attention: Chief Financial Officer 
  
 With a copy to: 
  
 Jones, Day, Reavis & Pogue 
 North Point 
 901 Lakeside Avenue 
 Cleveland, Ohio 44114 
 Phone: (216) 586-3939 
 Fax: (216) 579-0212 
 Attention: David G. Heiman 
  

 -11- 

 16. Survival. Notwithstanding the termination of this Agreement pursuant to Section 7, the
agreements and obligations of the parties in Sections 9, 11, 12, and 13 shall survive such termination and shall continue in full force and effect for the benefit of the Noteholders in accordance with the terms hereof.

  
 17. Fiduciary Duties. Notwithstanding anything to the
contrary herein, nothing in this Agreement shall be construed so as to limit (a) the Company or any directors or officers of the Company from exercising, in such person’s sole discretion, its fiduciary duties arising from such person’s
capacity as an officer or director of the Company under applicable law and the Bankruptcy Code, and the exercise, in such person’s sole discretion, of such fiduciary duties shall under no circumstances be deemed to constitute a breach of the
terms of this Agreement, or (b) any Noteholder or representative of a Noteholder that becomes a member of a statutory committee established in the Chapter 11 Cases, pursuant to Section 1102 of the Bankruptcy Code, to from exercising in its sole
discretion, its fiduciary duties arising from such person’s capacity as a statutory committee member, and the exercise, in the sole discretion of such Noteholder or representative thereof, of such fiduciary duties shall under no circumstances
be deemed to constitute a breach of the terms of this Agreement (but such service on the statutory committee shall not otherwise affect the continuing validity or enforceability of this Agreement with respect to such statutory committee member in
its individual capacity). 
  
 * * * * 
  
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 
  

 -12- 

 IN WITNESS WHEREOF, the parties have caused this Commitment Agreement to be executed as of the date first
written above. 
  

			
	OGLEBAY NORTON COMPANY
		
	 By:
	 	 /s/ Julie Boland

	 Name:
	 	 Julie Boland

	 Title:
	 	 Vice President, Chief Financial
 Officer, and Treasurer

 NOTEHOLDERS: 
  
 SUBSCRIBERS 
  

					
	Airlie Opportunity Fund, L.P.	 	 
			
	 By:
	 	 /s/ Adam Goodfriend

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:
 $3,705,000

	 Name:
	 	 Adam Goodfriend
	 
	 Title:
	 	 Managing Director
	 
		
	 Address:
	 	 Commitment Amount:

	 c/o Airlie Opportunity Fund, L.P.
	 	 $7,410,000

	 115 East Putnam Avenue
	 	 
	 Greenwich, CT 06830
	 	 Commitment Fee:

	 Fax: (203) 661-0479
	 	 $281,580

  

					
	Airlie Opportunity Fund Cayman, LTD	 	 
			
	 By:
	 	 /s/ Adam Goodfriend

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:
 $1,045,000

	 Name:
	 	 Adam Goodfriend
	 
	 Title:
	 	 Managing Director
	 
		
	 Address:
 c/o Airlie Opportunity Fund Cayman, LTD
 115 East Putnam Avenue
 Greenwich, CT 06830
 Fax: (203) 661-0479
	 	 Commitment Amount:
 $2,090,000
  
 Commitment Fee:
 $79,420

  

					
	Robert T. Clutterbuck Trust	 	 
			
	 By:
	 	 /s/ Robert T. Clutterbuck

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:
 $655,000

	 Name:
	 	 Robert T. Clutterbuck
	 
	 Title:
	 	 Trustee
	 
		
	 Address:
	 	 Commitment Amount:

	 Kensington Oval
	 	 $524,000

	 Rocky River, OH 44116
	 	 
	 Fax: (440) 356-5259
	 	 Commitment Fee:

	 	 	 $10,480

					
	Berlin Capital Growth, L.P.	 	 
			
	 By:
	 	 Berlin Financial, Ltd., its general partner
	 	 Principal Amount of Subordinated Notes

	 	 	 	 	 Beneficially Owned:

	 By:
	 	 /s/ Thomas G. Berlin

	 	 $1,125,000

	 Name:
	 	 Thomas G. Berlin
	 	 
	 Title:
	 	 Managing Member
	 	 Commitment Amount:

	 	 	 	 	 $1,611,973

	 Address:
	 	 
	 1325 Carnegie Avenue, Third Floor
	 	 Commitment Fee:

	 Cleveland, Ohio 44115
	 	 $53,599

	 Fax: (216) 623-1787
	 	 
		
	J George Investments LLC	 	 
			
	 By:
	 	 Berlin Financial, Ltd., its investment advisor
	 	 Principal Amount of Subordinated Notes

	 	 	 	 	 Beneficially Owned:

	 By:
	 	 /s/ Thomas G. Berlin

	 	 $5,995,000

	 Name:
	 	 Thomas G. Berlin
	 	 
	 Title:
	 	 Managing Member
	 	 Commitment Amount:

	 	 	 	 	 $8,590,027

	 Address:
	 	 
	 1325 Carnegie Avenue, Third Floor
	 	 Commitment Fee:

	 Cleveland, Ohio 44115
	 	 $285,621

	 Fax: (216) 623-1787
	 	 
		
	Stifel Nicolaus & Company, Incorporated	 	 Principal Amount of Subordinated Notes

	 	 	 	 	 Beneficially Owned:

	 By:
	 	 /s/ Ronald J. Kruszewski

	 	 $655,000

	 Name:
	 	 Ronald J. Kruszewski
	 	 
	 Title:
	 	 Chairman and Chief Executive Officer
	 	 Commitment Amount:

	 	 	 	 	 $524,000

	 Address:
	 	 
	 501 N. Broadway
	 	 Commitment Fee:

	 St. Louis, MO 63102
	 	 $10,480

	 Fax: (314) 342-2115
	 	 

					
	Christopher R. Siegel	 	 
			
	 By:
	 	 /s/ Christopher R. Siegel

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $300,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $740,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 $29,800

		
	H. Sheppard Boone	 	 
			
	 By:
	 	 /s/ H. Sheppard Boone

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $400,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $820,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 $31,400

		
	Neil Janovic	 	 
			
	 By:
	 	 /s/ Neil Janovic

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $400,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $320,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 $6,400

					
	Adam Janovic	 	 
			
	 By:
	 	 /s/ Adam Janovic

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $150,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $120,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 $2,400

		
	Thomas Boucher	 	 
			
	 By:
	 	 /s/ Thomas Boucher

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $10,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $540,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 $26,760

		
	Thomas DiTosto	 	 
			
	 By:
	 	 /s/ Thomas DiTosto

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $320,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $755,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 $30,070

					
	Connecticut General Life Insurance	 	 
			
	 By:
	 	 /s/ Leon Meyers

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 Leon Meyers
	 
	 Title:
	 	 Senior Vice President
	 	 $2,000,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Ingalls & Snyder LLC
	 	 $1,600,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 Commitment Fee:

	 Fax: (212) 269-4177
	 	 $32,000

		
	Evan Janovic	 	 
			
	 By:
	 	 /s/ Evan Janovic

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $300,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $240,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 $4,800

	Ronald Altman	 	 
			
	 By:
	 	 /s/ Ronald Altman

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $500,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $400,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 $8,000

					
	John Dougherty	 	 
			
	 By:
	 	 /s/ John Dougherty

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $1,000,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $1,800,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 $66,000

		
	Ramer 1990 Living Trust	 	 
			
	 By:
	 	 /s/ Lawrence Ramer

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 Lawrence Ramer
	 
	 Title:
	 	 Trustee
	 	 $200,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Ingalls & Snyder LLC
	 	 $160,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 Commitment Fee:

	 Fax: (212) 269-4177
	 	 $3,000

		
	Ingalls & Snyder Value Partners, L.P.	 	 
			
	 By:
	 	 /s/ Thomas Boucher

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 Thomas Boucher
	 
	 Title:
	 	 General Partner
	 	 $8,700,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Ingalls & Snyder LLC
	 	 $19,663,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 Commitment Fee:

	 Fax: (212) 269-4177
	 	 $774,350

					
	Shannah Ferguson	 	 
			
	 By:
	 	 /s/ Shannah Ferguson

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $620,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $496,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 $9,920

		
	Theresa M. Foote	 	 
			
	 By:
	 	 /s/ Theresa M. Foote

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $400,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $320,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 $6,400

		
	Kenneth J. Foote IRA	 	 
			
	 By:
	 	 /s/ Kenneth J. Foote

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 Kenneth J. Foote
	 
	 	 	 	 	 $100,000

	 Address:
	 	 
	 c/o Ingalls & Snyder LLC
	 	 Commitment Amount:

	 61 Broadway
	 	 $80,000

	 New York, NY 10006
	 	 
	 Fax: (212) 269-4177
	 	 Commitment Fee:

	 	 	 $1,600

					
	William Robert Thomas Trust	 	 
			
	 By:
	 	 /s/ Shirley A. Foote

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 Shirley A. Foote
	 
	 Title:
	 	 Trustee
	 	 $150,000

			
	 Address:
	 	 	 	 Commitment Amount:

	 c/o Ingalls & Snyder LLC
	 	 $120,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 Commitment Fee:

	 Fax: (212) 269-4177
	 	 $2,400

		
	Abigail Foote Thomas Trust	 	 
			
	 By:
	 	 /s/ Shirley A. Foote

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 Shirley A. Foote
	 
	 Title:
	 	 Trustee
	 	 $200,000

			
	 Address:
	 	 	 	 Commitment Amount:

	 c/o Ingalls & Snyder LLC
	 	 $160,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 Commitment Fee:

	 Fax: (212) 269-4177
	 	 $3,200

		
	Lynn Foote	 	 
			
	 By:
	 	 /s/ Lynn Foote

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 	 	 $100,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $500,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:
 $22,600

					
	Steadfast LLC	 	 
			
	 By:
	 	 /s/ Steven M. Foote

	 	 Principal Amount of Subordinated Notes

	 Name:
	 	 Steven M. Foote
	 	 Beneficially Owned:

	 Title:
	 	 Manager
	 	 $100,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Ingalls & Snyder LLC
	 	 $80,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 Commitment Fee:

	 Fax: (212) 269-4177
	 	 $1,600

		
	Blythefield Farms LLC	 	 
			
	 By:
	 	 /s/ Kenneth J. Foote

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 Kenneth J. Foote
	 
	 Title:
	 	 Manager
	 	 $100,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Ingalls & Snyder LLC
	 	 $80,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 Commitment Fee:

	 Fax: (212) 269-4177
	 	 $1,600

		
	Richard Groenendyke	 	 
			
	 By:
	 	 /s/ Richard Groenendyke

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $120,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $96,000

	 Fax: (212) 269-4177
	 	 
	 	 	 	 	 Commitment Fee:
 $1,920

					
	Heritage Mark Foundation	 	 
			
	 By:
	 	 /s/ Kenneth J. Foote

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 Kenneth J. Foote
	 
	 Title:
	 	 Trustee
	 	 $2,300,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Ingalls & Snyder LLC
	 	 $1,840,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 Commitment Fee:

	 Fax: (212) 269-4177
	 	 $36,800

		
	Bradford Shingleton Trust	 	 
			
	 By:
	 	 /s/ Brad Shingleton

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 Brad Shingleton
	 
	 Title:
	 	 Trustee
	 	 $175,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Ingalls & Snyder LLC
	 	 $140,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 Commitment Fee:

	 Fax: (212) 269-4177
	 	 $2,800

		
	Elizabeth A. Shingleton Trust	 	 
			
	 By:
	 	 /s/ Shirley A. Foote

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 Shirley A. Foote
	 
	 Title:
	 	 Trustee
	 	 $100,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Ingalls & Snyder LLC
	 	 $80,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 Commitment Fee:

	 Fax: (212) 269-4177
	 	 $1,600

					
	Jennifer C. Shingleton Trust	 	 
			
	 By:
	 	 /s/ Shirley A. Foote

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 Shirley A. Foote
	 
	 Title:
	 	 Trustee
	 	 $100,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Ingalls & Snyder LLC
	 	 $80,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 Commitment Fee:

	 Fax: (212) 269-4177
	 	 $1,600

		
	Rebecca M. Shingleton Trust	 	 
			
	 By:
	 	 /s/ Shirley A. Foote

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 Shirley A. Foote
	 
	 Title:
	 	 Trustee
	 	 $75,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Ingalls & Snyder LLC
	 	 $60,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 Commitment Fee:

	 Fax: (212) 269-4177
	 	 $1,200

		
	Brad Shingleton	 	 
			
	 By:
	 	 /s/ Brad Shingleton

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $150,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $120,000

	 Fax: (212) 269-4177
	 	 
	 	 	 	 	 Commitment Fee:
 $2,400

					
	David Shuldiner	 	 
			
	 By:
	 	 /s/ David Shuldiner

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $75,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $60,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 	 	 $1,200

		
	Kenneth P. Singleton	 	 
			
	 By:
	 	 /s/ Kenneth P. Singleton

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $100,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $80,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 	 	 $1,600

		
	CFG Trust	 	 
			
	 By:
	 	 /s/ Cheryl F. Groenendyke

	 	 Principal Amount of Subordinated Notes

	 Name:
	 	 Cheryl F. Groenendyke
	 	 Beneficially Owned:

	 Title:
	 	 Trustee
	 	 $250,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Ingalls & Snyder LLC
	 	 $200,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 Commitment Fee:

	 Fax: (212) 269-4177
	 	 $4,000

					
	Martin L. Solomon	 	 
			
	 By:
	 	 /s/ Martin L. Solomon

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 	 	 	 
	 Address:
	 	 $150,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 Commitment Amount:

	 New York, NY 10006
	 	 $1,000,000

	 Fax: (212) 269-4177
	 	 
	 	 	 Commitment Fee:

	 	 	 $46,400

		
	WCI Steel, Inc. Defined Pension Benefit Plan	 	 
	By:	 	Banc One High Yield Partners, LLC	 	 
			
	 By:
	 	 /s/ James P. Shanahan, Jr.

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 James P. Shanahan, Jr.
	 
	 Title:
	 	 Manager
	 	 $100,000

		
	 Address:
	 	 Commitment Amount

	 c/o Banc One High Yield Partners, LLC
	 	 $80,000

	 8044 Montgomery Rd.
	 	 
	 Suite 555
	 	 Commitment Fee:

	 Cincinnati, OH 45236
	 	 $1,600

	 Fax: (513) 985-3217
	 	 
		
	Legacy Aggressive High Yield Fund	 	 
	By:	 	Banc One High Yield Partners, LLC	 	 
			
	 By:
	 	 /s/ James P. Shanahan, Jr.

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 James P. Shanahan, Jr.
	 
	 Title:
	 	 Managing Director/General Counsel
	 	 $150,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Banc One High Yield Partners, LLC
	 	 $120,000

	 8044 Montgomery Rd.
	 	 
	 Suite 555
	 	 Commitment Fee:

	 Cincinnati, OH 45236
	 	 $2,400

	 Fax: (513) 985-3217
	 	 

					
	Southern UTE Permanent Fund	 	 
	By:	 	Banc One High Yield Partners, LLC	 	 
			
	 By:
	 	 /s/ James P. Shanahan, Jr.

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 James P. Shanahan, Jr.
	 
	 Title:
	 	 Manager
	 	 $151,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Banc One High Yield Partners, LLC
	 	 $120,800

	 8044 Montgomery Rd.
	 	 
	 Suite 555
	 	 Commitment Fee:

	 Cincinnati, OH 45236
	 	 $2,416

	 Fax: (513) 985-3217
	 	 
		
	Southern UTE Growth Fund	 	 
	By:	 	Banc One High Yield Partners, LLC	 	 
			
	 By:
	 	 /s/ James P. Shanahan, Jr.

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 James P. Shanahan, Jr.
	 
	 Title:
	 	 Manager
	 	 $90,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Banc One High Yield Partners, LLC
	 	 $72,000

	 8044 Montgomery Rd.
	 	 
	Suite 555	 	 Commitment Fee:

	 Cincinnati, OH 45236
	 	 $1,440

	 Fax: (513) 985-3217
	 	 
		
	Pacholder High Yield Fund, Inc.	 	 
	By:	 	Banc One High Yield Partners, LLC	 	 
			
	 By:
	 	 /s/ James P. Shanahan, Jr.

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 James P. Shanahan, Jr.
	 
	 Title:
	 	 Secretary
	 	 $2,250,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Banc One High Yield Partners, LLC
	 	 $2,500,000

	 8044 Montgomery Rd.
	 	 
	 Suite 555
	 	 Commitment Fee:

	 Cincinnati, OH 45236
	 	 $71,000

	 Fax: (513) 985-3217
	 	 

					
	One Group Income Bond Fund	 	 
	By:	 	Banc One High Yield Partners, LLC	 	 
			
	 By:
	 	 /s/ James P. Shanahan, Jr.

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 James P. Shanahan, Jr.
	 
	 Title:
	 	 Manager
	 	 $500,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Banc One High Yield Partners, LLC
	 	 $400,000

	 8044 Montgomery Rd.
	 	 
	 Suite 555
	 	 Commitment Fee:

	 Cincinnati, OH 45236
	 	 $8,000

	 Fax: (513)-985-3217
	 	 
		
	One Group High Yield Bond Fund	 	 
	By:	 	Banc One High Yield Partners, LLC	 	 
			
	 By:
	 	 /s/ James P. Shanahan, Jr.

	 	 Principal Amount of Subordinated Notes
 Beneficially Owned:

	 Name:
	 	 James P. Shanahan, Jr.
	 
	 Title:
	 	 Manager
	 	 $4,250,000

		
	 Address:
	 	 Commitment Amount:

	 c/o Banc One High Yield Partners, LLC
	 	 $6,207,200

	 8044 Montgomery Rd.
	 	 
	 Suite 555
	 	 Commitment Fee

	 Cincinnati, OH 45236
	 	 $208,360

	 Fax: (513)-985-3217
	 	 
		
	THIRD PARTY INVESTORS	 	 
		
	John Stein	 	 
			
	 By:
	 	 /s/ John Stein

	 	 Commitment Amount:
 $1,000,000

	 	 	 	 
	 Address:
	 	 
	 507 Carew Tower
	 	 Commitment Fee:

	 Cincinnati, OH 45202
	 	 $50,000

	 Fax: (513)-241-1026
	 	 

					
	Steven N. Stein	 	 
			
	 By:
	 	 /s/ Steven N. Stein

	 	 Commitment Amount:
 $1,000,000

	 	 	 	 
	 Address:
	 	 
	 507 Carew Tower
	 	 Commitment Fee:

	 Cincinnati, OH 45202
	 	 $50,000

	 Fax: (513) 241-1026
	 	 
	 	 	 	 	 
	Robert L. Gipson	 	 
			
	 By:
	 	 /s/ Robert L. Gipson

	 	 Commitment Amount:
 $3,000,000

	 	 	 	 
	 Address:
	 	 
	 c/o Ingalls & Snyder LLC
	 	 Commitment Fee:

	 61 Broadway
	 	 $150,000

	 New York, NY 10006
	 	 
	 Fax: (212) 269-4177
	 	 
		
	Thomas L. Gipson	 	 
			
	 By:
	 	 /s/ Thomas L. Gipson

	 	 Commitment Amount:
 $3,000,000

	 	 	 	 
	 Address:
	 	 
	 c/o Ingalls & Snyder LLC
	 	 Commitment Fee:

	 61 Broadway
	 	 $150,000

	 New York, NY 10006
	 	 
	 Fax: (212) 269-4177
	 	 
		
	Gator Investment Company	 	 
			
	 By:
	 	 /s/ Adam Janovic

	 	 Commitment Amount:
 $1,000,000

	 Name:
	 	 Adam Janovic
	 
	 Title:
	 	 Member
	 	 
	 	 	 	 	 Commitment Fee:

	 Address:
	 	 	 	 $50,000

	 c/o Ingalls & Snyder LLC
	 	 
	 61 Broadway
	 	 
	 New York, NY 10006
	 	 
	 Fax: (212) 269-4177
	 	 

					
	Fledgling Associates LLC	 	 
			
	 By:
	 	 /s/ Edward Stern

	 	 Commitment Amount:

	 Name:
	 	 Edward Stern
	 	 $5,000,000

	 Title:
	 	 Manager
	 	 
		
	 Address:
	 	 Commitment Fee:

	 c/o Ingalls & Snyder LLC
	 	 $250,000

	 61 Broadway
	 	 
	 New York, NY 10006
	 	 
	 Fax: (212) 269-4177
	 	 
		
	Nikolaos Monoyios	 	 
			
	 By:
	 	 /s/ Nikolaos Monoyios

	 	 Commitment Amount:
 $3,000,000

	 	 	 	 
	 Address:
	 	 
	 c/o Ingalls & Snyder LLC
	 	 Commitment Fee:

	 61 Broadway
	 	 $150,000

	 New York, NY 10006
	 	 
	 Fax: (212) 269-4177
	 	 

 Exhibit A 
  
 Oglebay Norton Company (“ONCO”) 
  
 Recapitalization Term Sheet 
 Proposal by the Ad Hoc Committee of Holders of Oglebay Norton 10% Senior 
 Subordinated Notes

 (the “Ad Hoc Committee”) 
  

			
	 Existing Bank Creditors:
 ($250
million)
	  	Receive cash at 100% of par value to be raised in debt by Reorganized ONCO from Silver Point Finance, LLC (“Silver Point”) pursuant to commitment letter dated February __, 2004 from
Silver Point to ONCO (the “Silver Point Commitment”) providing for loans totaling $305 million on the terms set forth in Exhibit A thereto (the “Silver Point Facility”).
		
	 Existing Senior Secured Notes:
 ($75
million par)
	  	Receive cash at 100% of par value, plus accrued interest (estimated to be $5 million as of 12/31/03) to the effective date (the “Effective Date”) of the ONCO plan of reorganization
(the “Plan”). To be funded with proceeds of the sale of New Convertible Preferred Stock (as defined below).
		
	 Existing Senior Subordinated Notes:
 ($100 million)
	  	Holders of the 10.0% Senior Subordinated Notes (the “10% Notes”) (and, if applicable, the MLO earn-out claim and any other general unsecured claims that do not pass through
bankruptcy as unimpaired claims) shall receive freely tradeable shares of New Common Stock of Reorganized ONCO resulting in 100% pro forma ownership prior to dilution from the New Convertible Preferred Stock, the Management Options and the Warrants
(each as defined below). In addition, the 10% Noteholders will have preemptive rights to subscribe for their pro rata share (based on their respective beneficial ownership of 10% Notes) of the New Convertible Preferred Stock which shall have an
aggregate liquidation preference of $80 million and be convertible into shares of New Common Stock (“New Convertible Preferred Stock”) resulting in 70% ownership before dilution for the Management Options and the Warrants.

			
	Existing Equity:	  	As part of the Plan, holders of the existing equity shall receive warrants (the “Warrants”) exercisable for 30 days after the Effective Date to buy New Common Stock in an aggregate
amount of $5 million at a price equal to the Conversion Price (as defined below) for the New Convertible Preferred Stock.
		
	 General Unsecured, Asbestos and
 Silica
Claims:
	  	Provided there are no material changes from the facts as represented by ONCO with respect to asbestos and silica claims, all general unsecured, executory contracts, asbestos and silica claims
will pass through bankruptcy as unimpaired claims; provided, however, that the Company may seek the assumption of the MLO earn-out contract either through the Plan or by assumption motion, provided that two-thirds in amount of the Committed
Noteholders and the New Investors may terminate the Commitment Agreement if they do not consent to such assumption. If the MLO earn-out contract claim is rejected, its holders will receive New Common Stock as described above.
		
	 Offering of New Convertible Preferred
 Stock:
	  	 Subject to obtaining Bankruptcy Court approval, the Company will file a registration statement under the Securities Act of 1933, as soon as
practicable after the filing of the Chapter 11 petition (the “Petition Date”) covering $80 million face amount of New Convertible Preferred Stock to be offered to the 10% Noteholders and third-party accredited investors (“New
Investors”); 10% Noteholders to have pre-emptive right to subscribe for their pro rata share of the New Convertible Preferred Stock based on their respective beneficial ownership of 10% Notes; ONCO to use its best efforts to have
the registration statement declared effective as soon as possible and in any event prior to August 23, 2004. The aggregate gross purchase price for all New Convertible Preferred Stock shall not exceed $80 million (unless otherwise agreed to by the
Subscribers after good faith negotiations with the Company) and proceeds of sale of New Convertible Preferred Stock will be held in escrow until the Effective Date of the Plan.
  
 This provision may be waived by the mutual agreement of Oglebay and two-thirds in amount of the Committed Noteholders and the New
Investors.

			
	Preferred Stock Commitments:	  	Certain of the existing 10% Noteholders (the “Committed Noteholders”) shall agree to exercise their subscription rights for their pro rata shares of the New
Convertible Preferred Stock (the “Basic Commitments”) and, together with New Investors, shall agree to purchase additional shares not subscribed for by other 10% Noteholders in amounts set forth opposite their respective signatures to the
Commitment Agreement to which this Term Sheet is attached (the “Standby Commitments”).
		
	Commitment Fees:	  	All Committed Noteholders will receive a 2% fee for New Convertible Preferred Stock which they are committed to acquire pursuant to their respective Basic Commitments and the Committed
Noteholders and New Investors will receive a 5% fee for all New Convertible Preferred Stock they are committed to acquire pursuant to their respective Standby Commitments. All fees to be paid in cash on Effective Date.
		
	Conditions:	  	As set forth in the Commitment Agreement, among the Company, the Committed Noteholders and the New Investors, to which this Term Sheet is attached.
		
	New Convertible Preferred Stock:	  	 
		
	 Liquidation Preference:
	  	$80 million, plus accrued and unpaid dividends
		
	 Dividend:
	  	The greater of (i) 10% annual rate or (ii) 200 basis points over the highest applicable interest rate payable on the Silver Point Facility, set as of the Effective Date, paid-in-kind
quarterly for first 3 years; paid in cash quarterly thereafter.
		
	 Voting:
	  	Votes on all matters together with the New Common Stock on an as-converted basis; elects four of seven member Board (subject to reduction as Preferred Shares are converted to New Common
Stock); has class vote as provided in Articles of Reorganized ONCO and as required by applicable law.
		
	 Ranking:
	  	Senior to all classes and series of Reorganized ONCO preferred and common stock, but junior to the Silver Point Facility and all bank debt and vessel loans.
		
	 Conversion Price:
	  	Price to be determined resulting in 70% ownership before dilution for Management Options.

			
	 Conversion Rights:
	  	Convertible at any time, at the option of the holder, on or after the date of issuance.
		
	 Optional Redemption Rights:
	  	Non-callable for the first 12 months; callable thereafter (i) for the second 12 months @ 110% of par, for the third 12 months at 108% of par, for the fourth 12 months at 106% of par and
thereafter at 104% of par if in each case the common stock trades at or above an average of 120% of the Conversion Price for 20 consecutive trading days provided that the average daily trading volume is at or above 5% of the outstanding common stock
during such period.
		
	 Board:
	  	Seven member board in compliance with applicable laws and listing requirements:1 four members will be appointed by the New Convertible Preferred Stockholders (subject to reduction as converted into New Common Stock); one member will be appointed by the existing Senior Subordinated Noteholders; two
members will be appointed by the current board/management.
		
	 Other:
	  	Traditional public company anti-dilution protections for New Convertible Preferred Stock.
		
	Management Incentives:	  	Terms of Management Options and employment agreements to be provided for in the Plan subject to prior approval by two-thirds in amount of the Committed Noteholders and New
Investors.

	1	Reorganized ONCO will be a public company and intends to seek listing of the New Common Stock and the New Convertible Preferred Stock on NASDAQ or NYSE.

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